Akeso：纳入NRDL后管理层目标快速增长

Results Pharmaceuticals /BiotechnologyManagement targets rapid ramp-up post-NRDL inclusion Valuation & Risks Cyrus Ng, CFAResearch Analyst FY25 sales lower than expected; Core products continued to ramp-up.Akesoposted FY25 revenue of Rmb3,056mn (+43.9% YoY), which was 7% lower than ourexpectation. Product sales grew 49.6% YoY, mainly due to the ramp-up of AK104and AK112. Gross margin (excluding license fee income) declined 6ppt YoY to77.8%, primarily due to price cuts for both AK104 and AK112 included in the NRDL. 2 April 2026Pharmaceuticals / Biotechnology Akeso is set to commercialize two new products in 2026 and 2027.(1) Gumokimab(IL-17)for moderate-to-severe plaque psoriasis had its marketing applicationaccepted by the NMPA in January 2025, and we expect it to be approved in 2026;its ankylosing spondylitis indication was also accepted for NMPA review in January2026.(2) AK120 (IL-4Rα)for moderate-to-severe atopic dermatitis saw its indication AK104: two more indications in NRDL, with ongoing clinical trials overseas. AK104 was included in the NRDL for two additional indications in 2026: 1L gastric/gastroesophageal junction (G/GEJ) adenocarcinoma and 1L cervical cancer. In ourview, this inclusion will continue to support the product's ramp-up. For overseasclinicaltrials,the global multi-regional Phase III clinical trial for 1L G/GEJ Indication expansions of AK112.In 2025, AK112 was approved for 1L PD-L1positive (TPS≥1%) NSCLC in China and this indication was added into the latestversion of NRDL. Its sNDA for 1L sq-NSCLC is also under review by the NMPA. Forits overseas development, SUMMIT submitted a BLA to FDA for EGFRm NSCLC progressed after 3rd-gen EGFR-TKI therapy in end 2025. Appendix 1 Important Disclosures *Other information available upon request Important Disclosures Required by U.S. Regulators Disclosures marked with an asterisk may also be required by at least one jurisdiction in addition to the United States.SeeImportant Disclosures Required by Non-US Regulators and Explanatory Notes. Important Disclosures Required by Non-U.S. Regulators Disclosures marked with an asterisk may also be required by at least one jurisdiction in addition to the United States.SeeImportant Disclosures Required by Non-US Regulators and Explanatory Notes. For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of thisresearch, please see the most recently published company report or visit our global disclosure look-up page on our websiteat https://research.db.com/Research/Disclosures/EquityResearchDisclosures. Aside from within this report, important riskand conflict disclosures can also be found at https://research.db.com/Research/Disclosures/Disclaimer. Investors are strongly Analyst Certification The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s) about the subjectissuer and the securities of the issuer. In addition, the undersigned lead analyst(s) has not and will not receive anycompensation for providing a specific recommendation or view in this report. Cyrus Ng. 3.04/28/2025Buy, Target Price Change HKD 99.00, Current PriceHKD 87.20 Cyrus Ng, CFA4.08/29/2025Buy, Target Price Change HKD 162.00, Current PriceHKD 155.70 Cyrus Ng, CFA 1.09/12/2024Buy, Target Price Change HKD 65.00, Current PriceHKD 56.30 Cyrus Ng, CFA 2.03/31/2025Buy, Target Price Change HKD 80.00, Current PriceHKD 76.20 Cyrus Ng, CFA§§§§$$$$$§§§§§ 2 April 2026Pharmaceuticals / Biotechnology Equity Rating and Dispersion Key The Equity Rating Dispersion Chart depicts the following: The proportion of recommendations that are rated "buy", "sell" and "hold" over the previous 12 months. This is shown forsecurities issued in the stated region e.g. "Europe Universe". See rating definitions below. This is represented by the"Companies Covered" bars in the chart. The percentage value displayed above the bar is the proportion as a percentage. Next to each of the three respective bars showing the proportion of "buy", "sell" and "hold" recommendations we providetwo additional bars to show: - The proportion of "buy", "sell" or "hold recommendations where Deutsche Bank and or/Affiliates provided MIFIDInvestment or Ancillary Services in the past 12 months. This is represented in the "MIFID Investment and AncillaryServices" bar. The percentage value displayed above the bar shows the proportion of Companies Covered with the given - The proportion of "buy" (or "sell" or "hold) recommendations where Deutsche Bank and or/Affiliates has providedInvestment Banking services in the past 12 months for which it has received compensation. The percentage valuedisplayed above the bar shows the proportion of Companies Covered with the stated rating where DB has also provided Buy: Based on a current 12- month view of TSR, we recommend that investors buy the stock. Sell: Based on a current 12-month view of TSR, we recommend that investors sell