Core Viewpoint - Junshi Bioscience's stock price has experienced fluctuations, with a year-to-date increase of 39.85% but a recent decline in the last few trading days, indicating potential volatility in the market [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 from 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, showing a year-on-year increase of 35.72% in losses [2]. Stock Performance - As of November 17, Junshi Bioscience's stock price was 38.22 yuan per share, with a market capitalization of 39.24 billion yuan. The stock has seen a recent decline of 2.03% [1]. - The stock has experienced a slight decrease of 0.44% over the last five trading days, a 1.16% decline over the last 20 days, and a 9.00% drop over the last 60 days [2]. Shareholder Information - As of September 30, 2025, the number of shareholders for Junshi Bioscience was 35,900, an increase of 15.17% from the previous period. The average circulating shares per person decreased by 12.96% to 21,361 shares [2]. - The top ten circulating shareholders include notable ETFs, with E Fund's SSE STAR 50 ETF holding 19.39 million shares, a decrease of 2.82 million shares from the previous period [3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company has shown significant revenue growth, achieving a total revenue of 1.806 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 42.06%. In the third quarter alone, revenue reached 637 million yuan, up 31.40% year-on-year [2][4][8]. - The core commercial product, Tuoyi® (Tremelimumab), generated approximately 1.495 billion yuan in sales, marking a year-on-year growth of about 40%. The expansion of indications has further driven revenue growth [8]. - The company is on the verge of a harvest period with its core pipeline products, including JS207, JS005, and JS107, demonstrating clinical value [2][8]. Summary by Sections Revenue Performance - In the first three quarters of 2025, the company achieved a revenue of 1.806 billion yuan, a 42.06% increase year-on-year. The third quarter revenue was 637 million yuan, reflecting a 31.40% year-on-year growth [4][8]. Product Commercialization - The revenue growth is primarily driven by Tuoyi® (Tremelimumab), which achieved sales of approximately 1.495 billion yuan in the first three quarters of 2025, a 40% increase year-on-year. The product has received regulatory acceptance for new indications, enhancing its market potential [8]. Pipeline Development - The company has over 50 pipeline products covering five major therapeutic areas: oncology, autoimmune diseases, chronic metabolism, neurology, and infections. Key products like JS207 and JS005 are progressing through clinical trials, with JS207 receiving FDA approval for a clinical trial in non-small cell lung cancer [8].

Core Viewpoint - The announcement details the completion of the initial grant registration for the 2025 A-share stock option incentive plan by Shanghai Junshi Biosciences Co., Ltd, which includes the approval process and the specifics of the stock options granted to employees [2][5][16]. Group 1: Decision-Making Process and Disclosure - The company held its fourth board meeting on September 29, 2025, to approve the initial grant of stock options under the incentive plan [2]. - The plan was publicly disclosed on September 3, 2025, following the board and supervisory committee's review [3]. - A 10-day public notice period was conducted, during which no objections were raised regarding the proposed incentive recipients [3]. Group 2: Stock Option Details - The total number of stock options granted is 24.7 million, distributed among 226 individuals [5][10]. - The initial grant date is set for September 29, 2025, with an exercise price of 46.67 yuan per share [10]. - The options will be valid for a maximum of 48 months from the grant date [7]. Group 3: Waiting Period and Exercise Conditions - The waiting period for the stock options varies, with some options becoming exercisable after 12 months and others after 24 months [8]. - Specific conditions restrict exercising options during certain periods, such as before the announcement of financial reports [9]. Group 4: Financial Impact and Valuation - The fair value of the stock options was calculated using a binomial model, with the underlying stock price at 41.09 yuan per share on the grant date [17]. - The estimated cost of the stock options will be recognized as an expense over the vesting period, impacting the company's financial results [18][19]. Group 5: Consistency with Previous Approvals - The actual number of stock options granted was adjusted due to 9 individuals forfeiting a total of 450,000 options, resulting in 24.7 million options being granted to 226 individuals [19].

证券代码：688180 证券简称：君实生物 公告编号：临 2025-066 上海君实生物医药科技股份有限公司 关于 2025 年 A 股股票期权激励计划首次授予 登记完成的公告 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： 激励对象名单（截止授权日）》。 根据上海君实生物医药科技股份有限公司（以下简称"公司"）2025 年第 一次临时股东大会授权，公司于 2025 年 9 月 29 日召开第四届董事会第十三次会 议，审议通过了《关于向 2025 年 A 股股票期权激励计划激励对象首次授予股票 期权的议案》。根据《上市公司股权激励管理办法》（以下简称"《管理办法》"） 及上海证券交易所、中国证券登记结算有限责任公司上海分公司相关规定，公司 已完成 2025 年 A 股股票期权激励计划（以下简称"激励计划"或"本激励计划"） 首次授予登记工作。现将有关情况公告如下： 一、本激励计划已履行的决策程序和信息披露情况 1、2025 年 9 月 2 日，公司召开第四届董事会第十一次会议及第四届监事会 第九次会议，审议 ...

