证券代码：688180 证券简称：君实生物 公告编号：临 2025-037 上海君实生物医药科技股份有限公司 2018 年股权激励方案第三个行权期 行权限售股上市流通公告 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： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 1,845,200股。 本次股票上市流通总数为1,845,200股。占公司总股本比例为 0.18%，限售期为 自行权之日起三年。 本次股票上市流通日期为2025 年 7 月 7 日。 一、本次上市流通的限售股类型 本次上市流通的限售股为上海君实生物医药科技股份有限公司（以下简称 "公司"）2018 年股权激励方案第三个行权期行权形成，本次上市流通的限售股 股份数量为 1,845,200 股，占截至本公告披露日公司总股本的 0.18%，限售期为自 行权之日起三年，涉及限售股股东 187 名。该部分限售股将于 2025 年 7 月 7 日起 上市流通。 二、本次上市流通的限售股形成后至今公司股本数量变化情况 （一）2020 年限制性 ...

Group 1 - The core viewpoint of the news is that Junshi Biosciences has experienced a decline in stock price, with a cumulative drop of 4.41% over three consecutive days, currently trading at 33.81 CNY per share [1] - Junshi Biosciences, established on December 27, 2012, focuses on the research and commercialization of monoclonal antibody drugs and other therapeutic protein drugs, with 84.18% of its revenue coming from drug sales [1] - The company has a total market capitalization of 34.712 billion CNY and reported a trading volume of 270 million CNY with a turnover rate of 1.04% [1] Group 2 - According to data, the ICBC Credit Suisse Fund has a significant holding in Junshi Biosciences, with the Kexin Medical ETF (588860) reducing its stake by 242,800 shares, now holding 580,000 shares, which represents 4.15% of the fund's net value [2] - The Kexin Medical ETF has experienced a year-to-date return of 23.12% and ranks 168 out of 4241 in its category since its inception [2] - The fund manager, Shi Baojiao, has been in position for 3 years and 210 days, with the best fund return during this period being 35.42% [2]

Core Viewpoint - The rise of DeepSeek has initiated a "revaluation of Chinese assets," extending beyond the tech sector to new consumption and innovative pharmaceuticals, which are leading the Hong Kong stock market this year [1]. Group 1: Investment Opportunities - International funds' allocation to China remains at historical lows, but there is a growing willingness among global investors to increase their exposure to Chinese assets [1]. - The consensus among industry experts is that both US and Chinese stock markets present investment opportunities this year, with Hong Kong stocks potentially outperforming A-shares [3]. - The MSCI China Index currently has a PE ratio of 11 and a PB ratio of 1.4, indicating that Hong Kong stocks are undervalued compared to the S&P 500 and Nasdaq [4]. Group 2: New Consumption Trends - The consumer sector in Hong Kong has gained more attention than the internet sector this year, with companies like Pop Mart, Mixue Group, and Laoputang being highlighted as key players [6]. - The rise of "self-consumption" reflects a shift in consumer preferences towards quality and high-end experiences, suggesting that companies targeting younger and lower-tier city consumers may have greater opportunities [6][8]. - High valuations in the consumer sector are driven by innovation and the ability to create new IP, rather than merely competing on price [6]. Group 3: Innovative Pharmaceuticals - The Chinese pharmaceutical industry is experiencing a resurgence after three years of stagnation, with global pharmaceutical companies seeking assets in key therapeutic areas [10]. - The Hong Kong healthcare sector has risen by 54% this year, with the Chinese biotech index up 68.6%, significantly outperforming the MSCI China Index [10]. - The trend of "licensing out" innovative drugs is expected to continue, driven by high-value overseas orders and improved geopolitical conditions [11][12].

