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 expect iQiyi’s 4Q24E total revenue to decline by 14% YoY to RMB6.6bn, largely in line with our previous expectation and consensus.</li><li>The decrease was primarily due to the light content slate in Oct 2024 and the decline in revenue from barter transactions (minor impact on gross profit); but overall content performance started to recover after the launch of several key dramas like Wo Shi Xing Jing in Nov.</li><li>We forecast non-GAAP operating profit to grow by 7% QoQ to RMB395mn in 4Q24E, ahead of our previous expectation (RMB360mn) thanks to the stringent content cost control. </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 expect iQiyi’s 4Q24E total revenue to decline by 14% YoY to RMB6.6bn, largely in line with our previous expectation and consensus.The decrease was primarily due to the light content slate in Oct 2024 and the decline in revenue from barter transactions (minor impact on gross profit); but overall content performance started to recover after the launch of several key dramas like Wo Shi Xing Jing in Nov.We forecast non-GAAP operating profit to grow by 7% QoQ to RMB395mn in 4Q24E, ahead of our previous expectation (RMB360mn) thanks to the stringent content cost control. 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) - Membership and Ad Businesses Remain Under Pressure; Eye on Short-Drama Development

iQIYI Inc

IQIYI (IQ US) - Membership and Ad Businesses Remain Under Pressure; Eye on Short-Drama Development