Investment Rating - The report provides a positive outlook on the MASH non-invasive diagnosis technology, suggesting it could accelerate new drug development in the pharmaceutical and biotechnology sector [2]. Core Insights - The pharmaceutical and biotechnology sector experienced a decline of 0.65% from August 25 to August 29, underperforming compared to the Wind All A index (1.9%) and the CSI 300 index (2.71%). Only the medical research outsourcing (4.9%) and other biological products (0.14%) sectors saw gains, while in vitro diagnostics (-4.12%), raw materials (-3.34%), and vaccines (-0.59%) faced significant declines [2][7]. - The FDA has accepted the proposal for using VCTE-LSM as a reasonable alternative endpoint for clinical trials in adults with MASH and moderate to advanced fibrosis. This non-invasive method is expected to enhance patient compliance and could lead to a surge in drug development in the MASH area within the next two to three years [2][13]. - The report emphasizes the potential for domestic companies in China to leverage their cost advantages and forward-looking strategies in the field of non-invasive companion diagnostics, particularly in the MASH drug development competition [2]. Market Weekly Review - The pharmaceutical and biotechnology sector's performance was notably weaker than the broader market indices, with specific sub-sectors like medical research outsourcing and other biological products showing resilience [7][8]. - Individual stocks such as Tianchen Medical (30.1%), Ailis (25.6%), and Maiwei Biotech-U (22.4%) performed well, while stocks like Lifang Pharmaceutical (-13.9%), Yuekang Pharmaceutical (-11.9%), and Kanghua Biotech (-11.1%) faced significant losses [10][12]. Industry News and Key Company Announcements - On August 28, Kangfang Biotech announced that its drug AK112 received approval for treating advanced non-squamous non-small cell lung cancer, with promising clinical trial results expected to be presented at an international conference [12]. - The report highlights various companies' financial performances, with notable revenue changes and profit margins, indicating a mixed outlook across the sector [16][17].

机构：长江证券 研究员：彭英骐/刘长洪 事件描述 2025 年8 月26 日，君实生物发布2025 年中期业绩公告：2025 年上半年实现营业收入11.68亿元，同比增 长49%，归母净亏损减少至4.13 亿元，同比下降36%。 事件评论 营收继续稳健增长，特瑞普利单抗销售明显提速。2025H1 公司实现营业收入11.68 亿元（同比 +49%），其中药品销售收入10.59 亿元。2025H1 归母净亏损减少至4.13 亿元（同比-36%）。公司四款 商业化产品放量明显，2025H1 特瑞普利单抗（拓益）国内销售收入9.54 亿元（同比+42%），上半年新 增两项适应症，共计12 项适应症上市，其中10 项已纳入医保。昂戈瑞西单抗（君适达）为首个覆盖他 汀不耐受人群的国产抗PSCK9 单抗，上半年新增两项适应症获批，共计3 项适应症上市；氢溴酸氘瑞米 德韦片（民得维）由附条件批转为常规批准，上半年实现全渠道覆盖；阿达木单抗（君迈康）8 项已获 批适应症并全部纳入医保。 核心产品引领海内外商业化网络建设。2025 上半年特瑞普利单抗相继在新加坡、澳大利亚、科威特及 阿联酋获批上市，目前累计在全球40 个国家和地 ...

Core Viewpoint - The company reported a slight revenue increase in 1H25, driven by strong sales growth of its core product, Tuoyi, while reducing its net loss compared to the previous year [1]. Group 1: Financial Performance - The company's revenue for 1H25 reached 1.168 billion yuan, representing a year-on-year growth of 46% [1]. - The net loss attributable to shareholders was 413 million yuan, which is a reduction in loss by 232 million yuan compared to the previous year [1]. Group 2: Product Development and Market Trends - Tuoyi's sales in the domestic market amounted to 954 million yuan in 1H25, showing a year-on-year increase of 42% [1]. - Tuoyi has received approval for 12 indications in China and is approved in 40 countries and regions, indicating a growing global commercialization value [1]. - The company expects accelerated global sales of Tuoyi as new indications enter the market and more countries approve its commercialization [1]. Group 3: Pipeline and Clinical Research - The company is focusing on the potential of its PD-1/VEGF dual antibody, JS207, which is currently in Phase II clinical trials for various cancers [2]. - The DKK1 monoclonal antibody has shown promising clinical data and is also in Phase II clinical trials, leading in global research progress [2]. - The company has established a pipeline covering over 50 innovative products across five therapeutic areas, with nearly 30 products in clinical research [2]. Group 4: Profit Forecast and Valuation - The company has adjusted its 2025 profit forecast from a loss of 662 million yuan to a loss of 917 million yuan, and introduced a 2026 forecast of a loss of 315 million yuan [3]. - The target price has been raised by 101.0% to 36.98 HKD, indicating a potential upside of 21.1% from the current stock price [3].

