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

Innovent Biologics Inc / Equity Bottom-Up

<ul><li>IBI363 (PD-1/IL-2) demonstrated encouraging signals in IO-failed and cold tumors, especially in IO-resistant sq-NSCLC.</li><li>IBI363 is a potential FIC PD-1/IL-2 bsAb with a differentiated α-biased IL-2 arm, distinct from other IL-2 mAbs that eliminate the receptor α. IBI363 has shown broad-spectrum anti-tumor effects for IO-failed and cold tumors, including IO-resistant NSCLC, melanoma, and 3L+ CRC.</li><li>Especially, for later-line IO-treated sq-NSCLC patients (n=37, 76% with ≥2 prior treatment) receiving IBI363 at ≥0.3mg/kg, the ORR reached 35.1% and the mPFS reached 5.5 months, which were much better than the current SoC docetaxel’s 12.7% ORR and 3.9 months of mPFS.</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>

IBI363 (PD-1/IL-2) demonstrated encouraging signals in IO-failed and cold tumors, especially in IO-resistant sq-NSCLC.IBI363 is a potential FIC PD-1/IL-2 bsAb with a differentiated α-biased IL-2 arm, distinct from other IL-2 mAbs that eliminate the receptor α. IBI363 has shown broad-spectrum anti-tumor effects for IO-failed and cold tumors, including IO-resistant NSCLC, melanoma, and 3L+ CRC.Especially, for later-line IO-treated sq-NSCLC patients (n=37, 76% with ≥2 prior treatment) receiving IBI363 at ≥0.3mg/kg, the ORR reached 35.1% and the mPFS reached 5.5 months, which were much better than the current SoC docetaxel’s 12.7% ORR and 3.9 months of mPFS.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.

Innovent Biologics (1801 HK) - Promising PoC Results of the Potential FIC Asset

Healthcare equity analyst - emerging & dev mkts, daaimon

Avien Pillay

Healthcare equity analyst - emerging & dev mkts

daaimon

daaimon is an independent research company focusing on healthcare and consumer sectors across developed and emerging markets. We produce insightful research which challenges conventional thinking. In particular, we look for new ideas by testing consensus forecasts and markets expectations.

<ul>
<li>Innovent is most well-known as the developer of mazdutide in China, however this is overshadowing a strong portfolio of oncology drugs in a very high growth market.</li>
<li>China’s approach to healthcare is being defined by having the biggest diabetic population, over 4 million new cancer cases per year, and over 100 million living with obesity.</li>
<li>We expect the valuation gap between the two first-to-market GLP-1 drugs, and competition to close. Oncology drug sales and valuations will continue its growth trajectory.</li>
</ul>


Innovent is most well-known as the developer of mazdutide in China, however this is overshadowing a strong portfolio of oncology drugs in a very high growth market.
China’s approach to healthcare is being defined by having the biggest diabetic population, over 4 million new cancer cases per year, and over 100 million living with obesity.
We expect the valuation gap between the two first-to-market GLP-1 drugs, and competition to close. Oncology drug sales and valuations will continue its growth trajectory.


Innovent Biologics(1801 HK)– More than Just a GLP-1 Play

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Innovent’s 2023 product revenue was RMB5.7 billion. In 2024, product revenue growth would remain strong (e.g. 35% YoY).The main flashpoint for performance is after the approval of mazdutide in 2025.</li>
<li>Innovent has started paving the way for mazdutide more than a year in advance and building various channels.Normally speaking, mazdutide could get the approval in 25Q2. Its CDMO is Asymchem</li>
<li>Share price of Innovent was once dragged down by the CXO plunge due to the US Draft Bill, but unlike CXOs, innovative drugs do not involve supply chain security issues.</li>
</ul>


Innovent’s 2023 product revenue was RMB5.7 billion. In 2024, product revenue growth would remain strong (e.g. 35% YoY).The main flashpoint for performance is after the approval of mazdutide in 2025.
Innovent has started paving the way for mazdutide more than a year in advance and building various channels.Normally speaking, mazdutide could get the approval in 25Q2. Its CDMO is Asymchem
Share price of Innovent was once dragged down by the CXO plunge due to the US Draft Bill, but unlike CXOs, innovative drugs do not involve supply chain security issues.


2024 High Conviction Update: Innovent (1801.HK) - Recent Promising Business Updates and 2024 Outlook

<ul>
<li>23H2 net loss significantly widened as cost control was not as tight as in 23H1. Expenses would remain high in 2024, since Innovent would continue expanding team in CVM field.</li>
<li>Innovent may think that not many players will join the competition of weight loss drug in short-term, but the actual commercialization of mazdutide after launch could be full of uncertainties.</li>
<li>It’s already good for Innovent to be breakeven in 2025. If Innovent breaks even in 2024, it will exceed expectations.Considering major policy shift, Innovent could experience a leap in valuation.</li>
</ul>


23H2 net loss significantly widened as cost control was not as tight as in 23H1. Expenses would remain high in 2024, since Innovent would continue expanding team in CVM field.
Innovent may think that not many players will join the competition of weight loss drug in short-term, but the actual commercialization of mazdutide after launch could be full of uncertainties.
It’s already good for Innovent to be breakeven in 2025. If Innovent breaks even in 2024, it will exceed expectations.Considering major policy shift, Innovent could experience a leap in valuation.


