External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<ul><li>China’s total ad spending saw YoY recovery in 2Q23, due to both low base in 2Q22 and consumption recovery.</li><li>Total ad spend returned to positive growth of 15% YoY in April 2023, per CTR.</li><li>However, overall ad spend has yet to recover to the 2021 level, with ad spending in Apr 2023 only reached 92% of the ad spend level in Apr 2021. </li></ul>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.

China’s total ad spending saw YoY recovery in 2Q23, due to both low base in 2Q22 and consumption recovery.Total ad spend returned to positive growth of 15% YoY in April 2023, per CTR.However, overall ad spend has yet to recover to the 2021 level, with ad spending in Apr 2023 only reached 92% of the ad spend level in Apr 2021. 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.

China Internet – 2Q23 online advertising: recovery in cautious mode

Equity Bottom-Up

<ul><li>IQ delivered upbeat 1Q23 results, with rev +15% YoY (5% above consensus) and adj. NP at RMB940mn (82% above consensus).</li><li>The breakthrough of The Knockout boosted subs up to 128.9mn in 1Q23, with net adds of 17mn.</li><li>2Q23E subs members might see a slight sequential decline (forecasting at 112mn) for soft seasonality, but we expect upcoming rich pipeline to support subs momentum in summer holiday and 2H23E (e.g. Story of Kunning Palace, The Demon Hunter's Romance). </li></ul>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.

IQ delivered upbeat 1Q23 results, with rev +15% YoY (5% above consensus) and adj. NP at RMB940mn (82% above consensus).The breakthrough of The Knockout boosted subs up to 128.9mn in 1Q23, with net adds of 17mn.2Q23E subs members might see a slight sequential decline (forecasting at 112mn) for soft seasonality, but we expect upcoming rich pipeline to support subs momentum in summer holiday and 2H23E (e.g. Story of Kunning Palace, The Demon Hunter's Romance). 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) – Looking into 2Q23E Rich Pipeline

<ul><li>IQ delivered upbeat 4Q22 result, with rev +2.8% YoY (1% above consensus) and adj. NP at RMB856mn (176% above consensus).</li><li>We believe such strong momentum would continue in 1Q23E (forecasting rev to accelerate to +10% YoY), backed by eye-catching performance of The Knockout (狂飙).</li><li>IQ is one of our top picks in online entertainment segment, on its strong pipeline in FY23-24, healthy rev growth, clear margin improvement and the relaxation of LFV content regulation.</li></ul>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.

IQ delivered upbeat 4Q22 result, with rev +2.8% YoY (1% above consensus) and adj. NP at RMB856mn (176% above consensus).We believe such strong momentum would continue in 1Q23E (forecasting rev to accelerate to +10% YoY), backed by eye-catching performance of The Knockout (狂飙).IQ is one of our top picks in online entertainment segment, on its strong pipeline in FY23-24, healthy rev growth, clear margin improvement and the relaxation of LFV content regulation.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) – Stronger momentum ahead

<ul><li>Despite macro uncertainty, we keep positive on iQIYI’s long-term subs trend and margin improvement, backed by its unique original content and valuable IP.</li><li>4Q22E would be a solid quarter, with rising subs and gradual ads recovery (supported by hit dramas New Life Begins &lt;卿卿日常&gt; and several wellanticipated titles).</li><li>We expect positive profit to continue ahead, with disciplined ROI-driven investment.</li></ul>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.

Despite macro uncertainty, we keep positive on iQIYI’s long-term subs trend and margin improvement, backed by its unique original content and valuable IP.4Q22E would be a solid quarter, with rising subs and gradual ads recovery (supported by hit dramas New Life Begins &lt;卿卿日常&gt; and several wellanticipated titles).We expect positive profit to continue ahead, with disciplined ROI-driven investment.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) – Mild recovery with better margin ahead

China

iQIYI, Inc. offers video entertainment services. The Company provides movies, television dramas, variety shows, and other video contents. iQIYI offers services worldwide.

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iQIYI Inc (IQ US)

China Internet – 2Q23 online advertising: recovery in cautious mode

China’s total ad spending saw YoY recovery in 2Q23, due to both low base in 2Q22 and consumption recovery. Total ad spend returned to positive...

CMB International

IQIYI (IQ US) – Looking into 2Q23E Rich Pipeline

2Q23E subs members might see a slight sequential decline (forecasting at 112mn) for soft seasonality, but we expect upcoming rich pipeline to...

CMB International

iQIYI (IQ US) – Stronger momentum ahead

IQ delivered upbeat 4Q22 result, with rev +2.8% YoY (1% above consensus) and adj. NP at RMB856mn (176% above consensus).

CMB International

iQIYI (IQ US) – Mild recovery with better margin ahead

Despite macro uncertainty, we keep positive on iQIYI’s long-term subs trend and margin improvement, backed by its unique original content and...

CMB International

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