• Voluntary enrollment with written informed consent obtained

• Age 18 to 75 years (inclusive), regardless of gender

• Histologically or pathologically confirmed previously untreated hepatocellular carcinoma (HCC) or clinically diagnosed previously untreated HCC according to the AASLD guidelines.

• Initial resectable status as assessed by the investigator (expected to achieve R0 resection, sufficient liver remnant volume, and Child-Pugh class A, as per the Chinese Expert Consensus on Neoadjuvant Therapy for Liver Cancer (2023 Edition)).

• At least one measurable lesion according to mRECIST criteria.

• Tumor burden meets one of the following conditions:

‣ A single tumor with a diameter \> 5 cm;

⁃ Multiple tumors with the largest tumor diameter \> 3 cm, with \< 5 tumors in total;

⁃ Presence of portal vein tumor thrombus (Vp1-Vp2).

• Liver function: Child-Pugh score of 5-6.

• ECOG 0-1

• Life expectancy of at least 3 months.

• Women of childbearing potential (defined as not postmenopausal or surgically sterilized) must have a negative serum pregnancy test within 7 days prior to the study drug administration.

• Both women and men of childbearing potential must use reliable contraception during the study and for 60 days following the last dose of the study drug.

• For HBV-infected patients: If HBV-DNA is ≥ 10⁴ copies/ml within 14 days prior to enrollment, antiviral therapy (preferably entecavir) must be initiated to reduce HBV-DNA to \< 10⁴ copies/ml before entering the study. Antiviral therapy should continue, with regular monitoring of liver function and HBV-DNA levels.

• Adequate organ function.