来源：新浪证券-红岸工作室 截至9月30日，君实生物股东户数3.59万，较上期增加15.17%；人均流通股21361股，较上期减少 12.96%。2025年1月-9月，君实生物实现营业收入18.06亿元，同比增长42.06%；归母净利润-5.96亿元， 同比增长35.72%。 资金流向方面，主力资金净流出968.64万元，特大单买入583.64万元，占比4.43%，卖出991.61万元，占 比7.53%；大单买入2944.67万元，占比22.35%，卖出3505.34万元，占比26.60%。 机构持仓方面，截止2025年9月30日，君实生物十大流通股东中，易方达上证科创板50ETF（588080） 位居第七大流通股东，持股1939.29万股，相比上期减少282.03万股。华夏上证科创板50成份ETF （588000）位居第八大流通股东，持股1897.20万股，相比上期减少1074.47万股。 君实生物今年以来股价涨2.43%，近5个交易日跌2.04%，近20日跌0.85%，近60日跌2.13%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考 ...

截至9月30日，君实生物股东户数3.59万，较上期增加15.17%；人均流通股21361股，较上期减少 12.96%。2025年1月-9月，君实生物实现营业收入18.06亿元，同比增长42.06%；归母净利润-5.96亿元， 同比增长35.72%。 机构持仓方面，截止2025年9月30日，君实生物十大流通股东中，易方达上证科创板50ETF（588080） 位居第七大流通股东，持股1939.29万股，相比上期减少282.03万股。华夏上证科创板50成份ETF （588000）位居第八大流通股东，持股1897.20万股，相比上期减少1074.47万股。 融资方面，君实生物当日融资买入2376.86万元。当前融资余额14.02亿元，占流通市值的5.34%，融资 余额超过近一年90%分位水平，处于高位。 融券方面，君实生物2月24日融券偿还400.00股，融券卖出1700.00股，按当日收盘价计算，卖出金额 5.83万元；融券余量30.73万股，融券余额1053.06万元，超过近一年60%分位水平，处于较高位。 资料显示，上海君实生物医药科技股份有限公司位于上海市浦东新区平家桥路100弄6号7幢16层,香港铜 锣湾希 ...

异动分析 来源：新浪证券-红岸工作室 2月24日，君实生物涨0.00%，成交额2.16亿元，换手率0.82%，总市值351.85亿元。 猴痘概念+生物疫苗+创新药+AIGC概念 1、公司公众号：2023年10月27日，君实生物宣布，公司与北京大学、中国科学院微生物研究所（中科 院微生物所）、山西高等创新研究院、北京航空航天大学达成合作，共同开发猴痘重组蛋白疫苗。 2、2024年3月12日互动易：公司控股子公司君拓生物通过与科研院所和高校合作开发等形式持有疫苗相 关产品管线，如猴痘疫苗、寨卡疫苗等，目前均处于临床前开发阶段。 3、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， ...

消息面上，2026年开年，中国创新药对外授权交易（BD）市场延续了此前的强劲增长势头，仅第一季 度过半，总交易金额已突破332.8亿美元，首付款规模更超越2025年单季度最高水平。开源证券认为， 创新药板块已回调近两个季度，长期看，较多优质标的估值性价比明显，当前位置建议加大板块配置， 优选已出海的确定性机会及细分赛道景气度高/临床数据优异出海概率大的弹性方向。 此外，东海证券此前指出，2025年创新药板块进入盈利兑现提速期，诺诚健华、荣昌生物等实现扭亏为 盈，三生国健、上海谊众等业绩大幅预增，君实生物等显著减亏，核心驱动主要来自商业化产品快速放 量和BD合作两大主线。创新药板块靓丽的业绩表现，充分验证了国产创新药商业模式的有效性，医保 加持下的核心产品放量成为业绩增长基础，BD等对外合作则成为业绩增厚的重要抓手。 智通财经APP获悉，医药股多数走高。截至发稿，歌礼制药-B(01672)涨6.33%，报17.65港元；康方生物 (09926)涨5.23%，报110.7港元；君实生物(01877)涨4.39%，报21.88港元；百济神州(06160)涨4.37%，报 214.8港元；瑞博生物-B(06938)涨 ...

