External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Akeso reported product sales of RMB1.8bn in 1H26, equivalent to 37% of our previous FY26 forecast, below our expectations despite broader NRDL coverage from Jan 2026.</li><li>Newly added reimbursed indications included cadonilimab in 1L GC and 1L CC on top of prior 2L+ CC, with a 19% price cut, as well as ivonescimab in 1L PD-L1+ NSCLC in addition to prior 2L+ EGFRm NSCLC, with no price cut.</li><li>Gross margin declined to 74.2% in 1H26 from 79.4% in FY25, mainly due to the cadonilimab NRDL price adjustment. </li></ul><p><em>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.</em></p>

Akeso reported product sales of RMB1.8bn in 1H26, equivalent to 37% of our previous FY26 forecast, below our expectations despite broader NRDL coverage from Jan 2026.Newly added reimbursed indications included cadonilimab in 1L GC and 1L CC on top of prior 2L+ CC, with a 19% price cut, as well as ivonescimab in 1L PD-L1+ NSCLC in addition to prior 2L+ EGFRm NSCLC, with no price cut.Gross margin declined to 74.2% in 1H26 from 79.4% in FY25, mainly due to the cadonilimab NRDL price adjustment. 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.

Akeso (9926 HK) - Eyes on Harmoni-3 Readout in 2H26