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>Following robust 1Q26 product sales, we believe CSPC’s core domestic franchise has reached an inflection point and is poised for stabilization in FY26E.</li><li>Concurrently, the company has successfully transitioned into a global innovator, evidenced by a steady cadence of out-licensing agreements.</li><li>Backed by a highly differentiated, late-stage pipeline, we expect recurring business development (BD) income to serve as a structural driver for long-term 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.

Following robust 1Q26 product sales, we believe CSPC’s core domestic franchise has reached an inflection point and is poised for stabilization in FY26E.Concurrently, the company has successfully transitioned into a global innovator, evidenced by a steady cadence of out-licensing agreements.Backed by a highly differentiated, late-stage pipeline, we expect recurring business development (BD) income to serve as a structural driver for long-term 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.

CSPC Pharmaceutical (1093 HK) - Core Sales Inflection with Substantial BD Optionality

<ul><li>Despite revenue decline in FY25 due to volume-based procurement (VBP) and prescription controls, CSPC’s core domestic sales are bottoming out and poised to stabilize in FY26E, in our view.</li><li>Concurrently, the company has transformed into a global innovator, securing continuous out-licensing deals.</li><li>Backed by a differentiated pipeline, we expect recurring business development (BD) income to drive long-term growth. Maintain BUY with a revised TP of HK$13.05. </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.

Despite revenue decline in FY25 due to volume-based procurement (VBP) and prescription controls, CSPC’s core domestic sales are bottoming out and poised to stabilize in FY26E, in our view.Concurrently, the company has transformed into a global innovator, securing continuous out-licensing deals.Backed by a differentiated pipeline, we expect recurring business development (BD) income to drive long-term growth. Maintain BUY with a revised TP of HK$13.05. 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.

CSPC Pharmaceutical (1093 HK) - BD Becoming Sustainable Revenue Engine

<ul><li>Landmark US$18.5bn+ out-licensing deal with AstraZeneca.</li><li>CSPC has entered into a strategic collaboration with AstraZeneca (AZ) to advance eight weight management and type 2 diabetes programs.</li><li>This partnership complements AZ’s existing pipeline which includes oral GLP1RA, injectable amylin RA and GLP-1/GCGR assets, while significantly validating CSPC’s proprietary AI-driven discovery and sustained-release monthly dosing peptide platforms. </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.

Landmark US$18.5bn+ out-licensing deal with AstraZeneca.CSPC has entered into a strategic collaboration with AstraZeneca (AZ) to advance eight weight management and type 2 diabetes programs.This partnership complements AZ’s existing pipeline which includes oral GLP1RA, injectable amylin RA and GLP-1/GCGR assets, while significantly validating CSPC’s proprietary AI-driven discovery and sustained-release monthly dosing peptide platforms. 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.

CSPC Pharmaceutical (1093 HK) - Landmark BD Deal to Drive Long-Term Growth

<ul><li>Sales mildly recovered in 3Q25. CSPC reported total revenue of RMB19.9bn for 9M25, including RMB1.54bn in business development (BD) income.</li><li>Excluding BD contributions, core revenue reached RMB18.4bn, down 19% YoY, representing 73.4% of our prior FY25 forecast and broadly in line with expectations.</li><li>Notably, core revenue (excl. BD income) returned to sequential growth in 3Q25, increasing 4.2% QoQ.</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 mildly recovered in 3Q25. CSPC reported total revenue of RMB19.9bn for 9M25, including RMB1.54bn in business development (BD) income.Excluding BD contributions, core revenue reached RMB18.4bn, down 19% YoY, representing 73.4% of our prior FY25 forecast and broadly in line with expectations.Notably, core revenue (excl. BD income) returned to sequential growth in 3Q25, increasing 4.2% QoQ.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.

CSPC Pharmaceutical (1093 HK) - BD Continues to Drive Long-Term Growth

Thematic (Sector/Industry)

<ul><li>Innovent: ASCO data reinforce IBI363’s potential as a potential nextgeneration IO.</li><li>We view IBI363 as a highly promising candidate in the IOresistant sq-NSCLC space, supported by an impressive mPFS of 7.3 months in monotherapy, which is very competitive compared to other innovative agents. Innovent plans to initiate a Ph3 trial of IBI363 in IOresistant sq-NSCLC in 2H25. In 3L+ CRC, IBI363 has shown superior early efficacy signals and a more favorable safety profile.</li><li>IBI363 mono delivered an ORR of 12.7% and an mOS of 16.1 months—both significantly outperforming fruquintinib. </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.

Innovent: ASCO data reinforce IBI363’s potential as a potential nextgeneration IO.We view IBI363 as a highly promising candidate in the IOresistant sq-NSCLC space, supported by an impressive mPFS of 7.3 months in monotherapy, which is very competitive compared to other innovative agents. Innovent plans to initiate a Ph3 trial of IBI363 in IOresistant sq-NSCLC in 2H25. In 3L+ CRC, IBI363 has shown superior early efficacy signals and a more favorable safety profile.IBI363 mono delivered an ORR of 12.7% and an mOS of 16.1 months—both significantly outperforming fruquintinib. 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 - ASCO Highlights: Spotlight on Next-Gen IO & ADCs

China

CSPC Pharmaceutical Group Limited is a prominent Chinese pharmaceutical company engaged in the research, development, manufacturing, and sale of pharmaceutical products, including innovative drugs and bulk drugs. Its key products include innovative drugs for nervous system diseases, oncology, anti-infectives, and cardiovascular diseases, as well as bulk products like vitamin C, antibiotics, and caffeine. The company was formally established in 1997 and is headquartered in Shijiazhuang, Hebei Province, China.

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CSPC Pharmaceutical (1093 HK)