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 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><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 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