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

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><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>

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