中国医药生物：2026年ESMO大会总结：全球验证到来

2November2026

ChinaPharmaandBiotech

ESMO2026Summary:Globalvalidationarrives

Globaldata?Youwantit,yougetit.PerhapsthemostimportantmessagefromESMO

forChinabiopharmawasnotanysingledataset,buttheemergenceofglobalclinical

validation.China-onlydatahavelongcarriedadiscountamonginvestors,andthesector’sglobalizationstoryneedsChina-to-globaldatatranslation,notjustlicensingdeals.At

ESMO,wesawthefirstwaveofglobaldatabroadlyvalidatingefficacyinmultiplepractice-changingreadouts(TroFuse-005,Saffron,Clarity-gastric01etc.seeExhibit1).Thisisanimportantlong-awaitedstepinsubstantiatingtheglobalizationeffortsofChinabiopharma,thoughonlythebeginning.

Kelun-Biotech:sac-TMTasthemostclinicallyvalidatedassetacrossourcoverage,

triumphantinthedifficultPD-L1negativeNSCLC(ChinaPh3)andclaimingthefirst

globalPh3wininlatelineendometrialcancer,asdetailedinourearliernotes(seenotes

onOptiTROP-Lung06andTroFuse-005).Merck(coveredbyCourtneyBreen)remains

highlycommitted,withadditionalglobalPh3developmentplannedinbroader1LNSCLCpotentiallywithMK-2010,theirPD-1VEGF.VersusDatroway,weseetwopotential

advantages:strongersurvival/safetyevidence,particularlyconsistentlylowILD,andanall-comerratherthanbiomarker-segmenteddevelopmentstrategy.

Innovent:ESMOgaveusmoreconfidenceinIBI343,whileleavingtheIBI363debatelargelyunchanged.IBI343achievedstatisticallysignificantPFSandOSbenefitsinPh33L+CLDN18.2+gastric/GEJcancer,withefficacybroadlycomparabletoAstraZeneca/

KYM’sSone-Ve.ForIBI363,1LNSCLCremainsearly:the3→1.5mg/kgcohortcontinuestoshowstrikingresponserates,butdurabilityandsafetyneedlongerfollow-up.Importantly,mostofour$4bnpeak-salesestimatecomesfromlate-lineI/O-resistantindications;

meaningful1Lpenetrationremainsupsideoptionality.

Hansoh:HS-20089/Mo-RezprovidedanotherexampleofChina-to-globaldatatranslation.IntheglobalBEHOLD-1studyinplatinum-resistantovariancancer,the

5.8mg/kgcohortdelivered62%ORR,12.2mDoRand11.1mPFS,maintainingor

improvinguponearlierChinaefficacy.Thedatasetremainsa45-patientPh1bandneedsPh3validation,butgivesusgreaterconfidencethattheefficacysignalcantranslate

globally.

Noneofthisisreflectedinrecentstockperformance.Weseelittlefundamental

explanationforthecurrentroutandsuspectfundflowsandrenewedgeopoliticalconcernsarethelargerdrivers.Yetfundamentalsfortheleadingcompaniesarguablyimproved

afterESMO,whilethestockshavesurrenderedalmostalltheirYTDgains.Wethinkthedisconnectleavesvaluationincreasinglyattractive.

SeetheDisclosureAppendixofthisreportforrequireddisclosures,analystcertificationsandotherimportantinformation.Alternatively,visitourGlobalResearchDisclosureWebsite.

FirstPublished:01Nov202622:00UTCCompletionDate:30Oct202614:02UTC

RebeccaLiang,Ph.D.+85221232656

rebecca.liang@

2November2026

BERNSTEINTICKERTABLE

30Oct2026

TTM

ReportedEPSReportedP/E(x)

Ticker

Rating

Cur

Closing Price

Price

Target

Rel.

Perf.

Cur2025A2026E2027E

2025A2026E2027E

9926.HK(Akeso)

M

HKD

81.50

104.00

(35.6)%

CNY

(1.23)

(0.98)

(0.49)

(56.0)

(70.5)

(141.5)

3692.HK(Hansoh)

O

HKD

32.36

44.00

(14.4)%

CNY

0.93

0.97

0.88

29.5

28.3

31.2

1801.HK(Innovent)

O

HKD

79.75

128.00

(10.2)%

HKD

0.48

1.25

1.97

164.4

63.6

40.5

6990.HK(Kelun-Biotech)

O

HKD

424.80

526.00

(8.3)%

CNY

(1.66)

(2.75)

0.85

34.8

35.4

21.8

9688.HK(ZaiLab)

M

HKD

17.37

15.00

(23.8)%

USD

(0.16)

(0.15)

(0.09)

0.7

0.6

0.5

ASIAX

1,787.50

O-Outperform,M-Market-Perform,U-Underperform,NR-NotRated,CS-CoverageSuspended6990.HK,9688.HKvaluationisEV/Sales(x);

Source:Bloomberg,Bernsteinestimatesandanalysis.

