A report from Orient Securities indicates that the titles for the 2026 ASCO conference have been released, with 12 Chinese studies selected as Late-Breaking Abstracts (LBA), demonstrating that the quality of Chinese research has gained full international recognition. Bispecific antibodies and Antibody-Drug Conjugates (ADC) are leading the way, establishing China's global leadership in the IO 2.0 and ADC 2.0 eras. Notably, Akeso's AK112 has been selected for the Plenary Session, signifying that the clinical value of domestically developed innovative drugs has received the highest level of academic recognition globally. Following the official release of regular abstracts on May 21st and the official conference from May 29th to June 2nd, it is expected to accelerate the clinical advancement and overseas licensing for a batch of major domestic new drugs. The main views of Orient Securities are as follows.

The recent announcement of the titles for the 2026 ASCO Annual Meeting signifies a substantial enhancement in the academic value, clinical value, and global competitiveness of domestically developed innovative drugs. The ASCO Annual Meeting is the most authoritative and influential academic conference in the global oncology field, often regarded as a bellwether for global cancer treatment. It will be held officially from May 29th to June 2nd.

The number of domestic studies selected for oral presentations and LBAs has reached a record high, marking a transition from "quantitative breakthrough" to "qualitative leadership." A total of 63 studies were selected as LBAs for this year's ASCO, 12 of which are from China, setting a new historical record. Concurrently, 94 Chinese studies were chosen for oral presentations, with the number growing rapidly over the past three years. These studies cover multiple cancer types, targets, and drug modalities, comprehensively showcasing the breadth and depth of China's innovative drug pipeline. It is believed that Chinese drug innovation has evolved from follow-on "me-too/me-better" development to pioneering "first-in-class/best-in-class" innovation. The ASCO title announcements reflect a significant rise in the international influence and academic standing of Chinese oncology research.

A historic breakthrough has been achieved in the Plenary Session, with domestic bispecific antibodies defining the IO 2.0 era. The Plenary Session is the most prestigious segment of ASCO, featuring only 4-5 groundbreaking studies each year with the potential to change clinical practice. This year, the Harmoni-6 Phase III study of Akeso's Ivonescimab (AK112) was successfully selected. This not only represents the highest level of international recognition for the clinical value of Ivonescimab but also marks the formal leadership of domestic PD-1/VEGF bispecific antibodies in the global immuno-oncology 2.0 era. It has the potential to redefine the first-line treatment standard for lung cancer and become a new therapy that alters global clinical practice.

Chinese pharmaceutical companies are leading in two golden therapeutic areas: bispecific antibodies and ADCs. The 2026 ASCO titles clearly confirm that bispecific antibodies and ADCs are the two core areas where Chinese innovation holds a distinct global advantage. 1) IO 2.0: Domestic drugs are comprehensively leading. Besides Ivonescimab, products such as Akeso's Cadonilimab, 3SBio's SSGJ-707, Innovent Biologics' IBI363, and CStone Pharmaceuticals' CS2009 are also featured prominently, expected to demonstrate breakthrough efficacy in treating immuno-oncology resistance and "cold" tumors, consolidating China's leading global position in the IO 2.0 field. 2) ADC 2.0: Companies including Baili Pharmaceutical, Kelun-Biotech, CSPC Pharmaceutical Group, and Fosun Pharma are集中 disclosing latest data in oral presentation sessions, driving the ADC treatment paradigm from later-line to first-line use and from monotherapy to combination therapies. Overall, bispecific antibodies and ADCs have become the core assets for the global expansion of domestic innovative drugs, enabling them to compete on the same stage as international giants.

Risks include the potential for failure in innovative drug研发, intensifying market competition, and challenges in the commercialization of innovative drugs.