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

Shanghai Henlius Biotech / Equity Bottom-Up

<ul><li>Henlius reported in-line 1H26 results, with total revenue rising 27.3% YoY to RMB3.59bn, including licensing and R&amp;D income of RMB700mn.</li><li>Product sales reached RMB2.94bn, up 14.9% YoY and accounting for 46% of our previous fullyear forecast, broadly in line with our expectations.</li><li>Overseas product revenue grew 159% YoY to around RMB110mn, and management is targeting sustained triple-digit overseas growth over the next three years. </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.

Henlius reported in-line 1H26 results, with total revenue rising 27.3% YoY to RMB3.59bn, including licensing and R&amp;D income of RMB700mn.Product sales reached RMB2.94bn, up 14.9% YoY and accounting for 46% of our previous fullyear forecast, broadly in line with our expectations.Overseas product revenue grew 159% YoY to around RMB110mn, and management is targeting sustained triple-digit overseas growth over the next three years. 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.

Henlius Biotech (2696 HK) - Broadening Global Footprint While Advancing Innovation

<ul><li>Henlius delivered strong FY25 financial results, driven by robust product sales growth.</li><li>The Company is expanding its global biosimilar footprint and forging new international partnerships.</li><li>Henlius is accelerating its evolution into an innovative biologics powerhouse, spearheaded by competitive assets such as HLX43, HLX22, and serplulimab. </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.

Henlius delivered strong FY25 financial results, driven by robust product sales growth.The Company is expanding its global biosimilar footprint and forging new international partnerships.Henlius is accelerating its evolution into an innovative biologics powerhouse, spearheaded by competitive assets such as HLX43, HLX22, and serplulimab. 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.

Henlius Biotech (2696 HK) - Accelerating Global Commercialization and Innovation

Thematic (Sector/Industry)

<ul><li>Innovent: ASCO data reinforce IBI363’s potential as a potential nextgeneration IO.</li><li>We view IBI363 as a highly promising candidate in the IOresistant sq-NSCLC space, supported by an impressive mPFS of 7.3 months in monotherapy, which is very competitive compared to other innovative agents. Innovent plans to initiate a Ph3 trial of IBI363 in IOresistant sq-NSCLC in 2H25. In 3L+ CRC, IBI363 has shown superior early efficacy signals and a more favorable safety profile.</li><li>IBI363 mono delivered an ORR of 12.7% and an mOS of 16.1 months—both significantly outperforming fruquintinib. </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.

Innovent: ASCO data reinforce IBI363’s potential as a potential nextgeneration IO.We view IBI363 as a highly promising candidate in the IOresistant sq-NSCLC space, supported by an impressive mPFS of 7.3 months in monotherapy, which is very competitive compared to other innovative agents. Innovent plans to initiate a Ph3 trial of IBI363 in IOresistant sq-NSCLC in 2H25. In 3L+ CRC, IBI363 has shown superior early efficacy signals and a more favorable safety profile.IBI363 mono delivered an ORR of 12.7% and an mOS of 16.1 months—both significantly outperforming fruquintinib. 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 - ASCO Highlights: Spotlight on Next-Gen IO & ADCs

<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

<ul><li>1H25 results in line. Henlius reported revenue of RMB2.82bn in 1H25 (+3% YoY), in line with our expectations.</li><li>Drug sales reached RMB2.57bn, accounting for 49% of our prior full-year forecast.</li><li>Net profit came in at RMB390mn (+1% YoY), achieving 31% of our full-year estimate.</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.

1H25 results in line. Henlius reported revenue of RMB2.82bn in 1H25 (+3% YoY), in line with our expectations.Drug sales reached RMB2.57bn, accounting for 49% of our prior full-year forecast.Net profit came in at RMB390mn (+1% YoY), achieving 31% of our full-year estimate.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.

Henlius Biotech (2696 HK) - Updated Data of PD-L1 ADC at the Coming WCLC

China

Shanghai Henlius Biotech is a global, innovation-driven biopharmaceutical company focused on delivering high-quality, affordable biologic therapies for oncology, autoimmune diseases, and ophthalmic diseases. The company is engaged in biopharmaceutical research and development, manufacturing, and commercialization, offering products such as the biosimilars HANLIKANG (rituximab), HANQUYOU (trastuzumab), HANDAYUAN (adalimumab), and HANBEITAI (bevacizumab), as well as the innovative biologic HANSIZHUANG (serplulimab). Headquartered in Shanghai, China, the company was founded in 2010.

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Shanghai Henlius Biotech (2696 HK)

Henlius Biotech (2696 HK) - Broadening Global Footprint While Advancing Innovation

Henlius reported in-line 1H26 results, with total revenue rising 27.3% YoY to RMB3.59bn, including licensing and R&D income of RMB700mn.

CMB International

Henlius Biotech (2696 HK) - Accelerating Global Commercialization and Innovation

Henlius is accelerating its evolution into an innovative biologics powerhouse, spearheaded by competitive assets such as HLX43, HLX22, and...

CMB International

Healthcare - ASCO Highlights: Spotlight on Next-Gen IO & ADCs

Innovent: ASCO data reinforce IBI363’s potential as a potential nextgeneration IO. We view IBI363 as a highly promising candidate in the...

CMB International

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

Henlius Biotech (2696 HK) - Updated Data of PD-L1 ADC at the Coming WCLC

Henlius reported revenue of RMB2.82bn in 1H25 (+3% YoY), in line with our expectations. Drug sales reached RMB2.57bn, accounting for 49% of our...

CMB International

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