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

Biocytogen Pharmaceuticals / Equity Bottom-Up

<ul><li>Biocytogen reported inline earnings with 1H23 revenue grew 43% YoY to RMB327mn, accounting for 45% of our previous full-year estimate.</li><li>The Company recorded net loss of RMB190mn in 1H23 (vs RMB272mn net loss in 1H22), representing 67% of our fullyear forecast.</li><li>In 1H23, the pre-clinical CRO service business realized 42% YoY revenue growth to RMB238mn, driven by the strong growth of animal model selling (+58% YoY) and pre-clinical pharmacology &amp; efficacy evaluation business (+37% YoY). </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.

Biocytogen reported inline earnings with 1H23 revenue grew 43% YoY to RMB327mn, accounting for 45% of our previous full-year estimate.The Company recorded net loss of RMB190mn in 1H23 (vs RMB272mn net loss in 1H22), representing 67% of our fullyear forecast.In 1H23, the pre-clinical CRO service business realized 42% YoY revenue growth to RMB238mn, driven by the strong growth of animal model selling (+58% YoY) and pre-clinical pharmacology &amp; efficacy evaluation business (+37% YoY). 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.

Biocytogen (2315 HK) – Reducing Burn Rate with Strong Income Growth

<ul><li>Biocytogen’s FY22 revenue grew 51% YoY to RMB534mn, in line with our estimate.</li><li>The pre-clinical CRO service business realized a 54% YoY revenue growth to RMB406mn in FY22, driven by the strong growth of pre-clinical pharmacology &amp; efficacy evaluation and animal model selling business units (revenue +67% and +57% YoY, respectively).</li><li>The antibody development business was able to maintain a strong YoY revenue growth of 43%, even though there were COVID-19 interruptions and increasing cost of capital in the biotech/biopharma sector in 2022.</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.

Biocytogen’s FY22 revenue grew 51% YoY to RMB534mn, in line with our estimate.The pre-clinical CRO service business realized a 54% YoY revenue growth to RMB406mn in FY22, driven by the strong growth of pre-clinical pharmacology &amp; efficacy evaluation and animal model selling business units (revenue +67% and +57% YoY, respectively).The antibody development business was able to maintain a strong YoY revenue growth of 43%, even though there were COVID-19 interruptions and increasing cost of capital in the biotech/biopharma sector in 2022.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.

Biocytogen (2315 HK) – Strong revenue growth in FY22

<ul><li>We expect the Company’s FY22E revenue to grow +50% YoY to RMB533mn, compared to +40% YoY growth in FY21.</li><li>We forecast the Company’s pre-clinical CRO service business to realize a +50% YoY revenue growth in FY22E, compared to +26% YoY growth in FY21, mainly driven by the increasing demands from overseas partners who were less impacted by COVID-19 restrictions in 2022.</li><li>We forecast the antibody development business to maintain strong revenue growth in 2022, with a YoY growth rate of +51% in FY22E vs a +116% YoY growth in FY21 driven by the continuous announcements of outlicensing and co-development deals. </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.

We expect the Company’s FY22E revenue to grow +50% YoY to RMB533mn, compared to +40% YoY growth in FY21.We forecast the Company’s pre-clinical CRO service business to realize a +50% YoY revenue growth in FY22E, compared to +26% YoY growth in FY21, mainly driven by the increasing demands from overseas partners who were less impacted by COVID-19 restrictions in 2022.We forecast the antibody development business to maintain strong revenue growth in 2022, with a YoY growth rate of +51% in FY22E vs a +116% YoY growth in FY21 driven by the continuous announcements of outlicensing and co-development deals. 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.

Biocytogen (2315 HK) – 2022 preview: Fruitful BD deals

<ul><li>State-of-the-art platform to generate high-quality fully human antibodies.</li><li>Biocytogen has developed two transgenic RenMice platforms, which use RenMab mice and RenLite mice for generating mAb and BsAb, respectively.</li><li>RenMab mice have full human heavy and light chain variable region, which enables the generation of fully human antibodies with high affinity, low immunogenicity, and favorable developability.</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.

State-of-the-art platform to generate high-quality fully human antibodies.Biocytogen has developed two transgenic RenMice platforms, which use RenMab mice and RenLite mice for generating mAb and BsAb, respectively.RenMab mice have full human heavy and light chain variable region, which enables the generation of fully human antibodies with high affinity, low immunogenicity, and favorable developability.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.

Initiation - Biocytogen Pharmaceuticals (2315 HK)

China

Biocytogen Pharmaceuticals is a global biotechnology company focused on the research and development of novel antibody-based drugs and preclinical research services. It offers gene-editing services, preclinical pharmacology and efficacy evaluation, and sells animal models under its BioMice™ sub-brand. The company also utilizes its proprietary RenMice® platforms for fully human antibody discovery. It was founded in 2008 and is headquartered in Beijing, China.

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Biocytogen (2315 HK) – Reducing Burn Rate with Strong Income Growth

Biocytogen reported inline earnings with 1H23 revenue grew 43% YoY to RMB327mn, accounting for 45% of our previous full-year estimate.

CMB International

Biocytogen (2315 HK) – Strong revenue growth in FY22

Biocytogen’s FY22 revenue grew 51% YoY to RMB534mn, in line with our estimate. The pre-clinical CRO service business realized a 54% YoY revenue...

CMB International

Biocytogen (2315 HK) – 2022 preview: Fruitful BD deals

We forecast the Company’s pre-clinical CRO service business to realize a +50% YoY revenue growth in FY22E, compared to +26% YoY growth in FY21

CMB International

Initiation - Biocytogen Pharmaceuticals (2315 HK)

Biocytogen has developed two transgenic RenMice platforms, which use RenMab mice and RenLite mice for generating mAb and BsAb, respectively.

CMB International