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 4Q25 results: total revenue grew by 3% YoY to RMB6.79bn, in line with Bloomberg consensus estimate; non-GAAP net income was RMB110mn, up from RMB59mn net loss in 4Q24 and ahead of consensus estimate of RMB68mn, thanks to the operating leverage. Looking ahead, we forecast total revenue to decline by 13% YoY and 8% QoQ to RMB6.28bn in 1Q26E, as the company has been adjusting content strategy and reducing content distributed to other channels, which could lead to a decline in content distribution revenue.</li><li>Thus, we lower our FY26 total revenue forecast by 4%, and cut our non-GAAP net profit forecast to RMB0.8bn (previous: RMB1.0bn) due to operating deleverage.</li><li>We lower our target price to US$2.00 based on 18x 2026E non-GAAP EPS (previous: US$2.75 based on 18x 2026E non-GAAP EPS). Maintain BUY.</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 4Q25 results: total revenue grew by 3% YoY to RMB6.79bn, in line with Bloomberg consensus estimate; non-GAAP net income was RMB110mn, up from RMB59mn net loss in 4Q24 and ahead of consensus estimate of RMB68mn, thanks to the operating leverage. Looking ahead, we forecast total revenue to decline by 13% YoY and 8% QoQ to RMB6.28bn in 1Q26E, as the company has been adjusting content strategy and reducing content distributed to other channels, which could lead to a decline in content distribution revenue.Thus, we lower our FY26 total revenue forecast by 4%, and cut our non-GAAP net profit forecast to RMB0.8bn (previous: RMB1.0bn) due to operating deleverage.We lower our target price to US$2.00 based on 18x 2026E non-GAAP EPS (previous: US$2.75 based on 18x 2026E non-GAAP EPS). Maintain BUY.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) - 4Q25 Review: Total Revenue Recovered on Improving Content Performance

iQIYI Inc

IQIYI (IQ US) - 4Q25 Review: Total Revenue Recovered on Improving Content Performance