INVESTMENTIMPLICATIONS

WerateHansoh,Innovent,andKelun-BiotechOutperform,AkesoandZaiLabMarket-Perform.

CHINAPHARMAANDBIOTECHBERNSTEINlsocIeTecENeRAlECROUP2

RebeccaLiang,Ph.D.+85221232656

rebecca.liang@

2November2026

CHINAPHARMAANDBIOTECHBERNSTEINlsocIeTecENeRAlECROUP3

TableOfContents

ESMOkeytake-awaysforChinabiopharma 4

Kelun-Biotech 4

Sac-TMTOL06 5

Sac-TMTOL04 7

Sac-TMTTROFUSE-005 9

Innovent 11

IBI363in1LNSCLC 11

IBI363inadenoLC 18

IBI343inG/GEJA 19

Hansoh 21

HS-20089PROCBEHOLD-01 21

HS-20093ARTEMIS-011 22

Akeso 23

Ivonescimab:HARMONi-GI1 23

ZaiLab 25

1LSCLC 25

DETAILS

Inthisnote,wearesummarizingthemostimportanttakeawaysfromESMO2026forChinabiopharma.TheconferencereinforcedChina’sgrowingimportanceinglobaloncology,withKelun-Biotech,Innovent,Hansoh,andAkesodeliveringdata

thatelevatedtheirprofilesontheinternationalstage.Beyondanysingledataset,thebroadermessagefromESMOwasthe

emergenceofglobalclinicalvalidationforChina-developedmedicines,asmultiplestudiesdemonstratedsuccessfulChina-

to-globaldatatranslation.Takentogether,theresultsprovideincreasingconfidencethatleadingChineseinnovatorsare

becominggloballycompetitivedevelopersofnovelmedicines,supportedbyimprovingclinicalexecutionandagrowingbodyofinternationallyrelevantdata.

(Startingonthenextpagefordetailedanalysis)

RebeccaLiang,Ph.D.+85221232656

rebecca.liang@

2November2026

ESMOKEYTAKE-AWAYSFORCHINABIOPHARMAEXHIBIT1:ESMOkeytake-awaysforChinabiopharma

CHINAPHARMAANDBIOTECHBERNSTEINlsocIeTecENeRAlECROUP4

MerckiscoveredbyCourtneyBreen,TakedaiscoveredbyMikiSogi,AstrazenecaandGSKarecoveredbyJustinSmithSource:ESMO,Bernsteinanalysis

KELUN-BIOTECH

Sac-TMTscoredafewglobalandChinalatestagetrialwinsandisindisputablythemostvalidatedassetamongstourcoverageatESMO2026,fromlatelinetofrontline,fromlungcancertoothertumortypes.AtMerck’spost-ESMOinvestorconference,halfofthediscussionfocusedonthisasset(theotherhalfonthemRNAINT),andalleyesareonthefreshlyannouncedplanformoreglobalPh3trialsinthebroaderfirstlineNSCLC-inparticularpotentialcombowiththeirPD-1VEGFbispecific,MK2010.Merck’sconvictionontheTROP2assetseemsundeterredthoughthey’reapparentlyafewyearsbehindcompetitorDatroway(AZ/DaiichiSankyo,coveredbyJustinSmith/MikiSogi).

TherearetwokeydistinctionsbetweentheTROP2ADCsandtheirdevelopmentstrategiesthatwethinkmayfavorsac-TMT:

1)Strongersurvivalbenefitsandmoretoleratedsafetyprofileofsac-TMTvs.Datroway,especiallywithconsistently

lowlevelsofILDnowreplicatedinmultipletrials(includingtheglobalTroFuse-005),andstomatitisgettingunder-controlwith

prophylacticmouthwash.2)Theall-comerapproachadoptedinsac-TMTtrialsvs.biomarkersegmentationstrategies

ofDatroway.Thismaybemoredebatable-precisionmedicineitselfisalwaysdesirable.Thoughwethinkinthiscase,unless

theefficacyofDatrowayinQCS+patientstrumpsoverwhelmingly-amildormarginalgainmaynotbecompetitiveagainsttheall-comerapproachinpractice.