Group 1 - International capital allocation to China remains at historical lows, but there is a growing willingness among global investors to increase exposure to Chinese assets, particularly in innovative sectors like AI, new consumption, and innovative pharmaceuticals [1][2] - The consensus among industry experts is that both US and Chinese stock markets present investment opportunities this year, with Hong Kong stocks potentially outperforming A-shares [2][3] - The current valuation of the MSCI China Index is at a PE of 11 and PB of 1.4, indicating that Hong Kong stocks are undervalued compared to the high valuations of US stocks, which are reliant on AI narratives [3] Group 2 - The consumer sector in Hong Kong has gained significant attention, surpassing the internet sector in popularity, with companies like Pop Mart and Miko Group being highlighted as key players [4][5] - The growth potential of new consumption in China is linked to the ability to create new IP and resonate with consumers, as well as the capacity to expand internationally [5] - The Chinese pharmaceutical industry is experiencing a resurgence, with significant interest from global pharmaceutical companies seeking assets in key therapeutic areas, leading to a 54% increase in the Hong Kong healthcare sector this year [6][7] Group 3 - The "outbound licensing" theme in innovative pharmaceuticals is gaining traction, driven by high-value overseas licensing deals and increasing recognition of Chinese biotech firms by multinational companies [7][8] - Recent financing activities in the biotech sector, such as the significant capital raises by companies like Hengrui Medicine and Junshi Biosciences, indicate a robust investment environment [7] - The potential for Chinese pharmaceutical companies to enhance their global commercialization capabilities through strategic partnerships is seen as a key growth driver, although challenges remain in terms of innovation and execution [8]

Core Viewpoint - Junshi Biosciences has raised approximately HKD 1.026 billion through a discounted placement of H-shares, reflecting significant cash flow pressures and concerns regarding the sustainability of its financing and R&D model [2][4]. Financing and Capital Structure - The recent placement at HKD 25.35 per share represents an 11.52% discount, marking the largest discount financing in the Hong Kong biopharmaceutical sector this year [2]. - This is the third large-scale financing for Junshi Biosciences in four years, with total fundraising since 2021 reaching approximately RMB 7 billion [3]. - The company has accumulated losses exceeding RMB 10.9 billion since its establishment in 2012, with R&D expenditures totaling RMB 11.419 billion, indicating a heavy reliance on external capital [4]. Financial Performance and Ratios - Junshi's asset-liability ratio increased from 24.64% in 2021 to 47.98% in Q1 2025, indicating rising financial pressure [5][6]. - The company's liquidity ratios have declined significantly, with the current ratio dropping to 1.40 and the quick ratio to 1.20 in Q1 2025, both below industry averages [6][8]. - Cash reserves have decreased from a peak of RMB 6.031 billion at the end of 2022 to RMB 2.522 billion by Q1 2025, a reduction of over 58% [5]. Revenue and Product Dependency - Junshi's revenue heavily relies on its core product, Toripalimab (Tuoyi®), which accounted for over 88% of total revenue in Q1 2025, despite the company still facing losses [9][10]. - The company reported a total revenue of RMB 1.948 billion in 2024, with a net loss of RMB 1.281 billion, although the loss narrowed by 43.90% year-on-year [9]. - International revenue has fluctuated dramatically, dropping from RMB 3.341 billion in 2021 to RMB 0.093 billion in 2024, highlighting instability in the company's revenue structure [10].

Core Viewpoint - The company successfully completed the placement of 41 million new H shares, raising approximately HKD 1.039 billion, with net proceeds of about HKD 1.026 billion allocated primarily for innovative drug research and general corporate purposes [1][2]. Summary by Sections Placement Completion - The placement of 41,000,000 new H shares was completed on June 20, 2025, after all conditions were met, including approval from the Hong Kong Stock Exchange [1]. - The placement price was set at HKD 25.35 per share, representing approximately 15.75% of the total issued H shares and 3.99% of the total issued shares post-placement [2]. Use of Proceeds - The net proceeds from the placement will be allocated as follows: 70% for innovative drug research, including projects like JS207, JS212, and JS213, and 30% for general corporate purposes [2]. Share Capital Changes - Following the placement, the total number of issued shares increased from 985,689,871 to 1,026,689,871, with H shares rising to 260,295,700 while A shares remained at 766,394,171 [3]. - The shareholding structure showed a decrease in the controlling shareholders' stake from 18.67% to 17.92% due to the dilution effect of the new shares issued [4]. Shareholder Changes - The major shareholders, including the actual controllers and their concerted parties, experienced a reduction in their shareholding percentages post-placement, with specific reductions noted for individual shareholders [4][5].

