Core Viewpoint - The Shanghai Stock Exchange Science and Technology Innovation Board Biopharmaceutical Index has shown strong performance, with significant increases in constituent stocks, indicating a positive trend in the biopharmaceutical sector [1][3]. Market Performance - As of July 11, 2025, the Biopharmaceutical Index rose by 1.23%, with notable gains from stocks such as Yifang Biotech (+10.31%), Shouyao Holdings (+8.34%), and Te Bao Biotech (+7.18%) [1]. - The Jiashi Science and Technology Medicine ETF (588700) also increased by 1.14%, marking its third consecutive rise [1]. Liquidity and Trading Volume - The Jiashi Science and Technology Medicine ETF recorded a turnover rate of 9.54% and a trading volume of 21.11 million yuan [3]. - Over the past month, the ETF has maintained an average daily trading volume of 33.32 million yuan, ranking first among comparable funds [3]. Fund Growth and Performance - In the last two weeks, the Jiashi Science and Technology Medicine ETF's scale increased by 17.56 million yuan, leading among comparable funds [3]. - The ETF's net value has risen by 37.70% over the past year, with a maximum single-month return of 23.29% since its inception [3]. Top Holdings - As of June 30, 2025, the top ten weighted stocks in the Biopharmaceutical Index accounted for 50.3% of the index, including companies like United Imaging Healthcare, BeiGene, and Huatai Medical [3][5]. Policy Support and Market Outlook - Recent policy documents have been released to support the high-quality development of innovative drugs, highlighting government backing for the sector [6]. - The number of innovative drugs in development in China has reached over 4,000, representing approximately 30% of the global total [5][6].

Summary of Junshi Biosciences Conference Call Company Overview - **Company**: Junshi Biosciences - **Industry**: Biopharmaceuticals, specifically focusing on oncology and immunotherapy Key Points Financial Performance - In Q1 2025, Junshi Biosciences reported sales of 447 million RMB, a year-on-year increase of over 40% [2][3] - The core product, Toripalimab, achieved sales of 1.5 billion RMB in 2024, reflecting a 67% year-on-year growth [3] - Projected domestic revenue for Toripalimab in 2025 is expected to exceed 2 billion RMB, contributing 500 to 600 million RMB in profit [2][4] Product Development and Pipeline - Toripalimab has received approval for 12 indications in China, with 10 included in medical insurance, providing a first-mover advantage [2][3] - The company is advancing several clinical projects, including: - BTOA monoclonal antibody and PD-1 subcutaneous formulation, with BTOA in Phase III trials for limited-stage small cell lung cancer and classical Hodgkin lymphoma [2][5] - PD-1 subcutaneous formulation expected to be submitted for production by the end of 2025 [5] - DKK1 monoclonal antibody showing promising early data in colorectal cancer [8] Clinical Trials and Research - Junshi is focusing on dual antibodies, particularly PD-1/VEGF, currently in multiple Phase II trials, with promising safety and efficacy data expected to be released in Q3 2025 [6][34] - The company plans to initiate several Phase III trials for Claudin18.2 ADC, CD20-CD3 dual antibody, and PSAKα by the end of 2025 [8][10] Strategic Direction - The company aims to consolidate its market share for Toripalimab while expanding its product pipeline with innovative drugs [7][10] - Junshi is exploring international collaborations to accelerate global expansion and enhance profitability [7][12] Market Trends and Future Outlook - The trend for immunotherapy drugs is moving towards combination therapies with chemotherapy and ADCs [8] - Junshi anticipates significant growth in the PD-1 product line due to an increase in approved indications and a strengthened sales team [30] - The company expects to achieve breakeven by around 2027, with R&D expenses projected to remain between 1.2 to 1.5 billion RMB annually [25][26] Sales and Management Expenses - Sales expenses are expected to grow at a rate lower than revenue growth, maintaining a sales expense ratio below 50% [31] - Management expenses are projected to remain stable at around 400 to 500 million RMB [31] Competitive Landscape - Junshi's PD-1/VEGF dual antibody project retains primary rights, with potential for significant market share in the oncology sector [19] - The company is also developing new molecules, including PD-1, IL-2, and EGFR ADCs, with some in early clinical stages [9][28] Regulatory and Market Challenges - The company is monitoring overseas policy changes, which currently have a limited impact on revenue but could affect future profitability [33] Conclusion - Junshi Biosciences is positioned for growth with a robust pipeline and strategic focus on oncology, aiming to leverage its first-mover advantage in the PD-1 market while expanding its product offerings through innovative therapies and international collaborations.