RebeccaLiang,Ph.D.+85221232656

rebecca.liang@

2November2026

EXHIBIT2:SummaryofglobalTroFusetrialdevelopmentplans

EXHIBIT3:MerckplanstostartPh3combostudiesofsac-TMT(potentiallywithMK-2010,PD-1VEGF,in1H27)

CHINAPHARMAANDBIOTECHBERNSTEINlsocIeTecENeRAlECROUP5

Note:Biomarkerstrategyinplaceformultiplestudies

Source:Merck

Source:Merck

SAC-TMTOL06

Abstract:LBA66-Sacituzumabtirumotecan(sac-TMT)pluspembrolizumab(P)versuschemotherapy(chemo)plus

pembrolizumab(P)asfirst-line(1L)treatmentforPD-L1-negativeadvancednon-squamous(nsq)NSCLC:Randomizedphase3OptiTROP-Lung06study

OptiTROP-Lung06(1LPD-L1-nsq-NSCLC):strongPFSbenefitsinfront-linesetting;OSnotmaturebutfavorable

trendisclear.AtamFUof9.7m,sac-TMT+keytrudaachievedmPFSof15mvs.5.7mwithKeytruda+chemo(SoC),andastatisticallysignificant51%reductionintheriskofdiseaseprogression(PFSHR0.49;p<0.0001).OSremainsimmaturebutstronglyfavorsthesac-TMTcombo(HR0.58;0.38–0.88).Importantly,PD-L1negativepatientsaredifficulttotreatandpembro’sincrementalbenefittochemowaslimited-addingonly~1monthtothemPFS(from5mto6m)asseeninthesubgroupofKN189.ThePFSsuccessandOStrendofsac-TMTisunmatchedbybenchmarkstudies.

RebeccaLiang,Ph.D.+85221232656

rebecca.liang@

2November2026

EXHIBIT4:1LPD-L1negativensq-NSCLC:efficacycompssummary

CHINAPHARMAANDBIOTECHBERNSTEINlsocIeTecENeRAlECROUP6

*ConfirmedORR;**Notnon-squamousexclusively,butmostlynon-squamous

Source:Companydisclosure,ESMO,ASCO,WCLC,NEJM,Nature,Bernsteinanalysisandestimates

RebeccaLiang,Ph.D.+85221232656

rebecca.liang@

2November2026

EXHIBIT5:In1LPD-L1negativensq-NSCLCsettings,sac-TMT+keytruda'sESMO2026resultsstandoutonPFS

CHINAPHARMAANDBIOTECHBERNSTEINlsocIeTecENeRAlECROUP7

(15mvs.5.7mforkeytruda+chemoH2Hand6.2minKN-189)withanencouragingOStrend(HR0.58)

SoC

ESMO2026

ASCO2025

JTO2026

ASCO2026

WCLC2026

Nature2026

Company

MSD

KelunBiotech

DaiichiSankyo

Huaota/Huahai

RemeGen/AbbVie

Akeso

Drug

Keytruda

sac-TMT

Dato-Dxd

HB0025

RC148

Cadonilimab

Modality

PD-1mAb

TROP2ADC

TROP2ADC

PD-L1/VEGFBsAb

PD-1/VEGFBsAb

PD-1/CTLA4BsAb

Trial

KEYNOTE-189

(PD-L1-subgroup)

OptiTrop-Lung06

OptiTrop-Lung01

(PD-L1-subgroup)

TROPION-Lung02

(PD-L1-subgroup)

NCT06758557

RC148-C002

LungCadX

Triallocation

Global

China

China

Global

China

China

China

Phaseatreadout

PhIII

PhIII

PhII

PhIb

PhII

PhIb

PhII

Indication

1LPD-L1negative(PD-L1TPS<1%)nsq-NSCLC

Regimen

Keytruda+

chemo

Placebo+

chemo

sac-TMT+

keytruda

Keytruda+

chemo

sac-TMT+

tagitanlimab

Dato-Dxd+keytruda

HB0025+chemo

RC148+chemo

Cadonilimab+chemo

Efficacyevaluablepatients,n

127

63

229

226

34

15b

14

24

mFU(months)

64.6

9.7

17.1

26.2

10.6

12.3

12.9

ORR%

33.1%a

14.3%a

50.2%

47.3%

47.1%a

46.7%a

66.7%

64.3%a

45.8%

DCR%

79%

71%

90.4%

88.5%

100%

93%

100%

DOR(months)

10.8

7.8

13.6

6.8

8.6

6.3

mPFS(months)

