External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>In 1H24, Akeso recorded RMB1.03bn in revenue, including RMB939mn from product sales.</li><li>Cadonilimab/AK104 (PD-1/CTLA-4) recorded RMB706mn in sales in 1H24, +16% YoY or -6% HoH, accounting for 39% of our previous full-year estimate.</li><li>We attribute the weaker-than-expected sales performance to the preparation for NRDL inclusion. </li></ul>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.

In 1H24, Akeso recorded RMB1.03bn in revenue, including RMB939mn from product sales.Cadonilimab/AK104 (PD-1/CTLA-4) recorded RMB706mn in sales in 1H24, +16% YoY or -6% HoH, accounting for 39% of our previous full-year estimate.We attribute the weaker-than-expected sales performance to the preparation for NRDL inclusion. 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.

Akeso (9926 HK) - Eyes on the Detailed Head-To-Head Data of AK112 at WCLC in Sep

<ul><li>Promising Ph3 data of cadonilimab in 1L GC, especially for patients with low PD-L1 expression.</li><li>The interim Ph3 (NCT05008783) data of cadonilimab in 1L GC was recently released at the AACR meeting.</li><li>With a median follow-up of 18.7 months, cadonilimab + chemo (XELOX) extended the mOS by 4.2 months for the 610 ITT patients and reduced the risk of death by 38% (mOS 15.0 vs 10.8 months, HR=0.62, P&lt;0.001).</li></ul>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.

Promising Ph3 data of cadonilimab in 1L GC, especially for patients with low PD-L1 expression.The interim Ph3 (NCT05008783) data of cadonilimab in 1L GC was recently released at the AACR meeting.With a median follow-up of 18.7 months, cadonilimab + chemo (XELOX) extended the mOS by 4.2 months for the 610 ITT patients and reduced the risk of death by 38% (mOS 15.0 vs 10.8 months, HR=0.62, P&lt;0.001).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.

Akeso (9926 HK) - Promising Ph3 Data of Cadonilimab in 1L GC

<ul><li>In FY23, Akeso recorded RMB4.53bn in revenue, including RMB1.63bn from product sales and RMB2.92bn from license income relevant to AK112 (PD1/VEGF).</li><li>Cadonilimab/AK104 (PD-1/CTLA-4) achieved RMB1.36bn in sales in FY23, surpassing the Company’s initial guidance of RMB1.2-1.3bn.</li><li>In 2H23, AK104 recorded RMB752mn sales, +24% HoH, even with the impact of challenging regulatory environment in China in 2H23. </li></ul>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.

In FY23, Akeso recorded RMB4.53bn in revenue, including RMB1.63bn from product sales and RMB2.92bn from license income relevant to AK112 (PD1/VEGF).Cadonilimab/AK104 (PD-1/CTLA-4) achieved RMB1.36bn in sales in FY23, surpassing the Company’s initial guidance of RMB1.2-1.3bn.In 2H23, AK104 recorded RMB752mn sales, +24% HoH, even with the impact of challenging regulatory environment in China in 2H23. 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.

Akeso (9926 HK) - Expect Another Fruitful Year in 2024

Thematic (Sector/Industry)

<ul><li>Kelun-Biotech: Promising Ph2 results of SKB264+A167 in 1L NSCLC.</li><li>SKB264 (Q3W)+A167 (PD-L1)’s 15.4 months of mPFS in 1L NSCLC was much better than the SoC – 9.0 months mPFS of Keytruda+chemo in KEYNOTE189 and 9.7 months mPFS of tislelizumab+chemo in RATIONALE304.</li><li>SKB264’s Ph3 dose of Q2W could deliver even better efficacy, in our view. SKB264+A167 also showed strong potential in PD-L1 negative NSCLC. </li></ul>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: Promising Ph2 results of SKB264+A167 in 1L NSCLC.SKB264 (Q3W)+A167 (PD-L1)’s 15.4 months of mPFS in 1L NSCLC was much better than the SoC – 9.0 months mPFS of Keytruda+chemo in KEYNOTE189 and 9.7 months mPFS of tislelizumab+chemo in RATIONALE304.SKB264’s Ph3 dose of Q2W could deliver even better efficacy, in our view. SKB264+A167 also showed strong potential in PD-L1 negative NSCLC. 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.

Healthcare - Chinese Biopharma Releasing Promising Data at ASCO

<ul><li>In 1H23, Akeso recorded RMB3.68bn revenue, including RMB795mn from sales of AK104 (PD-1/CTLA-4) and AK105 (PD-1), and RMB2.92bn from license income relevant to AK112 (PD-1/VEGF).</li><li>AK104 achieved RMB606mn sales in 1H23, totalling RMB1.15bn in the past 12 months, which beat the Company’s RMB1bn target during the first 12 months after launch.</li><li>Akeso maintained a high product GP margin at 90.3% in 1H23, compared to 91.5% in 2H22. </li></ul>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.

In 1H23, Akeso recorded RMB3.68bn revenue, including RMB795mn from sales of AK104 (PD-1/CTLA-4) and AK105 (PD-1), and RMB2.92bn from license income relevant to AK112 (PD-1/VEGF).AK104 achieved RMB606mn sales in 1H23, totalling RMB1.15bn in the past 12 months, which beat the Company’s RMB1bn target during the first 12 months after launch.Akeso maintained a high product GP margin at 90.3% in 1H23, compared to 91.5% in 2H22. 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.

Akeso (9926 HK) – Look Forward to Ph3 Data Readout of AK104 and AK112 in Large Indications

China

Akeso Inc. operates operatesa s a biotech company. The compnay develops treatments and therapies for various types of diseases. Akeso serves cutomers worldwide

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Akeso Biopharma Inc (9926 HK)

Akeso (9926 HK) - Eyes on the Detailed Head-To-Head Data of AK112 at WCLC in Sep

Akeso recorded RMB239mn of attributable net loss in 1H24. As of Jun 2024, Akeso had a sufficient cash balance of RMB5.69bn.

CMB International

Akeso (9926 HK) - Promising Ph3 Data of Cadonilimab in 1L GC

Promising Ph3 data of cadonilimab in 1L GC, especially for patients with low PD-L1 expression. The interim Ph3 (NCT05008783) data of cadonilimab in...

CMB International

Akeso (9926 HK) - Expect Another Fruitful Year in 2024

In FY23, Akeso recorded RMB4.53bn in revenue, including RMB1.63bn from product sales and RMB2.92bn from license income relevant to AK112 (PD1/VEGF).

CMB International

Healthcare - Chinese Biopharma Releasing Promising Data at ASCO

SKB264 (Q3W)+A167 (PD-L1)’s 15.4 months of mPFS in 1L NSCLC was much better than the SoC – 9.0 months mPFS of Keytruda+chemo in KEYNOTE189

CMB International

Akeso (9926 HK) – Look Forward to Ph3 Data Readout of AK104 and AK112 in Large Indications

AK104 achieved RMB606mn sales in 1H23, totalling RMB1.15bn in the past 12 months, which beat the Company’s RMB1bn target during the first 12 months...

CMB International

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