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

Sichuan Kelun-Biotech Biopharmaceutical / Equity Bottom-Up

Sichuan Kelun-Biotech Biopharmaceutical (6990 HK)

<ul><li>Kelun-Biotech reported 1H26 total revenue of RMB978mn (+2.9% YoY), with pharmaceutical product sales contributing RMB657mn (+112% YoY), reaching 53% of our previous full-year estimate and coming in above our expectations.</li><li>Management indicated that sac-TMT accounted for around 80% of product sales, underscoring a successful first half year of NRDL-driven commercialization: 2L+ TNBC and 3L EGFRm NSCLC entered the NRDL since Jan 2026, while we expect 2L EGFRm NSCLC and 2L+ HR+/HER2- BC indications to be included in NRDL by end-2026 and to drive further volume expansion.</li><li>The accepted NDAs in 1L TNBC and 1L PD-L1-positive NSCLC should further broaden patient coverage upon approval. </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 1H26 total revenue of RMB978mn (+2.9% YoY), with pharmaceutical product sales contributing RMB657mn (+112% YoY), reaching 53% of our previous full-year estimate and coming in above our expectations.Management indicated that sac-TMT accounted for around 80% of product sales, underscoring a successful first half year of NRDL-driven commercialization: 2L+ TNBC and 3L EGFRm NSCLC entered the NRDL since Jan 2026, while we expect 2L EGFRm NSCLC and 2L+ HR+/HER2- BC indications to be included in NRDL by end-2026 and to drive further volume expansion.The accepted NDAs in 1L TNBC and 1L PD-L1-positive NSCLC should further broaden patient coverage upon approval. 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) - Sac-TMT Global Catalysts Building

<ul><li>Kelun-Biotech marks 2025 as its transformational commercialization inflection year, transitioning from a clinical-stage biotech to a biopharmaceutical company with four approved products and a robust revenue trajectory.</li><li>The Company reported total revenue of RMB2.06bn (+6.5% YoY), with pharmaceutical product sales contributing RMB543mn—a testament to its nascent but rapidly scaling commercial infrastructure.</li><li>The strategic milestone of securing NRDL inclusion for three core assets (Sac-TMT, A167, and A140) effective Jan 2026 establishes a solid foundation for volume growth in 2026. </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 marks 2025 as its transformational commercialization inflection year, transitioning from a clinical-stage biotech to a biopharmaceutical company with four approved products and a robust revenue trajectory.The Company reported total revenue of RMB2.06bn (+6.5% YoY), with pharmaceutical product sales contributing RMB543mn—a testament to its nascent but rapidly scaling commercial infrastructure.The strategic milestone of securing NRDL inclusion for three core assets (Sac-TMT, A167, and A140) effective Jan 2026 establishes a solid foundation for volume growth in 2026. 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) - Inaugural Year of Commercialization

Thematic (Sector/Industry)

<ul><li>At the 2026 ASCO Annual Meeting, China's innovative drug sector continued to demonstrate robust clinical momentum, delivering 13 highly anticipated studies during the Late-Breaking Abstract (LBA) session.</li><li>A historic highlight of the conference was Akeso’s HARMONi-6 trial, which was featured in the prestigious Plenary Session—marking the first time a China-originated innovative drug has achieved this top-tier recognition in ASCO's history.</li><li>Broadly, the clinical datasets presented underscore the accelerating global competitiveness and R&amp;D maturation of Chinese biotech firms. </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.

At the 2026 ASCO Annual Meeting, China's innovative drug sector continued to demonstrate robust clinical momentum, delivering 13 highly anticipated studies during the Late-Breaking Abstract (LBA) session.A historic highlight of the conference was Akeso’s HARMONi-6 trial, which was featured in the prestigious Plenary Session—marking the first time a China-originated innovative drug has achieved this top-tier recognition in ASCO's history.Broadly, the clinical datasets presented underscore the accelerating global competitiveness and R&amp;D maturation of Chinese biotech firms. 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.

China Healthcare - Chinese Biopharma Showcases Historic Milestones and Global Competitiveness

<ul><li>The Chinese biotech / biopharma sector is entering a pivotal phase in 2026, driven by accelerating global BD partnerships, pivotal clinical data readouts, and key overseas regulatory milestones.</li><li>As the industry transitions into a "new pillar industry" under supportive government policies, we believe the market is underestimating the pipeline value of leading Chinese biotech companies.</li><li>In particular, the oncology pipeline comprises several high-conviction readouts this year, including Akeso/Summit's ivonescimab trials (HARMONi-6 and HARMONi3), Innovent's IBI363 data in first-line NSCLC and colorectal cancer, and DualityBio's ADC-plus-BNT327 combinations, which have the potential to reshape the oncology competitive landscape. </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.

The Chinese biotech / biopharma sector is entering a pivotal phase in 2026, driven by accelerating global BD partnerships, pivotal clinical data readouts, and key overseas regulatory milestones.As the industry transitions into a "new pillar industry" under supportive government policies, we believe the market is underestimating the pipeline value of leading Chinese biotech companies.In particular, the oncology pipeline comprises several high-conviction readouts this year, including Akeso/Summit's ivonescimab trials (HARMONi-6 and HARMONi3), Innovent's IBI363 data in first-line NSCLC and colorectal cancer, and DualityBio's ADC-plus-BNT327 combinations, which have the potential to reshape the oncology competitive landscape. 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.

A Catalyst-Rich 2026: Valuation Re-Rating Opportunities for Chinese Biotechs / Biopharmas

<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

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)

Kelun-Biotech (6990 HK) - Sac-TMT Global Catalysts Building

Kelun-Biotech reported 1H26 total revenue of RMB978mn (+2.9% YoY), with pharmaceutical product sales contributing RMB657mn (+112% YoY)...

CMB International

Kelun-Biotech (6990 HK) - Inaugural Year of Commercialization

The strategic milestone of securing NRDL inclusion for three core assets (Sac-TMT, A167, and A140) effective Jan 2026 establishes a solid...

CMB International

China Healthcare - Chinese Biopharma Showcases Historic Milestones and Global Competitiveness

Ultimately, we view these compelling datasets as strong catalysts capable of driving a broad valuation re-rating across the Chinese innovative drug...

CMB International

A Catalyst-Rich 2026: Valuation Re-Rating Opportunities for Chinese Biotechs / Biopharmas

The Chinese biotech / biopharma sector is entering a pivotal phase in 2026, driven by accelerating global BD partnerships, pivotal clinical data...

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

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