高盛-全球医疗保健：制药行业：中国生物制药考察之旅的要点-Global Healthcare：Pharmaceuticals：Takeaways from our China biopharma trip-20261001

htEtqpi:t/wse.arvauhelist

1October2026|5:00AMEDT

GlobalHealthcare:Pharmaceuticals:TakeawaysfromourChinabiopharmatrip

WehostedaninvestortriptoChinafromSeptember22-24(noteour

preview/analysis)tomeetcompaniesincludingAkeso(notcovered),Alebund(not

covered),ArgoBiopharma(private),Ascletis,Duality(notcovered),Hansoh,Hengrui,Henlius,Innovent,KelunBiotech,WuxiApptec,Xtalpi(notcovered).Wealsomet

withmanagementfromSanofiChinaHeadquartersalongsidealeading

obesity/diabetesKOL.ThetripunderscoredourviewthatChinaiscurrentlyfocusedon“me-too/me-better”assetsandre-engineeringofknowntargets,albeitwe

anticipateanincreasingcontributiontowardsnovelinnovationovertimewith

recentlyannouncednewgovernmentpoliciessupportingpursuitsofnewtargets,mechanismsandmodalitiestoincreaseglobalcompetitiveness,whichcouldalsoservetobiduptheescalatingvalueofChina-baseddeals.Withinweo仟erkey

high-leveltakeawaysandnotesfromindividualcompanymeetings.

High-LevelTakeaways

nNewpoliciescontinuetosupportbiopharmainnovation,althoughmarket

developmentandresourceallocationremainadebateamongstsomeofthemoreadvancedcommercialcompanies.SanofinotedthatthemajorityoftheChinabiopharmamarketisout-of-pocketorgovernmentfundedwithonly6-7%ofthemarketfundedthroughcommercialhealthinsurance.Whiletheinsurancemarketisgrowing,itistakingtimetopenetrate,andSanofibelievesthat

increasingaccessandrewardinginnovationthroughtheinsurancemarketiskeytosustainabilityofthedomesticindustryaswellasattractingfurtherglobal

investment.Onresourceallocation,Innoventnotedthatinordertopotentially

stopinefficientresourceallocationintheindustry,thegovernmentcould

increasethebarforapprovalsofanyadditional,undi仟erentiatedGLP-1assets,inasimilarwaythatin2020,raisedthebarforapprovalofPD-1/L1drugsby

mandatingthatthecontrolarmneedstobeacommonlyrecognizedstandardofcare.Separately,Chinarecentlyunveileda5-yearplanaimedatincreasingthe

globalcompetitivenessofitsbiopharmaindustryandtargeting25%globalshareoffirst-in-classdrugs.Asonedownstreame仟ect,SanofinotedthiscouldservetofurtherbiduptheescalatingvalueofChina-baseddealsascompetitionfrompotentiallocalacquirersalsoincreases.

AsadHaider,CFA

+1(212)

902-0691|asad.haider@

GoldmanSachs&Co.LLC

SalveenRichter,CFA

+1(212)934-4204|

salveen.richter@

GoldmanSachs&Co.LLC

JamesQuigley

+44(20)7051-3800|

james.quigley@

GoldmanSachsInternational

ZiyiChen

+

852-2978-0526|ziyi.chen@

GoldmanSachs(Asia)L.L.C.

LinhaiZhao,Ph.D.

+

852-3966-4059|linhai.zhao@

GoldmanSachs(Asia)L.L.C.

MaxDa,Ph.D.

+44(20)

7051-8835|max.da@

GoldmanSachsInternational

HonglinYan

+

852-2978-6666|honglin.yan@

GoldmanSachs(Asia)L.L.C.

MarkAleynick,Ph.D.

+1(212)357-6820|

mark.aleynick@

GoldmanSachs&Co.LLC

nSpeedofdevelopmentof‘me-better’drugscouldforceglobalbiopharma

companiestoplanforshorterproductcycles.Giventhespeedofdevelopment

GoldmanSachsdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconfiictofinterestthatcoulda仟ecttheobjectivityofthisreport.

Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ForRegAC

certificationandotherimportantdisclosures,seetheDisclosureAppendix,orgoto

/research/hedge.html.Analystsemployedbynon-USaffiliatesarenotregistered/quali

fiedasresearchanalystswithFINRAintheU.S.

GoldmanSachsGlobalHealthca

et:ta:r/u.

hsticals

inChinaaswellaspotentialtodrivemoreefficaciousdrugsagainstknowntargets

throughexpertiseinmoleculeengineering(basedonearlydatadisclosedby

companiesonthetrip),webelievethatglobalbiopharmacompaniesmayneedto

planwiththeassumptionthatsignificantcompetitioncouldenterthemarketbeforethepatentexpiration,puttingadditionalpressureoninternalR&Dandtheneedto

sourceexternalinnovation.Asacountertothis,somewesternbiopharmacompanieshavestatedthattheycoulddelaydisclosureofcertainmechanismstotrytodelay

competitiveentry.

nAIisstartingtofeaturemoreindrugdevelopmentconversations,althoughthekeyfocusappearstobeonmoleculeengineeringratherthantarget

development.ManyofthecompaniesspoketousingAItosupportmolecule

engineering/development,however,thisappearedtolargelybefocusedonknown/validatedtargets,whileworkonnewtargetidentificationwasnotasadvanced.ForexampleXtalpi,whichisdevelopingautonomouslabtechnologyaswellasanAI

assistedpipeline,usedAItoidentifyanewbindingepitopeforitsTL1AxIL23

bispecific,whichpreventsclusteringoftheantibodymolecule,whichcouldlowertheriskofanti-drugantibodies.Inaddition,AscletisnotedthatituseditsAIenabled

structurebaseddiscoveryenginetodiscoverasmallmoleculeselectiveamylin

candidatewithauniquesca仟oldvs.othersmallmoleculeproductsindevelopment.

n“Novel-novel”combinationapproachestotransformoncologytreatmentwerewidelydiscussed,albeitwithacknowledgmentthatthereisnoone-size-fits-allacrosstumortypes.DualitybelievesElfe-D(partneredwithBioNTech,acompanyweseeasuniquelypositionedin“novel-novel”oncology)hasbest-in-classpotentialasaB7-H3ADC,supportedbyitsdi仟erentiateddesign,favorablesafetyprofile,andpotentialtocombinewithPD-L1xVEGFbispecifics(BNTX/BMYpumitamig)acrossmultipletumortypes.WhilethecompanyprioritizeditsB7-H3ADCoveritsTROP2ADCinternally,itacknowledgedthatMerck/Kelun’ssac-TMTisapotentially

di仟erentiatedTROP-2basedonclinicaltrialresultsseenthusfar.KelunaddressedconcernsaroundcompetitiveB7-H3programs,notingthatsac-TMThasalreadysetahighefficacyanddevelopmentbar,supportedbybroadclinicaldevelopment

acrossmultipletumortypes;assuch,thestrategyforitspipelineADC(including

in-houseB7H3ADC)istoexploreindicationsandpatientpopulationsnotcurrentlycoveredbysac-TMT.Thediscussionsunderscoredtheviewthattheglobaloncologymarketislikelytobecomeincreasinglyfragmentedovertime,acrossboth

therapeuticareasandsub-populationswithintherapeuticareas.

nSecuringafootholdintotheglobalobesitymarketremainsakeyareaofinterestforChinabasedcompanies.Ascletis(currentlyunpartnered)standsoutforhavingassembledabroadmetabolicportfolioacrossmodalitiesincludingsmall-moleculeandpeptideamylinprograms,long-actingprograms(e.g.GLP-1R/GIPRdualagonist,triple-Gagonistwithonce-monthly/quarterlyinjection),andmultiplefixed-dose

combinationprogramsacrossoralandinjectableformats.MostadvancedisitsoralsmallmoleculeGLP-1whichrecentlymovedintotwoglobalph3trials,withtoplineresultsexpectedin3Q28andUSFDAsubmissiontargetedbyYE28,potentially

puttingittobecomethesecondoralsmall-moleculeGLP-1toreachtheUSmarketafterLilly’sorforglipron,aheadofprogramsfromGPCRandAZN.Hengruiisalso

