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.

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Hansoh Pharmaceutical Group  / Equity Bottom-Up

<ul><li>Hansoh booked strong BD income in 1H25.</li><li>Hansoh’s revenue reached RMB7.43bn (+14.3% YoY) and attributable net income was RMB3.14bn (+33.4% YoY) in 1H25, accounting for 56% and 72% of our previous fullyear expectation, respectively.</li><li>Product sales grew 15.0% YoY to RMB10.69bn, driven by strong momentum in innovative drugs, especially aumolertinib.</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.

Hansoh booked strong BD income in 1H25.Hansoh’s revenue reached RMB7.43bn (+14.3% YoY) and attributable net income was RMB3.14bn (+33.4% YoY) in 1H25, accounting for 56% and 72% of our previous fullyear expectation, respectively.Product sales grew 15.0% YoY to RMB10.69bn, driven by strong momentum in innovative drugs, especially aumolertinib.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.

Hansoh Pharma (3692 HK) - Stronger-Than-Expected BD Income in 1H25

<ul><li>Hansoh out-licensed oral GLP-1 drug to MSD. Hansoh has granted MSD a global exclusive license for HS-10535, a preclinical stage oral small molecule GLP-1R agonist.</li><li>Under the agreement, Hansoh will receive an upfront payment of US$112mn, with potential milestone payments up to US$1.9bn, plus future sales royalties.</li><li>Under specific conditions, Hansoh may co-promote or exclusively commercialize HS-10535 within Greater China. </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.

Hansoh out-licensed oral GLP-1 drug to MSD. Hansoh has granted MSD a global exclusive license for HS-10535, a preclinical stage oral small molecule GLP-1R agonist.Under the agreement, Hansoh will receive an upfront payment of US$112mn, with potential milestone payments up to US$1.9bn, plus future sales royalties.Under specific conditions, Hansoh may co-promote or exclusively commercialize HS-10535 within Greater China. 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.

Hansoh Pharma (3692 HK) - Oral GLP-1 Candidate Accomplished Transaction with MSD

<ul><li>Strong sales growth of innovative drugs in 1H24. Hansoh reported RMB6.51bn revenue in 1H24, including US$185mn upfront payment from GSK regarding the out-licensing of HS-20093 (B7-H3 ADC).</li><li>In 1H24, Hansoh recorded RMB5.10bn (+13.8% YoY) revenue from product sales, representing 48% of our previous FY24 estimate, in line with our expectations.</li><li>In 1H24, 77% of the total revenue came from innovative drugs. Excluding collaboration revenue, the sales from innovative drugs recorded strong growth of +31.6% YoY in 1H24.</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.

Strong sales growth of innovative drugs in 1H24. Hansoh reported RMB6.51bn revenue in 1H24, including US$185mn upfront payment from GSK regarding the out-licensing of HS-20093 (B7-H3 ADC).In 1H24, Hansoh recorded RMB5.10bn (+13.8% YoY) revenue from product sales, representing 48% of our previous FY24 estimate, in line with our expectations.In 1H24, 77% of the total revenue came from innovative drugs. Excluding collaboration revenue, the sales from innovative drugs recorded strong growth of +31.6% YoY in 1H24.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.

Hansoh Pharma (3692 HK) - Strong Sales Growth of Innovative Drugs

China

Hansoh Pharmaceutical Group Company Limited operates as a pharmaceutical company. The Company manufactures and sells anti-infectives, anti-neoplastic agents, diabetes drugs, and other products. Hansoh Pharmaceutical Group markets its products throughout China.

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Hansoh Pharmaceutical Group (3692 HK)

Hansoh Pharma (3692 HK) - Stronger-Than-Expected BD Income in 1H25

Hansoh’s revenue reached RMB7.43bn (+14.3% YoY) and attributable net income was RMB3.14bn (+33.4% YoY) in 1H25, accounting for 56% and 72% of our...

CMB International

Hansoh Pharma (3692 HK) - Oral GLP-1 Candidate Accomplished Transaction with MSD

Hansoh out-licensed oral GLP-1 drug to MSD. Hansoh has granted MSD a global exclusive license for HS-10535, a preclinical stage oral small molecule...

CMB International

Hansoh Pharma (3692 HK) - Strong Sales Growth of Innovative Drugs

Strong sales growth of innovative drugs in 1H24. Hansoh reported RMB6.51bn revenue in 1H24, including US$185mn upfront payment from GSK regarding...

CMB International

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