6.2

5.1

15.0

5.7

12.4

11.6

11.2

8.9

PFSHR

([95%CI],pvalue)

0.67([0.49,0.92])

0.49([0.36,0.65],p<0.0001)

mOS(months)

17.2

10.2

19.7

NR(9.7-NR)

OSHR

([95%CI],pvalue)

0.55([0.39,0.76])

0.58([0.38,0.88])

Safetyprofile(overallsafetypopulation)

G≥3TRAE:

52.3%

G≥3TRAE:

42.1%

G≥3TEAE:

47.6%

G≥3TEAE:

60.6%

G≥3TRAE:49.5%

G≥3TRAE:40.5%

G≥3TRAE:71.9%

G≥3TRAE:52.0%

Note:a.ConfirmedORR;b.Notnon-squamousexclusively,butmostlynon-squamous

Source:Companydisclosure,ESMO,ASCO,WCLC,NEJM,Nature,Bernsteinanalysisandestimates

SAC-TMTOL04

Abstract:LBA67-FinalOSanalysisofsacituzumabtirumotecan(sac-TMT)versusplatinum-basedchemotherapyinEGFR-mutatednon-smallcelllungcancer(NSCLC)afterprogressiononEGFR-TKI:PhaseIIIOptiTROP-Lung04study

OptiTROP-Lung04(EGFR-TKIfailednsq-NSCLC):finalOSreinforcessac-TMT’ssurvivalbenefitsinlate-linesetting.Atamuchlongermedianfollowupof32.3m,sac-TMTshowedmedianOSof25.9mvs.17.4mforPBC,an8.5msurvival

advantage.FinalOSHRwas0.69(95%CI0.54-0.89;one-sidedp=0.0021),statisticallysignificantandbelowSAP’splannedone-sidedfinalanalysisthresholdof0.022(Exhibit6).

CHINAPHARMAANDBIOTECHBERNSTEINlsocIeTecENeRAlECROUP8

RebeccaLiang,Ph.D.+85221232656

rebecca.liang@

2November2026

EXHIBIT6:2L+EGFR-TKIfailednsq-NSCLC:efficacycompssummary

Target&modality

Trial

Triallocation

Phaseatreadout

Prior

treatment

Regulatory

1

progress

months)

17.7

15.6

19.4

(11.9-NR)

(19.3-

NR)

16.816.8

30

(mOS,

25

20

15

10

5

0

months)

12

(mPFS,

10

8

6

4

2

0

SoC

sac-TMT

EGFR/c-METBsAb

NCT06188624

China

PhI

EGFR-TKI;PBC-naïve

PhIIIongoing

EGFR/HER3BsADC

PANKU-Lung01

China

PhIII

EGFR/c-METBsAb

MARIPOSA-2

Global

PhIII

EGFR-TKI;PBC-naïve

FDA,NMPAapproved

TROP2ADCEGFRADC

PD-1/VEGFBsAb

HER3ADC

HERON-Lung01

China

PhIII

EGFR-TKI;PBC-naïve

NMPANDAreview

TROP2ADC

TROPION-Lung01&05

Global

PhII&III

EGFR-TKI&PBCfailed

FDA,NMPAapproved

HER3ADC

NCT06107686

China

PhII

EGFR-TKI&PBCfailed

PhIIIongoing

OptiTROP-Lung04

OptiTROP-Lung03

ChiCTR2300072141

China

HARMONi-AHARMONi

ChinaGlobal

PhIII

EGFR-TKI;EGFR-TKI;

PBC-naïvePBC-naïve

NMPAapproved,FDA

reviewing

PhI

PhIII

EGFR-TKI;PBC-naïve

PhII

EGFR-TKI&PBCfailed

EGFR-TKI;EGFR-TKI&EGFR-TKI;PBC-naïvePBCfailedPBC-naïve

NMPAapproved

PhIIIongoing

(OSHR)

0.8

0.7

0.6

0.5

0.4

0.3

0.2

0.1

0.0

0.76(p=0.0151)

0.70

0.63(95%CI0.43-1.41)*

0.74(p=0.019)

0.66(p=0.0058)

(ORR,%)

TQB2922+beva+PBC

AK112+chemo

Amivan+chemo

70%

60%

50%

40%

30%

20%

10%

0%

11.1

65%

Dato-Dxdsac-TMTsac-TMTSHR-A2009BNT326SYS6010SYS6010Iza-brenAK112+chemo

6.3

●

0.73(p=0.039)*

53%**

\

43%**

5.8

China

NMPAapproved

0.69(p=0.0021)

