Investment Rating - The industry rating is "Positive" for the next 12 months, expecting a growth rate exceeding 10% relative to the CSI 300 index [67][79]. Core Insights - The report highlights the impressive research outcomes of Chinese pharmaceutical companies showcased at the 2025 World Lung Cancer Conference (WCLC), emphasizing the strength of innovation in the sector. It also notes that Heng Rui has further advanced its overseas licensing strategy through the NewCo model [9][67]. - The report suggests continuous monitoring of the R&D progress of Chinese pharmaceutical companies, particularly in innovative drugs and related industrial chains, benefiting from optimized procurement rules in the pharmaceutical and medical device sectors, as well as the recovery of traditional Chinese medicine and medical services due to domestic demand [9][67]. Industry News - Bai Li Tian Heng's dual-target ADC for EGFR/HER3 has shown promising results at WCLC, with a 100% overall response rate in a study involving 154 patients [18]. - BeiGene presented the latest findings from its RATIONALE studies at WCLC, demonstrating significant survival benefits for its drug in treating non-small cell lung cancer [19]. - Kangfang Biotech updated data from its HARMONi study, showing improved overall survival rates, particularly in North America [20]. Company Announcements - Heng Rui Pharma signed a licensing agreement with Braveheart Bio for the HRS-1893 project, with an upfront payment of $65 million and potential milestone payments totaling up to $1.013 billion [35]. - The new drug application for KN026 by CSPC has been accepted by the National Medical Products Administration (NMPA) [39]. - Junshi Biosciences reported positive results from its Phase III clinical trial for an anti-IL-17A monoclonal antibody [40]. Market Review - The Shanghai Composite Index rose by 2.91%, while the Shenzhen Component Index increased by 7.11%. The pharmaceutical and biological sector saw a 1.76% increase, with most sub-sectors showing positive performance [53][57]. - As of September 11, 2025, the TTM P/E ratio for the pharmaceutical and biological industry was 31.56, with a valuation premium of 148% relative to the CSI 300 [57]. Weekly Strategy - The report recommends focusing on investment opportunities in innovative drugs and medical devices, as well as sectors benefiting from domestic demand recovery, while maintaining a "Positive" industry rating [67].

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。 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。 SHANGHAI JUNSHI BIOSCIENCES CO., LTD.* 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持股5%以上股東權益變動觸及1%刻度的提 示性公告》，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9月12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、楊悅博士、酈仲賢先生及魯琨 女士。 * 僅供識別之用 证券代码：688180 证券简称：君实生 ...

| 025-09-12 | 君实生物 | 081889 | 48.46 4846 | 100 | 方正证券股份有限 | 中信证券股份有限 | 合 | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券简除 | 蓬券代码 | 成交价(元) 成交金额[万元) 成交量(*) 买入营业部 | | 公司总部 | 美出营业部 公司上海浦东新区 | 是否为专场 | 9月12日，君实生物大宗交易成交100万股，成交额4846万元，占当日总成交额的4.06%，成交价48.46 元，较市场收盘价48.8元折价0.7%。 ...

Group 1 - Junshi Bioscience's product Mindewei achieved full-channel coverage in the first half of 2025, exploring community and county market medical cooperation models [1] - Mindewei was conditionally approved for marketing by the National Medical Products Administration in January 2023, and the company has actively built a commercialization team [1] - The company has established strategic partnerships with national pharmaceutical companies and chain pharmacies, and is exploring sales models on platforms like Meituan, JD, and Alibaba Health [1] Group 2 - Changchun High-tech's subsidiary GS3-007a dry mixed suspension has received acceptance for its clinical trial application, aimed at treating pediatric growth hormone deficiency (PGHD) [2] - PGHD is a common endocrine disease in pediatrics, with an incidence rate of approximately 1 in 8600 in China, primarily caused by insufficient secretion of growth hormone-releasing hormone [2] Group 3 - Chengda Biologics has gained market access for its human rabies vaccine in Indonesia and is actively expanding into larger markets like Brazil [3] - The company's international business has shown significant growth, covering over 30 countries, and is advancing its "vaccine going abroad" strategy [3] Group 4 - Taiji Group's subsidiary has received clinical trial approval for semaglutide injection, targeting blood sugar control in adults with type 2 diabetes [4] - The indication includes patients whose blood sugar remains uncontrolled despite diet and exercise, and those at risk of major cardiovascular events [4] Group 5 - China National Pharmaceutical Group plans to strengthen accounts receivable management and establish a tracking ledger for key customers [5] - The company reported a net cash flow of -546 million yuan in the first half of 2025, a significant improvement from -743 million yuan in the same period last year [5] Group 6 - Zhend Medical expects its African production base to break even by the end of the year while actively advancing the construction of its Mexican production base [6][7] - The company is focusing on expanding into emerging markets with increasing demand for basic medical supplies and is enhancing operational efficiency in its African base [6][7]

证券代码：688180 证券简称：君实生物 公告编号：临 2025-051 上海君实生物医药科技股份有限公司 关于持股 5%以上股东权益变动 触及 1%刻度的提示性公告 上海君实生物医药科技股份有限公司（以下简称"公司"）持股 5%以上股东上海 檀英投资合伙企业（有限合伙）（以下简称"上海檀英"）及其一致行动人 Loyal Valley Capital Advantage Fund II LP（以下简称"LVC Fund II"）、LVC Renaissance Fund LP （以下简称"LVC Renaissance Fund"）保证向本公司提供的信息真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少√ | | --- | --- | --- | --- | | 权益变动前合计比例 | 8.96% | | | | 权益变动后合计比例 | 7.91% | | | | 本次变动是否违反已作出的承 诺、意向、计划 | 是□ | 否√ | | | 是否触发强制要约收购义务 ...