1October20262

GoldmanSachsGlobalHealthca

et:ta:r/u.

hsticals

1October20263

advancingacomprehensivemetabolicportfolio(onwhichitcontinuestosecure

globalpartnershipswiththisweek’sdealwithNovoprovidingadditionalvalidation,followingKailera’sex-greaterChinarightson4GLP-1assets)andremainshighly

constructiveonHRS9531asthefirstdomesticoralGLP-1/GIPdualagonistwith

bettertolerability(lessvomiting/nausea),andChinaobesityapprovalexpectedinearly2027.OnChinaobesitymarketdynamics,Innoventhighlightedthatthe

domesticGLP-1markethasseenstronger-than-expectedgrowthinvolumein2026,mainlydrivenbythemeaningfullyimprovedaccessibilityledbytheNRDLinclusionoftirzepatide.ManagementexpectstheChinaGLP-1marketcouldincrease5-foldtoUS$10bnatapenetrationof5%(vs.~$2bn/~1%currently).Onthepotential

impactfromtheentryofgenericsemaglutideinChinainMarch‘27,aKOLwemet

withbelievesgenericscaneventuallycapture50%ofvolumeshare,thoughInnoventsharedamorepositiveview,arguingthatobesityGLP-1sinChinabehavemorelikeconsumerproducts,wherebrandvalueandpromotioncanmatterasmuchasprice

—notingthatbrandedsemaglutidecurrentlyhasthelowestpriceamongkeyGLP-1therapiesinChina,yetitcontinuestolosesharetomazdutideandtirzepatide,andthecostbaseforgenericsemaglutidemaynotfallasdramaticallyassomeinvestorsexpectgivenmanufacturersstillfacemeaningfulexpenseswhichcouldlimithowlowgenericpricescansustainablygo.

nOnLp(a),thewholeindustryisawaitingthefulldatafromNovartis’HORIZONprogramtodecidethego-forwardstrategy.Hengruinotedthatdevelopment

go-no/godecisionforitsoralsmallmoleculeLp(a)inhibitorprogramlicensedto

MerckwillbeinformedbythedetaileddatapresentationfromNovartis’srecentlyfailedHORIZONtrialforpelicarsen,expectedinNovember.WhileHengrui’s

programhasshowngreaterLp(a)reductionthanpelicarsen,management

acknowledgedthatifNovartis’sdatadonotshowcleardose-dependentefficacy,thiscouldnegativelya仟ectfuturedevelopmentdecisionsforHengrui’sprogram.

RecallthatNovartis’missrepresentsasignificantsetbackfortheLp(a)classwith

negativereadthroughtoglobaldevelopmentprogramsfromAmgen,EliLillyand

MerckwhereweassignalowprobabilityofsuccessanddonotincludetheseassetsinourmodelsnorviewtheseascentraltoourBuy-thesisforthesenames.

NotesFromIndividualCompanyMeetings

Akeso(notcovered)

nManagementexpressedconfidenceintheglobalHARMONi-3readoutin1L

NSCLC,citingsupportivereadacrossfromtheChina-onlyHARMONi-6trial.

ManagementpointedtothesuccessfultranslationfromPFStoOS,consistent

benefitsacrossagegroupsafteradjustmentforconfoundingfactors,thelongOStailobservedwithivonescimabpluschemotherapy,andthefactthatex-ChinadatahavebecomemoreconsistentwithChinadataafterlongerfollow-up.

nManagementexpressedconfidenceinitsPD-1/CTLA-4bispecific(cadonilimab),despitecompetitorfailureswithsimilarmechanisms,citingamorefavorable

intestinalsafetyprofilecontributingtolowerdiscontinuationrates.

1October20264

Managementhighlightedcadonilimab’stetravalentstructureasakeydi仟erentiator,whichitbelievessupportsfavorabletissuedistributionandlimitedintestinal

exposure,contributingtomildercolitisrelativetoCTLA-4-basedtherapiessuchasBMY’sYervoyandAZN’svolrustomig.Asaresult,managementbelievescadonilimabcouldachievelowerdiscontinuationratesandbettertreatmentexposure,

potentiallysupportinggreaterefficacy.

