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Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Equity Bottom-Up

<ul>
<li>InnoCare (9969 HK, NR) announces that InnoCare has entered into a strategic research collaboration and license agreement with Eli Lilly (LLY US, NR) to develop new medicines.</li>
<li>InnoCare will be eligible to receive up to US$100mn in upfront and near-term payments and up to approximately US$3.25bn in development and commercial milestone payments, in each case subject to applicable conditions and the achievement of relevant milestones.</li>
<li>This collaboration shows InnoCare’s R&amp;D capabilities.</li>
</ul>


InnoCare (9969 HK, NR) announces that InnoCare has entered into a strategic research collaboration and license agreement with Eli Lilly (LLY US, NR) to develop new medicines.
InnoCare will be eligible to receive up to US$100mn in upfront and near-term payments and up to approximately US$3.25bn in development and commercial milestone payments, in each case subject to applicable conditions and the achievement of relevant milestones.
This collaboration shows InnoCare’s R&amp;D capabilities.


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.

<ul><li>InnoCare delivered solid 1Q25 results, with revenue reaching RMB381mn.</li><li>Sales of orelabrutinib rose 89% YoY and 1% QoQ to RMB311mn, primarily supported by sustained uptake in MZL.</li><li>Notably, orelabrutinib remains the only BTK inhibitor approved and included in the NRDL for MZL in China—the second-largest subtype of NHL. </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.

InnoCare delivered solid 1Q25 results, with revenue reaching RMB381mn.Sales of orelabrutinib rose 89% YoY and 1% QoQ to RMB311mn, primarily supported by sustained uptake in MZL.Notably, orelabrutinib remains the only BTK inhibitor approved and included in the NRDL for MZL in China—the second-largest subtype of NHL. 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.

InnoCare Pharma (9969 HK) - Autoimmune pipeline holds potential for global markets

<ul><li>Autoimmune disease pipeline to drive business growth. Orelabrutinib has seen robust sales growth in FY24 with a YoY increase of 49% to RMB1,001mn, surpassing its +45% YoY target.</li><li>This robust performance is driven by the rising penetration and growing market share in CLL, MCL and MZL, where orelabrutinib remains the only approved BTKi for MZL.</li><li>We expect orelabrutinib to continue to deliver robust sales in the oncology market. </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.

Autoimmune disease pipeline to drive business growth. Orelabrutinib has seen robust sales growth in FY24 with a YoY increase of 49% to RMB1,001mn, surpassing its +45% YoY target.This robust performance is driven by the rising penetration and growing market share in CLL, MCL and MZL, where orelabrutinib remains the only approved BTKi for MZL.We expect orelabrutinib to continue to deliver robust sales in the oncology market. 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.

InnoCare Pharma (9969 HK) - Autoimmune Therapies as a Second Growth Engine

<ul><li>InnoCare recorded total revenue of RMB188mn in 2Q23, including RMB169mn sales from orelabrutinib (+12% QoQ, +52% YoY).</li><li>In 1H23, the sales of orelabrutinib totalled RMB321mn, +48% YoY, accounting for 33% of our previous full-year estimate.</li><li>In comparison, BGNE’s zanubrutinib achieved US$97mn revenue in China in 1H23, +38% YoY.</li><li>InnoCare’s GP margin (vs total revenue) improved significantly from 77% in 1Q23 to 82% in 2Q23. </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.

InnoCare recorded total revenue of RMB188mn in 2Q23, including RMB169mn sales from orelabrutinib (+12% QoQ, +52% YoY).In 1H23, the sales of orelabrutinib totalled RMB321mn, +48% YoY, accounting for 33% of our previous full-year estimate.In comparison, BGNE’s zanubrutinib achieved US$97mn revenue in China in 1H23, +38% YoY.InnoCare’s GP margin (vs total revenue) improved significantly from 77% in 1Q23 to 82% in 2Q23. 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.

InnoCare Pharma (9969 HK) – Consistent Results of Orelabrutinib for MS

<ul><li>InnoCare recorded total revenue of RMB189mn in 1Q23, including RMB151mn sales from orelabrutinib (-9% QoQ, +44% YoY).</li><li>The QoQ decrease in sales of orelabrutinib was mainly due to the COVID-19 outbreak and Chinese New Year break in 1Q.</li><li>InnoCare continued to improve its cost efficiency in 1Q23. </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.

InnoCare recorded total revenue of RMB189mn in 1Q23, including RMB151mn sales from orelabrutinib (-9% QoQ, +44% YoY).The QoQ decrease in sales of orelabrutinib was mainly due to the COVID-19 outbreak and Chinese New Year break in 1Q.InnoCare continued to improve its cost efficiency in 1Q23. 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.

InnoCare Pharma (9969 HK) – Eyes on Next Steps of Orelabrutinib for MS

China

InnoCare Pharma is a commercial-stage biopharmaceutical company dedicated to discovering, developing, and commercializing drugs for cancer and autoimmune diseases. Its pipeline includes key products like orelabrutinib, tafasitamab, and ICP-332. The company was co-founded in 2015 and is headquartered in Beijing, China.

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InnoCare Pharma (9969 HK)

Quam Morning Note (25 Sep) - InnoCare

InnoCare (9969 HK, NR) announces that InnoCare has entered into a strategic research collaboration and license agreement with Eli Lilly (LLY US,...

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