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

Innovent Biologics Inc / Equity Bottom-Up

<ul><li>Strong product sales in FY23. In FY23, Innovent recorded total revenue of RMB6.21bn, including RMB5.73bn product sales revenue (+38.4% YoY), in line with our expectation.</li><li>Innovent had a strong 2H23, with product sales +33.1% HoH vs the first half. As per Eli Lilly, total sales of sintilimab in FY23 reached US$393.3mn (RMB2.75bn), +34.0% YoY, thanks to the extension of NRDL coverage with stable pricing.</li><li>We forecast sales of sintilimab to reach RMB3.29bn in 2024E (+19% YoY) and expect the drug to maintain its leading position in China’s PD-(L)1 market</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 product sales in FY23. In FY23, Innovent recorded total revenue of RMB6.21bn, including RMB5.73bn product sales revenue (+38.4% YoY), in line with our expectation.Innovent had a strong 2H23, with product sales +33.1% HoH vs the first half. As per Eli Lilly, total sales of sintilimab in FY23 reached US$393.3mn (RMB2.75bn), +34.0% YoY, thanks to the extension of NRDL coverage with stable pricing.We forecast sales of sintilimab to reach RMB3.29bn in 2024E (+19% YoY) and expect the drug to maintain its leading position in China’s PD-(L)1 marketContent 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) - More than Obesity