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 1Q25 results: total revenue declined by 9% YoY but grew by 9% QoQ to RMB7.19bn, in line with Bloomberg consensus estimate; non-GAAP operating income was down by 58% YoY but recovered by 13% QoQ to RMB459mn, also in line with the consensus estimate.</li><li>Looking ahead in 2Q25E, we model total revenue to be largely flat QoQ, but non-GAAP OPM to decline QoQ, as the company has stepped up investment in content ecosystem and micro-drama user acquisition.</li><li>We expect investment in micro dramas to impact margins in the short term, but in the long term, it will complement iQiyi content ecosystem and generate incremental monetization opportunities. </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 1Q25 results: total revenue declined by 9% YoY but grew by 9% QoQ to RMB7.19bn, in line with Bloomberg consensus estimate; non-GAAP operating income was down by 58% YoY but recovered by 13% QoQ to RMB459mn, also in line with the consensus estimate.Looking ahead in 2Q25E, we model total revenue to be largely flat QoQ, but non-GAAP OPM to decline QoQ, as the company has stepped up investment in content ecosystem and micro-drama user acquisition.We expect investment in micro dramas to impact margins in the short term, but in the long term, it will complement iQiyi content ecosystem and generate incremental monetization opportunities. 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) - Inline 1Q25 Results; Stepped-Up Content & Marketing Investment Impacts ST Margin

iQIYI Inc

IQIYI (IQ US) - Inline 1Q25 Results; Stepped-Up Content & Marketing Investment Impacts ST Margin