Core Insights - The Chinese innovative drug industry has entered a critical stage of high-quality development, focusing on quality and core value rather than rapid scale expansion [1] - By 2026, the industry will emphasize core strengths and practical outcomes, with a focus on producing valuable innovative results and achieving efficient transformation [1] Group 1 - The industry has transitioned from "barbaric growth" to "rational maturity," with a clearer development direction [1] - Chinese innovative drug companies are increasingly engaging in license-out collaborations with multinational corporations (MNCs), reflecting global recognition of their R&D capabilities [1][2] - There is a need for companies to move beyond short-term gains from selling pipelines and focus on independent commercialization to build a sustainable local MNC [1] Group 2 - Companies should maintain their original intent by focusing on unmet clinical needs rather than merely catering to business development transactions [1] - Junshi Bioscience aims to deepen its research in cutting-edge fields like tumor immunotherapy and advance high-potential pipelines such as JS207 and JS212 to create globally competitive innovative products [1][2] - Companies must strengthen their global capabilities by establishing a comprehensive self-operated system for R&D, production, commercialization, and regulatory compliance [2] Group 3 - The integration of medical insurance and commercial insurance is essential to boost confidence in sustained investment in true innovation [2] - The new medical insurance directory and the first commercial insurance innovative drug directory are expected to improve accessibility to high-priced drugs and stabilize market expectations [2] - Embracing digitalization and AI can help companies overcome innovation bottlenecks, enhancing efficiency and reducing costs across various stages of drug development [2] Group 4 - By 2026, the innovative drug industry will face both opportunities and challenges, with an increasing concentration of the market favoring leading companies and niche leaders [3] - Junshi Bioscience is committed to a patient-centered approach, aligning with innovation trends, ensuring compliance, and expanding its collaborative landscape [3] - The company believes that collective efforts will drive the high-quality development of China's innovative drugs, benefiting patients globally [3]

Group 1 - The Chinese innovative drug industry has entered a critical stage of high-quality development, focusing on quality and core value rather than rapid scale expansion, moving from "barbaric growth" to "rational maturity" [2] - By 2026, the industry will emphasize core strengths and practical results, with a focus on producing valuable innovative outcomes and achieving efficient transformation [2] - Currently, the internationalization of Chinese innovative drugs is still in its early stages, with more early-stage pipelines engaging in license-out collaborations with multinational corporations (MNCs), reflecting global recognition of China's R&D capabilities [2] Group 2 - Innovative drug companies must adhere to their original intentions, focusing on unmet clinical needs rather than merely catering to business development transactions, with a goal to achieve FIC/BIC innovations to build core competitiveness [3] - Companies venturing abroad need to solidify their global capabilities by establishing a comprehensive self-operated system across R&D, production, commercialization, and regulatory compliance [3] - The new medical insurance directory and the first commercial insurance innovative drug directory are expected to enhance the accessibility of high-priced drugs and stabilize market expectations for companies [3] Group 3 - There is an opportunity for deep integration of digitalization and innovative drugs, with AI becoming a crucial tool for overcoming innovation bottlenecks and improving efficiency while reducing costs across various stages [4] - By 2026, the innovative drug industry will face both opportunities and challenges, with increasing industry concentration and a landscape where leading companies and niche leaders emerge [4] - The company aims to participate in the construction of the industry ecosystem by focusing on patient-centered approaches, aligning with innovation trends, ensuring compliance, and expanding collaboratively [4]

