HUTCHMED(US:HCM) HTSC·2025-06-26 02:29Investment Rating - The report maintains an "Increase" rating for the biopharmaceutical industry [6] Core Insights - The participation of domestic innovative drugs in the ASCO conference has increased, with approximately 67 domestic innovative drug studies included in oral presentations, a 35% increase from 2024, accounting for about 20% of all clinical results [1] - Several domestic new drugs, such as IBI363, MRG003, and others, have shown promising data that could revolutionize existing treatment protocols or fill therapeutic gaps [1] - The report recommends companies including Shiyao Group, Kelun-Botai, and Hutchison China MediTech, with industry-related companies including 3SBio [1] Summary by Sections IO Resistance - IBI363 shows excellent survival data in treating IO-resistant NSCLC, with a 12-month OS rate exceeding 70.9% and 71.6% for different cancer types, significantly outperforming chemotherapy and other innovative drug competitors [2][10] - MRG003 demonstrates significant PFS and OS improvements in PD-1 and platinum-based chemotherapy-resistant NPC patients, with HR values of 0.63 and 0.73, respectively [2][21] Lung Cancer - Phase III clinical trials for domestic new drugs show potential for therapeutic innovation, with results from studies on Beimuosubai monoclonal antibody combined with Anlotinib indicating PFS of 11.0 months and 13.3 months in different patient groups, outperforming competitors [3][24] - The SACHI study shows that the combination of Saiwo and Osimertinib in 2L EGFRm Met-amplified NSCLC achieves a PFS of 6.9 months, significantly better than chemotherapy [3][32] Gastrointestinal Tumors - Domestic innovative drugs have made breakthroughs in gastric cancer and CRC, with the Vidiqi monoclonal antibody showing an ORR of 82.4% in HER2 high-expressing patients, significantly outperforming existing treatment options [4][35] - JMT101 combined with Irinotecan shows a PFS of 7.4 months in 3L+ CRC, outperforming current SoC treatments [4][43]