25.920.0

61%

45%**

8.3

6.9

60%

8.3

7.5

34%**

7.8

46%

7.6

35%

60%**

51%

45%

7.16.8

TQB2922+beva+PBC

AK112+chemo

Amivan+chemo

Dato-Dxdsac-TMTsac-TMTSHR-A2009BNT326SYS6010SYS6010Iza-brenAK112+chemo

MedianOS(overallsurvival):thehigherthebetter

OSHR(hazardratio):thelowerthebetter

MedianPFS

(progressionfree

survival):thehigherthebetter

ORR(objective

responserate):thehigherthebetter

Note:1.Regulatoryprogressreferstothedrugoverallstatusanddoesnotnecessarilyindicateapprovalinthespecificindicationshown;*Notstatisticallysignificant;**ConfirmedORR

Source:Companydisclosure,ESMO,ASCO,WCLC,NEJM,Nature,Bernsteinanalysis

EXHIBIT7:Safetycompsin2L+EGFR-TKIfailedNSCLCsetting

Target&modality

Trial

Triallocation

Phaseatreadout

Regulatory

EGFR/c-METBsAb

MARIPOSA-2

Global

PhIII

1

progress

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

FDA,NMPAapproved

TROP2ADC

TROPION-Lung01&05

Global

PhII&III

FDA,NMPAapproved

TROP2ADC

OptiTROP-Lung04

China

PhIII

HER3ADC

HERON-Lung01

China

PhIII

NMPAapprovedNMPANDAreview

EGFRADC

ChiCTR

2300072141

China

PhI

PhIIIongoing

EGFR/HER3BsADC

PANKU-Lung01

China

PhIII

NMPAapproved

PD-1/VEGF-ABsAb

HARMONi-A

China

PhIII

NMPAapproved

79%

72%

59%57%60%

41%

23%

9%

5%

1%1%1%0%0%

3%1%3%1%

Amivantamab+

chemo*

Dato-Dxdsac-TMTSHR-A2009SYS6010**Iza-brenAK112+chemo

.G≥3TRAEs.G≥3Stomatitis回G≥3ILD/Pneumonitis

Note:*TEAEs;**Safetydataarepooledacrossallpts,ratherthanexclusiveptswithEGFR-TKIfailedNSCLC

Source:Companydisclosures,ESMO,ASCO,ELCC,CancerCell,

C

,Bernsteinanalysis

RebeccaLiang,Ph.D.+85221232656

rebecca.liang@

2November2026

EXHIBIT8:In2L+EGFR-TKIfailednsq-NSCLCsettings,finalmOSforsac-TMTreached25.9mwithaS.SOSHRof

CHINAPHARMAANDBIOTECHBERNSTEINlsocIeTecENeRAlECROUP9

ELCC2026

Cancer

ESMO2026

ESMO2026

ESMO2026

0.69,numericallybetterthanotherleadingpeers

Company

JNJ

DaiichiSankyo/

AZ

KelunBiotech

Hengrui

MediLink/

BioNTech

CSPC

Biokin

Akeso

SBP

Drug

Amivantamab

Dato-Dxd

sac-TMT

SHR-A2009

BNT326

SYS6010

Iza-bren

AK112

TQB2922

Modality

EGFR/METBsAb

TROP2ADC

TROP2ADC

HER3ADC

HER3ADC

EGFRADC

EGFR/HER3Bs

ADC

PD-1/VEGFBsAb

EGFR/c-MET

BsAb

Trial

MARIPOSA-2

TROPION-

Lung05+

OptiTrop-Lung04

OptiTrop-Lung03

HERON-Lung01

YL202-CN-

201-01

ChiCTR2300072141

PANKU-Lung01

HARMONi-A

HARMONi

TQB2922-I-01

Triallocation

Global

Global

China

China

China

China

China

China

China

Global

China

Phaseatreadout

PhIII

PhII+PhIII

PhIII

PhII

PhIII

PhII

PhI

PhIII

PhIII

PhIII

PhI

Indication

Late-lineEGFRmnsq-NSCLC

PriorLoT

Osimertinib

EGFR-TKIsand

PBC

1-2linesofEGFR-TKIs

EGFR-TKIandPBC

EGFR-TKIs

EGFR-TKIand

PBC

EGFR-

TKIs

EGFR-

TKIand

Upto2LoTofEGFR-

TKI

EGFR-TKIs

EGFR-TKIs

EGFR-TKIs

Regimen

Amivan+

CP

CP

Dato-Dxd

6mg/kg

sac-TMT

Chemo

sac-TMT

Docetaxel

SHR-

A2009

PBC

BNT326

SYS6010

SYS6010

Iza-bren

PBC

AK112+

CP

Placebo+

CP

AK112+

CP

Placebo+

CP

TQB2922+

beva+PBC

Efficacyevaluablepatients,n

131

263

117

188

188

91

46

250

248

96

46

98

216

206

161

161

219

219

34

mFU(months)

