Core Viewpoint - Junshi Biosciences (01877) reported a significant increase in revenue and a reduction in net loss for the first three quarters of 2025, indicating improved financial performance and operational efficiency [1] Financial Performance - The company achieved a revenue of 1.806 billion RMB, representing a year-on-year growth of 42.06% [1] - The net loss attributable to shareholders narrowed to 596 million RMB, a decrease of 35.7% compared to the previous year [1] - Basic loss per share was reported at 0.60 RMB [1] Revenue Sources - The revenue growth was primarily driven by the sales of commercialized drugs, with the core product Toripalimab injection (brand name: Tuoyi/LOQTORZI, product code: JS001) generating approximately 1.495 billion RMB in sales within the domestic market, reflecting a year-on-year increase of about 40% [1] Cost Management and Financial Position - The company is implementing a "quality improvement and efficiency enhancement" action plan, focusing on cost control and resource allocation to improve returns [1] - As of the end of the reporting period, the total balance of cash and trading financial assets was 3.270 billion RMB, indicating a strong liquidity position [1]

Core Viewpoint - Junshi Biosciences (01877) reported a significant increase in revenue and a reduction in net loss for the first three quarters of 2025, indicating improved financial performance and operational efficiency [1] Financial Performance - The company achieved a revenue of 1.806 billion RMB, representing a year-on-year growth of 42.06% [1] - The net loss attributable to shareholders narrowed to 596 million RMB, a decrease of 35.7% compared to the previous year [1] - Basic loss per share was reported at 0.60 RMB [1] Revenue Sources - The revenue growth was primarily driven by the sales of commercialized drugs, with the core product Toripalimab injection (brand name: Tuoyi/LOQTORZI, product code: JS001) generating approximately 1.495 billion RMB in sales within the domestic market, reflecting a year-on-year increase of about 40% [1] Cost Management and Financial Position - The company is implementing a "quality improvement and efficiency enhancement" action plan, focusing on cost control and resource allocation, which has contributed to the significant reduction in losses compared to the same period last year [1] - As of the end of the reporting period, the company had a total balance of cash and trading financial assets amounting to 3.270 billion RMB, indicating a strong liquidity position [1]

来源：市场资讯 （来源：求实药社） 10 月 28 日，君实生物发布 2025 年度第三季度报告：Q3 期间，该公司营业收入 6.37 亿元，同比增长 31.4%；前三季度，该公司营收 18.06 亿元，同比增长 42.06%。 与此同时，实生物持续落实「提质增效重回报」行动方案，加强费用管控与资源聚焦，亏损金额与上年 同期相比显著缩窄。截至报告期末，君实生物的货币资金及交易性金融资产余额合计 32.70 亿元。 截图来源： 君实公告 根据公告，前三季度营业收入增长主要来自商业化药品销售收入的增长。其中，核心产品 PD-1 抑制剂 特瑞普利单抗（商品名：拓益）于国内市场实现销售收入约 14.95 亿元，同比增长约 40%。 报告期内，拓益®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中国 NMPA 受理。目 前，拓益®已在中国内地获批 12 项适应症，其中 10 项适应症已纳入国家医保目录。 国际化方面，特瑞普利单抗已在中国内地和中国香港、美国、欧盟、印度、英国、约旦、澳大利亚、新 加坡、阿联酋、科威特、巴基斯坦、加拿大等 40 多个国家和地区获批上市，并在全球多个国家和地区 接受上市审评。 ...

Core Viewpoint - Junshi Bioscience's stock price has shown a year-to-date increase of 39.70%, but has experienced fluctuations in the short term, including a recent decline of 2.00% on October 30, 2023 [1][2]. Company Overview - Junshi Bioscience, established on December 27, 2012, and listed on July 15, 2020, is located in Shanghai and focuses on the research and commercialization of monoclonal antibody drugs and other therapeutic protein drugs [2]. - The company's main revenue sources are drug sales (90.67%), technology licensing and royalties (8.74%), and technical services and others (0.59%) [2]. Financial Performance - For the period from January to September 2025, Junshi Bioscience reported a revenue of 1.806 billion yuan, representing a year-on-year growth of 42.06%. However, the net profit attributable to shareholders was -596 million yuan, reflecting a year-on-year increase of 35.72% in losses [2]. Stock Performance and Trading Activity - As of October 30, 2023, Junshi Bioscience's stock was trading at 38.18 yuan per share, with a market capitalization of 39.199 billion yuan. The stock has seen a trading volume of 73.1565 million yuan and a turnover rate of 0.25% [1]. - The stock has experienced a recent net outflow of 6.2523 million yuan in principal funds, with significant selling pressure observed [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders for Junshi Bioscience increased by 15.17% to 35,900, while the average circulating shares per person decreased by 12.96% to 21,361 shares [2]. - Among the top ten circulating shareholders, notable changes include a decrease in holdings by major ETFs [3].

