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>Innovent: ASCO data reinforce IBI363’s potential as a potential nextgeneration IO.</li><li>We view IBI363 as a highly promising candidate in the IOresistant sq-NSCLC space, supported by an impressive mPFS of 7.3 months in monotherapy, which is very competitive compared to other innovative agents. Innovent plans to initiate a Ph3 trial of IBI363 in IOresistant sq-NSCLC in 2H25. In 3L+ CRC, IBI363 has shown superior early efficacy signals and a more favorable safety profile.</li><li>IBI363 mono delivered an ORR of 12.7% and an mOS of 16.1 months—both significantly outperforming fruquintinib. </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.

Innovent: ASCO data reinforce IBI363’s potential as a potential nextgeneration IO.We view IBI363 as a highly promising candidate in the IOresistant sq-NSCLC space, supported by an impressive mPFS of 7.3 months in monotherapy, which is very competitive compared to other innovative agents. Innovent plans to initiate a Ph3 trial of IBI363 in IOresistant sq-NSCLC in 2H25. In 3L+ CRC, IBI363 has shown superior early efficacy signals and a more favorable safety profile.IBI363 mono delivered an ORR of 12.7% and an mOS of 16.1 months—both significantly outperforming fruquintinib. 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.

Healthcare - ASCO Highlights: Spotlight on Next-Gen IO & ADCs

<ul><li>Kelun-Biotech: Promising Ph2 results of SKB264+A167 in 1L NSCLC.</li><li>SKB264 (Q3W)+A167 (PD-L1)’s 15.4 months of mPFS in 1L NSCLC was much better than the SoC – 9.0 months mPFS of Keytruda+chemo in KEYNOTE189 and 9.7 months mPFS of tislelizumab+chemo in RATIONALE304.</li><li>SKB264’s Ph3 dose of Q2W could deliver even better efficacy, in our view. SKB264+A167 also showed strong potential in PD-L1 negative NSCLC. </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.

Kelun-Biotech: Promising Ph2 results of SKB264+A167 in 1L NSCLC.SKB264 (Q3W)+A167 (PD-L1)’s 15.4 months of mPFS in 1L NSCLC was much better than the SoC – 9.0 months mPFS of Keytruda+chemo in KEYNOTE189 and 9.7 months mPFS of tislelizumab+chemo in RATIONALE304.SKB264’s Ph3 dose of Q2W could deliver even better efficacy, in our view. SKB264+A167 also showed strong potential in PD-L1 negative NSCLC. 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.

Healthcare - Chinese Biopharma Releasing Promising Data at ASCO

<ul><li>In our last report dated 17 October, we highlighted a list of 21 long ideas.</li><li>The basket (equal weighted) of these 21 stocks underperformed MSCI China index by 5.4ppt, delivering 0.2% return (vs MSCI China 5.6%).</li><li>China Meidong Auto and Innovent Biologics delivered over 20% of return, and 4 of our 21 long ideas outperformed the benchmark.</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.

In our last report dated 17 October, we highlighted a list of 21 long ideas.The basket (equal weighted) of these 21 stocks underperformed MSCI China index by 5.4ppt, delivering 0.2% return (vs MSCI China 5.6%).China Meidong Auto and Innovent Biologics delivered over 20% of return, and 4 of our 21 long ideas outperformed the benchmark.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.

CMBI Research Focus List (November Edition) – Our best high conviction stock ideas

Equity Bottom-Up

<ul><li>Innovent reported 1H25 revenue of RMB5.95bn (+51% YoY), with product sales of RMB5.23bn (+37% YoY), achieving 51% of our prior full-year forecasts and exceeding our expectations.</li><li>Sintilimab sales rose 15% YoY to US$275mn (per Eli Lilly), while new products—i.e. PCSK9 mAb and IGF-1R—drove product growth in 1H25.</li><li>Profitability improved materially in 1H25, with non-IFRS net profit reaching RMB1.21bn and EBITDA amounting to RMB1.41bn, compared to a loss in 1H24. </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.

Innovent reported 1H25 revenue of RMB5.95bn (+51% YoY), with product sales of RMB5.23bn (+37% YoY), achieving 51% of our prior full-year forecasts and exceeding our expectations.Sintilimab sales rose 15% YoY to US$275mn (per Eli Lilly), while new products—i.e. PCSK9 mAb and IGF-1R—drove product growth in 1H25.Profitability improved materially in 1H25, with non-IFRS net profit reaching RMB1.21bn and EBITDA amounting to RMB1.41bn, compared to a loss in 1H24. 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.

Innovent Biologics (1801 HK) - IBI363 Advancing Towards Global Development

<ul><li>BI363 positioned as a promising next-generation IO therapy with Ph3 trials underway.</li><li>Strong survival benefits and broad potential position IBI363 (PD-1/IL-2) as a potential blockbuster next-gen IO therapy—especially for IOresistant and cold tumors.</li><li>In sq-NSCLC, IBI363 (3mg/kg) achieved a highly competitive mPFS of 9.3 months, far exceeding docetaxel (3.9 months for sqand 3.6 months for nsq-NSCLC).</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.

BI363 positioned as a promising next-generation IO therapy with Ph3 trials underway.Strong survival benefits and broad potential position IBI363 (PD-1/IL-2) as a potential blockbuster next-gen IO therapy—especially for IOresistant and cold tumors.In sq-NSCLC, IBI363 (3mg/kg) achieved a highly competitive mPFS of 9.3 months, far exceeding docetaxel (3.9 months for sqand 3.6 months for nsq-NSCLC).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.

Innovent Biologics (1801 HK) - Advancing a Broad Pipeline of Next-Generation Therapies

China

Innovent Biologics is a biopharmaceutical company that discovers, develops, manufactures, and commercializes innovative medicines. The company focuses on therapeutic areas including oncology, autoimmune, cardiovascular and metabolic, and ophthalmology diseases, with 18 products currently on the market. Innovent Biologics was founded in 2011 and is headquartered in Suzhou, Jiangsu, China.

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Innovent Biologics (1801 HK)

Healthcare - ASCO Highlights: Spotlight on Next-Gen IO & ADCs

Innovent: ASCO data reinforce IBI363’s potential as a potential nextgeneration IO. We view IBI363 as a highly promising candidate in the...

CMB International

Healthcare - Chinese Biopharma Releasing Promising Data at ASCO

SKB264 (Q3W)+A167 (PD-L1)’s 15.4 months of mPFS in 1L NSCLC was much better than the SoC – 9.0 months mPFS of Keytruda+chemo in KEYNOTE189

CMB International

CMBI Research Focus List (November Edition) – Our best high conviction stock ideas

In our last report dated 17 October, we highlighted a list of 21 long ideas.The basket (equal weighted) of these 21 stocks underperformed MSCI...

CMB International