Core Insights - JS207, a bispecific antibody targeting PD-1 and VEGFA developed by Junshi Biosciences, has demonstrated strong antitumor activity and favorable safety profiles in preclinical studies, indicating its potential as a novel cancer treatment [1][2] Group 1: Mechanism and Preclinical Results - JS207 exhibits high affinity binding to PD-1 and VEGFA, showing comparable or superior antigen affinity, immune activation, and vascular proliferation regulation compared to similar drugs [1][2] - In various tumor models, JS207 has shown robust antitumor activity, with good tolerability and thermal stability, making it a promising candidate for cancer therapy [1][2] Group 2: Structural and Functional Characteristics - Structurally, JS207 is based on Trastuzumab, combining a full-length anti-PD-1 IgG antibody with a VEGFA-targeting heavy chain variable region, demonstrating effective blocking of PD1/PDL1 and PD1/PDL2 interactions [2] - In mouse tumor models, JS207 exhibited dose-dependent antitumor effects, outperforming Trastuzumab alone or in combination with VEGF DotAb treatment [2] Group 3: Clinical Development and Market Potential - JS207 is currently undergoing multiple Phase I-II clinical trials for various cancers, including non-small cell lung cancer, hepatocellular carcinoma, renal cancer, and colorectal cancer, indicating its broad application potential [3] - The drug has significant combination potential with other products in the company's pipeline, such as DKK1 inhibitors and CTLA-4 monoclonal antibodies, enhancing its market prospects [3] Group 4: Financial Projections - Revenue forecasts for the company from 2025 to 2027 are projected at 2.6 billion, 3.5 billion, and 4.5 billion yuan, with year-on-year growth rates of 33.45%, 34.62%, and 28.57% respectively [4] - The net profit attributable to the parent company is expected to be -685 million, 29 million, and 306 million yuan for the same period, with significant growth rates of 46.53%, 104.18%, and 968.22% respectively [4]

Core Viewpoint - The company has expanded its innovative research and development from monoclonal antibodies to a broader range of drug types, including small molecules, peptides, antibody-drug conjugates (ADCs), bispecific or multispecific antibodies, fusion proteins, and nucleic acid drugs, focusing on next-generation innovative therapies for cancer and autoimmune diseases [1] Group 1: Product Pipeline and Therapeutic Areas - The company's product pipeline covers five major therapeutic areas: malignant tumors, autoimmune diseases, chronic metabolic diseases, neurological diseases, and infectious diseases [1] - Currently, the company has four commercialized drugs: Tuoyi® (特瑞普利单抗), Junmai Kang® (君迈康), Mindewi® (民得维), and Junshida® (君适达) [1] - Nearly 30 drug candidates are in clinical trial stages, with over 20 candidates in preclinical development [1] Group 2: Regulatory Approvals and Market Access - The core product Tuoyi® has received approval for 12 indications in mainland China, with 10 of these indications included in the national medical insurance catalog [1] - The company is accelerating the development and market application of late-stage pipeline products, including anti-BTLA monoclonal antibody tifcemalimab (TAB004/JS004), anti-IL-17A monoclonal antibody (JS005), subcutaneous PD-1 monoclonal antibody formulation (JS001sc), and PD-1/VEGF bispecific antibody (JS207) [1] Group 3: Early-stage Pipeline Exploration - The company continues to explore early-stage pipeline products, including anti-Claudin18.2 ADC (JS107), PI3K-α oral small molecule inhibitor (JS105), CD20/CD3 bispecific antibody (JS203), anti-DKK1 monoclonal antibody (JS015), EGFR/HER3 bispecific antibody conjugate (JS212), and PD-1/IL-2 bifunctional antibody fusion protein (JS213) [1]