（於中華人民共和國註冊成立的股份有限公司） （股份代號：1877） 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的內容概不負責，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 2025年A股股票期權計劃首次授予A股股票期權登記完成 茲提述上海君實生物醫藥科技股份有限公司（「本公司」）日期為2025年9月2日、 2025年9月29日的公告（「該等公告」）及日期為2025年9月5日的通函（「該通函」）， 內容有關（其中包括）本公司2025年A股股票期權激勵計劃、調整首次授予A股股 票期權擬授予數量及向激勵對象首次授予A股股票期權。除非文義另有所指，否 則本公告所用詞彙與該等公告及該通函所界定者具有相同涵義。 於2025年9月29日，本公司實施2025年A股股票期權激勵計劃已於臨時股東大會 獲股東批准。同日，根據股東於臨時股東大會授予的授權，本公司根據2025年A 股股票期權激勵計劃向激勵對象首次授予A股 ...

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。 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2025年A股股票期權激勵計劃首次授予登記 完成的公告》，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，2025年11月14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。 SHANGHAI JUNSHI BIOSCIENCES CO., LTD.* * 僅供識別之用 证券代码：688180 证券简称： ...

Core Viewpoint - The company has completed the initial grant registration for its 2025 A-share stock option incentive plan, with a total of 24.7 million options granted at a price of 46.67 yuan per share [1] Group 1: Stock Option Plan Details - The registration date for the stock option incentive plan is November 14, 2025 [1] - A total of 226 individuals received the stock options, with 450,000 options being forfeited by 9 incentive recipients [1] - The maximum validity period for the incentive plan is 48 months, with the initial options divided into two exercise periods, each with a 50% exercise ratio [1] Group 2: Financial Implications - The total estimated expense to be amortized from 2025 to 2027 is 189.95 million yuan, broken down as follows: 33.79 million yuan in 2025, 115.09 million yuan in 2026, and 41.07 million yuan in 2027 [1]

Core Viewpoint - Junshi Biosciences is positioned as a comprehensive innovative pharmaceutical company with capabilities spanning drug discovery, clinical research, large-scale production, and commercialization, aiming for a global footprint while being rooted in China [2] Group 1: Company Overview - Junshi Biosciences has developed a strong portfolio of innovative drugs, including the first domestically approved PD-1 monoclonal antibody, Toripalimab, which has received 11 indications in mainland China and is also approved in multiple countries including the US and EU [2] - The company is actively engaged in the development of early-stage products, with several expected to enter critical registration clinical trials by 2025 [2] - The company’s revenue composition includes 90.67% from drug sales, 8.74% from technology licensing, and 0.59% from technical services [7] Group 2: Recent Developments - Junshi Biosciences is collaborating with various research institutions and universities to develop vaccines, including those for monkeypox and Zika, which are currently in preclinical development [3] - A partnership has been established with Peking University and other institutions to jointly develop a recombinant protein vaccine for monkeypox [3] Group 3: Financial Performance - For the period from January to September 2025, Junshi Biosciences reported revenue of 1.806 billion yuan, reflecting a year-on-year growth of 42.06%, while the net profit attributable to the parent company was -596 million yuan, a 35.72% increase year-on-year [8] - 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% [8] Group 4: Market Activity - On November 13, Junshi Biosciences' stock rose by 2.38%, with a trading volume of 341 million yuan and a turnover rate of 1.14%, bringing the total market capitalization to 40.246 billion yuan [1] - The stock has seen a net inflow of 34.14 million yuan from major investors, indicating a slight increase in institutional interest [4][5]

君实生物所属申万行业为：医药生物-生物制品-其他生物制品。所属概念板块包括：抗癌药物、抗癌治 癌、创新药、生物医药、精准医疗等。 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，主力资金净流入842.99万元，特大单买入384.09万元，占比4.73%，卖出119.26万元，占 比1.47%；大单买入1736.34万元，占比21.37%，卖出1158.19万元，占比14.25%。 君实生物今年以来股价涨42.92%，近5个交易日涨1.38%，近20日涨0.46%，近60日跌10.12%。 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 锣湾希慎道33号利园1期19楼1918室，成立日期2012年12月27日，上市日期2020年7月15日，公司主营业 务涉及单克隆抗体药物和其他治疗型蛋白药物的研发与产业化,单克隆抗体药物研发的技术服务与技术 转让等 ...

Group 1 - The core viewpoint of the article highlights that innovative pharmaceutical companies are transitioning from a "research and development investment phase" to a "commercialization harvest phase," driven by policy benefits, capital support, and clinical demand [1][4][5] Group 2 - Innovative pharmaceutical companies have reported impressive third-quarter results, with BeiGene achieving over 10 billion yuan in revenue, a year-on-year increase of 41.1%, and total revenue for the first three quarters reaching 27.595 billion yuan, up 44.2% [2] - Other leading innovative pharmaceutical companies also showed strong performance, with Hengrui Medicine reporting a revenue of 23.188 billion yuan for the first three quarters, a year-on-year growth of 14.85%, and WuXi AppTec achieving 32.857 billion yuan in revenue, up 18.61% [3] - The sales growth of core products, such as BeiGene's Zebrutinib and Junshi Biosciences' Toripalimab, is driving the performance of these companies, indicating a significant return on investment in research and development [5][6] Group 3 - The innovative drug sector is experiencing rapid growth, with a notable increase in business development (BD) transactions, totaling 92.03 billion USD in the first three quarters of 2025, reflecting a surge in licensing deals for domestic innovative drugs [6] - Analysts from Dongwu Securities express optimism about the innovative drug sector, predicting it will remain a key investment theme in the pharmaceutical industry through 2026, driven by the rising international status of Chinese innovative drug companies and a boom in BD transactions [7]