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>RemeGen recorded RMB1.08bn of revenue in FY23, including RMB1.05bn from product sales (+42% YoY), contributed equally by RC18 and RC48.</li><li>In FY23, GP margin (vs product sales) increased to 76.9% (vs 63.4% in FY22).</li><li>Selling expense ratio (vs product sales) increased from 60% in FY22 to 74% in FY23, mainly due to an increase in sales headcount. </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.

RemeGen recorded RMB1.08bn of revenue in FY23, including RMB1.05bn from product sales (+42% YoY), contributed equally by RC18 and RC48.In FY23, GP margin (vs product sales) increased to 76.9% (vs 63.4% in FY22).Selling expense ratio (vs product sales) increased from 60% in FY22 to 74% in FY23, mainly due to an increase in sales headcount. 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.

RemeGen (9995 HK) - Awaiting the Fruition of Overseas BD Collaborations

<ul><li>RemeGen recorded strong product sales growth in 3Q23, in a challenging environment, with revenue reaching RMB347mn, vs RMB254mn in 2Q23 (+37% QoQ) and RMB219mn in 3Q22 (+58% YoY).</li><li>The strong growth in 3Q23 was mainly driven by RC18 (RMB180mn+ sales in 3Q23, +45% QoQ), while the sales of RC48 also recorded QoQ increase to RMB150mn+ in 3Q23.</li><li>Recall that, in 1H23, the Company intentionally slowed down the shipment volume of RC18 to prepare for the NDRL renewal in late 2023 and the shipment has been back to normal since July. </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.

RemeGen recorded strong product sales growth in 3Q23, in a challenging environment, with revenue reaching RMB347mn, vs RMB254mn in 2Q23 (+37% QoQ) and RMB219mn in 3Q22 (+58% YoY).The strong growth in 3Q23 was mainly driven by RC18 (RMB180mn+ sales in 3Q23, +45% QoQ), while the sales of RC48 also recorded QoQ increase to RMB150mn+ in 3Q23.Recall that, in 1H23, the Company intentionally slowed down the shipment volume of RC18 to prepare for the NDRL renewal in late 2023 and the shipment has been back to normal since July. 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.

RemeGen (9995 HK) – Strong Growth Amid Challenging Environment

<ul><li>In 2Q23, RemeGen recorded revenue of RMB254mn, mostly from the product sales of RC18 and RC48, compared to RMB168mn in 1Q23 (+51% QoQ) and RMB200mn in 2Q22 (+27% YoY).</li><li>In 1H23, the Company recorded product sales of RMB416mn, representing approximately 1/3 of the Company’s full-year guidance of RMB1.2-1.3bn.</li><li>The Company intentionally slowed down the shipment volume of RC18 in 1H23 to prepare for the NDRL renewal late this year, which impacted the sales of RC18 in 1H23. </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 2Q23, RemeGen recorded revenue of RMB254mn, mostly from the product sales of RC18 and RC48, compared to RMB168mn in 1Q23 (+51% QoQ) and RMB200mn in 2Q22 (+27% YoY).In 1H23, the Company recorded product sales of RMB416mn, representing approximately 1/3 of the Company’s full-year guidance of RMB1.2-1.3bn.The Company intentionally slowed down the shipment volume of RC18 in 1H23 to prepare for the NDRL renewal late this year, which impacted the sales of RC18 in 1H23. 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.

RemeGen (9995 HK) – Pursuit of Sustainable Long-Term Growth

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 1Q23, RemeGen recorded revenue of RMB168mn, mostly from the product sales of RC18 and RC48, compared to RMB202mn in 4Q22 (-17% QoQ) and RMB150mn in 1Q22 (+12% YoY).</li><li>The Company maintained the FY23 revenue target of no less than RMB1,250mn unchanged.</li><li>According to the management, the Company intentionally slowed down the shipment volume of RC18 in 1Q23, considering high product sales in 1Q could have a negative impact on the NDRL renewal of RC18 late this year. </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 1Q23, RemeGen recorded revenue of RMB168mn, mostly from the product sales of RC18 and RC48, compared to RMB202mn in 4Q22 (-17% QoQ) and RMB150mn in 1Q22 (+12% YoY).The Company maintained the FY23 revenue target of no less than RMB1,250mn unchanged.According to the management, the Company intentionally slowed down the shipment volume of RC18 in 1Q23, considering high product sales in 1Q could have a negative impact on the NDRL renewal of RC18 late this year. 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.

RemeGen (9995 HK) – Expect sales recovery from 2Q

China

Shanghai Haohai Biological Technology Company Limited manufactures absorbable biomedical materials. The Company targets therapeutic areas such as orthopedics, anti-adhesion and hemostasis, ophthalmology, and wound care and tissue filling.

Shanghai Haohai Biological Technology (6826 HK)

Zhongyuan Union Cell & Gene Engineering Corp Ltd, mainly operates in the stem cell inspection and storage business and other stem cell related business.

Zhongyuan Union Cell & Gene Eng Corp (600645 CH)

Beijing SL Pharmaceutical Co., Ltd. develops, manufactures and markets genetic engineering drugs, biological drugs, chemical drugs and medicine preparations.

