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>We forecast iQiyi’s total revenue to be flattish QoQ but retreat by 8% YoY to RMB6.64bn in 3Q25E, with a resilient membership business (+3% QoQ) supported by the quality content pipeline.</li><li>We estimate non-GAAP operating loss of RMB23mn in 3Q25E, vs operating income of RMB369/59mn in 3Q24/2Q25, mainly due to the adjustment to certain non-core businesses and step-up of content investment during summer peak season.</li><li>Overall, we maintain FY25-27E revenue forecast largely unchanged, but lower non-GAAP operating income forecast by 0.4-2% to factor in the increase in content investment. </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>

We forecast iQiyi’s total revenue to be flattish QoQ but retreat by 8% YoY to RMB6.64bn in 3Q25E, with a resilient membership business (+3% QoQ) supported by the quality content pipeline.We estimate non-GAAP operating loss of RMB23mn in 3Q25E, vs operating income of RMB369/59mn in 3Q24/2Q25, mainly due to the adjustment to certain non-core businesses and step-up of content investment during summer peak season.Overall, we maintain FY25-27E revenue forecast largely unchanged, but lower non-GAAP operating income forecast by 0.4-2% to factor in the increase in content investment. 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) - 3Q25 Preview: Increasing Investment in Quality Content

iQIYI Inc

IQIYI (IQ US) - 3Q25 Preview: Increasing Investment in Quality Content