期待已久的中国数据带来的操作系统优势;接下来，我们将关注下半年的MRCT数据。

BuyAsia China Pharmaceuticals /BiotechnologyLong-awaited OS benefits from China data; next, we'll eye MRCT data in 2H Cyrus Ng, CFA Research Analyst+852-2203-6208 Data of HARMONi-6/AK112-306phase Ill clinical trial, investigating lvonescimab +chemo in1Lsquamous non-small cellung cancer(sq-NSCLC),werepresentedat AScO2026Plenary Session and published in The Lancet. control group (HR=0.66,P=0.0017).Themedian0S was 27.89monthsforIvonescimab vs.23.69 months for the control.Both 12-month (78.9% vs.72.2%)and 24-month (64.7% vs.48.6%)0S rates were higher in the Ivonescimab group.Clinically meaningful benefits were observed across all tested subgroups,including those with different PD-L1 expressions and high-risk patients. Previouslypresentedatthe2025ESMOPlenary,themedianPFSwas11.1monthsforivonescimabvs.6.9monthsforthe control,with aPFS HR of 0.60 (P<0.0001). Ivonescimab showed afavorable safetyprofile,comparabletothe controlgroup,withsimilarratesoftreatment-relatedadverseeventsleadingtodiscontinuationordeath, despite a higherincidence of grade ≥3TRAEs (69.2% vs.58.9%). Ourtake:Practicechanging inChina.Akesohas already submitteda supplementary New DrugApplication (sNDA)totheNMPA inChinafor1LsqNSCLConJuly28,2025.The companydisclosed thatthe application is underfinal review.With the survivalbenefitdisclosedatAsco,wethinkthistreatment regimencouldbecomea newgold standard of care. Positivesigns,butwearestillawaitingMRcTdata.HARMONi-6was conductedwith a China patient population, and it is still uncertain if similar results could betranslated into a multi-regional clinical trial (MRCT) setting.However, the currentresults still provide insights that the PFs benefits could ultimately translate intosurvival benefits. This may also be viewed as partial proof for the ongoing globaltrialsofIvonescimab. Nextkeyeventsforlvonescimab: 1)HARMONi-3phase IIl data readout, sqNSCLC arm:primaryPFS data readout Pharmaceuticals/BiotechnologyAkeso readoutofprimaryPFS data is expected in1H27. (BLA)wasacceptedbytheFDAon29 JanuaryandthePrescriptionDrugUserFeeAct (PDUFA)dateison14November. Appendix 1 *Other information available upon request Company subjectof this.Asidefrcmwithinthiseport,importantriskandconflictdisclosurescanalsobefoundathttps:/research.db.care strongly encouraged to reviewthis informationbefore investingImportantDisclosuresRequiredbyU.S.Regulators Disclosures marked with an asterisk mayalso be required by at least one jurisdiction in addition tothe United States.See ImportantDisclosuresRequiredbyNon-USRegulatorsandExplanatoryNotes. ImportantDisclosuresRequiredbyNon-U.S.RegulatorsDisclosures marked with anasterisk mayalso be required by at least one jurisdiction in addition tothe United States.See ImportantDisclosuresRequiredbyNon-UsRegulatorsand ExplanatoryNotes. For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of thisresearch,please seethemostrecentlypublished companyreportorvisitourglobaldisclosurelook-uppageonourwebsiteat https://research.db.com/Research/Disclosures/EquityResearchDisclosures.Asidefromwithinthis report,important riskandconflictdisclosures.canalsobefoundathttps://research.db.com/Research/Disclosures/Disclaimer.Investorsarestronglyencouragedtoreviewthis informationbefore investing. Analyst Certification Theviews expressedinthis reportaccuratelyreflectthepersonal views of theundersignedleadanalyst(s)aboutthe subjectissuer and the securities of the issuer. In addition, the undersigned lead analyst(s) has not and will not receive anycompensation forprovidinga specific recommendation orview inthis report.Cyrus Ng. Pharmaceuticals/BiotechnologyAkeso HKD 56.30 Cyrus Ng, CFA2.03/31/2025Buy, Target Price Change HKD 80.00, Current PriceHKD 76.20 Cyrus Ng, CFA HKD 87.20 Cyrus Ng, CFA4.08/29/2025Buy, Target Price Change HKD 162.00, Current PriceHKD 155.70 Cyrus Ng, CFA Pharmaceuticals/BiotechnologyAkeso 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 forE.g.50%abovethe"buy"/"CompaniesCovered"barmeansthat50%ofDB'sequityresearchcoveredcompaniesoverthepast12months havea"buy"rating. Nextto eachof thethreerespectivebars showingtheproportionof"buy","sell"and"hold"recommendations weprovidetwo 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.Thepercentagevaluedisplayedabovethebarshows theproportion ofCompaniesCovered withthegivenrating whereDB has alsoprovided MiFIDInvestment and AncillaryServices in the past 12months.E.g.50%above the"Cos.w/MIFIDInvestmentandAncillaryServices"barmeans5o%oftheCompaniesCoveredwiththeratingstatedhavealsoreceived MIFIDInvestmentandAncillaryServicesfromDB. -The proportion of"buy"