2024 High Conviction Update: Innovent (1801.HK) - Breakeven Is Still on Track Despite Soaring Costs

Equity Capital Markets

Elpiscience Biopharmaceuticals / Equity Capital Markets

<ul>
<li>Elpiscience is incubated by LAV from the very beginning.The Company has strong capital operation capabilities, but the story of "founding team's decent background + star cornerstone investors" doesn't work anymore.</li>
<li>Elpiscience’s pipelines are still in early stage. However, investors are rational. They will no longer believe in those "good stories", but focus more on cash flow and drug sales revenue.</li>
<li>Elpiscience’s business model has raised concerns about its future product sales scale and profits.The market may not recognize the post-investment valuation of US$599 million if check the valuation of peers.</li>
</ul>


Elpiscience is incubated by LAV from the very beginning.The Company has strong capital operation capabilities, but the story of "founding team's decent background + star cornerstone investors" doesn't work anymore.
Elpiscience’s pipelines are still in early stage. However, investors are rational. They will no longer believe in those "good stories", but focus more on cash flow and drug sales revenue.
Elpiscience’s business model has raised concerns about its future product sales scale and profits.The market may not recognize the post-investment valuation of US$599 million if check the valuation of peers.


Pre-IPO Elpiscience Biopharmaceuticals - Will Investors Still Buy in These Stories?

China

Beijing Tiantan Biological Products Corporation Limited researches, develops, and commercializes biological products.  The Company provides treatment for hepatitis and offers a line of vaccine products including hepatitis vaccines and rubella vaccines.

Beijing Tiantan Biological Products (600161 CH)

Chongqing Zhifei Biological Products Company Ltd. researches, manufactures, and sells vaccines and biological products including prevention products, blood products, diagnostic reagents, and therapeutic agents.

Chongqing Zhifei Biological Products (300122 CH)

Hualan Biological Engineering Inc. produces and markets human serum albumin (HSA), gamma globulin, frozen prothrombin (PCC), and other related biological products.

Hualan Biological Engineering (002007 CH)

Walvax Biotechnology Company Limited develops, manufactures and sells bio-pharmaceutical vaccination products.  The Company's products include haemophilus influenzae type b conjugate vaccine and meningococcal group A,C bivalent polysaccharide conjugate vaccine.

3SBio, Inc. is a biotechnology company located in China. The Company focuses on mammalian cell-based biopharmaceuticals in the biotechnology industry. 3SBio also develops, manufactures and markets biopharmaceutical products globally.

Jiangxi Boya Bio-Pharmaceutical company Limited develops, produces and sells blood product. The Company's main products include human serum albumin, intravenous immunoglobulin (static C) and fibrinogen.

Jiangxi Boya Bio Pharmaceutical (300294 CH)

Zai Lab Limited operates as a bio-pharmaceutical company. The Company researches and develops therapeutic technology for antibody-based oncology, autoimmune, and infectious diseases treatments. Zai Lab also manufactures drugs in the form of capsules, injections, and liquids. Zai Lab serves patients worldwide.

BGI Genomics Co., Ltd offers researching and testing services. The Company provides deoxyribonucleic acid sequencing, food science, health care researching, cancer prevention, drug discovery, and DNA sequencing. BGI Genomics offers services to medical and scientific research institutions worldwide.

BeiGene, Ltd. operates as a commercial stage biopharmaceutical company. The Company focuses on discovery, development, and commercialization of molecularly targeted and immuno-oncology drugs for the treatment of cancer. BeiGene serves patients worldwide.

Shenzhen Kangtai Biological Products Co., Ltd. operates biological product manufacturing businesses. The Company produces biological vaccines and other vaccine products. Shenzhen Kangtai Biological Products conducts businesses in China.

Shenzhen Kangtai Biological Pr (300601 CH)

Blueprint Medicines Corporation develops and distributes biomedical treatments. The Company researches and produces medicines and treatments for cancer targeting the molecular differences. Blueprint Medicines focuses selective drugs for genomically defined cancer patients.

Exact Sciences Corp., is focused on developing and commercializing a non-invasive molecular screening test for the early detection and prevention of colorectal cancer. The Company's test is a stool-based DNA test that identifies both pre-cancer and cancer by detecting genetic mutations in colorectal cancer cells.

