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>LeadsBio is a clinical-stage biotech with a proven track record in business development.</li><li>The Company out-licensed LBL-051 (CD19/BCMA/CD3) and LBL-047 (BDCA2/TACI) to global partners in 2024 and 2025, respectively.</li><li>In 1H26, LeadsBio reported revenue of RMB36mn, mainly from the US$5mn milestone payment from Dianthus related to LBL-047. </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.

LeadsBio is a clinical-stage biotech with a proven track record in business development.The Company out-licensed LBL-051 (CD19/BCMA/CD3) and LBL-047 (BDCA2/TACI) to global partners in 2024 and 2025, respectively.In 1H26, LeadsBio reported revenue of RMB36mn, mainly from the US$5mn milestone payment from Dianthus related to LBL-047. 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.

Leads Biolabs (9887 HK) - Eyes on LBL-024 Readouts at WCLC/ESMO

<ul><li>Leads Biolabs is a clinical-stage biotech with proven business development execution.</li><li>In FY25, the Company reported revenue of RMB177mn, driven by the late-2025 out-licensing of LBL-047 (BDCA2/TACI, currently in Ph1 for SLE) to Dianthus Therapeutics.</li><li>This agreement features US$38mn in upfront and near-term milestones, with up to US$1.0bn in total value. </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.

Leads Biolabs is a clinical-stage biotech with proven business development execution.In FY25, the Company reported revenue of RMB177mn, driven by the late-2025 out-licensing of LBL-047 (BDCA2/TACI, currently in Ph1 for SLE) to Dianthus Therapeutics.This agreement features US$38mn in upfront and near-term milestones, with up to US$1.0bn in total value. 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.

Leads Biolabs (9887 HK) - Expect Multiple PoC Data of LBL-024 in 2026

<ul><li>ADCs. Leads Biolabs focuses on developing immunotherapies involving immune checkpoints, such as co-stimulatory agonists and checkpoint inhibitors, while expanding into other areas, such as CD3 T-cell engagers and ADCs.</li><li>The Company has developed proprietary LeadsBody platform (CD3 T-cell engager platform) and X-body platform (4-1BB engager platform).</li><li>These platforms serve as engines to drive continuous drug innovations. </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.

ADCs. Leads Biolabs focuses on developing immunotherapies involving immune checkpoints, such as co-stimulatory agonists and checkpoint inhibitors, while expanding into other areas, such as CD3 T-cell engagers and ADCs.The Company has developed proprietary LeadsBody platform (CD3 T-cell engager platform) and X-body platform (4-1BB engager platform).These platforms serve as engines to drive continuous drug innovations. 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.

Leads Biolabs (9887 HK) - Developing Next-Generation Immuno-Oncology Therapies

China

Leads Biolabs is a clinical-stage biotechnology company dedicated to the discovery, development, and commercialization of innovative therapies for oncology, autoimmune, and other severe diseases, focusing on unmet medical needs. The company leverages proprietary technology platforms to advance a pipeline of drug candidates, including bispecific antibodies and fusion proteins. Founded in 2012, Leads Biolabs is headquartered in Nanjing, China.

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Leads Biolabs (9887 HK) - Eyes on LBL-024 Readouts at WCLC/ESMO

In 1H26, LeadsBio reported revenue of RMB36mn, mainly from the US$5mn milestone payment from Dianthus related to LBL-047.

CMB International

Leads Biolabs (9887 HK) - Expect Multiple PoC Data of LBL-024 in 2026

In FY25, the Company reported revenue of RMB177mn, driven by the late-2025 out-licensing of LBL-047 (BDCA2/TACI, currently in Ph1 for SLE) to...

CMB International

Leads Biolabs (9887 HK) - Developing Next-Generation Immuno-Oncology Therapies

The Company has developed proprietary LeadsBody platform (CD3 T-cell engager platform) and X-body platform (4-1BB engager platform).

CMB International