中国创新药企的研发实力，书写了又一华彩篇章。 在2025年欧洲肿瘤内科学会（ESMO）这一全球顶级学术舞台上，康宁杰瑞（9966.HK）以其两款核心 产品——HER2双抗KN026与HER2双抗ADC药物JSKN003的卓越临床数据，向世界宣告了其在创新药赛 道上的爆发力。其中，KN026用于胃癌的III期研究数据，凭借突破性疗效入选最高规格的"最新突破性 摘要（LBA）"进行口头报告，迅速成为全场焦点。 市场应声而动：ESMO会议当日，公司股价逆势暴涨超11%。这直观地反映了，市场正在从更底层的技 术平台潜力而非单一产品管线对其价值进行重新评估。 一个更具战略意义的问题也随之浮出水面：在创新药研发的下一程，核心的竞争力究竟是依靠运气押注 单一分子，还是依赖可复制、可迭代的平台化创新能力？康宁杰瑞的这次亮相，是否正在为整个行业揭 示通往未来的答案？ 图表一：康宁杰瑞今年以来股价走势图 数据来源：WIND，格隆汇整理 数据截至2025年10月23日 蓝线：康宁杰瑞 黄线：恒生指数 惊艳亮相ESMO！国产之光迎突破性希望 先来看惊艳亮相ESMO的两款创新药KN026与JSKN003透露了哪些关键临床数据。 其中， ...

Core Insights - The article highlights the impressive clinical data of two core products from Kangning Jereh, KN026 and JSKN003, presented at the 2025 ESMO conference, showcasing the company's strength in innovative drug development [1][4][22] - The market reacted positively, with Kangning Jereh's stock price surging over 11% on the day of the ESMO conference, indicating a reassessment of the company's value based on its underlying technological platform rather than just individual products [1][22] - The article raises a strategic question about the future of innovative drug development: whether success will depend on luck with single molecules or on replicable, iterative platform innovation capabilities [1][22] Product Performance - KN026 demonstrated a remarkable objective response rate of 55.8% in patients with HER2-positive gastric cancer, significantly outperforming the control group at 10.8%, and achieved a disease control rate of 80% [4][5] - The safety profile of KN026 is also strong, with a 75% reduction in the risk of disease progression or death and a 71% reduction in mortality risk, supporting its application for market approval [5] - JSKN003 showed a 32.0% objective response rate in platinum-resistant ovarian cancer, achieving this across various HER2 expression levels, indicating its broad applicability [6][7] - In HER2-positive metastatic colorectal cancer, JSKN003 achieved an objective response rate of 68.8% and a disease control rate of 96.9%, with a median progression-free survival of 11.04 months [6][7] Strategic Shift - Kangning Jereh has successfully transitioned from a pipeline-driven approach to a technology-driven model, leveraging its CRIB dual antibody platform to develop KN026 and its glycosylation site-specific conjugation ADC platform for JSKN003 [10][11] - The company is building a robust core technology system that includes various platforms, enhancing its ability to produce innovative drugs and ensuring sustainable growth [10][11] - The article emphasizes the importance of platform capabilities in generating "best-in-class" or "first-in-class" drugs, which are seen as valuable assets for the company [9][10] Market Outlook - Kangning Jereh's financial performance is improving, with a revenue of 319 million yuan in the first half of 2025, representing an 84% year-on-year increase, and a net profit of 21.58 million yuan [13] - The company is expected to continue its growth trajectory, with analysts projecting significant revenue potential for its core products, including peak sales estimates of 4.56 billion yuan for KN026 in HER2-positive breast cancer and 3.27 billion yuan for JSKN003 in HER2-positive breast cancer [15][19] - The article suggests that Kangning Jereh's valuation remains undervalued compared to peers, despite its recent stock price increase, indicating potential for significant revaluation as the market recognizes its innovative capabilities [17][19]

Core Insights - The report from Guojin Securities highlights the significant advancements in China's innovative drug research presented at the ESMO conference, indicating a potential boost for the international expansion of these drugs [1] Group 1: Innovative Drug Research - The number of significant research publications from Chinese pharmaceutical companies at ESMO has reached a historical high, making it a focal point of the conference [1] - A total of 35 Chinese studies were included in the regular oral abstracts for the 2025 ESMO conference, with 14 formal oral presentations, a significant increase from 5 in 2024 [1] - The inclusion of 23 Chinese studies in the Late-Breaking Abstracts (LBA) category also set a new record, showcasing the research strength and academic influence of Chinese companies on the international stage [1] Group 2: ADC Developments - Domestic ADCs are demonstrating the potential to redefine existing clinical treatment standards, with notable products like Kelun's SKB264 showing promising Phase III clinical data for NSCLC and HR+/HER2- breast cancer [2] - The mOS data for SKB264 in the second-line EGFRm NSCLC treatment is particularly impressive, with a hazard ratio of 0.60, indicating a significant survival benefit [2] - Bai Li Tian Heng's ADC, iza-bren, has achieved breakthroughs in treating nasopharyngeal carcinoma, marking a critical milestone from concept validation to efficacy verification [2] Group 3: Bispecific and Multi-specific Antibodies - Bispecific and multi-specific antibodies are poised to upgrade existing immunotherapy and targeted therapy, with significant data from Kangfang Biotech's PD-1/VEGF bispecific antibody showing superior results compared to traditional treatments for advanced squamous NSCLC [3] - The mPFS for the combination of the bispecific antibody and chemotherapy was reported at 11.14 months versus 6.90 months for the comparator, with a hazard ratio of 0.60, indicating a strong potential to reshape first-line treatment standards [3] - The HER2 bispecific antibody KN026 from Shiyao Group/Kangning Jierei has shown promising results in III phase trials for gastric cancer, indicating its potential as a global leader in this category [3]