中国生物科技ASCO2026大会要点：第4-5天

June 7, 2026 10:35 PM GMT China Biotechnology| Asia Pacific Jack LinEquity AnalystJack.Lin@morganstanley.com ASCO 2026 Takeaways - Days4-5 Vanessa LiaoResearch AssociateVanessa.Liao@morganstanley.com Key Takeaways Vs BNT327+paclitaxel IO-exp 2L SCLC: AK112/lipo-iri leads on ORR/mPFS/6mPFS62%/8.1m/69% vs 37%/5.4m/46%; Gr≥3 37% vs 79%. China HealthcareAsia PacificIndustry ViewAttractive Lipo-iri sets the response floor: RESILIENT ORR 44%, mPFS 4.0m; AK112 addsdurability with mPFS 8.1m and CFI<90 at 6.7m. AK112 showed compelling risk/reward if bleeding/QoL manageable; CFI split is acaveat to BNT327 read through with CFI<90 is 36.7% vs 50% for AK112/BNT327. InnoCare HR-MDS signal is competitive despite small n: TN MDS ORR 100% /IWG23 compCR 90% vs lisaftoclax 64-74% / ~70%; needs durability data afterVERONA. AML screens well on efficacy/safety: mesu cCR 81.8% / MRD-neg 86.5% vs sonroCR/CRi 67.1% / MRD-neg 35.4% + G3+ inf 50.6% / TLS 5%; lisa CRc 51%. On ivonescimab/AK112: •AK112/lipo-iri in 2L SCLC:ORR 61.7%, DCR 96.7%, 6mPFS 69.1%, mPFS 8.1m,mDoR 7.3m, 12m OS 74%, Gr≥3 TRAE 36.7%, hemorrhage 20%. VsBNT327+paclitaxel IO-exp: ORR/mPFS/6mPFS 37.2%/5.4m/46.1%, Gr≥378.6%. •Parsing lipo-iri contribution:RESILIENT lipo-iri alone ORR 44.1%, mPFS4.0m, so chemo likely anchors the response floor, with AK112's key benefit indurability, incl mPFS 6.7m in the CFI<90 chemo-resistent cohort. Key caveatvs. BNT327: single-arm AK112 had lower mix of CFI<90 36.7% vs BNT 50%;we look for further durability data and whether bleeding-risk/QoL req.intervention or dose modification/interruption. On mesutoclax: •HR-MDS:mesu+AZA in treatment-naive (TN) n=10 showed ORR 100%,IWG23 compCR 90% vs lisaftoclax ORR 64-74%/compCR ~70%. Caveat:early/small n; need OS/durability and no excess heme tox after VERONAfailed OS (link). •AML:mesu+AZA TN n=44 showed cCR 81.8%, CR 63.6%, MRD-neg 86.5%,comparing favorably to sonro n=79 CR/CRi 67.1%, MRD-neg 35.4%, G3+infections 50.6%, TLS 5%; lisa CRc 51%. Watch DOR/OS, count recovery andinfection/FN vs AZA/VEN. Morgan Stanley does and seeks to do business withcompanies covered in Morgan Stanley Research. As a result,investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of Morgan StanleyResearch. Investors should consider Morgan StanleyResearch as only a single factor in making their investmentdecision. For analyst certification and other important disclosures,refer to the Disclosure Section, located at the end of thisreport. += Analysts employed by non-U.S. affiliates are not registeredwith FINRA, may not be associated persons of the memberand may not be subject to FINRA restrictions oncommunications with a subject company, public appearancesand trading securities held by a research analyst account. Disclosure Section The information and opinions in Morgan Stanley Research were prepared or are disseminated by Morgan Stanley Asia Limited (which accepts the responsibility for its contents) and/or MorganStanley Asia (Singapore) Pte. (Registration number 199206298Z) and/or Morgan Stanley Asia (Singapore) Securities Pte Ltd (Registration number 200008434H), regulated by the MonetaryAuthority of Singapore (which accepts legal responsibility for its contents and should be contacted with respect to any matters arising from, or in connection with, Morgan Stanley Research),and/or Morgan Stanley Taiwan Limited and/or Morgan Stanley & Co International plc, Seoul Branch, and/or Morgan Stanley Australia Limited (A.B.N. 67 003 734 576, holder of Australian financialservices license No. 233742, which accepts responsibility for its contents), and/or Morgan Stanley Wealth Management Australia Pty Ltd (A.B.N. 19 009 145 555, holder of Australian financialservices license No. 240813, which accepts responsibility for its contents), and/or Morgan Stanley India Company Private Limited having Corporate Identification No (CIN)U22990MH1998PTC115305, regulated by the Securities and Exchange Board of India (“SEBI”) and holder of licenses as a Research Analyst (SEBI Registration No. INH000001105); Stock Broker(SEBI Stock Broker Registration No. INZ000244438), Merchant Banker (SEBI Registration No. INM000011203), and depository participant with National Securities Depository Limited (SEBIRegistration No. IN-DP-NSDL-567-2021) having registered office at Altimus, Level 39 & 40, Pandurang Budhkar Marg, Worli, Mumbai 400018, India; Telephone no. +91-22-61181000; ComplianceOfficer Details: Mr. Tejarshi Hardas, Tel. No.: +91-22-61181000 or Email: tejarshi.hardas@morganstanley.com; Grievance officer details: Mr. Tejarshi Hardas, Tel. No.: +91-22-61181000 or Email:msic-compliance@morganstanley.com which accepts the responsibility for its contents and should be contacted with respect to any matters arising from, or in connection with, Morgan StanleyResearch, and their affiliates (collectively, "Morgan Stanley"). Morgan Stanley India Company Private Limited (MSICPL) may use