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.

Equity Bottom-Up

<ul><li>BeOne Medicines (6160 HK, NR) announced that its 1H26 revenues of US$3.2bn increased 32% y/y, driven primarily by growth in BRUKINSA product sales in the US and Europe.</li><li>The GAAP net income increased from US$95.6mn in 1H25 to US$464.4mn in 1H26.</li><li>We expect BeOne Medicines to maintain a high growth rate, driven by the successful marketing of BRUKINSA in the US and EU, with additional indications approved in overseas markets.</li></ul>

BeOne Medicines (6160 HK, NR) announced that its 1H26 revenues of US$3.2bn increased 32% y/y, driven primarily by growth in BRUKINSA product sales in the US and Europe.The GAAP net income increased from US$95.6mn in 1H25 to US$464.4mn in 1H26.We expect BeOne Medicines to maintain a high growth rate, driven by the successful marketing of BRUKINSA in the US and EU, with additional indications approved in overseas markets.

Quam Morning Note (6 Aug) - BeOne Medicines

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.

<ul><li>BeOne delivered robust 1Q26 product sales growth and improving profitability, prompting management to raise FY26 guidance.</li><li>We continue to see significant upside for Brukinsa's global BTK market share expansion. Furthermore, multiple near-term clinical data readouts present compelling catalysts for further valuation upside.</li><li>We maintain BUY rating on BeOne with a TP of US$392.43. </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.

BeOne delivered robust 1Q26 product sales growth and improving profitability, prompting management to raise FY26 guidance.We continue to see significant upside for Brukinsa's global BTK market share expansion. Furthermore, multiple near-term clinical data readouts present compelling catalysts for further valuation upside.We maintain BUY rating on BeOne with a TP of US$392.43. 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.

BeOne Medicines (ONC US) - Near-Term Readouts to Validate Novel Pipeline Assets

<ul><li>BeOne’s strong sales momentum and improving cost efficiency continue to drive profitability.</li><li>We see substantial upside for Zanubrutinib (Zanu) to gain market share in the US$12bn CLL market* driven by new patient prescriptions.</li><li>The development of Zanu and Sonro oral fixed-duration regimens in 1L CLL and the BTK CDAC in BTK-resistant CLL should solidify BeOne’s leadership in haematology. </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.

BeOne’s strong sales momentum and improving cost efficiency continue to drive profitability.We see substantial upside for Zanubrutinib (Zanu) to gain market share in the US$12bn CLL market* driven by new patient prescriptions.The development of Zanu and Sonro oral fixed-duration regimens in 1L CLL and the BTK CDAC in BTK-resistant CLL should solidify BeOne’s leadership in haematology. 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.

BeOne Medicines (ONC US) - A Trajectory of Rising Profitability

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

<ul><li>Sales of zanubrutinib remained strong. For 1H25, BeOne reported total revenue of US$2.43bn (+45% YoY), achieving 46% of our previous full-year forecast, in line with our expectations.</li><li>In 2Q25, zanubrutinib (Zanu) sales reached US$950mn, +49% YoY and +20% QoQ, significantly outperforming ibrutinib (+3% QoQ) and acalabrutinib (+14% QoQ).</li><li>In the US, Zanu remains the top BTKi by revenue since 1Q25 and leads in new patient prescriptions across both 1L and RR CLL treatment settings. </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.

Sales of zanubrutinib remained strong. For 1H25, BeOne reported total revenue of US$2.43bn (+45% YoY), achieving 46% of our previous full-year forecast, in line with our expectations.In 2Q25, zanubrutinib (Zanu) sales reached US$950mn, +49% YoY and +20% QoQ, significantly outperforming ibrutinib (+3% QoQ) and acalabrutinib (+14% QoQ).In the US, Zanu remains the top BTKi by revenue since 1Q25 and leads in new patient prescriptions across both 1L and RR CLL treatment settings. 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.

BeOne Medicines (ONC US) - Solid 2Q Results, Eyes on CDK4i Readouts by Year-End

China

BeiGene, Ltd. operates as a commercial stage biopharmaceutical company. The Company focuses on discovery, development, and commercialization of molecularly targeted and immuno-oncology drugs for the treatment of cancer. BeiGene serves patients worldwide.

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BeOne (ONC US)

Quam Morning Note (6 Aug) - BeOne Medicines

BeOne Medicines (6160 HK, NR) announced that its 1H26 revenues of US$3.2bn increased 32% y/y, driven primarily by growth in BRUKINSA product sales...

Quam Securities

BeOne Medicines (ONC US) - Near-Term Readouts to Validate Novel Pipeline Assets

BeOne delivered robust 1Q26 product sales growth and improving profitability, prompting management to raise FY26 guidance.

CMB International

BeOne Medicines (ONC US) - A Trajectory of Rising Profitability

BeOne’s strong sales momentum and improving cost efficiency continue to drive profitability. We see substantial upside for Zanubrutinib (Zanu) to...

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

BeOne Medicines (ONC US) - Solid 2Q Results, Eyes on CDK4i Readouts by Year-End

Sales of zanubrutinib remained strong. For 1H25, BeOne reported total revenue of US$2.43bn (+45% YoY), achieving 46% of our previous full-year...

CMB International

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