External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Strong sales in 2Q23 driven by zanubrutinib’s US sales ramp-up. In 2Q23, BeiGene recorded US$554mn product sales (+35% QoQ or +82% YoY).</li><li>Zanubrutinib (zanu) maintained a strong sales momentum, with sales revenue increasing 46% QoQ or 139% YoY to US$308mn in 2Q23 (accelerated from the +20% QoQ rate in 1Q23), mainly driven by the growth in the US. Zanu sales in the US increased by 61% QoQ to US$234mn in 2Q23 (accelerated from +11% QoQ in 1Q23), mainly due to the accelerated adoption among CLL/SLL patients, in our view.</li><li>The sales in overseas markets other than the US grew by 47% QoQ to US$36mn, while sales in China remained stable on a quarterly basis. </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>

Strong sales in 2Q23 driven by zanubrutinib’s US sales ramp-up. In 2Q23, BeiGene recorded US$554mn product sales (+35% QoQ or +82% YoY).Zanubrutinib (zanu) maintained a strong sales momentum, with sales revenue increasing 46% QoQ or 139% YoY to US$308mn in 2Q23 (accelerated from the +20% QoQ rate in 1Q23), mainly driven by the growth in the US. Zanu sales in the US increased by 61% QoQ to US$234mn in 2Q23 (accelerated from +11% QoQ in 1Q23), mainly due to the accelerated adoption among CLL/SLL patients, in our view.The sales in overseas markets other than the US grew by 47% QoQ to US$36mn, while sales in China remained stable on a quarterly basis. 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.

BeiGene (BGNE US) – Product Sales Soared in 2Q with Improved Cost Efficiency