Annual Report 2025

INVESTMENT MANAGER’S DISCUSSION AND ANALYSIS (CONTINUED) China Merchants China Direct Investments Limited Annual Report 2025 33 REVIEW OF INVESTMENTS (CONTINUED) In December 2025, the Investigational New Drug (IND) application for YZY Biopharma’s biosimilar Y225 was approved by the National Medical Products Administration (NMPA) of the People’s Republic of China. Y225 is a biosimilar of Hemlibra® (emicizumab injection, anti-FIX and FX), a bispecific antibody used for the treatment of hemophilia A. Immvira Bioscience Inc. (“Immvira”) was established in Cayman Islands in May 2018 and is a biotech research and development company, principally engaged in clinical research and development of vector technologies as potential cancer therapeutics. Leveraging intrinsic mechanisms of action and tumor microenvironment modifications, Immvira is focused on developing a new generation of novel anti-cancer drug vectors, including replicating and non- replicating herpes simplex virus vectors, drug delivery exosomes and tumor vaccines. The Fund invested US$8 million in October 2022 and eventually held a 1.65% equity interest in Immvira. As of the end of 2025, the carrying value of the Fund’s interest in Immvira was US$8.68 million, representing an increase of 60.74% over US$5.40 million at the end of last year. On 25 June 2025, Immvira submitted an application proof of prospectus to the Hong Kong Stock Exchange. According to the prospectus, the company strives to discover, develop, produce and commercialise novel oncolytic immunotherapy and engineered exosome therapy, through its bioengineering technology and independent intellectual property rights. According to the updated version of the prospectus submitted in January 2026, Immvira recorded net losses of RMB482 million, RMB524 million, and RMB375 million for the years 2023 and 2024, and for the nine months ended 30 September 2025, respectively. Neuracle Technology (Shanghai) Co., Ltd. (“Neuracle Technology”) was preceded by Neuracle Technology (Changzhou) Co., Ltd., which was founded in Changzhou City, Jiangsu Province, in November 2011. It is a high-tech enterprise in Mainland China that centers around its proprietary innovative brain-computer interface (BCI) technology and specializes in the research, development, production, sales, and technical services of BCI systems. Neuracle Technology is dedicated to providing professional, comprehensive solutions for innovative neuroscience research and clinical studies in the diagnosis, treatment, and rehabilitation of neurological disorders. In November 2025, the Fund invested RMB15 million (equivalent to US$2.12 million) in Neuracle Technology to subscribe for part of its equity interests. As of the end of 2025, the carrying value of the Fund’s interest in Neuracle Technology was US$2.13 million.