Group 1: Company Performance - Renfu Pharmaceutical reported a 6.2% decline in revenue to 12.064 billion yuan, while net profit increased by 3.92% to 1.155 billion yuan [1] - Junshi Biosciences achieved a 48.64% increase in revenue to 1.168 billion yuan, with a net loss of 413 million yuan [2] - Fuhong Hanlin's revenue for the first half of 2025 was 2.8195 billion yuan, a 2.7% year-on-year increase, with a net profit of 390.1 million yuan [6] Group 2: Market Position and Product Development - Renfu Pharmaceutical holds over 60% market share in the domestic anesthetic drug market, with its subsidiary Yichang Renfu being the largest R&D and production base in Asia [1] - Junshi Biosciences' core product, Toripalimab, generated sales revenue of approximately 1.059 billion yuan, a 49.41% increase, with domestic sales reaching about 954 million yuan, up 42% [2] - Beijing Kexing's adsorbed tetanus vaccine received drug registration approval, enhancing the company's portfolio in the trauma field [3] Group 3: Strategic Partnerships and Financial Transactions - BeiGene signed a royalty transfer agreement with Royalty Pharma for Tarlatamab, potentially worth up to 950 million USD, with an initial payment of 885 million USD [4] - Lepu Medical's management expressed a desire to avoid selling potential products at low prices early in the development process, indicating a focus on maintaining financial strength [5][6] - Fuhong Hanlin reported over 1 billion yuan in cash inflow from BD contracts, with a significant increase in overseas product profits [6]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 SHANGHAI JUNSHI BIOSCIENCES CO., LTD.* 上海君實生物醫藥科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1877） 海外監管公告 * 僅供識別之用 证券代码：688180 证券简称：君实生物 公告编号：临 2025-043 上海君实生物医药科技股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條規則作出。 茲載列上海君實生物醫藥科技股份有限公司在上海證券交易所網站刊發之《上海 君實生物醫藥科技股份有限公司關於召開2025年半年度業績說明會的公告》，僅 供參閱。 承董事會命 上海君實生物醫藥科技股份有限公司 熊俊先生 主席 中國，上海，20 ...

会议召开时间：2025 年 9 月 8 日（星期一）10：00-11：00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 证券代码：688180 证券简称：君实生物 公告编号：临 2025-043 上海君实生物医药科技股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： （三）会议召开方式：上证路演中心网络互动 投资者可于 2025 年 9 月 1 日（星期一）至 2025 年 9 月 5 日（星期五） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过上海君实生 物医药科技股份有限公司（以下简称"公司"）邮箱 info@junshipharma.com 进 行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 公司已于 2025 年 8 月 27 日在上海证券交易所网站（www.sse. ...

丨证券研究报告丨 港股研究丨公司点评丨君实生物（1877.HK） [Table_Title] PD-1 单抗销售明显提速，管线整体进入关键期 报告要点 [Table_Summary] 2025 年 8 月 26 日，君实生物发布 2025 年中期业绩公告：2025 年上半年实现营业收入 11.68 亿元，同比增长 49%，归母净亏损减少至 4.13 亿元，同比下降 36%。 分析师及联系人 [Table_Author] 彭英骐 刘长洪 SAC：S0490524030005 SAC：S0490525070007 SFC：BUZ392 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 请阅读最后评级说明和重要声明 丨证券研究报告丨 2025-08-29 君实生物（1877.HK） cjzqdt11111 [Table_Title2] PD-1 单抗销售明显提速，管线整体进入关键期 [Table_Summary2] 事件描述 2025 年 8 月 26 日，君实生物发布 2025 年中期业绩公告：2025 年上半年实现营业收入 11.68 亿元，同比增长 49%，归母净 ...