Da An Gene Company Limited of Sun Yat-Sen University researches, develops, manufactures, and sells fluorescence Polymerase Chain Reaction (PCR) diagnostic kits and related medical equipment.  The Company's products are used in diagnosing Hepatitis B virus, Hepatitis C virus, Mycobacterium tuberculosis, chlamydia trachomatis, and SARS coronavirus.

Jinyu Bio-Technology Co Ltd manufactures and markets biopharmaceuticals for animals and cashmere products.  The Company also produces linseed oil and invests in real estate development business.

Jinyu Bio-Technology Co., Ltd. (600201 CH)

Chengzhi Company Limited manufactures and sells household chemical products, biotechnology products, pharmaceuticals, and information technology products. The Company's products include detergents, toothpastes, D-ribose, L-glutamine, Chinese traditional medicines, computer memory devices, and other related products.

Beijing Strong Biotechnologies, Inc. operates in the IVD industry, where they specialize in the manufacturing of clinical chemistry liquid reagents.

Inmyshow Digital Technology (Group) Co., Ltd. researches, develops, and produces blood, biochemical, and dermatological pharmaceuticals. The Company's main products include blood albumin, interferon, and thymus peptides.

Inmyshow Digital Technology (Group) (600556 CH)

Yantai Dongcheng Pharmaceutical Co Ltd is an enterprise group that combines pharmaceutical R&D, production, marketing, and capital operations across the fields of biochemical API, chemical synthetic drugs, and modern Chinese medicine.

Yantai Dongcheng Pharmaceuticl Gp (002675 CH)

Ningbo Medical System Biotechnology Co., Ltd. manufactures biochemistry reagent and analyzers. The Company specializes in clinical laboratory service, scientific research, development and other related services.

Green Cross Corporation manufactures household medical drugs. The Company's product includes medicines for cold and fever, nutrition, antiseptic drug, and a lip balm.

OPKO Health, Inc. is involved in the discovery, development, and commercialization of pharmaceutical products, vaccines, and diagnostic products.

Xencor, Inc. develops antibody and protein therapeutics to treat cancer and autoimmune inflammation. The Company markets its products to healthcare providers and facilities throughout the United States and internationally.

PolyNovo Limited is a biotechnology company. The Company has a portfolio of biodegradeable polymers that have potential for application across numerous medical fields.

Ironwood Pharmaceuticals, Inc. is a pharmaceutical company. The Company discovers, develops, manufactures, and commercializes marketed drugs.   Ironwood products used in treatments of cholesterol, gastrointestinal and cardiovascular diseases, pain, inflammation, and others.

MiMedx Group Inc. operates as a medical device company. The Company focuses on biomaterials for soft tissue repair, such as tendons, ligaments, and cartilage, as well as other biomaterial based products for other medical applications. MiMedx Group serves the medical industry worldwide.

BioGaia AB develops and markets health care products.  The Company sells foods with healthy additives that help increase resistance against illnesses, and nutritional products with therapeutic effects for adults and children.  BioGaia also sells animal feeds and performs pharmaceutical research in the United States and Sweden.  Many products are sold worldwide by license.

Formycon AG is a biopharmaceutical company with more than twelve years experience in product development. The company's activities focus on developing and marketing "biosimilars" - biopharmaceuticals which are similar to existing drugs for which patent protection is expiring - as well as the provision of contract services  to other biotechnology and pharmaceutical companies.

Kolon TissueGene, Inc. operates as a biopharmaceutical company. The Company develops novel advanced orthopedic disorders cell therapies, novel cell and gene therapies drugs, and other related products. Kolon TissueGene offers services worldwide.

AnaptysBio, Inc. operates as a clinical stage biotechnology company. The Company manufactures and markets antibodies for cancer immunotherapy and inflammation. AnaptysBio has primary operations in the United States.

RemeGen Co., Ltd. operates biotechnology businesses. The Company develops therapeutic antibody drugs such as antibody drug conjugates (ADC), antibody fusion proteins, monoclonal antibodies and double antibodies. RemeGen provides solutions autoimmune diseases, tumor diseases, and ophthalmic diseases.

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Remegen (9995 HK)

RemeGen (9995 HK) - Awaiting the Fruition of Overseas BD Collaborations

RemeGen recorded RMB1.08bn of revenue in FY23, including RMB1.05bn from product sales (+42% YoY), contributed equally by RC18 and RC48.

CMB International

RemeGen (9995 HK) – Strong Growth Amid Challenging Environment

RemeGen recorded strong product sales growth in 3Q23, in a challenging environment, with revenue reaching RMB347mn, vs RMB254mn in 2Q23 (+37% QoQ)...

CMB International

RemeGen (9995 HK) – Pursuit of Sustainable Long-Term Growth

In 2Q23, RemeGen recorded revenue of RMB254mn, mostly from the product sales of RC18 and RC48, compared to RMB168mn in 1Q23 (+51% QoQ) and RMB200mn...

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

RemeGen (9995 HK) – Expect sales recovery from 2Q

In 1Q23, RemeGen recorded revenue of RMB168mn, mostly from the product sales of RC18 and RC48, compared to RMB202mn in 4Q22 (-17% QoQ) and RMB150mn...

CMB International

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