Alebund(notcovered)

nManagementhighlightedunmetneedsinIgANandbelievesAP308,Alebund’s

first-in-classIgAprotease,couldpotentiallyprovideafunctionalcureby

directlyclearingIgAdepositsfromthekidney.Managementnotedthatcurrent

therapies,includingAPRILinhibitors,donotremoveexistingIgAdeposits,whichmaycontinuetodrivechronicinfiammationandkidneydamage.Bycontrast,AP308is

designedtocleavepathogenicIgAandIgAimmunecomplexes,includingthose

alreadydepositedintheglomeruli.AlebundbelievesAP308couldbeusedasaninitiationtherapytocleardeposits,withothertherapiesusedasmaintenance

treatment,giventhelackofclinicaldatasofaronhowquicklydepositsmayrecurafterclearance.

nManagementbelievesAP306,Alebund’sphosphatetransporterinhibitor,couldofferasuperiortreatmentprofileversusstandard-of-carephosphatebindersinhyperphosphatemia,supportedbygreaterefficacy,lowerdiarrhearates,and

potentiallylowertreatmentdiscontinuation.Separately,thecompanyisalso

developingAP301,itsoraliron-basedphosphatebinder,whichmanagement

believescouldco-existwithAP306inChina.Giventheprice-sensitivenatureoftheChinamarket,managementexpectsAP301tobepositionedasalower-costoptionrelativetoAP306,allowingthetwoproductstoaddressdi仟erentpatientandpayersegmentswithinhyperphosphatemia.

nThecompanyisbroadeningitspipelinebeyondoncologyintoCNSandimmunediseases.Managementhighlightedthebrain-penetrantbispecificprogramfor

treatingAlzheimer’sdiseasewithasubcutaneousformulationandtheIL4R/ST2bispecificprogramfortreatingasthma,COPD,andatopicdermatitis.

ArgoBiopharma(private)

nManagementbelievesArgoshasthepotentialtoshowpositiveATTR-CMdataforitsgenetherapyontopofPfizer’sVyndaqel,supportedbyamorefavorabletrialdesignversusAstraZeneca/Ionis’sCARDIO-TTRansformstudy.Argo

highlightedthreekeydi仟erences:1)deeperTTRknockdownwithitsowngene

therapy;2)theopportunitytoenrolllessseverepatientsthanCARDIO-TTRansform,givenmoreadvancedpatientsmayrespondlessfavorablytogene-silencing

approaches;and3)thepotentialuseofall-causemortalityratherthan

cardiovascularmortality,asATTRisasystemicdiseasea仟ectingmultipleorgans.ArgosplanstorunfuturePhase3trialsinpatientsonbackgroundVyndaqel,

potentiallywhengenerictafamidisbecomesavailable.

nManagementhighlightedthecompany’sbroadsiRNAportfolio,whichitbelievescandeliverdeepergeneknockdownthancompetitortherapiesacrosshepatic,

1October20265

cardiovascular,andneurologicaldiseases.

Ascletis

nAimingtobe2nd-in-classoralGLP-1,15%weightlossatweek72:Withthe

recentinitiationoftwoglobalph3trials(AURORA-1,AURORA-2)ofASC30

(small-moleculeoralGLP-1)inobesity,managementreiteratedthetargetedtimelinewithtoplineresultsexpectedin3Q28andFDANDAsubmissiontargetedbyYE28,

potentiallyputtingASC30tobecomethesecondoralsmall-moleculeGLP-1toreachtheUSmarketafterLilly’sorforglipron,aheadofprogramsfromStructure

TherapeuticsandAstraZeneca.Framingtheweightlossexpectationatweek72,managementsharedthat20mgcohortcouldreachsimilarlevelwithorforglipron(11.5%placebo-adjustedweightlossinph3ATTAIN-1),andhigherweightlossfor40/60mgcohortspotentiallycanreach15%atweek72.