Core Viewpoint - Despite significant business development (BD) agreements exceeding $10 billion, the stock prices of innovative pharmaceutical companies remain sluggish, indicating a disconnect between market expectations and actual performance [1][2]. Group 1: Market Performance - The Hong Kong Stock Connect innovative drug index has declined from over 1240 points on October 9 to 1110 points, reflecting a drop of approximately 10.5% [1][2]. - Notable companies like 信达生物 (Innovent Biologics) have seen their stock prices fall despite announcing major collaborations, with 信达生物's stock dropping 1.96% to 85.2 HKD per share on October 22 [2]. - Over the past month, the innovative drug sector has experienced a 16% decline from a peak of 1326 points on September 8, with several companies like 诺诚健华 (Nocera) and 康诺亚-B (CanSino) seeing stock drops exceeding 19% [2][4]. Group 2: Financial Performance - Many innovative drug companies have reported revenue growth, yet profitability remains a concern, with only four out of the listed companies achieving positive net profits [6][7]. - 康诺亚-B reported a staggering 812.1% year-on-year revenue increase, while other companies like 诺诚健华 and 信达生物 also showed significant revenue growth of over 40% [6][7]. Group 3: Industry Dynamics - The innovative drug sector is characterized by high competition and a high rate of project failure, with a significant percentage of BD agreements facing termination [8]. - The long-term outlook for the Chinese innovative drug industry remains positive, driven by an increase in BD transactions, although the market is becoming increasingly competitive [8][9]. - Analysts suggest that the recent stock price adjustments may be a result of previously overly optimistic expectations regarding BD agreements, and the market may be entering a phase of stabilization [10].

Core Insights - The top three companies with the highest AH premium rates are Northeast Electric (00042) at 900.00%, Sinopec Oilfield Service (01033) at 246.25%, and Hongye Futures (03678) at 245.50% [1][2] - The bottom three companies with the lowest AH premium rates are CATL (03750) at -14.52%, China Merchants Bank (03968) at -1.95%, and Heng Rui Medicine (01276) at 1.24% [1][2] - The companies with the highest deviation values are Northeast Electric (00042) at 73.25%, Shandong Molong (00568) at 39.97%, and Changfei Optical Fiber (06869) at 27.40% [1][3] - The companies with the lowest deviation values are Shanghai Electric (02727) at -16.60%, Tianjin Chuangye Environmental Protection (01065) at -16.50%, and First Tractor Company (00038) at -14.81% [1][3] Summary of Top AH Premium Rates - Northeast Electric (00042): H-share at 0.270, A-share at 2.25, premium rate at 900.00%, deviation at 73.25% [2] - Sinopec Oilfield Service (01033): H-share at 0.800, A-share at 2.31, premium rate at 246.25%, deviation at 17.04% [2] - Hongye Futures (03678): H-share at 4.000, A-share at 11.54, premium rate at 245.50%, deviation at 14.12% [2] Summary of Bottom AH Premium Rates - CATL (03750): H-share at 560.500, A-share at 400, premium rate at -14.52%, deviation at 1.38% [2] - China Merchants Bank (03968): H-share at 49.800, A-share at 40.77, premium rate at -1.95%, deviation at -5.47% [2] - Heng Rui Medicine (01276): H-share at 75.600, A-share at 63.9, premium rate at 1.24%, deviation at 3.98% [2] Summary of Top Deviation Values - Northeast Electric (00042): H-share at 0.270, A-share at 2.25, premium rate at 900.00%, deviation at 73.25% [3] - Shandong Molong (00568): H-share at 4.200, A-share at 7.92, premium rate at 125.95%, deviation at 39.97% [3] - Changfei Optical Fiber (06869): H-share at 40.040, A-share at 92.92, premium rate at 177.97%, deviation at 27.40% [3] Summary of Bottom Deviation Values - Shanghai Electric (02727): H-share at 4.780, A-share at 9.63, premium rate at 141.21%, deviation at -16.60% [3] - Tianjin Chuangye Environmental Protection (01065): H-share at 4.490, A-share at 6.32, premium rate at 68.60%, deviation at -16.50% [3] - First Tractor Company (00038): H-share at 7.940, A-share at 13.07, premium rate at 97.23%, deviation at -14.81% [3]

