ADC，为啥感觉越来越出彩了？

Summary of Conference Call on ADC Industry Industry Overview - The A-share and H-share pharmaceutical sectors experienced a pullback after September 10, 2025, currently in a state of fluctuation, but confidence in domestic innovative drugs remains strong, with low-expectation BD projects gaining renewed attention, significantly boosting company stock prices [1][4][5] - Global BD and M&A activities increased significantly in 2025, reflecting the demand for new pipelines from large pharmaceutical companies, with Chinese enterprises playing a crucial role in global BD activities, indicating a trend towards consolidation in the pharmaceutical industry [1][5] Core Insights on ADC Technology - ADC technology has evolved through several generations, with domestic companies showing clear advantages in optimizing ADCs through engineering methods to improve antibodies, linkers, and toxins, potentially replacing traditional chemotherapy and enhancing treatment efficacy [1][7] - In 2026, a large number of key clinical trial data for ADCs combined with bispecific antibodies are expected to be released, with new targets, toxins, and drug forms driving industry development and providing positive catalysts for the market [1][8] Clinical Data and Market Performance - In 2025, significant clinical data was released in the ADC industry, enhancing market confidence, particularly with the XBI index showing strong performance post-September, reflecting high market interest in innovative drugs [3] - ADCs demonstrated significant survival benefits in first-line treatments, with long-term OS data showing promising results, indicating that more first-line treatments may be led by ADCs in the future [2][13] Safety and Efficacy Challenges - While ADCs show superior efficacy compared to traditional chemotherapy, they still face safety challenges, such as the risk of infections or ocular toxicity from MNAE products, making the management of side effects by physicians crucial [9][10] - The importance of managing side effects is emphasized, as adverse reactions typically do not threaten patient life, and better management strategies are expected to evolve with increased clinical application [10][11] Key Considerations for ADC Platforms - When selecting ADC platforms, it is essential to focus on early clinical data and the controllability of safety issues, as historical data indicates strong continuity in clinical outcomes from phase I to phase II trials [12] Future Trends and Catalysts - Looking ahead to 2026 and beyond, two main trends are anticipated: the rapid support of more positive data for large indication first-line treatments and the emergence of more data on ADCs used in combination with other drugs [14] - New ADCs targeting novel mechanisms and indications are expected to emerge, with companies exploring combinations of therapies for autoimmune diseases and addressing resistance in hard-to-treat targets [15][17] Promising Companies in ADC Development - Notable ADC development companies include Kelun-Biotech, BaiLi Tianheng, and YingEn, with promising products like Kelun-Biotech's CHOP2 ADC and BaiLi Tianheng's bispecific ADC showing strong performance [18] - Pfizer's ADC products, particularly those utilizing MMAE technology, are still considered valuable despite recent trends favoring other approaches, indicating ongoing potential in their efficacy against certain epithelial tumors [18]