2025 年 11 月 3 日 公司研究 特瑞普利单抗销售放量，研发持续推进 ——君实生物(688180.SH、1877.HK)2025 年三季报点评 要点 事件：公司发布 2025 年三季报，前三季度实现收入 18.06 亿元，同比增长 42.06%；归母净利润亏损 5.96 亿元，同比减亏 3.31 亿元；扣非归母净利润亏 损 6.70 亿元，同比减亏。其中 Q3 单季度收入 6.37 亿元，同比增长 31.40%； 归母净利润亏损 1.83 亿元；扣非归母净利润亏损 1.91 亿元。 点评： 特瑞普利单抗持续放量。公司核心产品特瑞普利单抗 25 年前三季度国内市场实 现销售收入约 14.95 亿元，同比增长约 40%。特瑞普利单抗的持续放量得益于 其不断扩大的适应症范围和全球商业化布局。2025 年三季度，特瑞普利单抗用 于一线治疗 HER2 表达尿路上皮癌的新适应症上市申请获得国家药监局受理。特 瑞普利单抗已在中国内地获批 12 项适应症，其中 10 项被纳入国家医保目录， 并在美国、欧盟等超过 40 个国家和地区获批上市。 研发投入持续强劲，管线推进有序。截至 2025 年三季度末，公司货币资金及交 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 上海君實生物醫藥科技股份有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01877 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 260,295,700 | RMB | | 1 | RMB | | 260,295,700 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 260,295,700 | RMB | | | 1 RMB | | 260,295,700 | | ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 上海君實生物醫藥科技股份有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01877 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 260,295,700 | RMB | | 1 | RMB | | 260,295,700 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 260,295,700 | RMB | | | 1 RMB | | 260,295,700 | | ...

来源：新浪证券-红岸工作室 11月3日，君实生物跌0.30%，成交额5.56亿元，换手率1.81%，总市值413.24亿元。 异动分析 创新药+生物疫苗+猴痘概念 1、2024年年报，公司具备完整的从创新药物的发现和开发、 在全球范围内的临床研究、 大规模生产到 商业化的全产业链能力， 旨在成为立足中国、 布局全球的创新医药公司。 公司坚持质量为本、 求真务 实、 诚信合规、 追求卓越的企业价值观， 致力于通过源头创新以及合作开发等形式来研发 first-in-class （同类首创）或 best-in-class（同类最优） 的药物。 通过卓越的创新药物发现能力、 强大的生物技术研 发能力和大规模生产能力， 公司已成功开发出极具市场潜力的药品组合， 多项产品具有里程碑意义： 核心产品之一特瑞普利单抗是国内首个获得 NMPA 批准上市的国产抗 PD-1 单克隆抗体， 截至本报告 披露日已在中国内地获批 11 项适应症， 另有一项 sNDA 已受理， 其中多项为公司独家或领先适应 症， 特瑞普利单抗还是 FDA 批准上市的首个中国自主研发和生产的创新生物药， 截至本报告披露日， 特瑞普利单抗已在中国内地、 中国 ...

Core Insights - The foreign public funds have achieved significant excess returns due to proactive industry positioning and stable investment strategies, with some funds reporting returns exceeding 50% year-to-date [1][2] Group 1: Fund Performance - BlackRock Advanced Manufacturing Fund has a year-to-date return of 66.44%, with a heavy concentration in the manufacturing sector, accounting for 92.52% of its stock investments [2] - The top ten holdings of the BlackRock fund include companies like CATL and Hikvision, with notable stock price increases such as 176.76% for Zhongji Xuchuang [2] - The Robeco Resource Select Fund has achieved a year-to-date return of 79.00%, diversifying its investments across materials, mining, and energy sectors [2] Group 2: Market Outlook - Fund managers maintain a positive outlook for the fourth quarter, expecting low interest rates and ample liquidity to support the A-share market's medium to long-term performance [1][3] - Concerns about geopolitical factors and overseas policy rhythms may cause short-term disruptions, but the overall sentiment remains optimistic for quality technology and resource assets [3][5] - The managers of the BlackRock fund believe that the current low-growth macro environment will anchor a low-interest-rate scenario, pushing investors towards riskier assets with positive cash flows [4] Group 3: Strategic Adjustments - The funds have maintained relatively high positions while making flexible adjustments based on market changes, focusing on sectors like electronics and power equipment [3] - The Allianz China Select Fund has a year-to-date return of 54.48%, with significant holdings in manufacturing and healthcare, reflecting confidence in China's technological innovation [3] - The Robeco fund has strategically included upstream industries related to the current technology innovation cycle, aiming for future gains [5][6]

