China healthcare and pharmaceuticals oncology innovation: CSCO discussions spotlight China-originated ADCs and continued momentum in SCLC and NSCLC innovation

Overview

Nomura reviews clinical and corporate discussions from the 29th CSCO Annual Meeting, focusing on China oncology innovation. The main themes were SCLC, PD-1/VEGF bispecific antibodies and antibody-drug conjugates, with several Chinese assets receiving constructive physician attention.

Core views

Nomura attended the 29th CSCO Annual Meeting on 17-18 September, an oncology gathering featuring more than 80 dedicated sessions spanning NSCLC, breast cancer, SCLC and gastric cancer. Around 60 satellite sessions were organized by multinational and domestic pharmaceutical and biotechnology companies. The institution observed only slightly fewer participants than in 2025, interpreting this as evidence that major academic meetings such as CSCO remain important forums for physicians. The report used the event to assess physician views on data previously presented at ASCO in June 2026 and at the World Conference on Lung Cancer, as well as which drugs Chinese companies and multinational firms are prioritizing for China. SCLC and B7-H3 ADCs were prominent. At the Innovative Drugs session, updated ARTEMIS-008 data for Hansoh's HS-20093 (Ris-Rez) in second-line SCLC showed median overall survival of 18.5 months, versus 10.3 months for topotecan, corresponding to a hazard ratio of 0.46. The presenter also reported no grade 4/5 interstitial lung disease events. The physician presenting the update considered the China trial's success supportive of the ongoing global EMBOLD-SCLC-301 study. The report also highlights strong attention to Akeso's ivonescimab and the wider PD-1/VEGF bispecific-antibody field. HARMONi-6 was repeatedly discussed for first-line squamous NSCLC, with a physician describing the trial as important for treatment. Biostatistics-session panelists attributed the progression-free-survival hazard ratio's movement from 0.60 at the initial readout to 0.72 at maturity to longer follow-up. Nomura notes that ivonescimab's success has encouraged competing development programs: SSGJ-707/PF4404, PM8002/BNT327 and RC148/ABBV-1480 had all begun phase III trials in first-line NSCLC. ADCs were another central theme. Positive outcomes led to sessions on Kelun Biotech's sac-TMT, a Trop2 ADC, and Biokin's iza-bren, an EGFR/HER3 ADC. Presentations covered OptiTROP-Lung05 and OptiTROP-Breast05 for sac-TMT, and PANKU-Breast02 and PANKU-Esophagus01 for iza-bren. The presenting physicians believed these China-originated ADCs could change treatment practice in the cancers addressed. At Hengrui's satellite session, physicians discussed trastuzumab rezetecan across NSCLC, breast cancer, colorectal cancer and gastric cancer, including MA-BC-II137 and a head-to-head comparison with DS-8201 in HER2-positive second-line breast cancer. Hengrui's early-innovation leader said the drug's design is intended to enhance the bystander effect. In Hansoh's NSCLC session, physicians emphasized third-generation EGFR TKIs, including almonertinib, combined with chemotherapy as a cornerstone of first-line EGFR-positive NSCLC treatment; they also noted that newer combinations such as amivantamab plus lazertinib could further improve efficacy.

Analysis framework

The report synthesizes observations from clinical and corporate satellite sessions at CSCO, comparing updated trial results with earlier ASCO and WCLC readouts. It focuses on physician interpretation of efficacy, safety, follow-up effects and the development stage of competing oncology assets.

Methodology notes

• Event-Driven and Behavioral FinanceEvent-driven analysis

  Conference-based review of updated clinical-trial evidence and physician commentary

  Nomura uses the CSCO meeting as an event-driven lens to assess how clinicians interpret new oncology data, treatment positioning and the implications for ongoing development programs.

Asset mapping & comparison

Structured mapping from thesis to named assets (strengths, weaknesses, peers, risks).

• Hansoh HS-20093 (Ris-Rez)

  B7-H3 ADC discussed for second-line SCLC

  Strengths

  ARTEMIS-008 showed median overall survival of 18.5 months versus 10.3 months for topotecan and no grade 4/5 ILD events were reported.

  Comparison

  Overall survival was compared with topotecan.

  Risks

  Clinical-trial results and global-trial outcomes remain relevant.

• Akeso ivonescimab

  PD-1/VEGF bispecific discussed for first-line squamous NSCLC

  Strengths

  HARMONi-6 was regarded highly by physicians and viewed as important for first-line treatment.

  Comparison

  The PFS hazard ratio changed from 0.60 initially to 0.72 with mature follow-up.

  Risks

  Longer follow-up can alter the apparent magnitude of efficacy.

• Kelun Biotech sac-TMT

  Trop2 ADC highlighted through lung and breast cancer trial updates

  Strengths

  Positive outcomes were presented from OptiTROP-Lung05 and OptiTROP-Breast05.

• Biokin iza-bren

  EGFR/HER3 ADC highlighted through breast and esophageal cancer trial updates

  Strengths

  Physicians discussed PANKU-Breast02 and PANKU-Esophagus01 and viewed China-originated ADCs as potentially practice-changing.

• Hengrui trastuzumab rezetecan

  HER2 ADC discussed across NSCLC, breast, colorectal and gastric cancers

  Strengths

  Hengrui said its design can enhance the bystander effect.

  Comparison

  MA-BC-II137 included a head-to-head comparison with DS-8201 in HER2-positive second-line breast cancer.

• Hansoh almonertinib

  Third-generation EGFR TKI discussed in first-line EGFR-positive NSCLC

  Strengths

  Physicians emphasized third-generation EGFR TKI plus chemotherapy as a cornerstone treatment approach.

  Comparison

  Newer combinations, including amivantamab plus lazertinib, were noted as potentially able to improve efficacy further.

Key data

• CSCO dedicated sessions80+Sessions covering multiple cancer types, including NSCLC, breast cancer, SCLC and gastric cancer.
• Corporate satellite sessionsAbout 60Primarily sponsored by multinational and domestic pharmaceutical and biotechnology companies.
• HS-20093 median overall survival18.5 months vs 10.3 monthsSecond-line SCLC result versus topotecan in ARTEMIS-008.
• HS-20093 overall-survival hazard ratio0.46Reported for ARTEMIS-008 in second-line SCLC.
• Ivonescimab PFS hazard ratio0.60 initially; 0.72 at maturityPanelists attributed the change to longer follow-up.
• PD-1/VEGF bispecific phase III programs3SSGJ-707/PF4404, PM8002/BNT327 and RC148/ABBV-1480 had started phase III trials in first-line NSCLC.

Impact & implications

The report indicates that Chinese oncology innovation remains centered on ADCs and PD-1/VEGF bispecific combinations. Constructive physician responses to emerging China-originated assets, together with continued phase III activity in first-line NSCLC, support sustained attention to clinical differentiation, durability of benefit and safety.