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>CDK4i demonstrated favourable hematologic safety with reduced neutropenia.</li><li>BeOne’s CDK4 inhibitor (BGB-43395) shows a favorable hematologic safety profile, supported by improved CDK4/CDK6 selectivity that reduces off-target and CDK6-mediated toxicities.</li><li>In dose optimization cohorts (n=61), grade ≥3 TRAEs occurred in only 19.7% of pre-treated breast cancer and solid tumor patients receiving BGB-43395 (240–600 mg BID) plus fulvestrant. </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.

CDK4i demonstrated favourable hematologic safety with reduced neutropenia.BeOne’s CDK4 inhibitor (BGB-43395) shows a favorable hematologic safety profile, supported by improved CDK4/CDK6 selectivity that reduces off-target and CDK6-mediated toxicities.In dose optimization cohorts (n=61), grade ≥3 TRAEs occurred in only 19.7% of pre-treated breast cancer and solid tumor patients receiving BGB-43395 (240–600 mg BID) plus fulvestrant. 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.

BeiGene (ONC US) - CDK4i Showed Preliminary Efficacy While Data Still Maturing

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The Hang Seng Index is the benchmark index for Hong Kong stocks. It follows a highly-subjective selection process which makes it difficult to predict index changes.</li>
<li>In this insight, we take a look at a group of names with reasonably high likelihood of being involved in index changes during the next review in June 2025.</li>
<li>The index changes are expected to be confirmed on 16th May 2025.</li>
</ul>


The Hang Seng Index is the benchmark index for Hong Kong stocks. It follows a highly-subjective selection process which makes it difficult to predict index changes.
In this insight, we take a look at a group of names with reasonably high likelihood of being involved in index changes during the next review in June 2025.
The index changes are expected to be confirmed on 16th May 2025.


Quiddity Leaderboard Hang Seng Index Jun25: Beigene Is Our Top Pick

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Trump announced actions to reduce regulatory barriers to domestic pharmaceutical manufacturing, with the core intention to open regulatory "green light" for manufacturing in US, which will change the industry pattern.</li>
<li>With the promotion of VBP and the implementation of medical insurance price comparison system, there’s a trend of accelerated pharmacies closures. The entire pharmacy industry will face performance headwinds.</li>
<li>BeiGene’s BRUKINSA recorded negative QoQ growth in 25Q1, which seems below expectations. However, this is temporary headwinds, since the 2025 full-year revenue guidance remains unchanged. Bottom-line valuation  is US$24.5-26.5 billion.</li>
</ul>


Trump announced actions to reduce regulatory barriers to domestic pharmaceutical manufacturing, with the core intention to open regulatory "green light" for manufacturing in US, which will change the industry pattern.
With the promotion of VBP and the implementation of medical insurance price comparison system, there’s a trend of accelerated pharmacies closures. The entire pharmacy industry will face performance headwinds.
BeiGene’s BRUKINSA recorded negative QoQ growth in 25Q1, which seems below expectations. However, this is temporary headwinds, since the 2025 full-year revenue guidance remains unchanged. Bottom-line valuation  is US$24.5-26.5 billion.


China Healthcare Weekly (May11)-Trump's Executive Order, Pharmacy's Risks, BeiGene 25Q1 Result Is Ok

<ul><li>Sales of zanubrutinib remained strong. BeiGene reported product revenue of US$1.11bn in 1Q25 (+48% YoY, -1% QoQ), with zanubrutinib (Zanu) contributing US$792mn (+62% YoY, -4% QoQ).</li><li>Adjusting for the US$30mn positive impact from seasonality and timing of customer order patterns in 4Q24, Zanu’s underlying QoQ growth in 1Q25 was approximately +3%, which we consider strong given that the first quarter typically registers moderate sequential growth across the BTKi class.</li><li>Additionally, Zanu’s performance also outperformed its competitors in 1Q—ibrutinib (-9% QoQ), acalabrutinib (-6%), and pirtobrutinib (-19%). </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. BeiGene reported product revenue of US$1.11bn in 1Q25 (+48% YoY, -1% QoQ), with zanubrutinib (Zanu) contributing US$792mn (+62% YoY, -4% QoQ).Adjusting for the US$30mn positive impact from seasonality and timing of customer order patterns in 4Q24, Zanu’s underlying QoQ growth in 1Q25 was approximately +3%, which we consider strong given that the first quarter typically registers moderate sequential growth across the BTKi class.Additionally, Zanu’s performance also outperformed its competitors in 1Q—ibrutinib (-9% QoQ), acalabrutinib (-6%), and pirtobrutinib (-19%). 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.

