External broker reports(aggregated public sources), CMB International

CMB International

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>iQiyi announced 2Q26 results: total revenue declined by 5% YoY, but recovered by 1% QoQ to RMB6.29bn, in line with Visible Alpha (VA) consensus; nonGAAP operating loss also narrowed by 80% QoQ to RMB30mn, largely in line with consensus, mainly thanks to revenue recovery and control in opex.</li><li>For 3Q26E, we forecast total revenue to decline by 9% YoY and 3% QoQ to RMB6.11bn, primarily attributable to the decline in content distribution and others revenue.</li><li>We trim our FY26-FY28 total revenue forecast by 4-5% to factor in the adjustment of content distribution and others businesses. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

iQiyi announced 2Q26 results: total revenue declined by 5% YoY, but recovered by 1% QoQ to RMB6.29bn, in line with Visible Alpha (VA) consensus; nonGAAP operating loss also narrowed by 80% QoQ to RMB30mn, largely in line with consensus, mainly thanks to revenue recovery and control in opex.For 3Q26E, we forecast total revenue to decline by 9% YoY and 3% QoQ to RMB6.11bn, primarily attributable to the decline in content distribution and others revenue.We trim our FY26-FY28 total revenue forecast by 4-5% to factor in the adjustment of content distribution and others businesses. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IQIYI (IQ US) - 2Q26 Results: Sequential Revenue and Margin Recovery

iQIYI Inc

IQIYI (IQ US) - 2Q26 Results: Sequential Revenue and Margin Recovery