nStrategicintenttopositionthecompanyforapotentialacquisitionwithbroadobesityportfolio.BesidesASC30,managementalsodiscussedthebroadpipelineincludingsmall-moleculeandpeptideamylinprograms,long-actingprograms(e.g.GLP-1R/GIPRdualagonist,triple-Gagonistwithonce-monthly/quarterlyinjection),andmultiplefixed-dosecombinationprogramsacrossoralandinjectableformats.Thecompany’sstrategyistocreateacomprehensiveobesityplatformthatwould

giveapotentialacquirerthetoolstocompetewithcurrentmarketleaders.ForthepotentialBD/acquisitiondiscussions,managementsharedthattheyhavereceivedinterestsonindividualassets,andtheydon’tseeobstaclesinthepotential

discussions,whileitisamatterofdeterminingthebestwaytomaximizethevalueofthefranchise.

Duality(notcovered)

nManagementbelievesElfe-Dhasbest-in-classpotentialasaB7-H3ADC,

supportedbyitsdifferentiateddesign,favorablesafetyprofile,andpotentialtocombinewithPD-L1xVEGFbispecificsacrossmultipletumortypes.

Managementhighlightedseveralfeaturesthatcoulddi仟erentiateElfe-Dfrom

competingB7-H3ADCs,includingitshighselectivityforaB7-H3isoformthatis

overexpressedintumorcells,aswellasasilentFcdesign,bothofwhichmay

contributetoamorefavorablesafetyprofile.Inaddition,Elfe-DhasaDARof6,

higherthantheDARof4forI-DXd,whichmanagementbelievescouldsupport

strongerefficacy,particularlyinB7-H3-lowtumors.WithrespecttothepotentialtocombinewithPD-1/VEGFbispecifics,managementpointedtotheupcomingESMOwhereearlydatawillbepresentedforElf-DcombinedwithpumitamiginPROC,

cervicalcancer,HCC,headandneckcancer,andmelanoma.

nManagementprioritizeditsB7-H3ADCoveritsTROP2ADCinternally,citingamorefavorablebalanceofsafety,efficacy,andcombinationpotential.AlthoughTROP2isbroadlyexpressedacrossmultipletumortypes,managementhighlightedmucositisasaseriouson-targettoxicityriskthatcouldnarrowthetherapeutic

windowforTROP2ADCs.Bycontrast,managementbelievesitsB7-H3ADChasa

widertherapeuticwindow,potentiallyenablinghigherdosingandgreaterefficacy.Inaddition,managementpointedtoB7-H3’simmunomodulatoryroleinthetumor

1October20266

microenvironment,whichTROP2doesnothave,asfurthersupportingthepotentialforstrongerefficacyandbroadercombinationusewithPD(L)-1/VEGFbispecifics.

nManagementhighlightedtheRochecollaborationasexternalvalidationof

Duality’snovelADCpayloadmechanisms,whileclarifyingthattheagreement

doesnotpreventDualityfromusingthesamepayloadsinternallyorlicensingthemtoothercompanies.

Hansoh

nManagementattributedthehigherILDratesobservedwithRis-Rezversus

Roche/MediLink’sTam-Pelimainlytodifferencesintrialdesignandbaseline

patientrisk.HansoharguedthatapparentILDdi仟erencesversuscompetingB7H3ADCslargelyrefiectdi仟erencesinAEdefinitions,priorchest-radiotherapyexposureandfollow-updurationratherthanintrinsicmoleculequality.Thecompany

emphasizedthatapproximately37%ofpatientsinitsstudieshadpriorthoracic

radiotherapy,potentiallyincreasingtheriskofdevelopingILD.Inaddition,abroaderILDdefinitioncoveringfivediseasecategories(vstwocategoriesinMediLink’strial),andathree-monthlongerfollow-upcouldfurtherinfiatelungtoxicityobservation.ManagementexpectsGSKtodiscloseamoredetailedILDanalysisatESMO,whichcouldbecomeanimportantcatalystforthefranchise.WeviewDuality’sviewon

B7H3asapositiveread-acrossforHansoh,whichcurrentlyremainsamongthemostclinicallyvalidatedB7H3ADCdevelopersgloballygivenitspositivePhase3OSdataandGSK-backedglobaldevelopmentstrategy.