Core Viewpoint - The recent equity placement announcement by Junshi Biosciences has led to a significant decline in its stock price, reflecting market concerns over its financing strategy and the sustainability of its business model [1][4]. Group 1: Equity Placement Details - Junshi Biosciences announced a placement of 41 million new H-shares at a price of HKD 25.35 per share, representing a discount of 11.52% from the previous closing price, with expected net proceeds of approximately HKD 1.026 billion [2]. - The funds raised will be allocated primarily to innovative drug research and development, with 70% directed towards key drug pipelines including JS207, JS212, and JS213, while the remaining 30% will be used to supplement working capital [2]. Group 2: Financial Performance and Challenges - The company has invested over RMB 7.6 billion in R&D from 2021 to 2024, with a 26.89% year-on-year increase in Q1 2025 R&D spending to RMB 351 million, accounting for 70.03% of its revenue [3]. - Despite a 45.72% increase in sales revenue of its core product, Tuoyi®, to RMB 447 million in Q1, the company still reported a loss of RMB 235 million, highlighting ongoing financial pressures [3]. - As of the end of March, the company had cash and financial assets of only RMB 3.022 billion, raising concerns about its ability to fund multiple clinical projects in the future [3]. Group 3: Market Sentiment and Future Outlook - The equity placement coincided with a high stock price for Junshi Biosciences, which saw a 130% increase in H-shares and over 32% in A-shares this year, driven by several business development transactions and industry recovery [4]. - The discount on the equity placement has triggered profit-taking among investors, indicating sensitivity in the market towards the financing strategies of biotech companies [4]. - The situation reflects a broader challenge for unprofitable biotech firms, as they navigate the balance between funding and achieving commercial viability, raising questions about whether Junshi Biosciences can sustain its market valuation amidst ongoing financial strain [5].

Core Viewpoint - Junshi Bioscience has announced a new H-share placement, which has led to a decline in its stock prices in both A-share and Hong Kong markets, indicating market concerns about the company's financial strategies and performance [1][2]. Group 1: Stock Performance - On June 17, Junshi Bioscience's A-share closed at 34.64 CNY, down 3.10%, while its Hong Kong share closed at 23.50 HKD, down 9.09% [1]. - The stock had previously closed at 36.08 CNY and 25.65 HKD on June 13, reflecting a decline of 6.65% and 10.47% respectively [1]. Group 2: H-share Placement Details - The company plans to issue 41,000,000 new H-shares at a price of 25.35 HKD per share, which represents approximately 18.70% of the total issued H-shares and 4.16% of the total issued shares as of the announcement date [2]. - The expected total proceeds from the placement are approximately 1,039 million HKD, with a net amount of about 1,026 million HKD after deducting commissions and estimated expenses [2]. Group 3: Use of Proceeds - The company intends to allocate 70% of the net proceeds from the placement towards innovative drug research and development, including projects like JS207, JS212, and JS213 [3]. - The remaining 30% of the net proceeds will be used to supplement working capital and other general corporate purposes [3]. Group 4: Historical Financial Performance - Since its listing on July 15, 2020, Junshi Bioscience has experienced a significant decline in stock price, with the highest price reaching 220.40 CNY on the first trading day [5][6]. - The company has not declared any dividends or stock transfers since its IPO, and its cumulative fundraising from two rounds amounts to 8.613 billion CNY [7]. - The net profit attributable to shareholders has been negative for several years, with figures ranging from -1.35 billion CNY in 2016 to -12.81 billion CNY in 2024 [7].