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>RemeGen recorded RMB1.08bn of revenue in FY23, including RMB1.05bn from product sales (+42% YoY), contributed equally by RC18 and RC48.</li><li>In FY23, GP margin (vs product sales) increased to 76.9% (vs 63.4% in FY22).</li><li>Selling expense ratio (vs product sales) increased from 60% in FY22 to 74% in FY23, mainly due to an increase in sales headcount. </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.

RemeGen recorded RMB1.08bn of revenue in FY23, including RMB1.05bn from product sales (+42% YoY), contributed equally by RC18 and RC48.In FY23, GP margin (vs product sales) increased to 76.9% (vs 63.4% in FY22).Selling expense ratio (vs product sales) increased from 60% in FY22 to 74% in FY23, mainly due to an increase in sales headcount. 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.

RemeGen (9995 HK) - Awaiting the Fruition of Overseas BD Collaborations

<ul><li>RemeGen recorded strong product sales growth in 3Q23, in a challenging environment, with revenue reaching RMB347mn, vs RMB254mn in 2Q23 (+37% QoQ) and RMB219mn in 3Q22 (+58% YoY).</li><li>The strong growth in 3Q23 was mainly driven by RC18 (RMB180mn+ sales in 3Q23, +45% QoQ), while the sales of RC48 also recorded QoQ increase to RMB150mn+ in 3Q23.</li><li>Recall that, in 1H23, the Company intentionally slowed down the shipment volume of RC18 to prepare for the NDRL renewal in late 2023 and the shipment has been back to normal since July. </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.

RemeGen recorded strong product sales growth in 3Q23, in a challenging environment, with revenue reaching RMB347mn, vs RMB254mn in 2Q23 (+37% QoQ) and RMB219mn in 3Q22 (+58% YoY).The strong growth in 3Q23 was mainly driven by RC18 (RMB180mn+ sales in 3Q23, +45% QoQ), while the sales of RC48 also recorded QoQ increase to RMB150mn+ in 3Q23.Recall that, in 1H23, the Company intentionally slowed down the shipment volume of RC18 to prepare for the NDRL renewal in late 2023 and the shipment has been back to normal since July. 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.

RemeGen (9995 HK) – Strong Growth Amid Challenging Environment

<ul><li>In 2Q23, RemeGen recorded revenue of RMB254mn, mostly from the product sales of RC18 and RC48, compared to RMB168mn in 1Q23 (+51% QoQ) and RMB200mn in 2Q22 (+27% YoY).</li><li>In 1H23, the Company recorded product sales of RMB416mn, representing approximately 1/3 of the Company’s full-year guidance of RMB1.2-1.3bn.</li><li>The Company intentionally slowed down the shipment volume of RC18 in 1H23 to prepare for the NDRL renewal late this year, which impacted the sales of RC18 in 1H23. </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.

In 2Q23, RemeGen recorded revenue of RMB254mn, mostly from the product sales of RC18 and RC48, compared to RMB168mn in 1Q23 (+51% QoQ) and RMB200mn in 2Q22 (+27% YoY).In 1H23, the Company recorded product sales of RMB416mn, representing approximately 1/3 of the Company’s full-year guidance of RMB1.2-1.3bn.The Company intentionally slowed down the shipment volume of RC18 in 1H23 to prepare for the NDRL renewal late this year, which impacted the sales of RC18 in 1H23. 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.

RemeGen (9995 HK) – Pursuit of Sustainable Long-Term Growth

<ul><li>In 1Q23, RemeGen recorded revenue of RMB168mn, mostly from the product sales of RC18 and RC48, compared to RMB202mn in 4Q22 (-17% QoQ) and RMB150mn in 1Q22 (+12% YoY).</li><li>The Company maintained the FY23 revenue target of no less than RMB1,250mn unchanged.</li><li>According to the management, the Company intentionally slowed down the shipment volume of RC18 in 1Q23, considering high product sales in 1Q could have a negative impact on the NDRL renewal of RC18 late this year. </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.

In 1Q23, RemeGen recorded revenue of RMB168mn, mostly from the product sales of RC18 and RC48, compared to RMB202mn in 4Q22 (-17% QoQ) and RMB150mn in 1Q22 (+12% YoY).The Company maintained the FY23 revenue target of no less than RMB1,250mn unchanged.According to the management, the Company intentionally slowed down the shipment volume of RC18 in 1Q23, considering high product sales in 1Q could have a negative impact on the NDRL renewal of RC18 late this year. 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.

RemeGen (9995 HK) – Expect sales recovery from 2Q

<ul><li>In FY22, RemeGen recorded revenue of RMB768mn, including RMB738mn product sales from RC18 and RC48, compared to RMB131mn product sales in FY21.</li><li>The Company improved its product gross profit margin from 48.9% in 2021 to 63.4% in 2022.</li><li>The SG&amp;A expenses in FY22 were RMB713mn, +47.7% YoY, due to the significant expansion in salesforce and increasing marketing activities following the approvals of RC18 and RC48 in 1H21.</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.

In FY22, RemeGen recorded revenue of RMB768mn, including RMB738mn product sales from RC18 and RC48, compared to RMB131mn product sales in FY21.The Company improved its product gross profit margin from 48.9% in 2021 to 63.4% in 2022.The SG&amp;A expenses in FY22 were RMB713mn, +47.7% YoY, due to the significant expansion in salesforce and increasing marketing activities following the approvals of RC18 and RC48 in 1H21.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.

RemeGen (9995 HK) – Wide clinical studies to unlock global potential

China

RemeGen Co., Ltd. operates biotechnology businesses. The Company develops therapeutic antibody drugs such as antibody drug conjugates (ADC), antibody fusion proteins, monoclonal antibodies and double antibodies. RemeGen provides solutions autoimmune diseases, tumor diseases, and ophthalmic diseases.

Remegen (9995 HK)

RemeGen (9995 HK) - Awaiting the Fruition of Overseas BD Collaborations

RemeGen recorded RMB1.08bn of revenue in FY23, including RMB1.05bn from product sales (+42% YoY), contributed equally by RC18 and RC48.

CMB International

RemeGen (9995 HK) – Strong Growth Amid Challenging Environment

RemeGen recorded strong product sales growth in 3Q23, in a challenging environment, with revenue reaching RMB347mn, vs RMB254mn in 2Q23 (+37% QoQ)...

CMB International

RemeGen (9995 HK) – Pursuit of Sustainable Long-Term Growth

In 2Q23, RemeGen recorded revenue of RMB254mn, mostly from the product sales of RC18 and RC48, compared to RMB168mn in 1Q23 (+51% QoQ) and RMB200mn...

CMB International

RemeGen (9995 HK) – Expect sales recovery from 2Q

In 1Q23, RemeGen recorded revenue of RMB168mn, mostly from the product sales of RC18 and RC48, compared to RMB202mn in 4Q22 (-17% QoQ) and RMB150mn...

CMB International

RemeGen (9995 HK) – Wide clinical studies to unlock global potential

In FY22, RemeGen recorded revenue of RMB768mn, including RMB738mn product sales from RC18 and RC48, compared to RMB131mn product sales in FY21.

CMB International