Sinolink Securities Co., Ltd. has released a research report noting that as multiple Chinese innovative drugs release dense clinical data, with results in PD-1 plus bispecific antibodies, ADCs, and targeted therapies reaching internationally leading levels, the sector is attracting significant attention. This could potentially fuel a new wave of outbound licensing opportunities for innovative drugs. The firm continues to monitor investment opportunities in next-generation therapies with pan-tumor potential, chronic disease drugs addressing unmet clinical needs, and tracks including ADC, bispecific/multispecific antibodies, and small nucleic acids.

Key takeaways from Sinolink Securities Co., Ltd.:

2026 WCLC conference convenes, with Chinese innovative drugs making a strong collective appearance as the global focus of frontier lung cancer research

The 2026 WCLC was held from September 12 to 15 in Seoul, South Korea. As one of the most influential annual academic conferences in the global lung cancer field, this edition highlighted key advances in advanced NSCLC, advanced driver-positive NSCLC, relapsed/refractory SCLC, and perioperative lung cancer. The number of Chinese companies selected for conference presentations and oral abstract sessions continues to rise, with presentations covering PD-1/VEGF bispecific antibodies, PD-L1/4-1BB bispecific antibodies, TROP2 ADCs, B7-H3 ADCs, and KRASG12D inhibitors. These cover everything from early response signals to PFS/OS results from randomized controlled trials. Chinese novel drugs are now deeply involved in defining and competing for the next generation of global lung cancer treatment standards, and are expected to yield multiple global first-in-class drugs in the lung cancer space.

IO2.0 evidence matures further, with Chinese bispecific antibodies challenging the frontline lung cancer treatment landscape

At this WCLC conference, Akeso's ivonescimab achieved dual benefits in both OS and PFS in a Phase III study (HARMONi-2) for first-line PD-L1 positive NSCLC, delivering superior head-to-head results against pembrolizumab, further validating the clinical value of PD-1/VEGF bispecific antibodies. Additionally, the HARMONi study supplemented survival benefit evidence for the EGFR-TKI resistant population. Meanwhile, multiple immunotherapy regimens including Rilvegostomig, Opamtistomig, RC148, JS207, and Gotistobart delivered positive clinical data. Lung cancer immunotherapy is evolving from single-target PD-(L)1 inhibition toward bispecific antibodies, multi-mechanism synergy, and refined patient stratification. Chinese companies now possess globally leading clinical evidence reserves and industrial capabilities in the IO2.0 track represented by PD-1/VEGF bispecifics.

ADC treatment lines continue to move earlier, with immunotherapy combinations and disease burden optimization likely to become the next iteration themes

The positioning of ADCs in lung cancer is shifting from late-line validation toward frontline, combination, and perioperative exploration. At this WCLC conference, Hansoh Pharma's Ris-Rez and MediLink Therapeutics' Tam-Pali, both B7-H3 ADCs, secured the conference's highest-tier plenary session presentations, achieving pivotal Phase III clinical evidence in second-line SCLC. BNTX/Maple Biotech disclosed clinical data for Pumitamig combined with Elfe-D, providing early-stage clinical evidence in the IO2.0 plus ADC space, which could point to important directions for future treatment iterations. As domestic B7-H3 ADCs, TROP2 ADCs, and EGFR ADCs continue to demonstrate high response rates and preliminary durability across multiple scenarios in NSCLC and SCLC, they are leading a comprehensive upgrade and iteration against chemotherapy.

Precision treatment continues to advance, with breakthroughs emerging across multiple refractory and resistant mutation types

In the small molecule targeted therapy space, populations with long-standing unmet clinical needs—including HER2 mutations, KRASG12D mutations, EGFR-TKI resistance, and EGFR exon20ins mutations—continue to see new evidence emerge, with treatment boundaries expanding steadily. As the next generation of targeted drugs delivers standout data, breakthroughs in RAS and EGFR targeted therapies are poised to reshape the treatment landscape for multiple refractory mutation-driven diseases.

Risk warnings

Risks include failure of new drug development, progress falling short of expectations in R&D timelines, and risks of drug price reductions.