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>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

Equity Bottom-Up

<ul><li>Summit updated data from the global HARMONi trial, evaluating AK112 + chemo vs chemo alone in 2L 3rd-gen EGFR-TKI resistant NSCLC.</li><li>PFS HR in the Western cohort was less favorable compared to Chinese patients, and Western OS HR at extended follow-up similarly trailed the Chinese subgroup.</li><li>Investors are concerned about the translatability of AK112’s China data to the global 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.

Summit updated data from the global HARMONi trial, evaluating AK112 + chemo vs chemo alone in 2L 3rd-gen EGFR-TKI resistant NSCLC.PFS HR in the Western cohort was less favorable compared to Chinese patients, and Western OS HR at extended follow-up similarly trailed the Chinese subgroup.Investors are concerned about the translatability of AK112’s China data to the global market.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.

Akeso (9926 HK) - OS Data Improved with Longer Follow-Up

<ul><li>In 1H25, Akeso reported product sales of RMB1.4bn (+49% YoY), achieving 43% of our prior full-year estimate, largely in line with our expectations.</li><li>The NRDL inclusions of 2L+ cervical cancer for AK104 and 2L+ EGFRm NSCLC for AK112 have contributed to the sales growth.</li><li>Looking ahead to 2026, we anticipate additional NRDL inclusions for AK104 in 1L gastric cancer and 1L cervical cancer, and for AK112 in 1L PD-L1+ NSCLC, which should further accelerate product sales growth. </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 1H25, Akeso reported product sales of RMB1.4bn (+49% YoY), achieving 43% of our prior full-year estimate, largely in line with our expectations.The NRDL inclusions of 2L+ cervical cancer for AK104 and 2L+ EGFRm NSCLC for AK112 have contributed to the sales growth.Looking ahead to 2026, we anticipate additional NRDL inclusions for AK104 in 1L gastric cancer and 1L cervical cancer, and for AK112 in 1L PD-L1+ NSCLC, which should further accelerate product sales growth. 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.

Akeso (9926 HK) - Key Data Readouts for AK112 to Validate Global Potential

<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>Ivonescimab (AK112) has demonstrated an OS benefit trend over pembrolizumab in monotherapy. In the head-to-head Ph3 HARMONi-2 study comparing Ivonescimab to pembrolizumab (Keytruda), Ivonescimab showed a notable efficacy advantage and was recently approved in China for first-line treatment of PD-L1 positive (TPS ≥1%) NSCLC.</li><li>In the interim OS analysis conducted at 39% maturity, Ivonescimab achieved a hazard ratio (HR) of 0.777 versus pembrolizumab, reducing the risk of death by 22.3%.</li><li>Although the interim analysis may not have reached statistical significance partly due to the very small alpha spending (0.0001), it suggests a favorable OS trend.</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.

Ivonescimab (AK112) has demonstrated an OS benefit trend over pembrolizumab in monotherapy. In the head-to-head Ph3 HARMONi-2 study comparing Ivonescimab to pembrolizumab (Keytruda), Ivonescimab showed a notable efficacy advantage and was recently approved in China for first-line treatment of PD-L1 positive (TPS ≥1%) NSCLC.In the interim OS analysis conducted at 39% maturity, Ivonescimab achieved a hazard ratio (HR) of 0.777 versus pembrolizumab, reducing the risk of death by 22.3%.Although the interim analysis may not have reached statistical significance partly due to the very small alpha spending (0.0001), it suggests a favorable OS trend.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.

Akeso (9926 HK) - Continued Optimism on the Global Potential of Ivonescimab

China

Akeso is a biopharmaceutical company focused on the research, development, manufacturing, and commercialization of innovative antibody drugs. It develops treatments for major diseases such as cancer, autoimmune diseases, inflammation, and metabolic diseases, with key products including cadonilimab, ivonescimab, and penpulimab. The company was founded in 2012 and is headquartered in Zhongshan, Guangdong, China.

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Akeso (9926 HK)

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

The Chinese biotech / biopharma sector is entering a pivotal phase in 2026, driven by accelerating global BD partnerships, pivotal clinical data...

CMB International

Akeso (9926 HK) - OS Data Improved with Longer Follow-Up

Summit updated data from the global HARMONi trial, evaluating AK112 + chemo vs chemo alone in 2L 3rd-gen EGFR-TKI resistant NSCLC.

CMB International

Akeso (9926 HK) - Key Data Readouts for AK112 to Validate Global Potential

In 1H25, Akeso reported product sales of RMB1.4bn (+49% YoY), achieving 43% of our prior full-year estimate, largely in line with our expectations.

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

Akeso (9926 HK) - Continued Optimism on the Global Potential of Ivonescimab

In the interim OS analysis conducted at 39% maturity, Ivonescimab achieved a hazard ratio (HR) of 0.777 versus pembrolizumab, reducing the risk of...

CMB International

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