Core Viewpoint - The company's performance in the first three quarters of 2025 aligns with expectations, showing significant revenue growth and reduced net loss compared to the previous year [1][2]. Financial Performance - Revenue for 1-3Q25 reached 1.806 billion yuan, representing a year-on-year increase of 42.1% [1]. - The net profit attributable to the parent company was -596 million yuan, reflecting a year-on-year reduction in loss of 35.7% [1]. Development Trends - The core product, Tuoyi, continues to see strong sales growth, with domestic market revenue of 1.495 billion yuan in 1-3Q25, up approximately 40% year-on-year [1]. - Tuoyi has received approval for 12 indications in China, with a new indication for HER2-expressing urothelial carcinoma under review by NMPA [1]. - Tuoyi has been approved in 40 countries and regions globally, including Hong Kong, the US, the EU, India, and the UK, with expectations for continued revenue contribution as more indications are approved [1]. Clinical Research and Innovation - The FDA has approved the initiation of clinical research for JS207, a PD-1/VEGF dual-target drug, marking a significant step in its development for operable patients [1]. - The company showcased over 20 research studies at the 2025 ESMO conference, with two studies selected for oral presentations, indicating strong engagement in international academic forums [2]. - Upcoming data updates for JS107 and JS207 at the 2025 ESMO Asia conference highlight the company's commitment to advancing cancer immunotherapy [2]. Profit Forecast and Valuation - The company maintains its net profit forecasts for 2025 and 2026 at -917 million yuan and -315 million yuan, respectively [2]. - The company retains an "outperform" rating based on DCF valuation, with a target price of 36.98 HKD, indicating a potential upside of 47.6% from the current stock price [2].

Core Insights - Junshi Biosciences, founded in December 2012 and listed on the Shanghai Stock Exchange in July 2020, is a leading domestic innovative drug company focused on monoclonal antibody drug development with strong R&D capabilities and international presence [1] Group 1: Financial Performance - In Q3 2025, Junshi Biosciences achieved revenue of 1.806 billion yuan, ranking 8th among 34 companies in the industry, while the industry leader, Changchun High-tech, reported revenue of 9.807 billion yuan [2] - The company reported a net loss of 674 million yuan, ranking last in net profit among the industry peers, with the industry leader, Tonghua Dongbao, posting a net profit of 1.188 billion yuan [2] - The asset-liability ratio for Q3 2025 was 46.14%, higher than the industry average of 26.88%, while the gross profit margin was 80.65%, exceeding the industry average of 70.17% [3] Group 2: Management and Shareholder Information - Chairman Xiong Jun's salary for 2024 was 3.8333 million yuan, a decrease of 3.2876 million yuan from 2023, while CEO Zou Jianjun's salary increased to 8.9874 million yuan, up by 3.1257 million yuan [4] - As of September 30, 2025, the number of A-share shareholders increased by 15.17% to 35,900, with an average holding of 21,400 circulating A-shares, a decrease of 12.96% [5] Group 3: Product and Market Developments - The core product, Toripalimab injection, generated approximately 1.495 billion yuan in domestic sales in the first three quarters of 2025, reflecting a year-on-year growth of about 40% [5] - The company is advancing its internationalization process and has submitted applications for new indications, with ongoing clinical trials for key products [6]

