China International Capital Corporation (CICC) has released a research report noting that both the quantity and quality of Chinese studies presented at the recent ASCO conference have seen significant improvement, with domestically developed innovative drugs increasingly becoming a core force in global first-in-class/best-in-class research and development. The firm believes that with the release of high-quality clinical data and the continuous achievement of international collaborations, the trend for China's innovative drug industry remains positive. Key points from CICC are as follows.
The 2026 ASCO Annual Meeting concluded in Chicago, USA, on June 2nd. A record 94 Chinese studies were selected for oral presentations. Notably, AKESO's (HKEX: 09926) HARMONi-6 study was featured in the Plenary Session. There were 13 Late-Breaking Abstracts, and the number of studies selected for Oral Abstract Sessions and Rapid Abstract Sessions also reached new highs.
Domestic Antibody-Drug Conjugates (ADCs) were prominently featured, demonstrating advancements in earlier lines of treatment and differentiated innovation. Data from Kelun-Bota's sac-TMT combined with pembrolizumab for first-line treatment of PD-L1-positive non-small cell lung cancer (NSCLC) in the Chinese Phase III OptiTROP-Lung05 study showed positive progression-free survival and overall survival benefits. CICC suggests this data could establish the role of immuno-oncology plus ADC combinations in first-line therapy. Key data from other leading domestic ADCs, including Hengrui Medicine's Rui Kang trastuzumab and SHR-A2102, RemeGen's disitamab vedotin, and Fosun Pharma's HLX43, also demonstrated strong competitiveness.
Furthermore, bispecific ADCs are beginning to show differentiated advantages. Baili Hengsheng's iza-bren achieved positive PFS and OS results in the all-patient population for second-line+ triple-negative breast cancer, setting a new PFS record for the HER2-low expression subgroup. Alphamab Oncology's JSKN016 showed promising safety data in HER2-negative breast cancer, potentially enabling exploration in earlier treatment lines.
Leading global immuno-oncology 2.0 innovation, a major data readout for AK112 has the potential to reshape the lung cancer treatment paradigm. AKESO presented overall survival data from the Chinese Phase III trial of AK112 combined with chemotherapy versus tislelizumab combined with chemotherapy for first-line squamous NSCLC, achieving a strongly positive hazard ratio of 0.66. The efficacy advantage is expected to extend to the international Phase III HARMONi-3 study, potentially altering the global standard of care for first-line lung cancer. Additionally, Innovent Biologics reported positive signals for IBI363 combined with chemotherapy in first-line NSCLC, expanding its potential in front-line treatment for major indications. Updated Phase II monotherapy data for Pfizer/Sunshine Guojian's SSGJ-707 in first-line PD-L1-positive NSCLC further confirmed its safety and efficacy profile.
Recommended stocks include Hengrui Medicine, RemeGen, Junshi Biosciences, BeiGene, AKESO, Ribobio, Kelun-Bota, Innovent Biologics, Duality Biologics, Ascentage Pharma, Sino Biopharmaceutical, CSPC Pharmaceutical Group, Fosun Pharma, and Kelun Pharmaceutical.
Risks include potential drug development failures, international collaborations falling short of expectations, and changes in industry regulations.
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