Core Viewpoint - Tianfeng Securities maintains a "Buy" rating for Junshi Biosciences (02696), projecting total revenue for 2025-2027 to be 5.873 billion, 5.970 billion, and 7.125 billion yuan, representing year-on-year growth of 2.60%, 1.64%, and 19.36% respectively, with net profit attributable to shareholders forecasted at 827 million, 797 million, and 1.122 billion yuan [1] Group 1 - HLX43 demonstrates high efficacy and low toxicity, with outstanding data for EGFR wild-type NSCLC presented at the WCLC conference [1][3] - In a study involving 56 NSCLC patients, the overall objective response rate (ORR) was 37.0%, and the disease control rate (DCR) was 87.0% [2] - Among patients with prior multiple lines of treatment, HLX43 showed significant advantages, particularly in EGFR wild-type non-squamous NSCLC patients, achieving a cORR of 46.7% [2] Group 2 - Safety profile of HLX43 is favorable, with the most common grade ≥3 treatment-related adverse events (TRAEs) being anemia and leukopenia, both at 19.6% [2] - The incidence of grade ≥3 thrombocytopenia is low at 3.6%, indicating manageable hematological toxicity [2] - A total of 21.4% of patients experienced immune-related adverse events (irAEs), with most being manageable [2] Group 3 - HLX07 shows promising efficacy in first-line treatment for EGFR high-expressing squamous NSCLC, with a median progression-free survival (mPFS) of 17.4 months in the high-dose group [4] - The standard mPFS for first-line squamous NSCLC therapies is around 7 months, making HLX07's results noteworthy [4] - Safety during treatment was reported to be good, with manageable treatment-emergent adverse events (TEAEs) [4]