创下历史之最！中国力量73项研究碾压式登顶，创历史新高度！

Core Viewpoint - The article highlights the significant advancements and competitive strength of Chinese innovative drugs showcased at the 2025 ASCO conference, emphasizing the increasing international recognition and collaboration opportunities for these companies [1][4]. Group 1: Breakthroughs in Innovative Drugs - The dual antibody IBI363 from Innovent Biologics achieved a tumor shrinkage rate of 28.4% in colorectal cancer treatment, nearing the effectiveness of existing first-line chemotherapy options, attracting three multinational pharmaceutical companies for overseas licensing with an expected upfront payment exceeding $800 million [2]. - The TROP2 ADC drug Sac-TMT from Kelun-Biotech extended the progression-free survival (PFS) in lung cancer treatment to 15 months, outperforming AstraZeneca's similar product by 4 months, and demonstrated a tumor shrinkage rate three times that of traditional chemotherapy for patients who failed EGFR-targeted therapy (45.1% vs 15.6%) [2]. - ZL-1310, an ADC drug from Zai Lab, maintained a 68% efficacy rate in brain metastasis patients, significantly surpassing the 35% efficacy of the already marketed competitor Tarlatamab, with clinical trial participants expressing newfound confidence in extending survival from under 6 months to potentially 2 years [2]. Group 2: Transformation in International Collaboration - The trend of Chinese innovative drugs transitioning from preclinical licensing to advanced clinical data is evident, as Kelun-Biotech's ADC drug SKB264 secured a deal with Merck based on phase III data, with milestone payments exceeding $2 billion [2]. - By 2025, the upfront payment ratio for Chinese innovative drugs going abroad is expected to reach 30%, a 200% increase from 2020, indicating a significant shift in international recognition [2]. Group 3: Challenges in the Industry - The clinical failure rate for domestic ADCs reached 30% at the 2024 ASCO, with five HER2 drugs being withdrawn due to fatal interstitial pneumonia, highlighting the risks associated with the current enthusiasm for the DLL3 target, which has attracted 14 Chinese companies [3]. - Innovative drug companies are facing financial pressures, with average R&D expenditures exceeding 50% of revenue, leading to significant losses for prominent firms like Kangfang Biologics [3]. - It is projected that 30% of companies will exit the market within the next three years due to cash flow issues [4].