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>Giant Biogene reported 1H26 revenue of RMB2,918mn (-6.3% YoY, +21.3% HoH) and attributable NP of RMB940mn (-20.5% YoY, +28.2% HoH).</li><li>Results were broadly in line with our expectations, with 1H26 revenue accounting for 48% of our previous 2026E forecast, versus a historical average of 47%.</li><li>GPM declined 2.2ppts to 79.5%, due to product mix changes and the initial rollout of new products. </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>

Giant Biogene reported 1H26 revenue of RMB2,918mn (-6.3% YoY, +21.3% HoH) and attributable NP of RMB940mn (-20.5% YoY, +28.2% HoH).Results were broadly in line with our expectations, with 1H26 revenue accounting for 48% of our previous 2026E forecast, versus a historical average of 47%.GPM declined 2.2ppts to 79.5%, due to product mix changes and the initial rollout of new products. 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.

Giant Biogene (2367 HK) - 1H26 in Line; Eyes on Injectables Ramp