Core Insights - Junshi Bioscience has transformed from a small laboratory in Zhangjiang, Shanghai, to a leading player in the global biopharmaceutical industry, with over 50 innovative drug pipelines in just 13 years [1][2] - The company's core product, the PD-1 monoclonal antibody Toripalimab, has gained global recognition, becoming the first self-developed innovative biopharmaceutical from China to receive FDA approval [1][2] R&D and Innovation - Junshi Bioscience shifted from "single-point breakthroughs" to "platform innovation," focusing on multiple therapeutic areas and developing a robust pipeline of over 50 new drugs [4][5] - The company has successfully developed Toripalimab, which addresses local high-incidence cancers and has broken the monopoly of imported drugs in China [2][4] - The company plans to advance several innovative drugs, including JS212 and JS213, into clinical trials by 2025, aiming for a comprehensive drug pipeline [5][6] Global Expansion and Commercialization - Junshi Bioscience is transitioning from a "R&D-focused company" to a "full-chain operator," with a strong emphasis on internationalization as a key highlight for the next five years [6] - The company has established a commercial network covering over 80 countries through partnerships and self-built teams, aiming to penetrate emerging markets in Southeast Asia [6][7] - The production capabilities at the Shanghai Lingang base support the company's ambition for global commercialization, with a fully autonomous production process [6] Market Position and Future Outlook - The success of Toripalimab marks a significant shift in the landscape of Chinese innovative drugs, moving from "importing" to "exporting" [1][2] - The company aims to redefine treatment boundaries with next-generation therapies, including bispecific antibodies and antibody-drug conjugates, supported by AI-assisted research [5][6] - Junshi Bioscience is committed to pushing more products into late-stage clinical trials and registration phases during the 14th Five-Year Plan period [5][6]

Core Viewpoint - Shanghai is emerging as a global hub for biopharmaceutical innovation, with local companies leveraging innovation, transformation, and internationalization to enhance their competitiveness on the world stage [4][6]. Group 1: Innovation - Junshi Bioscience has focused on unmet clinical needs, successfully launching its PD-1 monoclonal antibody, which has reshaped the landscape for domestic innovative drugs in international markets [4][5]. - Fosun Pharma has achieved significant milestones in innovation, including the development of China's first self-developed CAR-T cell therapy product and the first PD-1 monoclonal antibody approved for first-line treatment of small cell lung cancer [8][9]. - The company has established a comprehensive innovation system, with over 12 innovative drugs launched during the 14th Five-Year Plan period, focusing on oncology, immune inflammation, and chronic diseases [11][12]. Group 2: Transformation - First Pharmaceutical has adapted to the challenges posed by e-commerce in the pharmaceutical retail sector by integrating smart healthcare services, revitalizing its traditional pharmacy model [5][30]. - Fosun Pharma's transformation journey aligns with the rapid evolution of China's innovative drug industry, emphasizing a combination of generics and original innovations [5][11]. - Seer Bio has expanded its research into broader biotoxin treatments after mastering snake venom therapies, indicating a strategic shift towards a wider range of biological toxin therapies [5][26]. Group 3: Internationalization - Fosun Pharma has successfully penetrated international markets, with its anti-tumor innovative drug, Slulizumab, approved in approximately 40 countries, showcasing the company's global strategy [12][13]. - Junshi Bioscience has transitioned from a "single-point breakthrough" to "platform innovation," with its core product, Toripalimab, now available in major markets including the US and EU [16][17]. - The company is building a global commercialization network through partnerships and local teams, aiming to enhance its international presence [22][23]. Group 4: Market Challenges and Opportunities - First Pharmaceutical faces significant challenges in the pharmaceutical distribution industry, including regulatory changes, evolving sales models, and increased consumer expectations for professional services [32][33]. - Despite these challenges, First Pharmaceutical has reported substantial revenue growth, with sales increasing from 1.398 billion yuan in 2021 to 1.915 billion yuan in 2024 [32]. - The company is strategically focusing on the silver economy, aiming to develop integrated services for the elderly, aligning with national policies on aging [34][35].

