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 inline 4Q24 results: total revenue declined by 14% YoY to RMB6.61bn, in line with our/Bloomberg consensus estimate; non-GAAP operating income declined by 56% YoY but grew by 10% QoQ to RMB406mn, vs our estimate of RMB395mn.</li><li>FY24 total revenue declined by 9% YoY to RMB29.2bn, with non-GAAP operating margin down by 3.8ppt YoY to 8.1% primarily due to operating deleverage and content investment.</li><li>Management saw QoQ recovery of business performance in 1Q25, driven by the launch of several quality drama series. </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 inline 4Q24 results: total revenue declined by 14% YoY to RMB6.61bn, in line with our/Bloomberg consensus estimate; non-GAAP operating income declined by 56% YoY but grew by 10% QoQ to RMB406mn, vs our estimate of RMB395mn.FY24 total revenue declined by 9% YoY to RMB29.2bn, with non-GAAP operating margin down by 3.8ppt YoY to 8.1% primarily due to operating deleverage and content investment.Management saw QoQ recovery of business performance in 1Q25, driven by the launch of several quality drama series. 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 4Q24 Results; Increase Quality Content Supply to Revitalize Business Growth

iQIYI Inc

IQIYI (IQ US) - Inline 4Q24 Results; Increase Quality Content Supply to Revitalize Business Growth