BeiGene (ONC US) - First-Ever Quarterly GAAP Profit Marks Major Milestone

<ul><li>Robust product sales driven by zanubrutinib. BeiGene’s FY24 total product sales reached US$3.78bn (+73% YoY), in-line with our previous estimate.</li><li>Total revenue was US$3.81bn, in-line with our previous estimate and beating Bloomberg consensus by 2.7%.</li><li>In FY24, sales of zanubrutinib (Zanu) surged by 105% YoY to US$2.64bn. </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.

Robust product sales driven by zanubrutinib. BeiGene’s FY24 total product sales reached US$3.78bn (+73% YoY), in-line with our previous estimate.Total revenue was US$3.81bn, in-line with our previous estimate and beating Bloomberg consensus by 2.7%.In FY24, sales of zanubrutinib (Zanu) surged by 105% YoY to US$2.64bn. 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.

BeiGene (ONC US) - Strong FY25 guidance issued

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)

BeiGene (ONC US) - CDK4i Showed Preliminary Efficacy While Data Still Maturing

BeOne’s CDK4 inhibitor (BGB-43395) shows a favorable hematologic safety profile, supported by improved CDK4/CDK6 selectivity that reduces off...

CMB International

Quiddity Leaderboard Hang Seng Index Jun25: Beigene Is Our Top Pick

We expect the ADDs/DELs and indicative weights for the Hang Seng Index to be publicly confirmed on Friday 16th May 2025. This is a good time to...

Janaghan Jeyakumar, CFA

China Healthcare Weekly (May11)-Trump's Executive Order, Pharmacy's Risks, BeiGene 25Q1 Result Is Ok

Trump aims to boost US drug manufacturing by reducing regulatory barriers, leading to industry changes. VBP will accelerate pharmacy closures....

Xinyao (Criss) Wang

BeiGene (ONC US) - First-Ever Quarterly GAAP Profit Marks Major Milestone

Sales of zanubrutinib remained strong. BeiGene reported product revenue of US$1.11bn in 1Q25 (+48% YoY, -1% QoQ), with zanubrutinib (Zanu)...

CMB International

BeiGene (ONC US) - Strong FY25 guidance issued

Robust product sales driven by zanubrutinib. BeiGene’s FY24 total product sales reached US$3.78bn (+73% YoY), in-line with our previous estimate.

CMB International

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BeiGene (ONC US) - CDK4i Showed Preliminary Efficacy While Data Still Maturing

BeOne’s CDK4 inhibitor (BGB-43395) shows a favorable hematologic safety profile, supported by improved CDK4/CDK6 selectivity that reduces off...

CMB International

Quiddity Leaderboard Hang Seng Index Jun25: Beigene Is Our Top Pick

We expect the ADDs/DELs and indicative weights for the Hang Seng Index to be publicly confirmed on Friday 16th May 2025. This is a good time to...

Janaghan Jeyakumar, CFA

China Healthcare Weekly (May11)-Trump's Executive Order, Pharmacy's Risks, BeiGene 25Q1 Result Is Ok

​Trump aims to boost US drug manufacturing by reducing regulatory barriers, leading to industry changes. VBP will accelerate pharmacy closures....

Xinyao (Criss) Wang

BeiGene (ONC US) - First-Ever Quarterly GAAP Profit Marks Major Milestone

Sales of zanubrutinib remained strong. BeiGene reported product revenue of US$1.11bn in 1Q25 (+48% YoY, -1% QoQ), with zanubrutinib (Zanu)...

CMB International

BeiGene (ONC US) - Strong FY25 guidance issued

Robust product sales driven by zanubrutinib. BeiGene’s FY24 total product sales reached US$3.78bn (+73% YoY), in-line with our previous estimate.

CMB International

Trump aims to boost US drug manufacturing by reducing regulatory barriers, leading to industry changes. VBP will accelerate pharmacy closures....