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>Innovent reported a strong 1H26 beat. Product sales surged 57% YoY to RMB8.2bn (54% of our previous FY26 estimate), and net profit reached RMB1.25bn (59% of our full-year forecast), both exceeding expectations.</li><li>The outperformance was driven by strong uptake of mazdutide, PCSK9 mAb, IGF1R, and newly NRDL-included TKIs.</li><li>We remain confident in management’s RMB20bn product sales target for 2027. </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 a strong 1H26 beat. Product sales surged 57% YoY to RMB8.2bn (54% of our previous FY26 estimate), and net profit reached RMB1.25bn (59% of our full-year forecast), both exceeding expectations.The outperformance was driven by strong uptake of mazdutide, PCSK9 mAb, IGF1R, and newly NRDL-included TKIs.We remain confident in management’s RMB20bn product sales target for 2027. 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) - 1H26 Beat Bolsters Confidence in Future Growth

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

<ul><li>Hong Kong market commentary</li><li>A-share market commentary</li><li>Innovent entered into a strategic global licensing and collaboration agreement with Pfizer for up to US$10.5bn</li></ul>

Hong Kong market commentaryA-share market commentaryInnovent entered into a strategic global licensing and collaboration agreement with Pfizer for up to US$10.5bn

<ul><li>Innovent has announced a global strategic partnership with Takeda on several key oncology assets, including IBI363 (PD-1/IL-2), IBI343 (CLDN18.2 ADC), and potentially IBI3001 (EGFR/B7H3 ADC).</li><li>This partnership is designed to expand Innovent’s global footprint, while strengthening Takeda's solid tumor pipeline.</li><li>Under the agreement, Takeda will lead global development of IBI363, with Innovent sharing 40% of the development costs. </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 has announced a global strategic partnership with Takeda on several key oncology assets, including IBI363 (PD-1/IL-2), IBI343 (CLDN18.2 ADC), and potentially IBI3001 (EGFR/B7H3 ADC).This partnership is designed to expand Innovent’s global footprint, while strengthening Takeda's solid tumor pipeline.Under the agreement, Takeda will lead global development of IBI363, with Innovent sharing 40% of the development costs. 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) - Strategic Partnership with Takeda to Develop Global R&D ...

Thematic (Sector/Industry)

<ul><li>At the 2026 ASCO Annual Meeting, China's innovative drug sector continued to demonstrate robust clinical momentum, delivering 13 highly anticipated studies during the Late-Breaking Abstract (LBA) session.</li><li>A historic highlight of the conference was Akeso’s HARMONi-6 trial, which was featured in the prestigious Plenary Session—marking the first time a China-originated innovative drug has achieved this top-tier recognition in ASCO's history.</li><li>Broadly, the clinical datasets presented underscore the accelerating global competitiveness and R&amp;D maturation of Chinese biotech firms. </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.

At the 2026 ASCO Annual Meeting, China's innovative drug sector continued to demonstrate robust clinical momentum, delivering 13 highly anticipated studies during the Late-Breaking Abstract (LBA) session.A historic highlight of the conference was Akeso’s HARMONi-6 trial, which was featured in the prestigious Plenary Session—marking the first time a China-originated innovative drug has achieved this top-tier recognition in ASCO's history.Broadly, the clinical datasets presented underscore the accelerating global competitiveness and R&amp;D maturation of Chinese biotech firms. 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 Healthcare - Chinese Biopharma Showcases Historic Milestones and Global Competitiveness

<ul><li>The Chinese biotech / biopharma sector is entering a pivotal phase in 2026, driven by accelerating global BD partnerships, pivotal clinical data readouts, and key overseas regulatory milestones.</li><li>As the industry transitions into a "new pillar industry" under supportive government policies, we believe the market is underestimating the pipeline value of leading Chinese biotech companies.</li><li>In particular, the oncology pipeline comprises several high-conviction readouts this year, including Akeso/Summit's ivonescimab trials (HARMONi-6 and HARMONi3), Innovent's IBI363 data in first-line NSCLC and colorectal cancer, and DualityBio's ADC-plus-BNT327 combinations, which have the potential to reshape the oncology competitive landscape. </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.

The Chinese biotech / biopharma sector is entering a pivotal phase in 2026, driven by accelerating global BD partnerships, pivotal clinical data readouts, and key overseas regulatory milestones.As the industry transitions into a "new pillar industry" under supportive government policies, we believe the market is underestimating the pipeline value of leading Chinese biotech companies.In particular, the oncology pipeline comprises several high-conviction readouts this year, including Akeso/Summit's ivonescimab trials (HARMONi-6 and HARMONi3), Innovent's IBI363 data in first-line NSCLC and colorectal cancer, and DualityBio's ADC-plus-BNT327 combinations, which have the potential to reshape the oncology competitive landscape. 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.

A Catalyst-Rich 2026: Valuation Re-Rating Opportunities for Chinese Biotechs / Biopharmas

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)