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

<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

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

China

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)

Shanghai Junshi Biosciences Co., Ltd. operates as a biopharmaceutical company. The Company develops and sells small molecule drugs, antibody drug conjugates, and other products. Shanghai Junshi Biosciences markets its products worldwide.

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.

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.

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.

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.

BioCryst Pharmaceuticals, Inc. designs, optimizes and develops small-molecule novel pharmaceuticals that block key enzymes involved in infectious diseases, inflammatory diseases & cancer.  The Company has late-stage compounds in development & continues to discover additional compounds & to progress them  to meet the unmet medical needs of patients and physicians.

Dynavax Technologies Corporation discovers, develops, and is seeking to commercialize products based on immunostimulatory sequences.  The Company is developing products to treat and prevent allergies, infectious diseases, and chronic inflammatory diseases using approaches that alter immune system responses in specific ways.

Ligand Pharmaceuticals Incorporated develops drugs which regulate hormone activated intracellular receptors.  These receptors play a role in regulating the genetic processes affecting diseases such as gynecological disorders, certain cancers, as well as cardiovascular, inflammatory, and skin diseases.

Ardelyx, Inc. develops minimally absorbed small molecule drugs. The Company offers pharmaceuticals to correct mineral metabolism imbalance and metabolic disorders by modulating the function of specific transporters, channels, and receptors located on the epithelia of the gastrointestinal tract.

Galapagos NV operates as a clinical stage biotech company. The Company develops and commercializes novel medicines and progressing pipelines in biotech with phase 2 programs, phase 1 programs, pre-clinical, and discovery programs.

Biotest AG is a provider of plasma proteins and biological drugs. The Company has specialized primarily in the areas of clinical immunology, haematology and intensive medicine with a focus on treating diseases of the immune and haematopoietic systems. Biotest AG has production operations mainly in Europe and the US, and sells its products worldwide.

Genus plc provides cattle breeding and agricultural consultancy services.  The Group, through its own domestic production and contracts with breeding companies worldwide, supplies dairy and beef semen used for artificial insemination.  They also provide laboratory services, including soil analysis and pregnancy testing, in addition to a variety of farm consultancy and advisory services.

Hugel, Inc. is a Bio-pharmaceutical company that focuses on developing beauty/cosmetics related products.  The Company's main products include botulinum toxin and fillers.

Kura Oncology, Inc. operates as a clinical stage biopharmaceutical company. The Company focuses on discovery and development of personalized therapeutics for the treatment of tumors and blood cancers. Kura Oncology offers development programs for cancers with high unmet need, including lung, colorectal, thyroid, blood, and pancreatic cancers.

Kiniksa Pharmaceuticals, Ltd. operates as a clinical-stage biopharmaceutical company. The Company focuses on discovering, acquiring, developing, and commercializing therapeutic medicines for patients suffering from debilitating diseases with significant unmet medical need. Kiniksa Pharmaceuticals serves patients worldwide.

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

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

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

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