Core Viewpoint - Junshi Biosciences (688180.SH) has received the Acceptance Notification from the National Medical Products Administration for the new indication application of Trastuzumab combined with Rongchang Biopharmaceutical's independently developed antibody-drug conjugate, Vidisizumab, for patients with locally advanced or metastatic urothelial carcinoma expressing HER2 [1] Group 1 - The application is primarily based on the RC48-C016 study, which is a multicenter, randomized, open-label, positive-controlled Phase III clinical trial [1] - The main study endpoints, Progression-Free Survival (PFS) and Overall Survival (OS), have both met the pre-defined superiority boundaries set in the study protocol [1]

Group 1 - The Hang Seng Index fell by 0.66%, down 165 points, closing at 24,916 points, while the Hang Seng Tech Index dropped by 0.99% [1] - The early trading volume in Hong Kong stocks reached HKD 112.6 billion [1] - President Trump signed an executive order allowing alternative assets like private equity, real estate, and cryptocurrencies to enter 401K retirement savings plans, potentially opening up about USD 12.5 trillion in retirement account funds [1] Group 2 - Cryptocurrency-related stocks surged, with notable increases in prices: 嘉实以太币 (03179) up 6.48%, 博时以太币 (03009) up 6.24%, 华夏以太币 (03046) up 6.13%, and 博雅互动 (00434) up 6.46% [1] - 阜博集团 (03738) saw a significant rise of over 16%, with its stock price increasing by over 50% this week as the company expands into content industry RWA business [1] - 歌礼制药-B (01672) increased by 7.65% as ASC30 completed patient enrollment in Phase IIa, with strong business development expectations [1] - 君实生物 (01877) rose by 6.5% due to improved market conditions in the PD-(L)1/VEGF sector [1] Group 3 - RAFFLESINTERIOR (01376) resumed trading with an 80% surge after a change in controlling interest and a 43.1% discount on a full acquisition offer [2] - 老铺黄金 (06181) increased by 2.96% after being included in the MSCI China Index, with changes effective at the end of the month [2] Group 4 - 北海康成-B (01228) rose by over 30%, with a cumulative increase of nearly 9 times since early June, driven by the potential of the drug维拉苷酶β for significant business development opportunities [3] - 东风集团股份 (00489) saw an early morning increase of over 8%, despite a more than 90% year-on-year decline in net profit for the first half, managing to turn a profit compared to the previous quarter [4] - 和黄医药 (00013) dropped over 15% in early trading, with a 9.2% year-on-year decline in mid-term revenue, although selling joint venture equity led to a more than 16-fold increase in net profit [4]

Investment Rating - The report assigns a "Buy" rating to the company [12][14]. Core Insights - Junshi Biosciences is one of the earliest innovative biotech companies in China, with a strong focus on innovation and a robust pipeline that is expected to enter a harvest phase soon. The company is experiencing a sales acceleration in its existing business, with multiple innovative assets entering Phase III clinical trials, indicating a potential turning point in its fundamentals [4][9][12]. - The core product, Toripalimab, is projected to achieve sales of 1.501 billion yuan in 2024, representing a 66% year-on-year growth. The subcutaneous formulation of Toripalimab is currently in Phase III clinical trials, which, upon approval, is expected to further solidify its market position [9][12]. - The company has over 50 products in its pipeline, covering various therapeutic areas, including oncology, autoimmune diseases, chronic metabolic diseases, neurological disorders, and infectious diseases. The year 2025 is anticipated to be a breakthrough year for the company [9][35]. Summary by Sections Company Overview - Junshi Biosciences, established in December 2012, is an innovative pharmaceutical company focused on the discovery, development, and commercialization of innovative therapies. It was listed on the Hong Kong Stock Exchange in 2018 and on the Shanghai Stock Exchange's Sci-Tech Innovation Board in 2020 [9][22]. Sales and Financial Performance - The company reported a revenue of 1.948 billion yuan in 2024, a year-on-year increase of 29.67%. The net profit attributable to shareholders was -1.281 billion yuan, indicating a significant reduction in losses. The existing business is entering a phase of explosive growth, driven by the expansion of indications for Toripalimab and the launch of new products [33][35]. Pipeline and Clinical Development - Junshi Biosciences has a rich early-stage pipeline with comprehensive technology platforms. Key assets such as JS203, JS107, JS207, and JT002 are expected to advance to Phase III clinical trials soon. The company is also exploring various combination therapies to enhance the potential of its PD-1/VEGF dual antibody product, JS207 [10][11][51]. - The report highlights the potential of several innovative drug assets that require re-evaluation of their value, particularly JS107, JS207, and JS015, which are positioned favorably in the competitive landscape [10][12][40]. Future Outlook - The company is expected to see revenues of 2.681 billion yuan, 3.673 billion yuan, and 5.479 billion yuan from 2025 to 2027, with net profits projected to improve significantly by 2027 [12][33].

