Group 1 - The core viewpoint of the article emphasizes the significant potential of China's innovative drug industry, particularly highlighted by the recent large-scale licensing deal involving innovative drugs [1] - The innovative drug sector is characterized by a "bet first, collapse later" nature, making it suitable to view through a "cycle" perspective, where the most attractive aspect is the value escalation cycle of a technology or product transitioning from obscurity to a major market player [1][2] - The value escalation cycle for PD1/CTLA4 and PD1/VEGF dual antibodies began around 2020/2021, with expectations that this cycle will continue at least until 2027/2028, barring any major setbacks [2] Group 2 - The comparison between Sanofi's 707 and Ivosidenib indicates that while there may be some local improvements, it does not significantly differentiate itself enough to disrupt the value escalation cycle of Ivosidenib [4] - The introduction of Sanofi's 707 may have short-term negative impacts on the original drug companies in Hong Kong, as it reduces the potential acquisition interest from partners like SUMMIT, but long-term effects may be limited [5][6] Group 3 - The original drug companies in Hong Kong are expected to see value escalation primarily through three phases, with the current phase being the second stage that has been active for 4-5 years and is projected to continue for another 2-3 years [7][8] - The market's perception of the potential value of Ivosidenib in various cancers appears to be underappreciated, with estimates suggesting that its overseas licensing could support a market value of approximately 320-480 billion HKD for the licensing party [8][9] Group 4 - The future value expansion for companies hinges on their ability to ignite the "third stage rocket," which involves developing universally applicable therapies that can enhance the efficacy of PD1 dual antibodies [10][11] - Companies are already pursuing clinical trials for TROP2*NECTIN4 dual antibody ADCs and mRNA tumor vaccines, indicating a proactive approach to maintaining value escalation in the face of potential market shifts [11][13]