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.

Equity Bottom-Up

<ul><li>To cancel the related-party transaction to protect the interests of investors.</li><li>Innovent previously announced its wholly-owned subsidiary Fortvita would sell 20.39% of shares for a transaction price of US$20.5mn, with the subscribing party being Lostrancos.</li><li>Dr. Yu Dechao, the Chairman and Executive Director, will hold 82.93% of Lostrancos. </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.

To cancel the related-party transaction to protect the interests of investors.Innovent previously announced its wholly-owned subsidiary Fortvita would sell 20.39% of shares for a transaction price of US$20.5mn, with the subscribing party being Lostrancos.Dr. Yu Dechao, the Chairman and Executive Director, will hold 82.93% of Lostrancos. 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) - Strong fundamentals enriched by a wealth of R&D catalysts

<ul><li>Strong product sales growth continued. In 1H24, Innovent recorded total revenue of RMB3.95bn, including RMB3.81bn product sales (+55% YoY, +17% HoH), representing 53% of our previous full-year estimate, surpassing our expectations.</li><li>The strong product sales growth was mainly driven by the sintilimab and other new products.</li><li>According to Eli Lilly, sales of sintilimab in 1H24 reached US$240mn (or RMB1.71bn), +46% YoY, bolstered by expanded NRDL coverage and stable pricing. </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.

Strong product sales growth continued. In 1H24, Innovent recorded total revenue of RMB3.95bn, including RMB3.81bn product sales (+55% YoY, +17% HoH), representing 53% of our previous full-year estimate, surpassing our expectations.The strong product sales growth was mainly driven by the sintilimab and other new products.According to Eli Lilly, sales of sintilimab in 1H24 reached US$240mn (or RMB1.71bn), +46% YoY, bolstered by expanded NRDL coverage and stable pricing. 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) - 2025 EBITDA Breakeven Goal Unchanged

<ul><li>IBI363 (PD-1/IL-2) demonstrated encouraging signals in IO-failed and cold tumors, especially in IO-resistant sq-NSCLC.</li><li>IBI363 is a potential FIC PD-1/IL-2 bsAb with a differentiated α-biased IL-2 arm, distinct from other IL-2 mAbs that eliminate the receptor α. IBI363 has shown broad-spectrum anti-tumor effects for IO-failed and cold tumors, including IO-resistant NSCLC, melanoma, and 3L+ CRC.</li><li>Especially, for later-line IO-treated sq-NSCLC patients (n=37, 76% with ≥2 prior treatment) receiving IBI363 at ≥0.3mg/kg, the ORR reached 35.1% and the mPFS reached 5.5 months, which were much better than the current SoC docetaxel’s 12.7% ORR and 3.9 months of mPFS.</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.

IBI363 (PD-1/IL-2) demonstrated encouraging signals in IO-failed and cold tumors, especially in IO-resistant sq-NSCLC.IBI363 is a potential FIC PD-1/IL-2 bsAb with a differentiated α-biased IL-2 arm, distinct from other IL-2 mAbs that eliminate the receptor α. IBI363 has shown broad-spectrum anti-tumor effects for IO-failed and cold tumors, including IO-resistant NSCLC, melanoma, and 3L+ CRC.Especially, for later-line IO-treated sq-NSCLC patients (n=37, 76% with ≥2 prior treatment) receiving IBI363 at ≥0.3mg/kg, the ORR reached 35.1% and the mPFS reached 5.5 months, which were much better than the current SoC docetaxel’s 12.7% ORR and 3.9 months of mPFS.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) - Promising PoC Results of the Potential FIC Asset

<ul><li>Strong product sales in FY23. In FY23, Innovent recorded total revenue of RMB6.21bn, including RMB5.73bn product sales revenue (+38.4% YoY), in line with our expectation.</li><li>Innovent had a strong 2H23, with product sales +33.1% HoH vs the first half. As per Eli Lilly, total sales of sintilimab in FY23 reached US$393.3mn (RMB2.75bn), +34.0% YoY, thanks to the extension of NRDL coverage with stable pricing.</li><li>We forecast sales of sintilimab to reach RMB3.29bn in 2024E (+19% YoY) and expect the drug to maintain its leading position in China’s PD-(L)1 market</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.

Strong product sales in FY23. In FY23, Innovent recorded total revenue of RMB6.21bn, including RMB5.73bn product sales revenue (+38.4% YoY), in line with our expectation.Innovent had a strong 2H23, with product sales +33.1% HoH vs the first half. As per Eli Lilly, total sales of sintilimab in FY23 reached US$393.3mn (RMB2.75bn), +34.0% YoY, thanks to the extension of NRDL coverage with stable pricing.We forecast sales of sintilimab to reach RMB3.29bn in 2024E (+19% YoY) and expect the drug to maintain its leading position in China’s PD-(L)1 marketContent 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) - More than Obesity

<ul><li>Mazdutide (9mg) continues to show its BIC potential with 48-week results. Innovent released the 48-week results of mazdutide (9mg) in Ph2 study in Chinese obesity patients.</li><li>After 48 weeks of treatment, the placebo-adjusted mean percent change in body weight from baseline was -18.6% (-17.8kg) in 59 of the 80 enrolled patients with treatment extended.</li><li>Recall in May 2023, mazdutide (9mg) met the primary endpoint of its Ph2 trial in Chinese obesity patients, showing 15.4% placebo-adjusted weight loss at week 24 (vs 12.0% of tirzepatide 15mg and 8.0% of semaglutide, CMBI report. </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.

Mazdutide (9mg) continues to show its BIC potential with 48-week results. Innovent released the 48-week results of mazdutide (9mg) in Ph2 study in Chinese obesity patients.After 48 weeks of treatment, the placebo-adjusted mean percent change in body weight from baseline was -18.6% (-17.8kg) in 59 of the 80 enrolled patients with treatment extended.Recall in May 2023, mazdutide (9mg) met the primary endpoint of its Ph2 trial in Chinese obesity patients, showing 15.4% placebo-adjusted weight loss at week 24 (vs 12.0% of tirzepatide 15mg and 8.0% of semaglutide, CMBI report. 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

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)