来源：新浪证券-红岸工作室 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84.18%，技术许可及特许权使用收入12.08%，其他(补 充)3.73%。 截至3月31日，君实生物股东户数2.94万，较上期增加0.24%；人均流通股25987股，较上期减少0.23%。 2025年1月-3月，君实生物实现营业收入5.01亿元，同比增长31.46%；归母净利润-2.35亿元，同比增长 17.01%。 机构持仓方面，截止2025年3月31日，君实生物十大流通股东中，华夏上证科创板50成份ETF （588000）位居第六大流通股东，持股3025.34万股，相比上期减少505.06万股。易方达上证科创板 50ETF（588080）位居第八大流通股东，持股2158.33万股，相比上期减少86.92万股。香港中央结算有 限公司位居第 ...

Core Viewpoint - The special verification opinion issued by Beijing Hankun Law Firm confirms that Shanghai Wankexin Biotechnology Partnership (Limited Partnership) does not have an actual controller, which is significant for its equity changes [2][9]. Group 1: Company Overview - Shanghai Wankexin Biotechnology Partnership (Limited Partnership) is registered in the China (Shanghai) Free Trade Zone with a total capital contribution of 763.01 million RMB [3][5]. - The executing partner of Wankexin is Shanghai Shanshi Biomedical Management Consulting Co., Ltd., which holds a 0.001% partnership share [4][6]. Group 2: Equity Structure - The partnership structure includes Shanghai Shanshi Biomedical Management Consulting Co., Ltd. (0.001%), Shanghai Biomedical M&A Private Fund Partnership (Limited Partnership) (80.209%), and Shanghai Pharmaceutical (Group) Co., Ltd. (19.790%) [5][6]. - The total capital contribution of the partnership is set to change to 763.01 million RMB following the entry of a new partner, Shanghai Pharmaceutical (Group) Co., Ltd., which will contribute 151 million RMB [5][6]. Group 3: Control Structure - The executing partner, Shanghai Shanshi Biomedical, has the authority to represent the partnership and make decisions regarding partnership affairs, indicating that it acts as the controlling entity [6][9]. - Shanghai Shanshi Biomedical is jointly owned by Shanghai Shanshi Capital Management Co., Ltd. and Lubuqa Enterprise Management Consulting Partnership (Limited Partnership), each holding 50% of the shares [7][9]. Group 4: Conclusion - The verification opinion concludes that there is no single shareholder capable of controlling the shareholder meeting or board of directors of Shanghai Shanshi Biomedical, thus confirming that both Shanghai Wankexin and Shanghai Shanshi Biomedical do not have an actual controller [9][10].

Group 1 - The Shanghai Stock Exchange has released the "Self-Regulatory Supervision Guidelines for Companies Listed on the Sci-Tech Innovation Board No. 5 - Sci-Tech Growth Tier" [1] - The reform does not impose additional listing thresholds for unprofitable companies entering the Sci-Tech Growth Tier, allowing 32 existing unprofitable companies to enter immediately upon the guideline's implementation [1] - Newly registered unprofitable companies will enter the Sci-Tech Growth Tier from the date of their listing [1] Group 2 - Investors participating in the subscription and trading of newly registered stocks in the Sci-Tech Growth Tier must sign a "Risk Disclosure Statement for the Sci-Tech Growth Tier" [2] - The 32 existing companies that have not yet removed the "U" designation include: Zejing Pharmaceutical, Junshi Biosciences, Frontier Biotech, Qingyun Technology, Hehui Optoelectronics, Jingjin Electric, BeiGene, Dize Pharmaceutical, Maiwei Biotech, Aojie Technology, Yuhong Pharmaceutical, Shouyao Holdings, Haichuang Pharmaceutical, CloudWalk Technology, Yifang Biotech, Obsidian Optics, Mengke Pharmaceutical, Nuo Cheng Jianhua, Xinke Mobile, Xinghuan Technology, Yutai Micro, Yuntian Lifa, Tianzhihang, Qi Anxin, Hanwujin, Yihua Tong, Aifute, Huizhiwei, Xinlian Integrated, Zhixiang Jintai, Shengke Communication, and Zhongjuxin [2]

Group 1: ETF Performance and Liquidity - The biopharmaceutical vaccine ETF has a turnover rate of 1.9% during trading, with a transaction volume of 4.8922 million yuan [3] - Over the past two weeks, the biopharmaceutical vaccine ETF has seen a scale increase of 8.7844 million yuan, ranking first among comparable funds [3] - As of July 10, the biopharmaceutical vaccine ETF has achieved a net value increase of 22.89% over the past year [3] - The ETF's highest monthly return since inception is 26.27%, with the longest consecutive monthly gain being 3 months and the longest gain percentage being 14.87% [3] - The average return during the months of increase is 6.41% [3] Group 2: Index Valuation and Composition - The index tracked by the ETF, the CSI Vaccine and Biotechnology Index, is currently valued at a historical low, with a price-to-book ratio (PB) of 2.6 times, which is lower than 88.03% of the time over the past three years, indicating strong valuation attractiveness [3] - The CSI Vaccine and Biotechnology Index includes no more than 50 companies involved in vaccine research, production, and related biotechnology sectors, reflecting the overall performance of listed companies in this theme [3] Group 3: Major Stocks and Market Trends - As of June 30, 2025, the top ten weighted stocks in the CSI Vaccine and Biotechnology Index include Zhifei Biological Products, Wantai Biological Pharmacy, Watson Bio, and others, collectively accounting for 48.14% of the index [4] - The top weighted stocks and their respective weights are: Zhifei Biological (10.06%), Wantai Biological (8.43%), Watson Bio (6.19%), and others [6] - On July 8, the National Healthcare Security Administration and the National Health Commission released measures to support the high-quality development of innovative drugs, proposing 16 supportive policies [6] Group 4: International Market Opportunities - Institutions are focusing on the opportunities for Chinese vaccines in international markets under the "World Shared Market" concept, particularly in Belt and Road countries [7] - Chinese vaccines are expected to leverage cost advantages to expand into the pharmaceutical markets of Belt and Road countries, especially in light of supply chain risks faced by non-U.S. countries [7] - The vaccine market is sensitive to population variables, and Chinese companies have established production capacity and distribution channels in Belt and Road countries, laying a solid foundation for international expansion [7]

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 ...