Core Insights - The total salary scale of CFOs in A-share listed companies reached 4.27 billion yuan in 2024 [1] - The average annual salary of CFOs in the biopharmaceutical sector is 1.0042 million yuan [1] - The age distribution shows that CFOs aged 40-50 constitute 54% of the market, while those over 50 account for 38% [1] Salary Distribution - The salary distribution among CFOs is as follows: below 500,000 yuan (13%), 500,000-1,000,000 yuan (46%), 1,000,000-2,000,000 yuan (33%), and above 2,000,000 yuan (8%) [1] - The top five highest-paid CFOs are from Kanghong Pharmaceutical, Junshi Biosciences-U, Shenzhou Cell, Tebao Biologics, and Aopumai, with salaries of 3 million, 2.0602 million, 1.4297 million, 1 million, and 1 million yuan respectively [1] Salary Changes - The largest salary decrease was observed for Xu Baohong from Junshi Biosciences-U, with a year-on-year decline of 24.66% [1] - The largest salary increase was for Liu Liwen from Zhixiang Jintai-U, with a year-on-year increase of 35.91% [1]

Group 1 - The stock of Junshi Biosciences (01877) experienced a significant increase, rising over 11% recently, following a previous surge of over 33% on August 5 [1] - As of the latest report, the stock is up 8.14%, trading at HKD 29.5, with a trading volume of HKD 531 million [1] - Junshi Biosciences completed a placement of 41 million new shares on June 20, raising a net amount of approximately HKD 1.026 billion, with 70% allocated for innovative drug research and 30% for general corporate purposes [1] Group 2 - The company is focusing on the development of innovative drugs, including PD-1/VEGF bispecific antibodies, EGFR/HER3 ADC, and PD-1/IL-2 fusion proteins [1] - According to Fangzheng Securities, JJS207 has significant business development (BD) potential, as international pharmaceutical companies are interested in PD-1/VEGF products [1] - Open Source Securities noted that by May 2025, only Pfizer and Merck have entered this market segment among multinational corporations (MNCs), indicating potential for other early-stage PD-(L)1/VEGF bispecific antibodies to expand internationally as data matures [1]

Group 1 - Junshi Biosciences (01877) experienced a significant stock price increase, rising over 11% at one point, following a previous surge of over 33% on August 5 [1] - As of the report, the stock is up 8.14%, trading at HKD 29.5, with a trading volume of HKD 531 million [1] - The company completed a placement of 41 million new shares on June 20, raising approximately HKD 1.026 billion, with 70% of the funds allocated for innovative drug research and 30% for general corporate purposes [1] Group 2 - Junshi Biosciences plans to use the raised funds for the development of various drug candidates, including PD-1/VEGF bispecific antibodies, EGFR/HER3 ADC, and PD-1/IL-2 fusion proteins [1] - According to a report from Founder Securities, JJS207 has significant business development (BD) potential, as international pharmaceutical companies are interested in PD-1/VEGF products [1] - Open Source Securities noted that by May 2025, only Pfizer and Merck have entered this market segment among multinational corporations, suggesting that other early-stage PD-(L)1/VEGF bispecific antibodies from China may have opportunities for international business development as data matures [1]

Core Viewpoint - The innovative drug concept stocks are experiencing a rebound, with companies such as Northland Pharmaceutical, Lianhuan Pharmaceutical, Lepu Medical, Junshi Biosciences, Jingxin Pharmaceutical, and Guangsheng Pharmaceutical seeing increases of over 5% [1] Group 1 - Northland Pharmaceutical has shown significant growth in stock price [1] - Lianhuan Pharmaceutical is among the companies that have risen over 5% [1] - Lepu Medical has also reported a stock increase exceeding 5% [1] Group 2 - Junshi Biosciences is part of the group of innovative drug stocks that have rebounded [1] - Jingxin Pharmaceutical has experienced a notable rise in its stock value [1] - Guangsheng Pharmaceutical has joined the trend with a stock increase of over 5% [1]

FF301 呈交日期: 2025年8月6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 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | ...

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7月31日 狀態: 新提交 FF301 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8月6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 | | 2. 股份分類 | 普通股 | 股份類別 ...

Core Viewpoint - Junshi Biosciences is positioned as a leading innovative pharmaceutical company in China, focusing on the development and commercialization of first-in-class and best-in-class drugs, with a comprehensive industry chain from drug discovery to large-scale production and global clinical research [2][3]. Company Overview - Junshi Biosciences was established on December 27, 2012, and went public on July 15, 2020. The company is headquartered in Shanghai and specializes in the research and commercialization of monoclonal antibody drugs and other therapeutic protein drugs [7]. - The main revenue sources for the company include drug sales (84.18%), technology licensing and royalties (12.08%), and other income (3.73%) [7]. Recent Developments - On October 27, 2023, Junshi Biosciences announced a collaboration with Peking University, the Institute of Microbiology of the Chinese Academy of Sciences, Shanxi Advanced Innovation Research Institute, and Beihang University to jointly develop a monkeypox recombinant protein vaccine [3]. - The company’s subsidiary, JunTuo Biotech, is involved in the development of vaccine-related products, including monkeypox and Zika vaccines, which are currently in the preclinical development stage [3]. Financial Performance - For the period from January to March 2025, Junshi Biosciences reported a revenue of 5.01 billion yuan, representing a year-on-year growth of 31.46%. However, the net profit attributable to the parent company was -2.35 billion yuan, showing a year-on-year increase of 17.01% [8]. Market Activity - On August 6, 2023, Junshi Biosciences' stock rose by 4.61%, with a trading volume of 1.663 billion yuan and a turnover rate of 5.09%, bringing the total market capitalization to 42.382 billion yuan [1].