Core Viewpoint - The Hong Kong stock market for the biopharmaceutical sector experienced a significant rebound today, with several companies showing notable gains [1] Group 1: Company Performance - Rongchang Biopharmaceutical (09995.HK) rose over 7% [1] - Junshi Biosciences (01877.HK) increased by more than 4% [1] - Other companies such as Tigermed (03347.HK), Zai Lab (09688.HK), and Innovent Biologics (02696.HK) also saw their stock prices rise [1]

智通财经APP获悉，截止6月27日，未平仓空单比位列前三位为药明康德（02359）、宁德时代 （03750）、中远海控（01919），空仓比分别为22.52%、16.88%、14.10%。 前10大未平仓空仓比 未平仓空单比（绝对值）较上一次增加最多为国泰君安国际（01788）、顺丰控股（06936）、中远海能 （01138），分别增加3.47%、3.26%、2.55%。 | 股票名称 | 前次空仓数 | 本次空仓数 | 最新空仓比↓ | | --- | --- | --- | --- | | 药明康德(02359) | 8501.16 万股 | 8717.47 万股 | 22.52% | | 宁德时代(03750) | 2489.86 万股 | 2631.99 万股 | 16.88% | | 中远海控(01919) | 4.02 亿股 | 4.06 亿股 | 14.10% | | 山东黄金(01787) | 1.07 亿股 | 1.09 亿股 | 12.73% | | 万科企业(02202) | 2.96 亿股 | 2.80 亿股 | 12.69% | | 赣锋锂业(01772) | 5155.94 万股 ...

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [9]. Core Insights - The pharmaceutical index increased by 3.64% during the week of June 30 to July 4, outperforming both the ChiNext and CSI 300 indices, indicating a positive market sentiment towards innovative drugs and brain-computer interface technologies [14][15]. - The report emphasizes the strong performance of PD-1 Plus drugs, which are seen as a driving force in the current market recovery, supported by significant business development (BD) deals and a favorable industry trend [2][15]. - The outlook for 2025 remains optimistic, focusing on innovative drugs, new technologies, and the restructuring of supply chains [3][16]. Summary by Sections 1. Industry Overview - The pharmaceutical sector is experiencing a rebound, with innovative drugs and brain-computer interfaces leading the charge. The report highlights the importance of PD-1 Plus drugs in this recovery [14][15]. 2. Innovative Drug Selection - PD-1 Plus drugs are gaining traction, with significant overseas collaborations and clinical trial advancements. The report notes that companies like Innovent Biologics and BeiGene are at the forefront of this trend [20][21]. - The report suggests focusing on companies with promising PD-1/IL-2 combinations and those that have successfully entered international markets [23]. 3. Investment Strategies - The report outlines a strategy focusing on core stocks in the innovative drug space, particularly those with strong growth potential and upcoming clinical data releases [3][17]. - Key companies to watch include Innovent Biologics, Zai Lab, and others involved in PD-1 Plus and related technologies [4][17]. 4. Market Performance - The report provides a comparative analysis of the performance of various indices, noting that the innovative drug index has outperformed the broader pharmaceutical index and the CSI 300 index since the beginning of 2025 [41][42]. - The report also highlights the performance of specific stocks within the innovative drug sector, indicating a positive trend for companies like Zai Lab and BeiGene [45]. 5. Future Outlook - The report anticipates continued optimism in the pharmaceutical sector, particularly around innovative drugs and new technologies such as AI in healthcare and rehabilitation robotics [3][16]. - The focus will be on identifying high-growth opportunities in the innovative drug space and leveraging the ongoing restructuring of supply chains [3][19].

截至月份: 2025年6月30日 狀態: 新提交 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7月4日 I. 法定/註冊股本變動 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 | 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 | | | 219,295,700 | RMB | | 1 | RMB | | 219,295,700 | | 增加 / 減少 (-) | | | 41,000,000 | | | | RMB | | 41,000,000 | | 本月底結存 | | | 260,295,700 | RMB | | 1 | RMB | | 260,29 ...

