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>Full-year guidance cut amid 1H25 miss. HCM’s oncology/immunology product revenue reached US$144mn in 1H25 (-15% YoY), only 36% of our prior full-year estimate.</li><li>The miss was driven by declines in HCM’s China revenue of key products: fruquintinib (-27%), savolitinib (-32%), and surufatinib (-50%), impacted by regorafenib and TAS-102 generic competition, regorafenib VBP, the launch of new NRDL-listed MET TKIs, and internal sales team transitions.</li><li>Although fruquintinib's overseas in-market sales grew 25% YoY to US$163mn, HCM recognized US$43mn revenue from fruquintinib, nearly flat YoY. </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>

Full-year guidance cut amid 1H25 miss. HCM’s oncology/immunology product revenue reached US$144mn in 1H25 (-15% YoY), only 36% of our prior full-year estimate.The miss was driven by declines in HCM’s China revenue of key products: fruquintinib (-27%), savolitinib (-32%), and surufatinib (-50%), impacted by regorafenib and TAS-102 generic competition, regorafenib VBP, the launch of new NRDL-listed MET TKIs, and internal sales team transitions.Although fruquintinib's overseas in-market sales grew 25% YoY to US$163mn, HCM recognized US$43mn revenue from fruquintinib, nearly flat YoY. 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.

ハッチメッド（13香港） - 競争の激化で中国製品の販売が圧迫される

Hutchmed China Ltd

ハッチメッド（13香港） - 競争の激化で中国製品の販売が圧迫される