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

Sichuan Kelun-Biotech Biopharmaceutical / Equity Bottom-Up

Sichuan Kelun-Biotech Biopharmaceutical (6990 HK)

<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><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>

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