Sinolink: Chinese innovative drug companies are delivering strong performance, which is expected to boost a new round of overseas expansion opportunities for innovative drugs.

Sinolink released a research report stating that at this ESMO Congress, Chinese innovative drug companies delivered strong performance. As data on multiple Chinese innovative drugs were released intensively, and clinical data in areas such as PD-1 PLUS bispecific antibodies, ADCs, and targeted therapies reached internationally leading levels, drawing considerable attention, this is expected to boost a new round of overseas expansion opportunities for innovative drugs. The bank continues to focus on investment opportunities in next-generation therapies with pan-cancer potential, chronic disease drugs addressing unmet clinical needs, and tracks such as ADCs, bispecific/multispecific antibodies, and small nucleic acids. Sinolink's main views are as follows: ESMO Congress concludes, Chinese innovative drugs achieve remarkable results The 2026 ESMO Annual Meeting, organized by the European Society for Medical Oncology (ESMO), was held in Madrid, Spain, from October 2327. The meeting aims to showcase the latest clinical research results in the global oncology field and promote international oncology academic exchange and cooperation, and is one of the largest and most influential oncology academic conferences in the field. At this ESMO Congress, Chinese innovative drug companies delivered strong performance: 28 Chinese studies were selected for the Congress's Late-Breaking Abstracts (LBA), a record high; among them, the global Phase III SAFFRON study of HUTCHMED/AstraZeneca's savolitinib combined with osimertinib for EGFR-mutant, MET-overexpressing/amplified advanced non-small cell lung cancer after osimertinib resistance, AKESO's China Phase III HARMONi-GI1 study of ivonescimab combined with chemotherapy for first-line treatment of advanced biliary tract cancer, and Kelun-Biotech/Merck's global Phase III TroFuse-005 study of TROP2 ADC sacituzumab tirumotecan for previously treated advanced or recurrent endometrial cancer were all selected for the highest-specification Presidential Symposium presentations. Chinese companies and Chinese scholars continue to make breakthroughs in oncology new drug research, with continuously rising international influence. Chinese ADCs fully enter the global Phase III harvest period ADC and bispecific/multispecific antibody assets together accounted for more than half of China's LBAs, making them the core theme of this Congress. In the TROP2 ADC track, Kelun-Biotech's sacituzumab tirumotecan (SKB264) received 3 LBAs, covering indications such as NSCLC, breast cancer, and endometrial cancer; in the HER2 ADC track, Jiangsu Hengrui Pharmaceuticals' SHR-A1811 (HORIZON-Breast06) and SBP GROUP's TQB2102 (APEX-Breast01) read out positive Phase III data in HER2-low breast cancer; Jiangsu Hengrui Pharmaceuticals' HER3 ADC and Sichuan Biokin Pharmaceutical's EGFRHER3 both entered the post-third-generation EGFR-TKI resistance later-line setting through Phase III clinical results. In addition, CLDN18.2 ADC and B7-H3 ADC became emerging hotspots at this ESMO Congress: Keymed Biosciences' SoneVe is the world's first CLDN18.2 ADC with a positive Phase III study; HANSOH PHARMA's Ris-Rez, MediLink Therapeutics' Tam-Pel, and DualityBio's elfe-D drove the latest progress of B7-H3 ADCs across multiple tumor types. IO 2.0 emerges, with bispecific/multispecific antibodies and new-generation combination strategies taking over from PD-1 monotherapy Multiple IO 2.0 assets disclosed clinical data in a concentrated manner at this Congress, demonstrating iterative potential against PD-(L)1 monotherapy. AKESO's ivonescimab (PD-1/VEGF bispecific antibody) combined with chemotherapy versus durvalumab combined with chemotherapy for first-line treatment of advanced biliary tract cancer (BTC) in a registrational Phase III study (HARMONi-GI1) achieved positive OS results, making it the first Phase III study to achieve comprehensively positive results under this comparison; as ivonescimab's first positive Phase III study in gastrointestinal tumors, its clinical value is expanding from lung cancer to a broader range of solid tumors. In addition, beyond the more popular PD-1/VEGF bispecific antibodies, IO 2.0 at this ESMO Congress showed diversification in mechanisms and indications, including CStone Pharmaceuticals' CS2009 (PD1/VEGF/CTLA-4 trispecific antibody) NSCLC data, Leads Biolabs' LBL-024 (PD-L14-1BB) extrapulmonary neuroendocrine carcinoma data, and BeOne Medicines Ltd.'s BGB-B2033 (GPC34-1BB) hepatocellular carcinoma data, among others. Precision therapy continues to upgrade, with breakthroughs in multiple refractory/resistant mutations Addressing the challenge of EGFR-TKI resistance, multiple emerging regimens at this Congress showed excellent data: MET small-molecule targeted drug combination therapy (HUTCHMED SAFFRON study) and ADC therapies both saw important data readouts; traditionally undruggable targets represented by RAS continued to show breakthrough signals, with Genfleet Therapeutics' GFH276 (pan-RAS molecular glue) demonstrating cross-tumor activity in previously treated advanced solid tumors with RAS mutations, and Hengrui's HRS-4642 (KRASG12D) advancing to perioperative pancreatic cancer. As data on new-generation targeted drugs shine, breakthroughs in targeted drugs in areas such as RAS and EGFR are expected to reshape the treatment landscape for multiple refractory mutation-driven diseases. Risk warnings Risk of new drug R&D failure; risk of R&D progress falling below expectations; risk of drug price reductions.