nOralIL-23andGLP-1/GIPrepresentincreasinglycrediblesecondgrowthpillarsbeyondoncology:ManagementdescribedtheweeklyoralIL-23peptideas

potentiallydi仟erentiatedbyconveniencewhilemaintainingefficacycomparabletoleadingoralIL-23competitors,supportingtherecentAveredeal.Meanwhile,

Hansoh’sGLP-1/GIPdualagonistcontinuestobepositionedaroundtolerability

ratherthanefficacydi仟erentiation,withmanagementemphasizinglowratesof

nauseaandvomiting.WithNDAalreadyfiledinChinaandRegeneronexpectedtoinitiateglobalPhase3developmentbytheendof2026,Hansoh’scardiometabolicfranchisecouldgraduallyemergeasameaningfulcontributoralongsidethe

oncologyportfolio.

Hengrui

nNear-termcommercialoutlookremainsconstructivedrivenbynewlylaunchesinnovativedrugs:Managementattributedslower-than-expected1Honcology

growthprimarilytoindustry-widedisruptionsinhospitalaccess,procurementandacademicpromotionactivitiesratherthanunderlyingproductcompetitiveness.Theinnovativeportfolioisnowenteringatransitionperiod,withfirst-generation

innovativeproductsfacingNRDL-drivenpriceerosionwhilesecond-generation

assetscontinuedtodeliverc.30%YoYgrowth.Moreimportantly,fivenewly

approvedthird-generationproductsarebeginningcommercialization,ledbythecompany’sHER2ADC.Managementbelievestheseassetsexperienceddelayed

ramp-upduetohospital-accessbottlenecksratherthandemandissuesandcouldbecomemeaningfulgrowthdriversfrom2027onwards.Inaddition,Hengrui

1October20267

highlightedHetrombopag(TPO)asanimportantcontributor,withannualsalesalreadyexceedingRMB2bnandtherecentapprovaloftheCIT

(chemotherapy-inducedthrombocytopenia)indicationexpectedtoprovideincrementalgrowthoverthenextseveralyears.

nHengrui’scollaborationswithGSKandBMYaredrivenbythecompany’sstrongchemistryandearlydiscoverycapabilities,aswellasitsdesiretodeepenits

understandingofdiseasebiologythroughpartnershipswithglobalpharmaleaders.ManagementacknowledgedthatHengrui’sR&Dstrategyoverthepastdecadehasbeenlargelyfocusedonfast-followprograms,ratherthanbuildingadeep,biology-ledunderstandingofdiseasemechanisms.ThecollaborationswithGSKandBMYarethereforeintendednotonlytomonetizeHengrui’sdiscovery

engineandchemistryexpertise,butalsotohelpthecompanylearnfrompartnerswithstrongerdiseasebiology,clinicaldevelopment,regulatory,andglobal

commercializationcapabilities.

nManagementnotedthatdevelopmentdecisionsforHengrui’sLp(a)programlicensedtoMerckwillbeinformedbyNovartis’sLp(a)data.Hengruihighlightedthatitsoralsmall-moleculeLp(a)inhibitor,HRS-5346,hasshowngreaterLp(a)

reductionthanNovartis’sLp(a)-targetingprogram.However,management

acknowledgedthatifNovartis’sdatadonotshowcleardose-dependentefficacy,thiscouldnegativelya仟ectfuturedevelopmentdecisionsforHengrui’sprogram.

Henlius

nManagementexpressedoptimismaroundthePD-L1ADCprogram,highlightingitspotentialinNSCLCafterKeytrudapluschemotherapy,particularlygiventheunmetneedandrecentchallengesforsomeTROP2ADCsinthissetting.The

companybelievesanacceleratedapprovalpathwaycouldbepossibleifthePD-L1

ADCdemonstratescompellingresponseratesanddurablebenefit.InPD-L1-positivepatients,managementplanstoevaluatetheADCasmonotherapy.InPD-L1-low

patients,thecompanyseespotentialtocombinethePD-L1ADCwithPD-1/VEGFbispecificstoenhanceefficacy.

