ASCO 2026回顾：中国生物制药彰显里程碑成就与全球竞争力

showcases historic milestonesand global competitiveness ASCO 2026 review: Chinese biopharma showcaseshistoric milestones and global competitiveness At the 2026 ASCO Annual Meeting, China's innovativedrugsector continued todemonstrate robust clinical momentum, delivering 13 highly anticipated studiesduring the Late-Breaking Abstract (LBA) session. A historic highlight of theconference was Akeso’s HARMONi-6 trial, which was featured in the prestigiousPlenary Session—marking the first time a China-originated innovative drug hasachieved this top-tier recognition in ASCO's history. Broadly, the clinical datasetspresentedunderscore the accelerating global competitiveness and R&Dmaturation of Chinese biotech firms.In thisreport, we provide our analysis and China Healthcare Sector Jill WU, CFA(852) 3900 0842jillwu@cmbi.com.hk Andy WANG(852) 3657 6288andywang@cmbi.com.hk Cathy WANG(852) 3916 1729cathywang@cmbi.com.hk ◼Akeso: Compelling HARMONi-6 profile even with caveats.The ChinaHARMONi-6 trial evaluating ivonescimab plus chemotherapy in 1L sq-NSCLC marks a historic milestone, delivering an impressive OS HR of 0.66(p=0.0017) alongside a previously reported PFS HR of 0.60 (p<0.0001). ThisdefinitiveOS advantage effectively resolves lingering investor doubtsregarding the translation of PFS benefits into survival gains. However,caveats remain regarding data maturity–with the 21.4-month median follow-up currently trailing the median OS of both arms–and muted efficacy inelderly patients (≥65 years, HR=0.93, 95% CI 0.64-1.36). Despite thesenuances, ivonescimab's overall clinical profile remains highly compelling. ◼Kelun-Biotech: Validating ADC+IOsynergy in 1L NSCLC.The Phase 3OptiTROP-Lung05 marks a historic milestone by validating the sac-TMT pluspembrolizumab as a potent first-line therapy for PD-L1≥1% NSCLC. Theregimen demonstrated exceptional efficacy, delivering a PFS HR of 0.35 andan estimated median PFS of 16.7 months versus pembrolizumabmonotherapy.This sac-TMT plus pembrolizumab combination regimencompares favorably againstivonescimabmonotherapy(HARMONi-2), whichyielded a PFS HR of 0.51 and an 11.1-month mPFSvspembrolizumab.Meanwhile, besides directcompetitionwith the PD-1/VEGF bsAb, we alsoseesynergyof sac-TMTin combinationwith PD-1/VEGF bsAb.The safetyprofile of sac-TMT + pembrolizumab was generally manageablewith 6.3% Innovent:A major step in dose selection of IBI363 in 1L NSCLC.Innovent has achieved a key clinical milestone by selecting the 3-1.5 mg/kgstep-down dosing regimen for IBI363 in first-line NSCLC. This cohort (N=22)demonstrated an optimal risk-reward profile, delivering a highly competitiveconfirmed ORR of 81.8% and a manageable 65.2% rate of Grade ≥3 TEAEs,comparing favorably to the standard of care. Consequently, Innovent isadvancinga head-to-head Phase 1 trial evaluating IBI363 pluschemotherapy against pembrolizumab plus chemotherapy in 1L NSCLC(n=190).Furthermore,IBI363 monotherapy continues to exhibit robust outperforms SoC docetaxel.Innovent is also planning a Phase 3 study ofIBI363 in IO-resistant nsq-NSCLC. BeOne Medicines: Solidtumor portfolio reaching a key inflection point. BGB-43395 (a selective CDK4 inhibitor) demonstrated promising preliminaryefficacy in 1L HR+/HER2-breast cancer, supporting an imminent Phase 3initiation. Combined with letrozole,BGB-43395 (400mg BID)delivered a63.2% cORR,comparable to Pfizer’s atirmociclib plus letrozole(67.6%ORR). Crucially, BGB-43395 exhibited a highly differentiated safety profile,reportingzero Grade≥3 neutropenia(vs.26.5%for atirmociclib)andmanageable GI toxicities when administered with foodin the 400mg BIDcohort. We will continue to monitor these dynamics as patient follow-upmatures. Furthermore, BeOne’s GPC3/4-1BBbsAb, BGB-B2033, yielded 3SBio:Encouraging first mPFS readout for 707 in 1L PD-L1+ NSCLC.ASCO2026 revealed encouraging Phase 2 data for 707(PF’4404), validating its competitiveness within the PD-(L)1/VEGF class. In 1L PD-L1+NSCLC, 707 monotherapy delivered a 12.4-month median PFS, comparingfavorably to ivonescimab on a cross-trial basis, with pronounced strength inthe PD-L1 high (15.8 months)and non-squamous(12.4 months)subgroups.Additionally,707 plus chemotherapy demonstrated highly promisingpreliminary efficacy in 1L pMMR endometrial cancer (EC), with cORRsexceeding81%,outperforming the pembrolizumab plus chemotherapystandard of care (72.3%). With a manageable safety profile across bothindications,we view these readouts as highly de-risking.Pfizer has Content China Healthcare-ASCO 2026 review: Chinese biopharmashowcases historic milestones and globalcompetitiveness..............1 Akeso (9926 HK).......................................................................................4Ivonescimab in 1L sq-NSCLC4Kelun-Biotech(6990HK).........................................................................7Sac-TMT in 1LPD-L1+NSCLC...................................................................................7Innovent (1