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 reported 3Q25 results: total revenue declined by 8% YoY to RMB6.68bn, in line with consensus/our estimate; non-GAAP net loss was RMB148mn, down from net income of RMB480mn in 3Q24 due to content investment and operating deleverage, also in line with consensus/our estimate.</li><li>For 4Q25E, we expect total revenue to recover by 2% YoY and 1% QoQ, mainly driven by the recovery of membership business on a better content pipeline and policy support.</li><li>Innovative businesses such as micro dramas and overseas businesses also started to bear fruit. </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 reported 3Q25 results: total revenue declined by 8% YoY to RMB6.68bn, in line with consensus/our estimate; non-GAAP net loss was RMB148mn, down from net income of RMB480mn in 3Q24 due to content investment and operating deleverage, also in line with consensus/our estimate.For 4Q25E, we expect total revenue to recover by 2% YoY and 1% QoQ, mainly driven by the recovery of membership business on a better content pipeline and policy support.Innovative businesses such as micro dramas and overseas businesses also started to bear fruit. 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 3Q25 Results; Expect Revenue and Margin Recovery in 4Q25E

iQIYI Inc

IQIYI (IQ US) - Inline 3Q25 Results; Expect Revenue and Margin Recovery in 4Q25E