China Securities has emphasized that the Annual Meeting of the American Society of Clinical Oncology (ASCO) stands as the world's premier and most academically distinguished event in clinical oncology. In recent years, domestic enterprises have achieved continuous breakthroughs in their innovation pipelines, evidenced by the annual rise in the proportion of innovative drug data presented and orally reported at ASCO. Notably, in 2025, a total of 73 studies were selected for oral presentation, with 11 of these being Late-Breaking Abstracts (LBA). This underscores the growing innovation capabilities of Chinese pharmaceutical companies, fostering our optimism for the technology-driven cycle of the innovative drug industry. We recommend keeping a close eye on enterprises specializing in bispecific antibodies, multi-specific antibodies, antibody-drug conjugates (ADC), and small molecule therapies.