Ionis Pharmaceuticals, Inc. operates as a biotechnology company. The Company researches in RNA-targeted drug discovery and development that focuses on drugs for patients who have unmet medical needs. Ionis Pharmaceuticals serves customers in the United States.

ImmunoGen, Inc. develops targeted anticancer therapeutics using its Targeted Antibody Payload (TAP) technology together with its expertise in monoclonal antibodies and tumor biology. A TAP compound uses a tumor-targeting monoclonal antibody to deliver one of  ImmunoGen's purpose-developed cancer-killing agents specifically to tumor cells.

Repligen Corporation is a bioprocessing company focused on the development, production, and commercialization of innovative products used in the process of manufacturing biologic drugs. The Company's customers include life sciences companies, global biopharmaceutical companies, and contract manufacturers worldwide.

Cytokinetics, Incorporated is a clinical-stage biopharmaceutical company.  The Company is focused on the discovery and development of novel small molecule therapeutics that modulate muscle function for the potential treatment of serious diseases and medical conditions.

IVERIC bio, Inc. operates as a biopharmaceutical company. The Company develops treatments for patients with orphan inherited retinal diseases with significant unmet medical needs. IVERIC bio serves customers in the United States.

Alteogen Inc. is a pharmaceutical research company.  The Company researches and develops bio-medicines such as bio-better and bio-similar.

PharmaEssentia Corporation develops and distributes therapeutic products for treatment in human disease. The Company develops drugs to treat hepatitis, chronic myeloid leukemia (CML), essential thrombocythemia (ET), myeloid fibrosis (MF), polycythemia vera (PV), hepatitis and cancer.

Exelixis, Inc. is a development-stage biotechnology company dedicated to the discovery and development of small-molecule therapeutics for the treatment of cancer and other serious diseases.  The Company is building a portfolio of compounds it believes could become pharmaceutical products.  Exelixis has strategic alliances with pharmaceutical and biotechnology companies.

Innovent Biologics, Inc. operates as a biopharmaceutical company. The Company develops, manufactures, and distributes monoclonal antibody drug candidates for the treatment of oncology, ophthalmology, autoimmune, cardiovascular, and other diseases. Innovent Biologics serves customers in China.

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Innovent Biologics Inc (1801 HK)

Innovent Biologics (1801 HK) - Promising PoC Results of the Potential FIC Asset

IBI363 is a potential FIC PD-1/IL-2 bsAb with a differentiated α-biased IL-2 arm, distinct from other IL-2 mAbs that eliminate the receptor α.

CMB International

Innovent Biologics(1801 HK)– More than Just a GLP-1 Play

Mazdutide's strong results will position it well against the competition, and the valuation gap will narrow. The oncology portfolio will continue...

Avien Pillay

2024 High Conviction Update: Innovent (1801.HK) - Recent Promising Business Updates and 2024 Outlook

Innovent's product revenue growth will remain strong in 2024.The main flashpoint for performance is after the approval of mazdutide in...

Xinyao (Criss) Wang

2024 High Conviction Update: Innovent (1801.HK) - Breakeven Is Still on Track Despite Soaring Costs

Loose cost control led to an expansion of losses in 23H2, but the goal of breakeven in 2025 is still within the plan, which could be achieved...

Xinyao (Criss) Wang

Pre-IPO Elpiscience Biopharmaceuticals - Will Investors Still Buy in These Stories?

Elpiscience's strong capital operation capabilities are no longer enough as investors shift focus to cash flow and drug sales revenue. We have...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Innovent Biologics (1801 HK) - Promising PoC Results of the Potential FIC Asset

IBI363 is a potential FIC PD-1/IL-2 bsAb with a differentiated α-biased IL-2 arm, distinct from other IL-2 mAbs that eliminate the receptor α.

CMB International

Innovent Biologics(1801 HK)– More than Just a GLP-1 Play

Mazdutide's strong results will position it well against the competition, and the valuation gap will narrow. The oncology portfolio will continue...

Avien Pillay

2024 High Conviction Update: Innovent (1801.HK) - Recent Promising Business Updates and 2024 Outlook

Innovent's product revenue growth will remain strong in 2024.The main flashpoint for performance is after the approval of mazdutide in...

Xinyao (Criss) Wang

2024 High Conviction Update: Innovent (1801.HK) - Breakeven Is Still on Track Despite Soaring Costs

Loose cost control led to an expansion of losses in 23H2, but the goal of breakeven in 2025 is still within the plan, which could be achieved...

Xinyao (Criss) Wang

Pre-IPO Elpiscience Biopharmaceuticals - Will Investors Still Buy in These Stories?

​Elpiscience's strong capital operation capabilities are no longer enough as investors shift focus to cash flow and drug sales revenue. We have...

Xinyao (Criss) Wang

Elpiscience's strong capital operation capabilities are no longer enough as investors shift focus to cash flow and drug sales revenue. We have...