18.1

(secondinterimOS)

32.3

23.8

7.7

10.1

7.8

14.6

32.5

29.9

6.7

ORR%

53%a

29%a

42.7%a

60.6%

43.1%

45.1%a

15.6%a

60.0%

34.3%

34.4%a

45.7%

34.7%

60.2%a

34.5%a

50.6%

35.4%

45.0%

34.0%

64.7%

DCR%

86.3%

87.2%

80.3%

82.4%

60.0%

92.8%

83.1%

89.6%

95.7%

93.9%

88.9%

85.0%

93.1%

83.2%

84%

73%

97.1%

DOR(months)

6.9

5.6

7.0

8.3

4.2

7.0

5.1

8.5

4.4

7.0

6.2

8.5

10.5

5.7

6.6

4.2

7.6

4.2

mPFS(months)

6.3

4.2

5.8

8.3

4.3

6.9

2.8

8.3

5.4

7.5

7.8

7.6

11.1

5.7

7.1

4.8

6.8

4.4

NR(6-mPFS

rate:79%)

PFSHR

([95%CI],pvalue)

0.48([0.36,0.64],

p<0.0001)

0.49([0.39,0.62])

0.3([0.20,0.46],

p<0.001)

0.47([0.36,0.60],p

<0.0001)

0.40([0.31,0.51],

p<0.0001)

0.46([0.34,0.62],

p<0.001)

0.52([0.41,0.66],

p<0.0001)

OS(data

cut-off)

Secondinterim

(26Apr2024)

Descriptive

pooledOS

ESMO2026update

FinalOS

(11Dec2025)

InterimOS

(15Apr2026)

DescriptiveOS

InterimOS

(15Jul2026)

FinalOS

(12Apr2025)

UpdatedOS

(June2026)

FinalOS(06Aug2026)

mOS(months)

17.7

15.3

15.6

25.9

17.4

20.0

13.5

NR(11.9-

NR)

19.4

NR(19.3-

NR)

19.4

16.8

14.1

16.8

14.0

OSHR

([95%CI],pvalue)

0.73([0.54,0.99],

p=0.039)b

0.69([0.54,0.89],p=0.0021)

0.63([0.40,0.98])

0.70([0.43,1.14])

0.66([0.47,0.91],

p=0.0058)

0.74([0.58,0.95],

p=0.019)

0.76([0.61,0.95],

p=0.0151)

Safetyprofile(overallsafetypopulation)

G≥3

TEAEs:

72%

G≥3

TEAEs:

48%

G≥3TRAEs:

23.1%

G≥3TRAEs:

58.5%

G≥3TRAEs:

53.8%

G≥3

TRAEs:

60.4%

G≥3

TRAEs:

73.9%

G≥3

TRAEs:

40.7%

G≥3

TRAEs:

38.9%

G≥3TRAEs:

42.1%

G≥3TRAEs:57.2%

G≥3

TRAEs:

78.7%

G≥3

TRAEs:

62.1%

G≥3

TRAEs:

59.6%

G≥3

TRAEs:

44.7%

G≥3

TRAEs:

51.4%

G≥3

TRAEs:

43.6%

G≥3TRAEs:

52.6%

Note:a.ConfirmedORR

Source:Companydisclosure,ESMO,ASCO,WCLC,NEJM,Nature,Bernsteinanalysis

EXHIBIT9:Keysafetyresultscomparisonforleadingpeersin2L+EGFR-TKIfailednsq-NSCLC

Modality

EGFR/c-MET

BsAb

TROP2ADCs

HER3ADC

HER3ADC

EGFRADC

EGFR/HER3

BsADC

PD-1/VEGF-ABsAb

EGFR/MET

BsAb

Drug/regimens

Amivantamab

+chemo1

Dato-Dxd

sac-TMT

SHR-A2009

BNT3262

SYS60102

Iza-bren

AK112+chemo

TQB2922+

beva+PBC

Trial

MARIPOSA-2

TROPION-

Lung01&05

OptiTROP-

Lung04

OptiTROP-

Lung03

HERON-

Lung01

YL202-CN-

201-01

ChiCTR2300

072141

PANKU-

Lung01

HARMONi-A

HARMONi

TQB2922-I-

01

AnygradeTRAEs

100.0%

94.9%

100.0%

97.8%

99.6%

97.4%

99.6%

100.0%

98.8%

95.0%

100.0%

ILD/Pneumonitis

Stomatitis

Ocularsurfacetoxicity

Thrombocytopenia/PLTdecreaseNeutropenia/NEUdecrease

Leukopenia/WBCdecrease

1.5%

(both)

