Core Viewpoint - Guosen Securities maintains an "outperform" rating for 3SBio (01530), highlighting the rapid global clinical development of its core products and robust performance growth, particularly following the successful licensing of 707. The profit forecast for 2025-2027 has been raised, with expected net profits of 9.955 billion, 2.875 billion, and 3.212 billion yuan respectively, up from previous estimates of 2.38 billion, 2.71 billion, and 3.07 billion yuan [1]. Group 1 - 3SBio presented clinical phase II data for 707 in combination with chemotherapy for 1L NSCLC at the STIC conference, demonstrating good efficacy and safety in both sqNSCLC and nsqNSCLC, supporting the continuation of phase III trials [1]. - Pfizer discussed the global clinical strategy for 707, focusing on two key phase III trials for NSCLC1L and mCRC1L, with plans to initiate five additional studies soon, including phase 2/3 for ES-SCLC1L and phase 1/2 for various other indications [1]. - Pfizer's second wave of development plans aims to add 10 new indications and over 10 novel combination regimens by the end of 2026, targeting the replacement of existing standard treatments with 707 as a new cornerstone therapy [1].