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

Duality Biotherapeutics / Equity Bottom-Up

<ul><li>We continue to view DB-1311/BNT324 (Elfe-D; B7-H3 ADC) as DualityBio’s core value driver, with best-in-class potential in mCRPC.</li><li>The Company is advancing an ADC + next-generation IO (IO2.0) strategy with BioNTech, pairing its ADC assets with pumitamig (PD-L1×VEGF bsAb).</li><li>Upcoming readouts at WCLC 2026 and ESMO 2026 should represent important catalysts for sentiment and valuation. </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 continue to view DB-1311/BNT324 (Elfe-D; B7-H3 ADC) as DualityBio’s core value driver, with best-in-class potential in mCRPC.The Company is advancing an ADC + next-generation IO (IO2.0) strategy with BioNTech, pairing its ADC assets with pumitamig (PD-L1×VEGF bsAb).Upcoming readouts at WCLC 2026 and ESMO 2026 should represent important catalysts for sentiment and valuation. 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 (9606 HK) - Eyes on the upcoming ADC + IO2.0 data readouts

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>Differentiated ADC product pipeline. DualityBio has a robust pipeline of in-house discovered antibody-drug conjugate (ADC) candidates which is a testament to the Company's prowess in ADC innovation.</li><li>DB-1303/BNT323 (HER2 ADC)’s first indication (HER2-expressing EC) is projected to file FDA accelerated approval as early as 2025 as per the management.</li><li>DB1311/BNT324 (B7-H3 ADC) is under development both as monotherapy and in combination with immunotherapy for SCLC, CRPC, among others. </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.

Differentiated ADC product pipeline. DualityBio has a robust pipeline of in-house discovered antibody-drug conjugate (ADC) candidates which is a testament to the Company's prowess in ADC innovation.DB-1303/BNT323 (HER2 ADC)’s first indication (HER2-expressing EC) is projected to file FDA accelerated approval as early as 2025 as per the management.DB1311/BNT324 (B7-H3 ADC) is under development both as monotherapy and in combination with immunotherapy for SCLC, CRPC, among others. 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 (9606 HK) - Emerging as a Global Leader in ADC Innovation...

China

Duality Biotherapeutics is a clinical-stage biopharmaceutical company dedicated to the discovery and development of next-generation antibody-drug conjugates (ADCs) to treat cancer and autoimmune diseases. The company develops a pipeline of ADC candidates, including DB-1303/BNT323 (HER2 ADC), DB-1311/BNT324 (B7-H3 ADC), DB-1310 (HER3 ADC), and DB-1305/BNT325 (TROP2 ADC), for various cancers. Duality Biotherapeutics is headquartered in Shanghai, China, and was founded in 2019.

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Duality Biotherapeutics (9606 HK)

DualityBio (9606 HK) - Eyes on the upcoming ADC + IO2.0 data readouts

The Company is advancing an ADC + next-generation IO (IO2.0) strategy with BioNTech, pairing its ADC assets with pumitamig (PD-L1×VEGF bsAb).

CMB International

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

DualityBio (9606 HK) - Emerging as a Global Leader in ADC Innovation...

Differentiated ADC product pipeline. DualityBio has a robust pipeline of in-house discovered antibody-drug conjugate (ADC) candidates which is a...

CMB International

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