31.5%

17.0%

43.8%

(Thrombo)

56.9%

(Neutropenia)

28.5%

(Leukopenia)

4.3%

(ADR3,both)

59.8%

32.5%

0.5%

(both)

62.2%

10.6%

27.1%

(PLTdecr.)

76.1%

(NEUdecr.)

83.5%

(WBCdecr.)

1.1%

(Pneumonitis)

65.9%

2.2%

35.2%

(PLTdecr.)

68.1%

(NEUdecr.)

74.7%

(WBCdecr.)

2.4%

(ILD)

23.0%

(PLTdecr.)

71.4%

(NEUdecr.)

63.3%

(WBCdecr.)

2.6%

(ILD)

27.6%

(Thrombo)

35.5%

(Neutropenia)

43.4%

(Leukopenia)

3.8%

(ILD)

20.8%

59.3%

(Thrombo)

66.1%

(Neutropenia)

70.3%

(Leukopenia)

0.9%

(ILD)

32.0%

82.9%

(Thrombo)

77.8%

(Neutropenia)

81.9%

(Leukopenia)

50.3%

(PLTdecr.)

62.1%

(NEUdecr.)

67.7%

(WBCdecr.)

2.8%

(ir,both)

2.8%

(ir)

32.6%

(PLTdecr.)

42.7%

(NEUdecr.)

45.0%

(WBCdecr.)

0.0%

60.5%

42.1%

(PLTdecr.)

50.0%

(NEUdecr.)

50.0%

(WBCdecr.)

(TEAE)

Grade≥3TRAEs

72.3%

23.1%

58.5%

60.4%

40.7%

42.1%

57.2%

78.7%

59.6%

50.0%

52.6%

ILD/Pneumonitis

Stomatitis

Ocularsurfacetoxicity

Thrombocytopenia/PLTdecreaseNeutropenia/NEUdecrease

Leukopenia/WBCdecrease

0.8%

(both)

0.8%

0.0%

14.6%

(Thrombo)

45.4%

(Neutropenia)

20.0%

(Leukopenia)

0.9%

(ADR3,both)

9.4%

2.6%

0.0%

(both)

4.8%

0.0%

2.1%

(PLTdecr.)

40.4%

(NEUdecr.)

28.2%

(WBCdecr.)

0.0%

(Pneumonitis)

18.7%

0.0%

5.5%

(PLTdecr.)

44.0%

(NEUdecr.)

27.5%

(WBCdecr.)

0.4%

(ILD)

2.0%

(PLTdecr.)

25.8%

(NEUdecr.)

11.7%

(WBCdecr.)

0.7%

(ILD)

2.6%

(Thrombo)

9.2%

(Neutropenia)

7.9%

(Leukopenia)

1.3%

(ILD)

2.5%

17.4%

(Thrombo)

30.9%

(Neutropenia)

25.0%

(Leukopenia)

0.5%

(ILD)

2.9%

38.4%

(Thrombo)

46.3%

(Neutropenia)

42.1%

(Leukopenia)

18.0%

(PLTdecr.)

31.7%

(NEUdecr.)

21.7%

(WBCdecr.)

1.4%

(ir,both)

0.5%

(ir)

12.4%

(PLTdecr.)

19.3%

(NEUdecr.)

12.8%

(WBCdecr.)

0.0%

0.0%

10.5%

(PLTdecr.)

23.7%

(NEUdecr.)

21.1%

(WBCdecr.)