Innovent

nPenetrationasthekeydrivertowardsaUS$10bnChinaGLP-1market,expectmajorsharesformazdutide/tirzepatidedespitegenerics:Management

highlightedthatChina’sGLP-1markethasseenastronger-than-expectedgrowthinvolumein2026,mainlydrivenbythemeaningfullyimprovedaccessibilityledbytheNRDLinclusionoftirzepatide.AnticipatingaUS$2bnmarketforFY26,managementexpecttheChinaGLP-1marketcouldreachUS$10bnifthepenetrationcanreach5%(vs.roughly1%currently).Regardingthepotentialimpactofgeneric

semaglutide,particularlytheKOLcommentsthatgenericsmayeventuallycapture50%ofvolumeshare,managementsharedmorepositiveview,arguingthatobesityGLP-1sinChinabehavemorelikeconsumerproducts,wherebrandvalueand

promotioncanmatterasmuchasprice.Managementnotedthatbranded

semaglutidecurrentlyhasthelowestpriceamongkeyGLP-1therapiesinChina,yetitcontinuestolosesharetomazdutideandtirzepatide.Anotherpointisthatthe

1October20268

costbaseforgenericsemaglutidemaynotfallasdramaticallyassomeinvestors

expect:evenifAPIcostsdecline,manufacturersstillfacemeaningfulexpenses

relatedtoautoinjectors,distribution,cold-chainlogistics,andshipping,whichcouldlimithowlowgenericpricescansustainablygo.Inaddition,managementhighlightedtheroleofonlineE-commerceplatforms,whichhavebecomeamajorsaleschannelformazdutide.Theseplatformstypicallypreferproductswithhighergrosspricesastheycangeneratelargerrebatesandpromotionaleconomics.

nIBI343(CLDN18.2ADC)/IBI363(PD-1/IL-2)asESMOhighlights:Innoventwill

sharetheph3dataofIBI343inlate-lineGCwithpatientsfromChinaandJapan,andmanagementemphasizeditsFc-silenceddesign,whichcouldsupportafavorable

safetyprofile,enablehigherdosing,andpotentiallyimproveefficacy.InadditiontoGC,managementbelievedthatthefavorablesafetyprofilemayenableIBI343’s

combinationwithchemo(AGorFOLFOLX)in1LPDACwithph3inplanning.For

IBI363(PD-1/IL-2bispecific),managementnotedthatlonger-follow-uplungcancerdataandnewgastriccancerdatawillbereleasedatESMO,andtheph1/2

randomizeddatain1LNSCLC/CRCmaybesharedatamedicalconferencein2027whichwillguidethedesignofglobalph3trials.

KelunBiotech

nTopfocusonLung06/Trofuse-005atESMO:Weexpectcontinuedfocuson

sac-TMT(aftertheparadigm-shiftingdataofph3Lung05atASCO2026),with

readoutsfromfourphase3trialsofsac-TMTexpectedatESMO,ledby1)Chinaph3OptiTROP-Lung06datain1LNSCLCwithPD-L1TPS<1%,todemonstratethe

head-to-headsuperiorityofsac-TMT/KeytrudacombooverKeytruda/chemo

combo,and2)globalph3Trofuse-005datain2L+EC,whichwillbethefirstglobalph3dataofsac-TMT,witheyesontheChina-to-Globaldatatranslation.

Managementexpressedconfidenceonthedatatranslatabilityofsac-TMT,sharingthatthe18globaltrialsofsac-TMTwerehighlydata-drivenevidencedbyChinadatafromover2,000patientsacrosstumortypes,andtheexistingclinicaldatahas

cleareddemonstratedthatTROP2ADCsarequitedi仟erentandsac-TMTwiththebest-in-classpotential.

nHighbarsetbysac-TMTinbroadtumortypes:Managementacknowledgedtheon-targetoralmucositissidee仟ectassociatedwithsac-TMT,butemphasizedthatit

appearsmanageable,withthemajorityofcasesbeingmildtomoderateand

typicallyaddressablethroughsupportivecaremeasuressuchasmouthwash.Withrespecttopotent