Guosheng Securities Inc. has released a research report stating that at this year's ESMO Congress, a total of 28 Chinese studies on innovative drugs were selected as Late-Breaking Abstracts (LBA), with 4 of them even making it into the Presidential Session, accounting for one-third of the total. Key pipelines have fully entered the data realization phase, continuously contributing "Chinese data" to global oncology. Next-generation immunotherapy is advancing in depth toward multi-target synergy. In core areas such as non-small cell lung cancer, the combination of ADC and IO is continuously expanding clinical boundaries. The main points of Guosheng Securities Inc. are as follows:
China's innovative drugs see increased global participation, with LBA selections hitting a new high
The 2026 European Society for Medical Oncology (ESMO) Annual Meeting will be held in Madrid in October. At this year's congress, the international influence of China's innovative drugs has risen significantly, with a total of 28 Chinese studies selected as Late-Breaking Abstracts (LBA), 4 of which even made it into the Presidential Session, accounting for one-third of the total. This indicates that Chinese pharmaceutical companies are moving from "following" to "racing," with key pipelines having fully entered the data realization phase, continuously contributing "Chinese data" to global oncology.
IO evolution: from monoclonal and bispecific antibodies to diversified upgrades with "cytokine fusion proteins/trispecific antibodies"
The IO 2.0 era has expanded from the single track of PD-1/VEGF bispecific antibodies to a diversified route competition of "bispecific antibodies + cytokine fusion proteins + trispecific antibodies." Akeso's ivonescimab continues to lead and has initiated expansion into multiple tumor types; Innovent Biologics' and Leads Biolabs' cytokine fusion proteins and bispecific antibodies have shown potential in lung cancer and neuroendocrine tumors. In addition, CStone Pharmaceuticals' trispecific antibody CS2009 and CSPC Pharmaceutical Group's fusion protein are also being advanced simultaneously, marking that next-generation immunotherapy is deepening toward multi-target synergy.
ADC and IO work in synergy, RAS targets see a breakthrough
In core areas such as non-small cell lung cancer, the combination of ADC and IO is continuously broadening clinical boundaries, with treatment lines shifting from later lines to perioperative and first-line settings, and treatment strategies for EGFR-TKI resistance are also upgrading toward ADCs and bispecific ADCs. Meanwhile, RAS targets, once considered "undruggable," are entering an accelerated development period. Companies such as GenFleet Therapeutics and Hengrui Pharmaceuticals appeared on the same stage, demonstrating Chinese pharmaceutical companies' rapid catch-up and differentiated layout on difficult targets such as Pan-RAS and KRAS G12D.
Related stocks: Hansoh Pharmaceutical, Kelun-Biotech Biopharmaceutical, Innovent Biologics, CSPC Pharmaceutical Group, CStone Pharmaceuticals, Baili-Biopharmaceutical, Hengrui Pharmaceuticals.
Risk warnings: Data falling short of expectations, risk of delayed progress, risk of intensified competition, commercialization falling short of expectations, policy and volatility risks.
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