Group 1 - The core viewpoint of the news is that Junshi Biosciences experienced a decline in stock price and significant trading activity, indicating potential investor concerns and market volatility [1] - On February 12, Junshi Biosciences' stock fell by 1.23%, with a trading volume of 243 million yuan, and a net financing outflow of approximately 14.89 million yuan [1] - As of February 12, the total margin balance for Junshi Biosciences was 1.423 billion yuan, with a financing balance of 1.412 billion yuan, representing 5.33% of the circulating market value, which is above the 90th percentile of the past year [1] Group 2 - Junshi Biosciences, established on December 27, 2012, focuses on the research and commercialization of monoclonal antibody drugs, with 90.67% of its revenue coming from drug sales [2] - For the period from January to September 2025, 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 35.72% increase [2] - As of September 30, 2025, the number of shareholders increased by 15.17% to 35,900, while the average circulating shares per person decreased by 12.96% to 21,361 shares [2]

Group 1 - The core viewpoint of the article highlights that Junshi Biosciences' major shareholder has increased their stake, and the company is advancing its monkeypox vaccine and other pipelines, demonstrating a full industry chain capability [1][2]. Group 2 - Recent events include the major shareholder, Xiong Jun, increasing their stake by acquiring 100,000 A-shares, which represents 0.01% of the total share capital, with an investment of 3.8384 million yuan. The shareholder plans to invest no less than 100 million yuan over the next 12 months, indicating internal confidence [2]. - The company is actively developing innovative drugs, with its monkeypox vaccine pipeline currently in the preclinical stage. In October 2023, Junshi Biosciences collaborated with several research institutions to develop a recombinant protein vaccine for monkeypox, showcasing its full industry chain capability [2]. Group 3 - In terms of stock performance, Junshi Biosciences' A-share price fluctuated significantly over the past week, closing at 35.72 yuan on February 10, 2026, with a single-day increase of 0.90%. However, by February 12, the price fell to 34.72 yuan, reflecting a decrease of 0.88% [3]. - The trading volume on February 12 showed a net outflow of 18.32 million yuan from institutional investors, while retail investors saw a net inflow of the same amount. The financing balance remained high at 1.427 billion yuan as of February 11, indicating market divergence [3]. Group 4 - Institutional perspectives from Guojin Securities suggest that the innovative drug sector is entering a performance disclosure window, with Junshi Biosciences and similar companies expected to reduce losses or turn profitable. The report emphasizes a shift in investment strategy towards selective focus on cutting-edge areas such as ADC and bispecific antibodies, while also highlighting the importance of companies with independent production capabilities [4]. - Junshi Biosciences is recognized as a leading player in the domestic innovative drug sector, with its international expansion and pipeline progress, such as the volume increase of Tislelizumab, being long-term focal points, although research and development risks should be considered [4].

Group 1 - The core point of the news is that Junshi Biosciences (688180.SH) is currently experiencing a decline in stock price, closing at 35.03 yuan with a drop of 1.93% [1] - Junshi Biosciences was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on July 15, 2020, with an initial issuance of 87.13 million shares at a price of 55.50 yuan per share [1] - The stock reached its highest point at 220.40 yuan on the first day of trading but is now in a state of decline [1] Group 2 - In 2020, Junshi Biosciences raised a total of 4.836 billion yuan from its initial public offering, with a net amount of 4.497 billion yuan after deducting issuance costs [1] - The company initially planned to raise 2.7 billion yuan, which was exceeded by 1.797 billion yuan [1] - The total fundraising amount from the company's specific issuance of A-shares in 2022 was approximately 3.7765 billion yuan, with a net amount of about 3.7448 billion yuan after fees [2] - The total amount raised by Junshi Biosciences from both fundraising rounds is 8.612 billion yuan [2]

Core Viewpoint - Junshi Biosciences has established a new subsidiary in Shanghai with a registered capital of 500 million yuan, indicating its ongoing expansion and investment in biotechnology [1] Group 1 - The newly established subsidiary is named Shanghai Junyile Biotechnology Co., Ltd. [1] - The registered capital of the new company is 500 million yuan [1] - The business scope of the subsidiary includes technology services, development, consulting, exchange, transfer, promotion, import and export of goods and technology, as well as information consulting services (excluding licensed information consulting services) [1] Group 2 - Junshi Biosciences holds 100% ownership of the new subsidiary [1]