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 3Q24 results (total revenue &amp; operating profit) to be largely inline with our previous expectation in Aug and the consensus estimate.</li><li>We forecast 3Q24 total revenue to decline by 10% YoY and 3% QoQ to RMB7.2bn, as macro uncertainty weighed on ad budgets and lack of blockbuster content impacted membership revenue growth.</li><li>We expect 3Q24 non-GAAP net income to decline by 32% YoY but grow by 68% QoQ to RMB426mn, ahead of our previous expectation (RMB118mn), primarily due to foreign exchange gains of c.RMB300mn on the CNY appreciation. </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 3Q24 results (total revenue &amp; operating profit) to be largely inline with our previous expectation in Aug and the consensus estimate.We forecast 3Q24 total revenue to decline by 10% YoY and 3% QoQ to RMB7.2bn, as macro uncertainty weighed on ad budgets and lack of blockbuster content impacted membership revenue growth.We expect 3Q24 non-GAAP net income to decline by 32% YoY but grow by 68% QoQ to RMB426mn, ahead of our previous expectation (RMB118mn), primarily due to foreign exchange gains of c.RMB300mn on the CNY appreciation. 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) - Recovery Still Takes Time

iQIYI Inc

IQIYI (IQ US) - Recovery Still Takes Time