Investment Rating - The report does not explicitly state an investment rating for the industry [2] Core Views - The pharmaceutical and biotechnology sector saw a weekly increase of 2.67%, underperforming the Wind All A index (2.9%) but outperforming the CSI 300 index (1.64%). The raw material drug sector experienced a decline of 4.27%, while chemical preparations and pharmaceutical circulation products increased by 4.18% and 3.71%, respectively [3][8] - Recent policies in Shanghai and Beijing aim to support the high-quality development of the medical device industry, indicating a shift towards innovation and global competitiveness in this sector. The report suggests monitoring the transformation progress of leading companies in the medical device field [3][12] - Flu activity is on the rise, with the percentage of flu-like cases reported by sentinel hospitals in southern provinces reaching 7.8%, up from 6.8% the previous week, and higher than the same period in 2022 and 2024 [3][11] Summary by Sections Market Weekly Review - The pharmaceutical and biotechnology sector increased by 2.67% from November 24 to November 28, 2025, with raw material drugs declining by 4.27% and chemical preparations increasing by 4.18% [8][9] - Individual stock performances included significant gains for Haiwang Biological (38.2%), Yue Wannianqing (36.2%), and Guangji Pharmaceutical (31.7%), while *ST Changyao (-15.3%), Huitai Medical (-9.6%), and Kangwei Century (-8.8%) saw notable declines [11] Industry News and Key Company Announcements Important Industry Events - The report highlights the increase in flu-like illness percentages in both southern (7.8%) and northern (8.6%) provinces, indicating a significant rise in flu activity compared to previous years [11][12] Industry News - Significant approvals were noted, including the NMPA's approval of Xinmeiyue® for treating moderate to severe plaque psoriasis and the FDA's accelerated approval of Sibeprenlimab for IgAN treatment [12][14] Company Announcements - Notable announcements include the FDA approval of a generic injectable drug by Jianyou Co. and the successful completion of a Phase III trial for JS001sc, a subcutaneous PD-1 monoclonal antibody for non-small cell lung cancer [15][16]

Core Viewpoint - The company has approved a plan to manage temporarily idle raised funds through cash management, aiming to enhance fund utilization efficiency while ensuring the safety and intended use of the funds [1][3][7] Cash Management Overview - The purpose of cash management is to improve the efficiency of raised fund usage and generate additional returns for the company and its shareholders, without affecting the normal operation of investment projects [1][3] - The company plans to invest up to RMB 2.4 billion in safe, liquid principal-protected investment products, including but not limited to time deposits and structured deposits, within a 12-month period [1][3] - The funds for cash management will come from temporarily idle raised funds from the company's 2022 A-share issuance [1][3] Implementation and Oversight - The board of directors has authorized the chairman to make investment decisions and sign relevant legal documents, with the finance department responsible for implementation [2][3] - The company will adhere to regulatory requirements for information disclosure and will not change the intended use of the raised funds [2][3] Impact on Daily Operations - The cash management plan will not affect the normal cash flow needs or the operation of investment projects, ensuring that the company's main business continues to develop normally [6][7] - As of June 30, 2025, all initial public offering projects have been completed, and the raised funds will be used in accordance with the overall project schedule [6][7] Opinions from Intermediaries - The company's sponsor, Guotai Junan Securities, has confirmed that the cash management plan complies with relevant regulations and will not change the intended use of the raised funds, thus benefiting the company and its shareholders [7]

Performance Summary - Virginie (02199.HK) reported revenue of HKD 3.84 billion for the six months ending September 30, 2025, a decrease of 3.45% year-on-year; net profit increased by 114.25% to HKD 145 million [1] - Huagang United (01001.HK) achieved revenue of HKD 1.023 billion, up 3.34% year-on-year; profit decreased by 3.64% to HKD 52.9 million [1] - Disen Creation (00113.HK) reported revenue of HKD 973 million, a year-on-year increase of 1.2%; net profit rose by 14.02% to HKD 150 million [1] - Sanhe Construction Group (03822.HK) generated revenue of HKD 470 million from customer contracts, a 20.8% increase year-on-year; net profit surged by 1364.7% to HKD 47.41 million [1] - Bojun Education (01758.HK) reported revenue of HKD 379 million for the year ending August 31, 2025, a decrease of 11.9%; losses increased by 227.6% to HKD 130 million [1] - Jiahua Holdings (00064.HK) reported revenue of HKD 172 million, down 21.01% year-on-year; profit increased by 57.59% to HKD 49.51 million [2] - Tiande Real Estate (00266.HK) reported revenue of HKD 152 million, a decrease of 2.5%; losses narrowed by 72.9% to HKD 75.43 million [3] - Kairun International Hotel (00105.HK) reported revenue of HKD 148 million, down 2.34%; losses decreased by 69.77% to HKD 148 million [4] - Safe Warehouse (00237.HK) reported revenue of HKD 84.1 million, down 9.97%; the company recorded a loss of HKD 17.56 million, shifting from profit to loss [4] Company News - Xinchen Power (01148.HK) established a strategic alliance with Sichuan Hongpeng Aerospace Equipment Intelligent Manufacturing in the field of aviation piston engines [5] - Qingdao Beer Co., Ltd. (00168.HK) plans to engage in wealth management investment activities with a maximum single-day balance of RMB 10 billion over the next 12 months [5] - Junshi Biosciences (01877.HK) plans to use up to RMB 2.4 billion of temporarily idle raised funds for cash management [5] - China Anshun Energy (02399.HK) signed a memorandum of understanding with Guo Heng for further investment and participation in energy-related projects [6] - Yanzhou Coal Mining (01171.HK) subsidiary plans to acquire 100% equity of a high-end support company for HKD 345 million [7] - Beijing Qingniao Huanyu (08095.HK) intends to invest approximately HKD 130 million to acquire the remaining 30% equity of Shanghai Shengjin Venture Capital Co., Ltd., focusing on new materials, energy conservation, and high-end equipment manufacturing [7] Financing and Buyback Activities - China Smart Technology (00464.HK) completed the issuance of a total of 11.7 million shares, raising approximately HKD 10.3 million [8] - Tencent Holdings (00700.HK) repurchased 1.036 million shares for HKD 636 million, with repurchase prices ranging from HKD 609 to HKD 620 [9] - China Petroleum & Chemical Corporation (00386.HK) repurchased 9.01 million shares for HKD 40.2765 million, with repurchase prices between HKD 4.42 and HKD 4.52 [10] - China Feihe (06186.HK) repurchased 4 million shares for HKD 16.6763 million, with repurchase prices ranging from HKD 4.12 to HKD 4.23 [10]

