中国医药与生物技术：ASCO 2026第三部分 - 摘要（当基本面再次重要时）

China Pharma & Biotech: ASCO 2026 Part 3 - Summary (for whenfundamentals begin to matter again) Post-ASCO, healthcare stocks have taken the worst hit in recent history. Multiples are at orbelow their Apr 2024 trough. We don’t see any fundamental negatives that could explainthe capital outflow, and at this point it’s certainly beyond fundamentals. Nonetheless, here isa summary of post-ASCO views while waiting for the tide to turn. Rebecca Liang, Ph.D.+852 2123 2656rebecca.liang@bernsteinsg.com Ellie Li+852 2123 2621ellie.li@bernsteinsg.com Kelun-Biotech (O):sac-TMT emerges as the most credible IO partner in lung cancer(see Part 1 of the series). Kelun’s presentation strengthened the story withhigher ORR,deeper tumor shrinkage, and more durable responseswith sac-TMT+pembro thanwith pembro alone. It’s therefore more likely that the strong OS benefits would hold truetowards maturation. Beyond 1L, sac-TMT is differentiated in 2L+ EGFR-mutant NSCLC,where it remains the only agent with statistically significant OS HR. And the recent firstglobal ph3 win in late-line endometrial cancer, announced by partner Merck (covered byCourtney Breen), adds important validation ex-China. Kelun’s pipeline extends beyond sac-TMT: SKB500 (B7H3 ADC) showed a differentiated safety profile in 2L+ SCLC. Kelun is down 15% since Monday (YTD flat). We see in this namethe biggest imbalancebetween fundamentals(strong incremental gain since ASCO, no over-hang) and the topopportunity when momentum reverses. Innovent (O):IBI363 plays in theless crowded segment of I/O-treated patientsand shows a striking survival tail: 24-month OS of 48% in squamous and 43% inadenocarcinoma, versus 8% and 21.7% for docetaxel, and 29% for Dato-DXd in adeno.In 1L patients, IBI363 showed the highest ORR 86% across trials. ThePD-1×IL-2βbispecific design could ultimately challenge not only current PD-1 monotherapies but alsothe first wave of PD-1×VEGF bispecifics. Innovent is down 8% since Monday (YTD flat). This is anotherimbalance with improvingprospect on IBI363 after ASCO and two mega-deals announced this year(with LLYand PFE, covered by Courtney Breen). Risks on mazdutide sales should also be contained(see our GLP1 sales tracker).Innovent is due to report updates on its new GLP-1 asset(including oral GLP-1 FIH data) at the upcoming ADA.We see Innovent as the otheridiosyncratic opportunity besides Kelun. Akeso (MP):Despite the pointed commentary given by ASCO discussant, the strong OS HRis a first-time achievement for AK112, any PD-1XVEGF, or any approach involving both I/O and VEGF mechanisms in this setting ever. We believe there ispositive readthrough tothe global HARMONi-3-sqthat will release its final PFS and interim OS readout in 3Q26.Meanwhile, results from H-2 (insignificant OS, sq and nsq) and H-6 (significant OS, sq only),when taken together, do not give us more confidence on HARMONi-3-nsq - it would still bean uphill battle to win the larger histology. We also summarized positive outcomes (albeit early) from Hengrui’s Nectin-4 ADC andBeOne’s CDK4i (first-in-human 1L) here. BERNSTEIN TICKER TABLE DETAILS SECTOR PERFORMANCE EXHIBIT 1:Sector performance has been fluctuating and declining since 2026 EXHIBIT 3:In terms of 1-yr forward P/S, China biotech companies have seen a decline since sector peak in 2025 ASCO REVIEW LUNG CANCER: THREE ASSETS PLAY IN A $30 BN TAM Akeso’s AK112 secures OS win but still fights an uphill battle; Kelun’s sac-TMT faces the lowest commercial hurdle;Innovent’s IBI363 still early days, but differentiates with long survival in 2L+ and highest response rate in 1L Ivonescimab plus chemotherapy versus tislelizumab plus chemotherapy in previously untreated advanced squamous non–smallcell lung cancer: Overall survival results of the phase 3 HARMONi-6 trial. - ASCO Updated results from a phase 2 trial of SSGJ-707 (PF-08634404), a PD-1/VEGF bispecific antibody, as monotherapy inpatients with advanced non-small cell lung cancer (NSCLC). - ASCO Phase 2 data from ROSETTA Lung-02, a global randomized phase 2/3 trial of pumitamig (PD-L1 × VEGF-A bsAb) +chemotherapy in 1L NSCLC. - ASCO SHR-A2102 in combination with adebrelimab as first-line treatment in patients with locally advanced or metastatic squamousor non-squamous non-small cell lung cancer (NSCLC): Results from a phase 1b/2 study. - ASCO Our note last week highlighted the significant outcome of Kelun’s sac-TMT in 1L PD-L1+ NSCLC. In the PD-L1 all-comerpopulation, different strategies are showing meaningful breakthroughs. PD-1 x VEGF:In the HARMONi-6 trial, AK112 has lifted the mOS to 27.0 months, with an OS HR of 0.66 compared to thecontrol group Tislelizumab + chemo. Across the PD-1 x VEGF therapies ORR has been consistently > 70%. This is in sharpcontrast to the earlier HARMONi-2 trial where a strongly positive PFS HR had not translated into statistically significant OS atthe interim analysis. There was also a pointed commentary given by the plenary discussa