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 1Q26 results: total revenue declined by 13% YoY and 8% QoQ to RMB6.23bn, in line with Bloomberg consensus and our estimate; non-GAAP net loss was RMB234mn, down from net income of RMB308mn in 1Q25 due to operating deleverage, in line with consensus/our estimate.</li><li>Looking into 2Q26E, we expect total revenue to recover by 2% QoQ to RMB6.35bn, primarily driven by the sequential growth of online advertising and content distribution revenue.</li><li>We slightly trim our FY26-FY28 total revenue forecast by 1-2% in view of the relatively slow recovery of membership business. </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 1Q26 results: total revenue declined by 13% YoY and 8% QoQ to RMB6.23bn, in line with Bloomberg consensus and our estimate; non-GAAP net loss was RMB234mn, down from net income of RMB308mn in 1Q25 due to operating deleverage, in line with consensus/our estimate.Looking into 2Q26E, we expect total revenue to recover by 2% QoQ to RMB6.35bn, primarily driven by the sequential growth of online advertising and content distribution revenue.We slightly trim our FY26-FY28 total revenue forecast by 1-2% in view of the relatively slow recovery of membership business. 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）－2026年第1四半期決算は予想通り。新たな成長エンジンの開発は順調に進展。

iQIYI Inc

IQIYI（IQ US）－2026年第1四半期決算は予想通り。新たな成長エンジンの開発は順調に進展。