TRAEsledtodosereductions

40.8%

22.2%

30.3%

42.9%

14.5%

15.1%

35.2%

60.2%

13.3%

10.5%

(TQB2922)

TRAEsledtotreatmentdiscont

18.5%

5.1%

0.0%

0.0%

1.2%

5.3%

5.1%

1.9%

11.2%

(anydrug)

7.3%

(AK112)

0.0%

TRAEsledtodeath

2.3%

0.0%

0.5%

0.0%

0.4%

0.7%

0.5%

0.0%

1.8%

0.0%

Note:1.TEAEs;2.Safetydataarepooledacrossallpts,ratherthanexclusiveptswithEGFR-TKIfailedNSCLC;3.ARDstandsforadjudicateddrug-related

Source:Companydisclosures,ESMO,ASCO,ELCC,CancerCell,

C

,Bernsteinanalysis

SAC-TMTTROFUSE-005

Abstract:LBA11-Sacituzumabtirumotecaninpreviouslytreatedadvancedorrecurrentendometrialcancer:Resultsfromthephase3TroFuse-005/ENGOT-en23/GOG-3095study

CHINAPHARMAANDBIOTECHBERNSTEINlsocIeTecENeRAlECROUP10

RebeccaLiang,Ph.D.+85221232656

rebecca.liang@

2November2026

EXHIBIT10:Late-lineEC:efficacycompssummary

Target&modality

Trial

Triallocation

Phaseatreadout

Dose

PriorLoT

Prior

treatment

(mOS,months)

20

18

16

14

12

10

8

6

4

2

0

(mPFS,months)

8

7

6

5

4

3

2

1

0

sac-TMT

SoC

18.3

0.62(p<0.001)

7.2

PD-1mAbcombo

KEYNOTE

-775

Global

Ph3

200mg+leva20mg

Atleast1

PBC

19.0

18.1

0.68(p=0.0001)

7.27.3

FRαADC

RAINFOL-01

Global

Ph1/2

100mg/m2

Median3

PBC,PD-L1

TROP2ADC

TROPiCS-03

Global

Ph2

10mg/kg

Median3

PBC,I/O

TROP2ADC

TROPION-PanTumor-03

Global

Ph2

6mg/kg

Median1

PBC,PD-L1

TROP2ADC

Trofuse-005

Global

Ph3

4mg/kg

Max3priorLoT

PBC,PD-L1

B7-H4ADC

BLUESTAR

Global

Ph1/2a

2.4mg/kg

Median1

Chemo,PD-L1

B7-H4ADC

BEHOLD-1

Global

Ph1b

4.8mg/kg

1-3priorLoT

PBC,PD-L1

TROP2ADC

NCT04152499

China

Ph2

5mg/kg

52%≥2priorLoT

PBC,PD-L1

0.690.680.670.660.650.640.630.620.610.6

0.59

70%

60%

50%

40%

30%

20%

10%

0%

(OSHR)

(ORR,%)

15.0

Pembro+

sac-TMT

sac-TMT

Dato-Dxd

Trodelvy

HS-20089

Puxi-sam*

Rinatabart

lenvatinib

sesutecan

7.2

67%

50%

%**

32

%

35

%

34

%

6.3

28%

5.0

27%

47

Pembro+

sac-TMT

sac-TMT

Dato-Dxd

Trodelvy

HS-20089

Puxi-sam*

Rinatabart

lenvatinib

sesutecan

MedianOS(overall

survival):thehigherthebetter

OSHR(hazardratio):thelowerthebetter

MedianPFS

(progressionfree

survival):thehigherthebetter

ORR(objective

responserate):thehigherthebetter

Note:*Puxi-samdataarefromB7-H4positiveECcohort;**UnconfirmedORR

Source:Companydisclosures,ASCO,ESMO,Lancet,

ClinicalT

,Bernsteinanalysis

RebeccaLiang,Ph.D.+85221232656

rebecca.liang@

2November2026

EXHIBIT11:Inlate-lineECsetting,sac-TMTshowed19mmOSwithOSHRof0.68vs.TPC,whileotherADCpeers

CHINAPHARMAANDBIOTECHBERNSTEINlsocIeTecENeRAlECROUP11

remaininearly-phasestudies

SoC

ESMO2026

CCHIO2025

ESMO2024

ESMO2024

GSK2026

ASCO2026

Genmab2025

Sponsor

Merck

KelunBiotech/MSD

DaiichiSankyo/

AZ

Gilead

Hansoh/GSK

AstraZeneca

Genmab

Product

Pembrolizumab

sac-TMT

Dato-Dxd

Trodelvy

HS-20089

Puxi-Sam*

Rinatabart

sesutecan(Rina-

S)

Target&Modality

PD-1mAb

TROP2ADC

TROP2ADC

TROP2ADC

B7-H4ADC

B7-H4ADC

FRαADC

TrialNo.

KEYNOTE-775

Global

PhIII

Trofuse-005

Global

PhIII

NCT04152499

China

PhII

TROPION-

PanTumor-03

Global

PhII

TROPiCS-03

Global

PhII

BEHOLD-1

Glo