Group 1 - Junshi Biosciences (01877) saw its stock price increase by over 10%, currently trading at 26.2 HKD with a transaction volume of 4.52 billion HKD [1] - The preclinical research results of JS207, a recombinant humanized PD-1 and VEGF bispecific antibody developed by Junshi, were published in the journal "Frontiers in Immunology," detailing its molecular design, in vitro characteristics, functions, and anti-tumor efficacy [1] - According to Founder Securities, the preclinical data of JS207 demonstrates the potential of second-generation PD-1 antibodies in anti-tumor applications, indicating its business development (BD) potential [1] Group 2 - Reports indicate that AstraZeneca is in discussions with Summit regarding a collaboration on the AK112 drug, with a potential deal value of up to 15 billion USD [2] - PD-(L)1/VEGF bispecific antibodies are expected to be the next-generation cornerstone drugs in the immuno-oncology market, with ongoing combinations with ADC/TCE likely to expand market opportunities [2] - As of 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 business development abroad as data matures [2]

港股创新药午后持续拉升，荣昌生物(09995.HK)涨超16%，君实生物(01877.HK)物涨超7%，凯莱英 (06821.HK)涨超5%。 ...

Core Insights - The establishment of the Sci-Tech Innovation Board (STAR Market) has enabled 20 innovative biopharmaceutical companies to list under the fifth set of listing standards, reshaping China's biopharmaceutical landscape [1] - The China Securities Regulatory Commission (CSRC) has introduced measures to enhance the STAR Market's support for high-growth, unprofitable tech companies, emphasizing the importance of "hard technology" [1][3] - The fifth set of listing standards allows unprofitable innovative companies to raise funds, breaking traditional capital market constraints and facilitating financing for R&D-focused firms [1][2] Industry Developments - Since its inception, the STAR Market has seen 20 innovative biopharmaceutical companies adopt the fifth set of listing standards, with significant fundraising efforts directed towards advanced technologies such as antibody drugs and ADCs [1] - In 2024, these 20 companies collectively achieved revenue of 14.21 billion yuan, a year-on-year increase of 44.17%, with several companies projected to exceed 1 billion yuan in revenue soon [1] - Companies like Dizhe Pharmaceutical have reported substantial revenue growth, with a 294.24% increase to 360 million yuan, driven by innovative drug development [2] Company Performance - Companies such as Junshi Biosciences have successfully raised over 8 billion yuan through the STAR Market, significantly advancing their clinical projects and R&D initiatives [2][3] - Ailis, which listed under the fifth set of standards, achieved commercialization of its core product within 2 years and 5 months, demonstrating the effectiveness of the STAR Market in supporting innovative firms [3] - ShenZhou Cell has transitioned from having no products or revenue at the time of listing to achieving 2.51 billion yuan in revenue, marking a successful turnaround [5] Innovation Ecosystem - The STAR Market has fostered an innovation-driven ecosystem, enhancing the flow of resources and increasing recognition of innovative technologies within the capital market [3][4] - Companies are increasingly focusing their resources on R&D, maintaining high levels of investment intensity, and establishing a virtuous cycle of research and development [6] - The introduction of the STAR Market has led to a fundamental shift in the development logic of listed companies, prioritizing quality over scale and fostering collaborative ecosystems [6]

Core Viewpoint - Junshi Bioscience has reported significant growth in its core product, Toripalimab, with a domestic sales revenue of 1.501 billion yuan in 2024, representing a year-on-year increase of approximately 66% [1][2]. Group 1: Sales Performance - The domestic revenue for Toripalimab in the first quarter of 2025 was approximately 447 million yuan, showing a year-on-year growth of about 45.72% [1][2]. - Toripalimab has received approval for 12 indications in mainland China, with 10 of these included in the national medical insurance catalog, enhancing its market accessibility [2][3]. Group 2: R&D Pipeline - The company has expanded its innovative research and development to cover five major therapeutic areas, including oncology, autoimmune diseases, chronic metabolic diseases, neurological diseases, and infectious diseases [3][4]. - Currently, the company has four commercialized drugs and nearly 30 drugs in clinical trials, with over 20 drugs in preclinical development [3][4]. Group 3: Clinical Trials and Internationalization - The PD-1/VEGF bispecific antibody is in Phase II clinical trials, while the anti-BTLA monoclonal antibody combined with Toripalimab is undergoing Phase III clinical research with over 300 patients enrolled [2][5]. - The company aims to achieve globalization through organic growth and strategic partnerships, enhancing its overseas clinical team and pursuing international multi-center clinical trials [5][6].