Company Overview - Junshi Biosciences has seen a stock price increase of 64.11% year-to-date, with a recent decline of 2.20% over the last five trading days, a 17.78% increase over the last 20 days, and a 35.54% increase over the last 60 days [2] - The company specializes in the research and industrialization of monoclonal antibody drugs and other therapeutic protein drugs, as well as providing technical services and technology transfer for monoclonal antibody drug development [2] Financial Performance - For the period from January to June 2025, Junshi Biosciences reported revenue of 1.168 billion yuan, representing a year-on-year growth of 48.64%, while the net profit attributable to shareholders was -413 million yuan, showing a year-on-year improvement of 36.01% [2] Shareholder Information - As of June 30, 2025, the number of shareholders for Junshi Biosciences was 31,200, an increase of 5.88% from the previous period, with an average of 24,543 circulating shares per person, a decrease of 5.56% [2] - The top ten circulating shareholders include notable ETFs, with 华夏上证科创板50成份ETF holding 29.7167 million shares (a decrease of 536,700 shares), and 易方达上证科创板50ETF holding 22.2132 million shares (an increase of 630,000 shares) [3]

Core Viewpoint - CICC has lowered the 2025 profit forecast for Junshi Biosciences (01877) from a loss of 662 million yuan to a loss of 917 million yuan, and introduced a 2026 profit forecast of a loss of 315 million yuan, while maintaining an outperform rating due to positive R&D progress in PD-1/VEGF and DKK1 monoclonal antibodies, raising the target price by 101% to HKD 36.98, indicating a 21.1% upside from the current stock price [1] Group 1 - The company's 1H25 revenue slightly exceeded expectations, with operating income of 1.168 billion yuan, a year-on-year increase of 46%, and a net loss attributable to shareholders of 413 million yuan, a reduction in loss of 232 million yuan year-on-year [2] - The sales revenue of Tuoyi in the domestic market reached 954 million yuan in 1H25, a year-on-year increase of 42%, with 12 approved indications in China and approvals in 40 countries and regions, indicating a gradual realization of global commercialization value [3] Group 2 - The PD-1/VEGF bispecific antibody JS207 is in Phase II clinical trials for various cancers, showing competitive advantages in tumor efficacy due to its unique molecular design [4] - The DKK1 monoclonal antibody has released clinical data for colorectal and gastric cancers at the 2025 AACR and is also in Phase II clinical trials, leading in global R&D progress [4] Group 3 - The company has established an innovative product pipeline covering five major therapeutic areas with over 50 products, advancing nearly 30 clinical studies, with expectations for several products to enter critical registration clinical trials by 2025 [5]

Core Viewpoint - CICC has downgraded Junshi Biosciences' (01877) 2025 profit forecast from a loss of 6.62 billion to a loss of 9.17 billion, while introducing a 2026 profit forecast of a loss of 3.15 billion, citing the need for further funding for R&D pipeline advancement [1] Group 1: Financial Performance - The company's 1H25 revenue reached 1.168 billion, a year-on-year increase of 46%, with a net loss of 413 million, which is a reduction in loss by 232 million compared to the previous year [2] - The revenue slightly exceeded CICC's expectations, while the reduction in loss was in line with expectations [2] Group 2: Product Sales Growth - Sales revenue of Tuoyi in the domestic market for 1H25 was 954 million, reflecting a year-on-year growth of 42% [3] - Tuoyi has received approval for 12 indications in China and is approved in 40 countries and regions, indicating a gradual realization of its global commercialization value [3] - The company anticipates accelerated global sales of Tuoyi as new indications enter the market and are included in insurance coverage [3] Group 3: Pipeline Development - The company is focusing on the potential of its PD-1/VEGF bispecific antibody (JS207) and DKK1 monoclonal antibody, which are in advanced clinical stages [4] - JS207 is currently in Phase II clinical trials for various cancers and is expected to have a competitive advantage due to its unique molecular design and anti-tumor efficacy [4] - DKK1 monoclonal antibody has shown promising clinical data for colorectal and gastric cancers and is also in Phase II clinical trials [4] Group 4: Innovation and Clinical Research - The company has established a pipeline covering five major therapeutic areas with over 50 innovative products, advancing nearly 30 products in clinical research [5] - Upcoming submissions for market approval are expected for products like subcutaneous Teriprizumab and IL-17 monoclonal antibody, with several others anticipated to enter critical registration clinical trials by 2025 [5]