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

Shanghai Henlius Biotech  / Equity Bottom-Up

<ul><li>Strong sales maintained in 1Q24. Henlius Biotech (Henlius) recorded total revenue of RMB1.349bn in 1Q24, up 35% YoY.</li><li>Of this, HANQUYOU’s sales in China was RMB671mn (+25% YoY, -4% QoQ), which accounted for 23% of our previous FY24 estimate.</li><li>In 1Q24, serplulimab (PD-1) experienced robust growth, +34% YoY or +31% QoQ to RMB334mn, accounting for 23% of our previous FY24 estimate. </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.

Strong sales maintained in 1Q24. Henlius Biotech (Henlius) recorded total revenue of RMB1.349bn in 1Q24, up 35% YoY.Of this, HANQUYOU’s sales in China was RMB671mn (+25% YoY, -4% QoQ), which accounted for 23% of our previous FY24 estimate.In 1Q24, serplulimab (PD-1) experienced robust growth, +34% YoY or +31% QoQ to RMB334mn, accounting for 23% of our previous FY24 estimate. 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.

Henlius Biotech (2696 HK) - Strong Product Sales in 1Q

<ul><li>Profit turnaround driven by core business operations. Henliu’s FY23 revenue increased 67.8% YoY to RMB5.40bn, driven by strong sales of HANQUYOU (trastuzumab biosimilar) and serplulimab (PD-1).</li><li>HANQUYOU recorded RMB2.74bn revenue in FY23, +58% YoY.</li><li>We think HANQUYOU may be free from VBP risks in 2024 due to relatively moderate competition landscape for Herceptin biosimilars.</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.

Profit turnaround driven by core business operations. Henliu’s FY23 revenue increased 67.8% YoY to RMB5.40bn, driven by strong sales of HANQUYOU (trastuzumab biosimilar) and serplulimab (PD-1).HANQUYOU recorded RMB2.74bn revenue in FY23, +58% YoY.We think HANQUYOU may be free from VBP risks in 2024 due to relatively moderate competition landscape for Herceptin biosimilars.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.

Henlius Biotech (2696 HK) - Anticipating Sustained Profitability

<ul><li>Overwhelming PFS signals of HLX22 combo therapy in 1L GC. HLX22 (a novel HER2 mAb) combined with HLX02 (trastuzumab biosimilar, Hanquyou) and chemo showed promising clinical benefits for 1L GC patients, compared to the SoC of HLX02 + chemo in a China Ph2 study.</li><li>In the study, a total of 53 patients were randomized to Group A (HLX22 25mg/kg + Hanquyou + chemo), Group B (HLX22 15mg/kg + Hanquyou + chemo) and Group C (Hanquyou + chemo).</li><li>With a followup of 14.3 months, the mPFS was 15.1 months in Group A vs 8.2 months in Group C (HR=0.5, CI 0.2-1.3), and Not-Reached in Group B vs 8.2 months in Group C (HR=0.1, CI 0.0-0.5). </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.

Overwhelming PFS signals of HLX22 combo therapy in 1L GC. HLX22 (a novel HER2 mAb) combined with HLX02 (trastuzumab biosimilar, Hanquyou) and chemo showed promising clinical benefits for 1L GC patients, compared to the SoC of HLX02 + chemo in a China Ph2 study.In the study, a total of 53 patients were randomized to Group A (HLX22 25mg/kg + Hanquyou + chemo), Group B (HLX22 15mg/kg + Hanquyou + chemo) and Group C (Hanquyou + chemo).With a followup of 14.3 months, the mPFS was 15.1 months in Group A vs 8.2 months in Group C (HR=0.5, CI 0.2-1.3), and Not-Reached in Group B vs 8.2 months in Group C (HR=0.1, CI 0.0-0.5). 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.

Henlius Biotech (2696 HK) – Promising Ph2 Data of Innovative Assets

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>Strong revenue growth and improved operating efficiency drive positive earnings.</li><li>Henlius’ 1H23 revenue increased 94% YoY to RMB2.50bn, mainly driven by the strong sales growth of HANQUYOU (trastuzumab biosimilar) and HANSIZHUANG (PD-1 mAb).</li><li>The GP margin (vs product sales) was 66.5% in 1H23 (vs 68.4% in FY22). </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.

Strong revenue growth and improved operating efficiency drive positive earnings.Henlius’ 1H23 revenue increased 94% YoY to RMB2.50bn, mainly driven by the strong sales growth of HANQUYOU (trastuzumab biosimilar) and HANSIZHUANG (PD-1 mAb).The GP margin (vs product sales) was 66.5% in 1H23 (vs 68.4% in FY22). 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.

Henlius Biotech (2696 HK) – Profit Turnaround in 1H23

China

Shanghai Henlius Biotech, Inc develops and produces drugs. The Company develops and produces monoclonal antibody biosimilar drugs, bio betters, novel monoclonal antibodys, and other drugs. Shanghai Henlius Biotech throughout China.

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Shanghai Henlius Biotech (2696 HK)

Henlius Biotech (2696 HK) - Strong Product Sales in 1Q

Strong sales maintained in 1Q24. Henlius Biotech (Henlius) recorded total revenue of RMB1.349bn in 1Q24, up 35% YoY. Of this, HANQUYOU’s sales in...

CMB International

Henlius Biotech (2696 HK) - Anticipating Sustained Profitability

Henliu’s FY23 revenue increased 67.8% YoY to RMB5.40bn, driven by strong sales of HANQUYOU (trastuzumab biosimilar) and serplulimab (PD-1).

CMB International

Henlius Biotech (2696 HK) – Promising Ph2 Data of Innovative Assets

In the study, a total of 53 patients were randomized to Group A (HLX22 25mg/kg + Hanquyou + chemo), Group B (HLX22 15mg/kg + Hanquyou + chemo) and...

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

Henlius Biotech (2696 HK) – Profit Turnaround in 1H23

Henlius’ 1H23 revenue increased 94% YoY to RMB2.50bn, mainly driven by the strong sales growth of HANQUYOU (trastuzumab biosimilar) and HANSIZHUANG...

CMB International

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