Core Viewpoint - The company announced that its product, JS207, a recombinant humanized anti-PD-1 and VEGF bispecific antibody, has received FDA approval for a clinical trial application to compare it with Nivolumab in a Phase II/III study for neoadjuvant treatment in patients with resectable, genetically altered negative non-small cell lung cancer [1] Group 1 - JS207 is developed by the company and is primarily used for the treatment of advanced malignant tumors [1] - The clinical trial is an open-label, two-arm, randomized, positive-controlled Phase II/III study [1] - The study focuses on patients with resectable, genetically altered negative non-small cell lung cancer [1]

Core Insights - The "2025 Shanghai International Biopharmaceutical Industry Week" forum successfully held the Shanghai Biopharmaceutical Investment and Financing Summit, focusing on "Diverse Capital Empowering Ecological Strengthening" to explore better combinations for the innovation ecosystem in the biopharmaceutical industry [1][3] Group 1: Event Overview - The summit gathered over 200 professionals from academia, industry, investment, and finance, featuring keynote speeches and roundtable discussions on biopharmaceutical investment and financing [3] - The event was hosted by Shanghai Guotou Company, aiming to enhance source innovation and industry aggregation in the biopharmaceutical sector [1] Group 2: Investment Strategies - Shanghai Guotou Company has invested approximately 6.6 billion yuan in biopharmaceutical sub-funds, focusing on innovative drugs, self-controllable industrial chains, brain-computer interfaces, cell and gene therapies, and synthetic biology [5] - The company emphasizes collaboration with ecological partners to explore innovative models and integrate innovation chains, industry chains, capital chains, and talent chains [5] Group 3: Industry Insights - Professor Hong Bo from Tsinghua University discussed the future of brain-computer interfaces, highlighting advancements and clinical trials involving 32 patients, with plans to submit a clinical trial report by the end of the year [7] - CEO Zou Jianjun of Junshi Biosciences emphasized the need for innovation-driven drug companies to focus on unmet clinical needs and build global capabilities from R&D to commercialization [9] Group 4: Market Trends - Guo Qiushan, President of the Shanghai Biopharmaceutical Innovation Transformation Fund, noted a strong recovery in China's capital market and the increasing importance of domestic pharmaceutical companies and M&A funds in driving innovation [11] - Liang Yijian from Shiyao Group highlighted the significance of early-stage projects and the unique advantages of corporate venture capital (CVC) in enhancing clinical, registration, and market capabilities [13] Group 5: Research and Development - The summit featured the release of the latest research results, including the "Stem Cell Industry Development Blue Book" and "AI Pharmaceutical Industry Development Blue Book," providing insights into technological evolution and industry trends [15] - The event underscored the importance of a supportive regulatory environment and the need for diverse capital to interact positively with innovative enterprises [16]

Core Viewpoint - The "2025 Shanghai International Biopharmaceutical Industry Week" forum focused on "Diverse Capital Empowering Ecological Strengthening" to explore better combinations for the innovation ecosystem in the biopharmaceutical industry, aiming to enhance source innovation and industrial aggregation in Shanghai [1] Group 1: Investment and Funding - Shanghai Guotou Company has committed approximately 6.6 billion yuan to biopharmaceutical sub-funds, with a market selection and investment in 22 sub-funds, achieving a leverage ratio of about 5.5 times [4] - The investment strategy emphasizes innovative drugs and devices, self-controllable industrial chains, brain-computer interfaces, cell and gene therapies, and synthetic biology [4] - The company aims to foster collaboration among ecological partners to integrate innovation, industry, finance, and talent chains [4] Group 2: Technological Innovations - Professor Hong Bo from Tsinghua University discussed the development of brain-computer interface technology, highlighting its evolution and future directions, including expanding indications and enhancing precision [6] - The team behind the brain-computer interface has successfully conducted surgeries on 32 patients, with plans to submit clinical trial reports for the first class III medical device by the end of the year [6] Group 3: Industry Trends and Challenges - CEO Zou Jianjun of Junshi Biosciences emphasized the shift from valuation-driven to value-driven approaches in the innovative pharmaceutical sector, focusing on unmet clinical needs and building global capabilities [8] - The resilience and value reconstruction of the biopharmaceutical industry in China were discussed, noting a strong recovery in the capital market and the increasing importance of domestic pharmaceutical companies in mergers and acquisitions [10] Group 4: Collaborative Ecosystem - Liang Yijian from CSPC shared insights on the value creation journey of corporate venture capital (CVC), emphasizing the importance of clinical value and early-stage project innovation [12] - The latest research results on stem cell and AI pharmaceutical industries were released, providing a comprehensive overview of technological evolution and industry trends [14] Group 5: Future Directions - The roundtable discussion highlighted the need for diverse capital to empower industrial innovation, with a focus on regulatory support and the interaction between capital and innovative enterprises [16] - Shanghai Guotou Company plans to build an innovation ecosystem through a comprehensive fund matrix and collaborative partnerships to support the development of a world-class biopharmaceutical industry [16]

Group 1 - The innovative drug sector is leading the market, with Kangfang Biotech and 3SBio both rising over 8%, contributing to a 3.5% increase in the Hang Seng Innovative Drug ETF (159316) [1] - The Hang Seng Innovative Drug ETF has attracted a total of 849 million in capital over the past 20 days, bringing its latest scale to 2.961 billion [1] - The ETF is the only one tracking the Hang Seng Hong Kong Stock Connect Innovative Drug Index, which has recently been updated to exclude CXO, achieving a "100% purity" in innovative drug representation [1] Group 2 - The innovative drug sector is experiencing a significant upward trend, with attention on domestic innovative drug companies participating in the upcoming ESMO conference in Berlin from October 17 to 21, 2025 [1] - Companies to watch include Kangfang Biotech, Kelun-Biotech, Hengrui Medicine, Rongchang Biotech, Junshi Biosciences, and Jinfang Medicine, particularly for new data releases in dual antibodies and ADC technologies [1] - Huafu Securities expresses optimism about the innovative drug industry, predicting a transformative growth over the next 5-10 years driven by overseas business development, continuous data catalysts, and new product sales expansion [1]

