Guosheng: Chinese innovative drugs step onto the global core stage, multiple pipelines usher in key data readouts.

Guosheng 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 period, 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, combination therapies of ADC and IO are continuously expanding clinical boundaries. Guosheng's main viewpoints are as follows: Global participation of Chinese innovative drugs increases, LBA selections hit a new high The 2026 European Society for Medical Oncology (ESMO) Annual Congress will be held in Madrid in October. At this year's congress, the international influence of Chinese 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," and key pipelines have fully entered the data realization period, continuously contributing "Chinese data" to global oncology. IO evolution: diversified upgrade from monoclonal and bispecific antibodies to "cytokine fusion proteins/trispecific antibodies" The IO 2.0 era has expanded from the single track of PD-1/VEGF bispecific antibodies to 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 BIO's and Verastem Oncology's cytokine fusion proteins and bispecific antibodies have shown potential in lung cancer and neuroendocrine carcinoma. In addition, CStone Pharmaceuticals' trispecific antibody CS2009 and CSPC PHARMA's fusion protein are also advancing in parallel, marking that next-generation immunotherapy is advancing in depth toward multi-target synergy. ADC and IO work synergistically, RAS targets usher in a breakthrough In core areas such as non-small cell lung cancer, combination therapies of ADC and IO are continuously expanding clinical boundaries, with the treatment line moving forward from later-line to perioperative and first-line settings, and treatment strategies for EGFR-TKI resistance are also upgrading toward ADCs and bispecific ADCs. At the same time, RAS targets once regarded as "undruggable" have entered an accelerated development period. Companies such as GenFleet Therapeutics and Jiangsu Hengrui Pharmaceuticals appeared on the same stage, demonstrating Chinese pharmaceutical companies' rapid catch-up and differentiated layout in difficult targets such as Pan-RAS and KRASG12D. Related targets: HANSOH PHARMA, SKB BIO, INNOVENT BIO, CSPC PHARMA, CStone Pharmaceuticals, Sichuan Biokin Pharmaceutical, Jiangsu Hengrui Pharmaceuticals Risk warnings: data falling short of expectations, risk of progress delays, risk of intensified competition, commercialization falling short of expectations, policy and volatility risks