Core Viewpoint - Junshi Biosciences plans to utilize up to 2.4 billion yuan of temporarily idle raised funds for cash management to enhance fund efficiency and returns for the company and its shareholders [1] Group 1: Cash Management Purpose - The purpose of cash management is to improve the efficiency of raised funds and to reasonably utilize temporarily idle funds while ensuring that it does not affect the construction and use of investment projects [1] - The company aims to increase returns for both the company and its shareholders through this cash management strategy [1] Group 2: Investment Strategy - Junshi Biosciences will strictly control risks according to relevant regulations and intends to invest in high-safety, liquid principal-protected investment products [1] - The investment products include but are not limited to notice deposits, time deposits, agreement deposits, combination deposits, certificates of deposit, and structured deposits [1] - The funds will not be used for pledging or for investment purposes in securities [1]

Core Viewpoint - Junshi Biosciences (01877) plans to invest temporarily idle raised funds in low-risk, high-liquidity principal-protected investment products, adhering to relevant regulations [1] Group 1: Investment Strategy - The company intends to use a maximum of RMB 2.4 billion (including principal) of temporarily idle raised funds for cash management [1] - Investment products include but are not limited to notice deposits, time deposits, agreement deposits, combination deposits, certificates of deposit, and structured deposits [1] - The investment will not be used for pledging or for securities investment purposes [1] Group 2: Investment Duration and Management - The company plans to invest the idle funds in tranches with varying maturities, with the longest maturity not exceeding 12 months [1] - Within the specified limit and duration, the funds can be used in a rolling manner [1]

Core Viewpoint - The company plans to invest temporarily idle raised funds in low-risk, highly liquid principal-protected investment products, with a maximum investment of RMB 2.4 billion [1] Group 1: Investment Strategy - The company will strictly control risks according to relevant regulations [1] - The investment products include but are not limited to notice deposits, time deposits, agreement deposits, combination deposits, certificates of deposit, and structured deposits [1] - The funds will not be used for pledging or for investment purposes in securities [1] Group 2: Fund Management - The company plans to use a maximum of RMB 2.4 billion of temporarily idle raised funds for cash management [1] - The investment will be conducted in tranches based on the usage of raised funds and the company's operational conditions [1] - The maximum investment duration will not exceed 12 months, and funds can be rolled over within the specified limit and duration [1]

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） 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。 （股份代號：1877） 海外監管公告 中國，上海，2025年11月27日 於本公告日期，本公司董事會包括執行董事熊俊先生、李寧博士、鄒建軍博士、 李聰先生、張卓兵先生、姚盛博士、王剛博士及李鑫博士；非執行董事湯毅先 生；以及獨立非執行董事張淳先生、馮曉源博士、酈仲賢先生、魯琨女士及楊勁 博士。 * 僅供識別之用 国泰海通证券股份有限公司 关于上海君实生物医药科技股份有限公司 使用暂时闲置募集资金进行现金管理的核查意见 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《國泰 海通證券股份有限公司關於上海君實生物醫藥科技股份有限公司使用暫時閒置募 集資金進行現金管理 ...

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 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使用暫時閒置募集資金進行現金管理的公 告》，僅供參閱。 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。 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，2025年11月27日 於本公告日期，本公司董事會包括執行董事熊俊先生、李寧博士、鄒建軍博士、 李聰先生、張卓兵先生、姚盛博士、王剛博士及李鑫博士；非執行董事湯毅先 生；以及獨立非執行董事張淳先生、馮曉源博士、酈仲賢先生、魯琨女士及楊勁 博士。 * 僅供識別之用 证券代码：688180 证券简称：君实生物 公告 ...