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 主席 中國，上海，2025年10月15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 （股份代號：1877） 董事會召開日期 上海君實生物醫藥科技股份有限公司（「本公司」及其附屬公司「本集團」）董事會 （「董事會」）茲通告謹定於二零二五年十月二十八日（星期二）舉行董事會會議，以 考慮及通過本集團截至二零二五年九月三十日止九個月未經審核的財務業績。 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 （於中華人民共和國註冊成立的股份有限公司） ...

格隆汇10月15日丨君实生物(01877.HK)宣布，谨定于2025年10月28日（星期二）举行董事会会议，以考 虑及通过本集团截至2025年9月30日止九个月未经审核的财务业绩。 ...

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） 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 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。 主席 SHANGHAI JUNSHI BIOSCIENCES CO., LTD.* 董事會召開日期 上海君實生物醫藥科技股份有限公司（「本公司」及其附屬公司「本集團」）董事會 （「董事會」）茲通告謹定於二零二五年十月二十八日（星期二）舉行董事會會議，以 考慮及通過本集團截至二零二五年九月三十日止九個月未經審核的財務業績。 * 僅供識別之用 中國，上海，2025年10月15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。 ...

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。主营业务收入构成为：药品销售90.67%，技术许可及特许权使用收入8.74%，技术服务及其他 0.59%。 截至6月30日，君实生物股东户数3.12万，较上期增加5.88%；人均流通股24543股，较上期减少5.56%。 2025年1月-6月，君实生物实现营业收入11.68亿元，同比增长48.64%；归母净利润-4.13亿元，同比增长 36.01%。 融资方面，君实生物当日融资买入3855.63万元。当前融资余额13.84亿元，占流通市值的4.79%，融资 余额超过近一年90%分位水平，处于高位。 融券方面，君实生物10月14日融券偿还1.01万股，融券卖出1000.00股，按当日收盘价计算，卖出金额 3.77万元；融券余量27.89万股，融券余额1050.54万元，超过近一年90%分位水平，处于高 ...

Core Viewpoint - Junshi Biosciences (688180.SH) is currently experiencing a decline in stock price, closing at 37.67 yuan with a drop of 3.19%, indicating a state of being below its initial public offering price [1] Group 1: IPO and Fundraising - Junshi Biosciences was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on July 15, 2020, with an issuance of 87.13 million shares at a price of 55.50 yuan per share [1] - The company raised a total of 4.836 billion yuan from its initial public offering, with a net amount of 4.497 billion yuan after deducting issuance costs, exceeding the original plan by 1.797 billion yuan [1] - The funds raised were intended for innovative drug research and development, industrialization projects, bank loan repayment, and working capital [1] - In 2022, the company raised an additional 3.7765 billion yuan by issuing 70 million shares at a price of 53.95 yuan each, with a net amount of approximately 3.7448 billion yuan after costs [2] - The total funds raised by Junshi Biosciences from both IPOs amount to 8.612 billion yuan [2] Group 2: Financial Performance - From 2016 to 2024, Junshi Biosciences reported consecutive net losses, with figures reaching -2.135 billion yuan in 2024 [3] - In the first half of 2025, the company achieved a revenue of 1.168 billion yuan, marking a year-on-year increase of 48.64%, but still reported a net loss of -413 million yuan [3] - The net cash flow from operating activities was -329 million yuan in the first half of 2025, an improvement from -865 million yuan in the same period the previous year [3]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are Green Power Environmental (70.05%), China Telecom (69.96%), and COSCO Shipping Energy (68.73%) [1][2] - The companies with the largest increase in holding amounts over the last five trading days are Zijin Mining (+1 billion), Kuaishou (+0.981 billion), and Pop Mart (+0.624 billion) [1][2] - The companies with the largest decrease in holding amounts over the last five trading days are SMIC (-2.258 billion), Hua Hong Semiconductor (-1.222 billion), and Alibaba (-0.714 billion) [1][4] Hong Kong Stock Connect Holding Ratios - Green Power Environmental (01330) has a holding of 283 million shares, representing 70.05% [2] - China Telecom (00728) has a holding of 9.711 billion shares, representing 69.96% [2] - COSCO Shipping Energy (01138) has a holding of 891 million shares, representing 68.73% [2] - Other notable companies include Changfei Optical Fiber (06869) at 68.48% and China Shenhua (01088) at 67.25% [2] Recent Increases in Holdings - Zijin Mining (02899) saw an increase of 1 billion in holding amount, with a change of 29.19 million shares [2][4] - Kuaishou (01024) experienced an increase of 0.981 billion, with a change of 12.19 million shares [2][4] - Pop Mart (09992) had an increase of 0.624 billion, with a change of 2.39 million shares [2][4] Recent Decreases in Holdings - SMIC (00981) had a decrease of 2.258 billion in holding amount, with a change of 28.18 million shares [4] - Hua Hong Semiconductor (01347) saw a decrease of 1.222 billion, with a change of 13.86 million shares [4] - Alibaba (09988) experienced a decrease of 0.714 billion, with a change of 4.39 million shares [4]