China Galaxy Securities: Breakthrough in Innovative Technology Opens a New Era of Precision Treatment for Lung Cancer.

China Galaxy Securities released a research report stating that China has developed multiple innovative drugs for lung cancer through independent research and development, building a multi-level treatment system focusing on targeted therapy represented by EGFR-TKI, immunotherapy centered around PD-1, and combination therapy using VEGF anti-angiogenic therapy. At the same time, technologies such as bispecific antibodies and ADC are expected to provide treatment options for targeted therapy-resistant and immunotherapy-failed NSCLC, as well as breakthroughs in the treatment bottleneck of SCLC, changing the traditional treatment mode. The report highlights companies with strong research and development capabilities, rich product lines, and innovative technologies. China Galaxy Securities' key points are as follows: Individualized precision treatment drives continuous upgrading of lung cancer targeted drugs, and domestic new drugs continue to emerge As the malignant tumor with the highest global incidence and mortality rate, lung cancer has always been a focus of innovative drug companies. The current trend of precision development of lung cancer therapy drugs is significant, from traditional radiation and chemotherapy, to targeted drugs doubling progression-free survival, to immunotherapy filling the treatment gap in gene-negative NSCLC, and new target technologies such as bispecific antibodies and ADC are expected to break through the treatment bottleneck of SCLC. With the trend of individualized precision treatment, the survival and quality of life of lung cancer patients continue to improve. Recently, independently developed innovative lung cancer drugs in China have been successively launched, forming a multi-level lung cancer treatment system covering targeted therapy, immunotherapy, and anti-angiogenic therapy. Building a precision treatment system for NSCLC targeting and immunotherapy For advanced driver gene-positive NSCLC, targeted therapy is the main treatment. Currently, drugs targeting EGFR mutations are becoming mature, exploring first-line combination therapy and post-resistance treatment plans; ALK and ROS1 fusions further improve efficacy through upgrading iterations; EGFR ex20ins, KRAS mutations gradually break the stalemate of no available treatment; rare mutations such as RET fusion are exploring more treatment options. Immunotherapy and chemotherapy are mainly used for advanced driver gene-negative NSCLC, and in recent years, rapid progress has been made in the exploration in the PD-1 bispecific antibody field, among which the PD-1/VEGF bispecific antibody "head-to-head" K drug has achieved positive results, reshaping the first-line treatment mode; PD-1/IL-2-bias bispecific antibody has shown efficacy in IO-resistant patients, further optimizing the post-line treatment for NSCLC. DLL3 TCE, B7-H3 ADC is expected to break through the treatment bottleneck of SCLC 70% of SCLC is diagnosed as extensive stage at the time of diagnosis, and the first-line treatment mainly adopts the PD-(L)1 combined chemotherapy model, while the overall prognosis of post-progression chemotherapy is poor, and there has long been a clinical treatment bottleneck. In recent years, the advancement of bispecific antibodies and ADC technology is expected to achieve breakthroughs in ES-SCLC, the world's first DLL3/CD3 TCE drug Tarlatumab has been granted accelerated approval by the FDA for second/third-line treatment and is currently being advanced to first-line treatment; the first-line three B7-H3 ADCs have started phase III clinical trials, preliminary studies have shown good response rates and long-term survival benefits, and are expected to rewrite the current ES-SCLC treatment mode. Risk Warning Risks of development progress falling short of expectations; risks of industry policy uncertainties; risks of commercial sales falling short of expectations; risks of intensified market competition.