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>3SBio reported 1H26 revenue of RMB4,526mn, up 3.9% YoY, driven by the milestone payment of 707.</li><li>Excluding licensing revenue, recurring revenue fell 15.6% YoY to RMB3,674mn, reflecting reimbursement controls, VBP-related pressure, and VAT adjustment.</li><li>Attributable net profit decreased 15.6% YoY to RMB1,147mn, mainly due to FX losses. </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.

3SBio reported 1H26 revenue of RMB4,526mn, up 3.9% YoY, driven by the milestone payment of 707.Excluding licensing revenue, recurring revenue fell 15.6% YoY to RMB3,674mn, reflecting reimbursement controls, VBP-related pressure, and VAT adjustment.Attributable net profit decreased 15.6% YoY to RMB1,147mn, mainly due to FX losses. 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.

3SBio (1530 HK) - 707 remains the key value driver

<ul><li>ASCO 2026 disclosed two abstracts for 707/ PF’4404 in 1L PD-L1+ NSCLC mono and 1L EC in combination with chemo.</li><li>On a cross-trial basis, 707 demonstrated competitive mPFS versus ivonescimab in 1L NSCLC, with particular strength in the NSQ subgroup.</li><li>707 also showed encouraging ORRs in 1L EC, especially in pMMR patients. </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.

ASCO 2026 disclosed two abstracts for 707/ PF’4404 in 1L PD-L1+ NSCLC mono and 1L EC in combination with chemo.On a cross-trial basis, 707 demonstrated competitive mPFS versus ivonescimab in 1L NSCLC, with particular strength in the NSQ subgroup.707 also showed encouraging ORRs in 1L EC, especially in pMMR patients. 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.

3SBio (1530 HK) -  Encouraging First MPFS Readout for 707 in 1L PD-L1+ NSCLC

<ul><li>3SBio reported revenue of RMB17.7bn (+94.3% YoY) in 2025, driven by the RMB9.4bn out-licensing income from Pfizer for 707.</li><li>However, product sales declined by 10.3% YoY to RMB8.0bn amid China's VBP and reimbursement control headwinds.</li><li>Excluding the licensing income, R&amp;D and administrative expense ratios rose ~4ppts and ~2ppts, respectively, reflecting accelerated clinical investments and one-off share-based compensation. </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.

3SBio reported revenue of RMB17.7bn (+94.3% YoY) in 2025, driven by the RMB9.4bn out-licensing income from Pfizer for 707.However, product sales declined by 10.3% YoY to RMB8.0bn amid China's VBP and reimbursement control headwinds.Excluding the licensing income, R&amp;D and administrative expense ratios rose ~4ppts and ~2ppts, respectively, reflecting accelerated clinical investments and one-off share-based compensation. 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.

3SBio (1530 HK) - Short-Term Pressure on Product Sales; ASCO 2026 in Focus

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>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

China

3SBio is a leading biotechnology company engaged in the research, development, manufacturing, and marketing of biopharmaceutical products. The company's diverse portfolio addresses therapeutic areas such as nephrology, oncology, supportive cancer care, inflammation, infectious diseases, autoimmune diseases, metabolism, and dermatology, with key products including EPIAO and TPIAO. 3SBio was founded in 1993 and is headquartered in Shenyang, China.

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3SBio (1530 HK)

3SBio (1530 HK) - 707 remains the key value driver

Excluding licensing revenue, recurring revenue fell 15.6% YoY to RMB3,674mn, reflecting reimbursement controls, VBP-related pressure, and VAT...

CMB International

3SBio (1530 HK) - Encouraging First MPFS Readout for 707 in 1L PD-L1+ NSCLC

We continue to expect partner Pfizer’s global trial execution and additional clinical readouts to be the main drivers of stock price upside for 3SBio.

CMB International

3SBio (1530 HK) - Short-Term Pressure on Product Sales; ASCO 2026 in Focus

3SBio reported revenue of RMB17.7bn (+94.3% YoY) in 2025, driven by the RMB9.4bn out-licensing income from Pfizer for 707.

CMB International

China Healthcare - Chinese Biopharma Showcases Historic Milestones and Global Competitiveness

Ultimately, we view these compelling datasets as strong catalysts capable of driving a broad valuation re-rating across the Chinese innovative drug...

CMB International

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

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