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

Sichuan Kelun-Biotech Biopharmaceutical / Equity Bottom-Up

Sichuan Kelun-Biotech Biopharmaceutical (6990 HK)

<ul><li>Kelun Biotech reported revenue of RMB950mn in 1H25, with a net loss of RMB145mn.</li><li>Product sales reached RMB310mn, of which SKB264/sac-TMT contributed RMB302mn—34% of our prior full-year estimate.</li><li>SKB264 is in the early stage of its ramp-up following approvals in late-line TNBC and EGFRm NSCLC in Nov-24 and Mar-25, respectively. </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 reported revenue of RMB950mn in 1H25, with a net loss of RMB145mn.Product sales reached RMB310mn, of which SKB264/sac-TMT contributed RMB302mn—34% of our prior full-year estimate.SKB264 is in the early stage of its ramp-up following approvals in late-line TNBC and EGFRm NSCLC in Nov-24 and Mar-25, respectively. 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 (6990 HK) - Expect More Important Data Release at ESMO 2025

<ul><li>Kelun-Biotech reported strong financial results for 2024, driven by milestone payments from global collaborations and the progression of its innovative pipeline.</li><li>The Company recorded revenue of RMB 1.93bn, achieving 25.5% YoY growth.</li><li>Licensing and collaboration agreements contributed RMB 1.86bn revenue, reflecting strong partnerships, particularly milestone payments from MSD. </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 reported strong financial results for 2024, driven by milestone payments from global collaborations and the progression of its innovative pipeline.The Company recorded revenue of RMB 1.93bn, achieving 25.5% YoY growth.Licensing and collaboration agreements contributed RMB 1.86bn revenue, reflecting strong partnerships, particularly milestone payments from MSD. 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 (6990 HK) - Advancing Next-Generation ADC Therapeutics

<ul><li>SKB378 out-licensing to Windward, a candidate co-developed with Harbour Biomed.</li><li>Kelun-Biotech and Harbour Biomed have successfully outlicensed global rights (excluding China and certain Asian markets) for their codeveloped TSLP mAb SKB378 to Windward, a newly established biotech company.</li><li>The deal is valued at up to US$970 mn plus royalties, including US$45mn in upfront and near-term payments, which will be paid in cash and equity interest in Windward’s parent company. </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.

SKB378 out-licensing to Windward, a candidate co-developed with Harbour Biomed.Kelun-Biotech and Harbour Biomed have successfully outlicensed global rights (excluding China and certain Asian markets) for their codeveloped TSLP mAb SKB378 to Windward, a newly established biotech company.The deal is valued at up to US$970 mn plus royalties, including US$45mn in upfront and near-term payments, which will be paid in cash and equity interest in Windward’s parent company. 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 (6990 HK) - Long-Acting TSLP MAb Out-Licensed Via NewCo Model

<ul><li>Kelun-Biotech recorded RMB1.38bn (+32% YoY) revenue in 1H24, including a total of US$90mn (or RMB641mn) milestone payments from MSD regarding multiple collaborated pipelines.</li><li>In 1H24, Kelun-Biotech spent RMB652mn on R&amp;D, +33% YoY, mainly driven by an uptick in clinical trials.</li><li>The company is gearing up for the near-term launch of several key assets in China, including sac-TMT (TROP2 ADC), A166 (HER2 ADC), A167 (PD-L1 mAb) and A140 (cetuximab biosimilar) in 2H24 or 1H25. </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 recorded RMB1.38bn (+32% YoY) revenue in 1H24, including a total of US$90mn (or RMB641mn) milestone payments from MSD regarding multiple collaborated pipelines.In 1H24, Kelun-Biotech spent RMB652mn on R&amp;D, +33% YoY, mainly driven by an uptick in clinical trials.The company is gearing up for the near-term launch of several key assets in China, including sac-TMT (TROP2 ADC), A166 (HER2 ADC), A167 (PD-L1 mAb) and A140 (cetuximab biosimilar) in 2H24 or 1H25. 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 (6990 HK) - Innovative Bispecific ADC Product Licensed to MSD

China

Sichuan Kelun-Biotech Biopharmaceutical is a biopharmaceutical company focused on the research, development, manufacturing, and commercialization of innovative biological and small molecule drugs, particularly Antibody-Drug Conjugates (ADCs). It addresses unmet medical needs in oncology, autoimmune disorders, and metabolic diseases, with key products including sacituzumab tirumotecan and trastuzumab botidotin. The company is headquartered in Chengdu, Sichuan, China, and was founded in 2016.

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Sichuan Kelun-Biotech Biopharmaceutical (6990 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

Kelun-Biotech (6990 HK) - Expect More Important Data Release at ESMO 2025

Kelun Biotech reported revenue of RMB950mn in 1H25, with a net loss of RMB145mn. Product sales reached RMB310mn, of which SKB264/sac-TMT...

CMB International

Kelun-Biotech (6990 HK) - Advancing Next-Generation ADC Therapeutics

Kelun-Biotech reported strong financial results for 2024, driven by milestone payments from global collaborations and the progression of its...

CMB International

Kelun-Biotech (6990 HK) - Long-Acting TSLP MAb Out-Licensed Via NewCo Model

SKB378 out-licensing to Windward, a candidate co-developed with Harbour Biomed. Kelun-Biotech and Harbour Biomed have successfully outlicensed...

CMB International

Kelun-Biotech (6990 HK) - Innovative Bispecific ADC Product Licensed to MSD

Kelun-Biotech recorded RMB1.38bn (+32% YoY) revenue in 1H24, including a total of US$90mn (or RMB641mn) milestone payments from MSD regarding...

CMB International

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