Core Viewpoint - Recently, the company announced that its subsidiaries received approval from the National Medical Products Administration for clinical trials of three drug candidates, indicating progress in its oncology pipeline [1][2][3] Group 1: Drug Candidates - SHR-A2102 is a targeted antibody-drug conjugate (ADC) developed by the company, which targets Nectin-4 and has a payload of a topoisomerase I inhibitor. It is noted that Nectin-4 is highly expressed in tumors, correlating with tumor progression and poor prognosis. Currently, there is one similar product approved globally, Enfortumab vedotin, with projected global sales of approximately $1.949 billion in 2024. The cumulative R&D investment for SHR-A2102 is about 225 million yuan [1] - SHR-1802 is a humanized monoclonal antibody developed by the company that activates and promotes anti-tumor T cell responses. There are currently no similar products approved in the domestic market. The cumulative R&D investment for SHR-1802 is approximately 62.09 million yuan [2] - Adebali monoclonal antibody injection is a humanized anti-PD-L1 monoclonal antibody that blocks the PD-1/PD-L1 pathway, reactivating the immune system's anti-tumor activity. It was approved for market in February 2023 for first-line treatment of extensive-stage small cell lung cancer. Similar products like Atezolizumab, Avelumab, and Durvalumab have been approved in the U.S., with combined global sales projected to be around $9.648 billion in 2024. The cumulative R&D investment for Adebali is approximately 939 million yuan [3]