Core Viewpoint - Junshi Biosciences (1877.HK) has experienced a significant decline in stock price, dropping 35.2% from its peak earlier this year, despite reporting a year-on-year revenue increase of 31.4% for Q3 2025 [1] Financial Performance - For Q3 2025, the company reported revenue of approximately 637.5 million RMB, representing a year-on-year increase of 31.4% [1] - The net loss for the same period was approximately 183 million RMB, with a basic earnings per share of -0.18 RMB [1] - For the first three quarters of 2025, total revenue reached about 1.8 billion RMB, marking a year-on-year increase of 42.06% [1] - The net loss for the first three quarters was approximately 596 million RMB [1] - The cash flow from operating activities for the first three quarters was negative, amounting to approximately -343 million RMB [1]

Group 1 - The core viewpoint of the news highlights the trading performance and financial metrics of Junshi Biosciences, indicating a slight decline in stock price and significant trading volume on October 28 [1] - On October 28, Junshi Biosciences experienced a financing buy-in amount of 23.10 million yuan, with a net financing buy of 0.79 million yuan, while the total financing and securities lending balance reached 1.39 billion yuan [1] - The financing balance of Junshi Biosciences is at a high level, accounting for 4.65% of the circulating market value, exceeding 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 and other therapeutic protein drugs, with 90.67% of its revenue coming from drug sales [2] - For the period from January to September 2025, Junshi Biosciences reported an operating income 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% [2] - As of September 30, 2025, the number of shareholders of Junshi Biosciences increased by 15.17% to 35,900, while the average circulating shares per person decreased by 12.96% [2]

2025年10月29日，君实生物(688180.SH)发布2025年第三季报。截至2025年10月28日，共有30个机构投 资者披露持有君实生物A股股份，合计持股量达1.47亿股，占君实生物总股本的14.32%。其中，前十大 机构投资者包括上海檀英投资合伙企业(有限合伙)、苏州瑞源盛本生物医药管理合伙企业(有限合伙)、 中国工商银行股份有限公司-易方达上证科创板50成份交易型开放式指数证券投资基金、招商银行股份 有限公司-华夏上证科创板50成份交易型开放式指数证券投资基金、中信建投医改A、国泰上证科创板 创新药ETF、广发科创板两年定开混合、金鹰医疗健康股票A、中信建投医药健康A、华富健康文娱灵 活配置混合A，前十大机构投资者合计持股比例达14.16%。相较于上一季度，前十大机构持股比例合计 下跌了6.44个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计7个，主要包括中信建投医改A、华富健康文娱 灵活配置混合A、中信建投医药健康A、鹏华上证科创板生物医药ETF、嘉实上证科创板生物医药ETF 等，持股增加占比小幅上涨。本期较上一季度持股减少的公募基金共计8个，主要包括华夏上证科创板 50成份ETF、 ...

Core Insights - Junshi Bioscience (688180.SH) reported a significant increase in revenue and a reduction in net loss for the first three quarters of 2025, with total revenue reaching 1.806 billion yuan, a year-on-year growth of 42.06%, and a narrowed net loss of 596 million yuan, a decrease of 35.72% [1] - The company's core product, Toripalimab, has shown continuous growth in sales, achieving 1.495 billion yuan in revenue for the first three quarters, a 40% increase year-on-year, and has maintained a sequential growth for six consecutive quarters since 2024 [1][2] Financial Performance - For Q3 2025, Junshi Bioscience reported revenue of 637 million yuan, reflecting a year-on-year increase of 31.40% [1] - The company had a strong cash position with a total of 3.270 billion yuan in cash and financial assets as of the end of Q3 2025 [1] Product Development and Clinical Recognition - Toripalimab's clinical value has been recognized internationally, particularly highlighted at the 2025 ESMO annual meeting, where its combination therapy with ADC drug was presented, showing significant improvements in overall survival and progression-free survival compared to traditional chemotherapy [2] - The new indication for Toripalimab has been accepted for review by the NMPA in China, marking the 13th indication application for the drug [2] Global Commercialization and Market Expansion - Toripalimab has been approved in over 40 countries and regions across four continents, including major markets like the US and EU, with recent approvals in Pakistan and Canada [3] - The company has established a global commercialization network covering over 80 countries through partnerships with various pharmaceutical companies [3] R&D Pipeline and Future Prospects - Junshi Bioscience has developed over 50 drug candidates, with a focus on accelerating R&D in innovative pipelines, including next-generation therapies [3][4] - The company is preparing to submit a marketing application for its anti-IL-17A monoclonal antibody, JS005, which has shown positive results in a Phase III study for psoriasis [4] - A new equity incentive plan was introduced, indicating the company's confidence in achieving revenue targets of at least 2.4 billion yuan in 2025 [4]