Core Insights - The top three companies with the highest short positions as of October 24 are ZTE Corporation (00763), Vanke Enterprises (02202), and COSCO Shipping Holdings (01919), with short ratios of 15.82%, 15.47%, and 15.42% respectively [1][2] - The companies with the largest increase in short positions are InnoCare Pharma-B (09606), Sanhua Intelligent Controls (02050), and Giant Biogene (02367), with increases of 2.41%, 2.04%, and 1.06% respectively [1][2] - The companies with the largest decrease in short positions are Junshi Biosciences (01877), Mingyuan Cloud (00909), and Shandong Gold (01787), with decreases of -0.95%, -0.94%, and -0.93% respectively [1][3] Top 10 Short Positions - The top 10 companies with the highest short ratios include: - ZTE Corporation (00763): 15.82% - Vanke Enterprises (02202): 15.47% - COSCO Shipping Holdings (01919): 15.42% - Contemporary Amperex Technology Co., Ltd. (03750): 13.88% - Ganfeng Lithium (01772): 13.55% - Ping An Insurance (02318): 13.03% - Fuyao Glass (06865): 12.01% - Zijin Mining (02899): 11.94% - Heng Rui Medicine (01276): 11.05% - MicroPort Medical (00853): 10.94% [2] Largest Increases in Short Positions - The companies with the largest increases in short ratios are: - InnoCare Pharma-B (09606): from 1.39% to 3.80% - Sanhua Intelligent Controls (02050): from 8.14% to 10.18% - Giant Biogene (02367): from 7.56% to 8.62% - Pop Mart International (09992): from 3.91% to 4.88% - GCL-Poly Energy Holdings (03800): from 7.92% to 8.77% - Fourth Paradigm (06682): from 1.20% to 1.96% - Yidu Tech (02158): from 2.64% to 3.38% - Yanzhou Coal Mining Company (01171): from 7.52% to 8.24% - Laopu Gold (06181): from 2.35% to 3.02% - Aluminum Corporation of China (02600): from 5.85% to 6.48% [2] Largest Decreases in Short Positions - The companies with the largest decreases in short ratios are: - Junshi Biosciences (01877): from 5.50% to 4.55% - Mingyuan Cloud (00909): from 4.52% to 3.58% - Shandong Gold (01787): from 8.17% to 7.24% - Kelaiying (06821): from 9.14% to 8.23% - Ganfeng Lithium (01772): from 14.32% to 13.55% - Zijin Mining (02899): from 12.62% to 11.94% - Luoyang Molybdenum (03993): from 6.20% to 5.53% - Yiming Anke-B (01541): from 1.13% to 0.49% - Innovent Biologics (09969): from 6.38% to 5.80% - ZhongAn Online (06060): from 7.11% to 6.57% [3][4]

Core Viewpoint - Junshi Biosciences has demonstrated significant growth potential in the innovative drug and biopharmaceutical sectors, with a focus on developing first-in-class and best-in-class therapies, particularly in oncology and vaccine development [2][3]. Group 1: Company Overview - Junshi Biosciences is a Shanghai-based biopharmaceutical company established on December 27, 2012, and listed on July 15, 2020, specializing in monoclonal antibody drugs and therapeutic protein drug development [7]. - The company's main revenue sources include drug sales (90.67%), technology licensing (8.74%), and technical services (0.59%) [7]. - As of September 30, 2023, Junshi Biosciences reported a revenue of 1.806 billion yuan, a year-on-year increase of 42.06%, while the net profit attributable to shareholders was -596 million yuan, reflecting a year-on-year growth of 35.72% [8]. Group 2: Product Development and Pipeline - The company has a comprehensive capability in the entire industry chain from drug discovery to commercialization, aiming to establish a global presence [2]. - Core product Toripalimab is the first domestically approved PD-1 monoclonal antibody in China, with 11 approved indications and additional applications under review [2]. - The company is also developing Tifcemalimab, the first anti-BTLA monoclonal antibody to enter clinical development, with ongoing Phase III trials and multiple combination studies [2]. Group 3: Collaborations and Vaccine Development - Junshi Biosciences is collaborating with institutions such as Peking University and the Chinese Academy of Sciences to develop vaccines, including a monkeypox recombinant protein vaccine, currently in preclinical development [3]. - The company holds a pipeline of vaccine-related products, including those for monkeypox and Zika virus, through partnerships with research institutions and universities [3].

君实生物[Table_StockNameRptType] -U（688180.SH） 公司点评 产品销售维持高增，JS107 开展美国 2/3 期临床 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-10-31 | | [Table_BaseDa 收盘价（元） | 38.17 | | 近 12 个月最高/最低（元） | 51.40/24.72 | | 总股本（百万股） | 1027 | | 流通股本（百万股） | 766 | | 流通股比例（%） | 74.59% | | 总市值（亿元） | 391.9 | | 流通市值（亿元） | 292.5 | 公司价格与沪深 300 走势比较 -40.00% -20.00% 0.00% 20.00% 40.00% 60.00% 80.00% 君实生物 沪深300 [Table_Author] 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com 分析师：任婉莹 执业证书号：S0010525060003 邮箱：renwanying@hazq.com [Table ...