2025ASCO 大会国内重点研究总结报告 | [Tabl 分析师： | 罗佳荣 | 分析师： | 李安飞 | | --- | --- | --- | --- | | e_Author] | SAC 执证号：S0260516090004 | | SAC 执证号：S0260520100005 | | | SFC CE.no: BOR756 | | | | | 021-38003671 | | 021-38003669 | | | luojiarong@gf.com.cn | | lianfei@gf.com.cn | | | 请注意，李安飞并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 | | | [Table_Summary] 核心观点： 相关研究 [Table_Report ： ] 医药生物非药行业 2024 年报及 2025 年 1 季报总结:蓄势待发，看好国内创新优势与制造优势 2025-05-05 识别风险，发现价值 请务必阅读末页的免责声明 [本报告联系人： Table_C ontacter] 龙雪芳 021-38003558 longxuefang@gf.com.cn 王 ...

Group 1 - The core viewpoint of the report is that Guangfa Securities is optimistic about the differentiated biopharmaceutical platform of CStone Pharmaceuticals-B (09966) and the development potential of its ADC drugs, which have shown preliminary clinical efficacy [1] - The company was established in 2015 and focuses on the development, production, and commercialization of innovative anti-tumor biologics, with a highly differentiated internal pipeline covering anti-tumor drugs at various research stages [1] - The first product, KN035 (Envafolimab injection), was launched in November 2021, marking the company's entry into the commercialization phase [1] Group 2 - CStone Pharmaceuticals has developed several globally leading biopharmaceutical technology platforms, including glycoengineered conjugation platform, linker payload platform, bispecific antibody platform, and subcutaneous high-concentration formulation platform, which have differentiated therapeutic advantages [1] - The glycoengineered conjugation platform reduces the production cost of ADC drugs while effectively minimizing toxin release in the circulatory system, enhancing drug safety [1] - Products developed based on this platform, JSKN003 and JSKN016, have entered clinical stages, and the company has upgraded the dual payload technology platform with corresponding products expected to enter clinical trials [1] Group 3 - The HER2 bispecific antibody KN026 is undergoing registration clinical studies for second-line gastric cancer, first-line breast cancer, and neoadjuvant therapy, with a promising path to market [2] - The HER2 bispecific ADC JSKN003 is in phase III clinical trials for breast cancer and platinum-resistant ovarian cancer, demonstrating competitive efficacy in early clinical studies [2] - The HER3/TROP2 bispecific ADC JSKN016 has initiated clinical trials for lung cancer and breast cancer, indicating a broad potential market, while new generation ADCs like JSKN021 (dual payload) and JSKN022 are expected to advance to clinical stages quickly [2]