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>Akeso reported product sales of RMB1.8bn in 1H26, equivalent to 37% of our previous FY26 forecast, below our expectations despite broader NRDL coverage from Jan 2026.</li><li>Newly added reimbursed indications included cadonilimab in 1L GC and 1L CC on top of prior 2L+ CC, with a 19% price cut, as well as ivonescimab in 1L PD-L1+ NSCLC in addition to prior 2L+ EGFRm NSCLC, with no price cut.</li><li>Gross margin declined to 74.2% in 1H26 from 79.4% in FY25, mainly due to the cadonilimab NRDL price adjustment. </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.

Akeso reported product sales of RMB1.8bn in 1H26, equivalent to 37% of our previous FY26 forecast, below our expectations despite broader NRDL coverage from Jan 2026.Newly added reimbursed indications included cadonilimab in 1L GC and 1L CC on top of prior 2L+ CC, with a 19% price cut, as well as ivonescimab in 1L PD-L1+ NSCLC in addition to prior 2L+ EGFRm NSCLC, with no price cut.Gross margin declined to 74.2% in 1H26 from 79.4% in FY25, mainly due to the cadonilimab NRDL price adjustment. 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) - Eyes on Harmoni-3 Readout in 2H26

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>The company currently has a portfolio of over 50 innovative programs covering the therapeutic areas of oncology, autoimmune and metabolic diseases.</li><li>Among these programs, 8 products are in the commercial stage.</li><li>The company has 2 first-in-class bispecific antibody products, cadonilimab and ivonescimab, launched in China, and they are included in the NRDL.</li></ul>

The company currently has a portfolio of over 50 innovative programs covering the therapeutic areas of oncology, autoimmune and metabolic diseases.Among these programs, 8 products are in the commercial stage.The company has 2 first-in-class bispecific antibody products, cadonilimab and ivonescimab, launched in China, and they are included in the NRDL.

Thematic (Sector/Industry)

<ul><li>DualityBio: early Elfe-D combination data support the ADC + IO 2.0 thesis.</li><li>DualityBio’s update on Elfe-D (B7-H3 ADC) plus pumitamig (PDL1/VEGF bsAb) further strengthens our view that Elfe-D is among the more differentiated B7-H3 ADC assets in development, supported by a favorable safety profile and encouraging early efficacy.</li><li>Across 193 treated patients with SCLC and NSCLC, the combination regimen showed a low Grade ≥3 TRAE rate of 23.3%, which in our view reinforces Elfe-D’s ability to maintain a favorable therapeutic index in combination settings, consistent with prior monotherapy experience. </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.

DualityBio: early Elfe-D combination data support the ADC + IO 2.0 thesis.DualityBio’s update on Elfe-D (B7-H3 ADC) plus pumitamig (PDL1/VEGF bsAb) further strengthens our view that Elfe-D is among the more differentiated B7-H3 ADC assets in development, supported by a favorable safety profile and encouraging early efficacy.Across 193 treated patients with SCLC and NSCLC, the combination regimen showed a low Grade ≥3 TRAE rate of 23.3%, which in our view reinforces Elfe-D’s ability to maintain a favorable therapeutic index in combination settings, consistent with prior monotherapy experience. 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 - WCLC 2026: China innovative drugs step into the spotlight

<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

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)

Akeso (9926 HK) - Eyes on Harmoni-3 Readout in 2H26

Akeso reported product sales of RMB1.8bn in 1H26, equivalent to 37% of our previous FY26 forecast, below our expectations despite broader NRDL...

CMB International

Quam Morning Note (28 Aug) - Akeso

The company currently has a portfolio of over 50 innovative programs covering the therapeutic areas of oncology, autoimmune and metabolic...

Quam Securities

Healthcare - WCLC 2026: China innovative drugs step into the spotlight

DualityBio’s update on Elfe-D (B7-H3 ADC) plus pumitamig (PDL1/VEGF bsAb) further strengthens our view that Elfe-D is among the more differentiated...

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

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

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