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.

Thematic (Sector/Industry)

<ul><li>Kelun-Biotech: Promising Ph2 results of SKB264+A167 in 1L NSCLC.</li><li>SKB264 (Q3W)+A167 (PD-L1)’s 15.4 months of mPFS in 1L NSCLC was much better than the SoC – 9.0 months mPFS of Keytruda+chemo in KEYNOTE189 and 9.7 months mPFS of tislelizumab+chemo in RATIONALE304.</li><li>SKB264’s Ph3 dose of Q2W could deliver even better efficacy, in our view. SKB264+A167 also showed strong potential in PD-L1 negative NSCLC. </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.

Kelun-Biotech: Promising Ph2 results of SKB264+A167 in 1L NSCLC.SKB264 (Q3W)+A167 (PD-L1)’s 15.4 months of mPFS in 1L NSCLC was much better than the SoC – 9.0 months mPFS of Keytruda+chemo in KEYNOTE189 and 9.7 months mPFS of tislelizumab+chemo in RATIONALE304.SKB264’s Ph3 dose of Q2W could deliver even better efficacy, in our view. SKB264+A167 also showed strong potential in PD-L1 negative NSCLC. 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 - Chinese Biopharma Releasing Promising Data at ASCO

Equity Bottom-Up

<ul><li>Full-year guidance cut amid 1H25 miss. HCM’s oncology/immunology product revenue reached US$144mn in 1H25 (-15% YoY), only 36% of our prior full-year estimate.</li><li>The miss was driven by declines in HCM’s China revenue of key products: fruquintinib (-27%), savolitinib (-32%), and surufatinib (-50%), impacted by regorafenib and TAS-102 generic competition, regorafenib VBP, the launch of new NRDL-listed MET TKIs, and internal sales team transitions.</li><li>Although fruquintinib's overseas in-market sales grew 25% YoY to US$163mn, HCM recognized US$43mn revenue from fruquintinib, nearly flat 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.

Full-year guidance cut amid 1H25 miss. HCM’s oncology/immunology product revenue reached US$144mn in 1H25 (-15% YoY), only 36% of our prior full-year estimate.The miss was driven by declines in HCM’s China revenue of key products: fruquintinib (-27%), savolitinib (-32%), and surufatinib (-50%), impacted by regorafenib and TAS-102 generic competition, regorafenib VBP, the launch of new NRDL-listed MET TKIs, and internal sales team transitions.Although fruquintinib's overseas in-market sales grew 25% YoY to US$163mn, HCM recognized US$43mn revenue from fruquintinib, nearly flat 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.

Hutchmed (13 HK) - China Product Sales Under Pressure Amid Competition

<ul><li>Strong fruquintinib overseas sales drove top-line beat. HCM delivered a strong FY24 financial performance, marked by a top-line beat fueled by robust fruquintinib sales internationally.</li><li>Oncology/immunology product revenue grew by 65% YoY to US$272mn, exceeding the previous guidance of 30-50% growth.</li><li>FRUZAQLA (fruquintinib) generated total overseas sales of US$291mn in its first full year on the market, with US$111mn recognized as HCM’s revenue. </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 fruquintinib overseas sales drove top-line beat. HCM delivered a strong FY24 financial performance, marked by a top-line beat fueled by robust fruquintinib sales internationally.Oncology/immunology product revenue grew by 65% YoY to US$272mn, exceeding the previous guidance of 30-50% growth.FRUZAQLA (fruquintinib) generated total overseas sales of US$291mn in its first full year on the market, with US$111mn recognized as HCM’s revenue. 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.

Hutchmed (13 HK) - Expecting Sustainable Profitability

<ul><li>HCM’s oncology/immunology product revenue reached US$128mn in 1H24 (+59.6% YoY), including US$43mn revenue recognised from fruquintinib’s sales outside China.</li><li>The consolidated revenue from oncology/immunology including R&amp;D services and Takeda collaboration revenue, reached US$169mn in 1H24, representing 48% of the midpoint of the FY24 guidance range of US$300-400mn.</li><li>In 2Q24, fruquintinib recorded strong sales in the US market, +53% QoQ to JPY11.9bn (or c. US$80mn), up from JPY7.8bn (or c. US$52mn) in 1Q24. </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.

HCM’s oncology/immunology product revenue reached US$128mn in 1H24 (+59.6% YoY), including US$43mn revenue recognised from fruquintinib’s sales outside China.The consolidated revenue from oncology/immunology including R&amp;D services and Takeda collaboration revenue, reached US$169mn in 1H24, representing 48% of the midpoint of the FY24 guidance range of US$300-400mn.In 2Q24, fruquintinib recorded strong sales in the US market, +53% QoQ to JPY11.9bn (or c. US$80mn), up from JPY7.8bn (or c. US$52mn) in 1Q24. 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.

Hutchmed (13 HK) - Fruquintinib’s Overseas Sales Beat

<ul><li>Including US$312mn upfront and milestone payments from Takeda, HCM’s consolidated revenues from oncology/immunology reached US$529mn in FY23 (vs US$164mn in FY22), close to the upper limit of its US$450-550mn guidance.</li><li>The in-market product sales increased 28% YoY (35% at CER) to US$214mn in FY23, among which sales of fruquintinib in China increased 15% YoY (22% at CER) to US$108mn, maintaining leadership in patient share (47%) in 3L CRC.</li><li>Fruquintinib recorded US$15mn in sales in the overseas market in 2023 since the launch in Nov. </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.

Including US$312mn upfront and milestone payments from Takeda, HCM’s consolidated revenues from oncology/immunology reached US$529mn in FY23 (vs US$164mn in FY22), close to the upper limit of its US$450-550mn guidance.The in-market product sales increased 28% YoY (35% at CER) to US$214mn in FY23, among which sales of fruquintinib in China increased 15% YoY (22% at CER) to US$108mn, maintaining leadership in patient share (47%) in 3L CRC.Fruquintinib recorded US$15mn in sales in the overseas market in 2023 since the launch in Nov. 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.

Hutchmed (13 HK) – A Fruitful 2024 on the Way

Hong Kong

Hutchison Whampoa is an investment holding company with diverse global operations in ports and related services, property and hotels, retail, infrastructure, energy, and telecommunications. It operates port and container terminals, develops real estate, and provides mobile telecommunications services. The company is headquartered in Hong Kong and traces its roots back to 1862.

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Hutchison Whampoa (13 HK)

Healthcare - Chinese Biopharma Releasing Promising Data at ASCO

SKB264 (Q3W)+A167 (PD-L1)’s 15.4 months of mPFS in 1L NSCLC was much better than the SoC – 9.0 months mPFS of Keytruda+chemo in KEYNOTE189

CMB International

Hutchmed (13 HK) - China Product Sales Under Pressure Amid Competition

Full-year guidance cut amid 1H25 miss. HCM’s oncology/immunology product revenue reached US$144mn in 1H25 (-15% YoY), only 36% of our prior full...

CMB International

Hutchmed (13 HK) - Expecting Sustainable Profitability

Strong fruquintinib overseas sales drove top-line beat. HCM delivered a strong FY24 financial performance, marked by a top-line beat fueled by...

CMB International

Hutchmed (13 HK) - Fruquintinib’s Overseas Sales Beat

HCM’s oncology/immunology product revenue reached US$128mn in 1H24 (+59.6% YoY), including US$43mn revenue recognised from fruquintinib’s sales...

CMB International

Hutchmed (13 HK) – A Fruitful 2024 on the Way

Including US$312mn upfront and milestone payments from Takeda, HCM’s consolidated revenues from oncology/immunology reached US$529mn in FY23

CMB International

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