来源：新浪证券-红岸工作室 机构持仓方面，截止2025年6月30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2971.67万股，相比上期减少53.67万股。易方达上证科创板 50ETF（588080）位居第七大流通股东，持股2221.32万股，相比上期增加63.00万股。香港中央结算有 限公司位居第十大流通股东，持股1312.91万股，相比上期减少186.65万股。 资金流向方面，主力资金净流入309.78万元，特大单买入558.56万元，占比4.74%，卖出286.80万元，占 比2.44%；大单买入2314.73万元，占比19.66%，卖出2276.71万元，占比19.34%。 君实生物今年以来股价涨78.16%，近5个交易日涨1.44%，近20日涨15.93%，近60日涨47.46%。 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 ...

Investment Rating - The report assigns a "Buy" rating for the stock, indicating an expected increase in price relative to the benchmark index by over 20% within six months [12]. Core Insights - The company has launched an equity incentive plan, demonstrating confidence in future growth, with stock options granted amounting to 2.6176 million shares, representing 2.55% of total shares [3]. - Revenue growth is robust, with a 48.64% year-on-year increase in H1 2025, reaching 1.168 billion yuan, while net losses narrowed significantly by 36% [4]. - The core product, Toripalimab, has seen strong sales growth, with domestic revenue of 0.954 billion yuan, a 42% increase year-on-year, driven by expanded indications and accelerated international approvals [5]. Financial Performance - The company is projected to achieve revenues of 2.614 billion yuan in 2025, 3.452 billion yuan in 2026, and 4.392 billion yuan in 2027, with net profits expected to turn positive by 2027 [6][10]. - The EBITDA is forecasted to improve from -978 million yuan in 2024 to 859 million yuan in 2027, indicating a significant turnaround in operational efficiency [10]. Product Pipeline and Market Potential - The company’s pipeline is entering a critical phase, with multiple products in various stages of clinical trials, including JS207 and JS015, which have shown promising early results [5]. - The internationalization of Toripalimab is progressing, with approvals in 40 countries, and a new subcutaneous formulation expected to enhance market penetration [5]. Operational Efficiency - The company has effectively controlled costs, with a reduction in sales expense ratio and an 18.6% decrease in management expenses year-on-year, contributing to improved operational efficiency [4].

Group 1 - The core point of the article is the significant block trade of Junshi Biosciences (君实生物-U) on September 11, involving a transaction volume of 1 million shares and a transaction amount of 47.4 million yuan, with a trading price of 47.40 yuan, reflecting a discount of 0.69% compared to the closing price of the day [2] - In the last three months, Junshi Biosciences has recorded a total of 5 block trades, amounting to a cumulative transaction value of 238 million yuan [2] - On the same day, the closing price of Junshi Biosciences was 47.73 yuan, showing a decline of 1.59%, with a daily turnover rate of 3.66% and a total transaction amount of 1.292 billion yuan, indicating a net outflow of main funds amounting to 99.41 million yuan [2] Group 2 - The latest margin financing balance for Junshi Biosciences is 1.349 billion yuan, which has increased by 17.53 million yuan over the past five days, representing a growth rate of 1.32% [2] - Over the past five days, the stock has seen a cumulative increase of 6.78%, while the total net outflow of funds during this period is 60.27 million yuan [2]

Group 1 - On September 11, Junshi Biosciences executed a block trade of 1 million shares, with a transaction amount of 47.4 million yuan, accounting for 3.54% of the total trading volume for that day [1][2] - The transaction price was 47.4 yuan, which represents a discount of 0.69% compared to the market closing price of 47.73 yuan [1][2]

Core Viewpoint - Junshi Biosciences aims to establish itself as a global innovative pharmaceutical company with a complete industry chain capability from drug discovery to commercialization, focusing on quality and innovation [2][3]. Group 1: Company Overview - Junshi Biosciences was founded on December 27, 2012, and went public on July 15, 2020. Its main business involves the research and commercialization of monoclonal antibody drugs and other therapeutic proteins [7]. - The company's revenue composition includes 90.67% from drug sales, 8.74% from technology licensing, and 0.59% from technical services [7]. - As of June 30, 2025, Junshi Biosciences reported a revenue of 1.168 billion yuan, a year-on-year increase of 48.64%, and a net profit attributable to shareholders of -413 million yuan, a year-on-year increase of 36.01% [8]. Group 2: Product Development and Pipeline - The company has developed a strong product pipeline, including the first domestically approved PD-1 monoclonal antibody, Toripalimab, which has received approval for 11 indications in mainland China and is also approved in multiple countries including the US and EU [2]. - Junshi Biosciences is also developing Tifcemalimab, the world's first anti-BTLA monoclonal antibody, currently in two Phase III clinical trials [2]. - The company is collaborating with various research institutions to develop vaccines, including a monkeypox vaccine, which is currently in the preclinical development stage [3]. Group 3: Market Performance and Investor Sentiment - On September 11, Junshi Biosciences' stock fell by 1.59%, with a trading volume of 1.292 billion yuan and a market capitalization of 49.004 billion yuan [1]. - The stock has seen a net outflow of 92.6686 million yuan from major investors, indicating a lack of clear trend in investor sentiment [4][5]. - The average trading cost of the stock is 40.95 yuan, with the current price approaching a resistance level of 48.59 yuan, suggesting potential volatility [6].