Core Viewpoint - Junshi Bioscience's stock closed at 33.87 yuan, up 2.36%, with a latest price-to-book ratio of 5.94 and a total market capitalization of 33.385 billion yuan [1] Company Overview - Junshi Bioscience focuses on the research and development of new drugs, as well as related technology transfer and services, including the production and sales of new drugs [1] - The company's main products include Toripalimab, Dihydrocodeine Bromide Tablets, Tifcemalimab, Adalimumab, and several monoclonal antibodies targeting various diseases [1] - Junshi Bioscience holds 175 authorized patents, with 129 domestic and 46 international patents, providing extensive and long-term patent protection for its products [1] Financial Performance - For Q1 2025, Junshi Bioscience reported revenue of 501 million yuan, a year-on-year increase of 31.46% [1] - The net profit for the same period was -234.88 million yuan, reflecting a year-on-year change of 17.01% [1] - The company's gross profit margin stood at 81.24% [1] Institutional Holdings - As of Q1 2025, 15 institutions held shares in Junshi Bioscience, including 12 funds and 3 other entities, with a total holding of 185.09 million shares valued at 5.571 billion yuan [1]

港股生物医药股盘中震荡上升，金斯瑞生物(01548.HK)涨超10.5%，诺诚健华(09969.HK)涨超9.5%，泰 格医药(03347.HK)涨超6.5%，君实生物(01877.HK)涨超5.5%，药明生物(02269.HK)涨超4%。 ...

Core Viewpoint - The announcement details a change in the equity holdings of major shareholders in Junshi Biosciences, with a decrease in their combined shareholding from 9.73% to 8.96% due to various factors, including liquidity arrangements [1][3]. Group 1: Shareholder Information - The major shareholder, Shanghai Tanying Investment Partnership, along with its concerted parties, has reduced its shareholding [1]. - The total number of shares held by these shareholders decreased from 95,907,223 shares to 88,338,379 shares [3]. - The change in shareholding does not trigger mandatory tender offer obligations [1]. Group 2: Shareholding Breakdown - Shanghai Tanying's shares decreased from 75,076,239 shares (7.62%) to 71,459,326 shares (7.25%) [3]. - Shanghai Tanzheng's shares decreased from 1,591,971 shares (0.16%) to 0 shares [3]. - LVC Fund II's shares decreased from 1,132,301 shares (1.15%) to 896,305 shares (0.91%) [3]. Group 3: Additional Notes - The equity change does not affect the control of the company or its major shareholders [3]. - The change does not require the disclosure of an equity change report [3].

证券代码：688180 证券简称：君实生物 公告编号：临 2025-032 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 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 9.73% 权益变动后合计比例 8.96% 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 是□ 否√ | | | □控股股东/实控人的一致行动人 √其他直接持股股东 | □不适用 | | --- | --- | --- | --- | | 上海檀正 | | □控股股东/实控人 □控股股东/实控人的一致行动人 | √91310118MA1JMB2763 | | | | √其他直接持股股东 | □ 不适用 | | LVC Fund | II | □控股股东/实控人 □控股股东/实控人的一致行动人 | □_____________ | | | | √其他直接持股股东 | √不适用 | （三） 一致行动人信息 | 一致行动 人名称 | 投资者身份 | 统一社会信用代码 | | --- | --- | --- | | LVC | □控股股东/实 ...

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 截至月份: 2025年5月31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 FF301 呈交日期: 2025年6月4日 I. 法定/註冊股本變動 | 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 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 219,295,700 | RMB | | 1 | RMB | | 219,295,700 | | 2. ...

6月3日，君实生物今日收盘33.06元，上涨1.69%，最新市净率5.80，创157天以来新低，总市值325.87亿 元。 截至2025年一季报，共有15家机构持仓君实生物，其中基金12家、其他3家，合计持股数18508.72万 股，持股市值55.71亿元。 上海君实生物医药科技股份有限公司的主营业务是新药的研发及相关技术的转让和服务，新药的生产和 销售。公司的主要产品是特瑞普利单抗、氢溴酸氘瑞米德韦片、Tifcemalimab、阿达木单抗、昂戈瑞西 单抗、重组人源化抗IL-17A单克隆抗体、重组人源化抗PD-1、VEGF双特异性抗体、靶向 ANGPTL3mRNA的siRNA药物、重组人源化抗CGRP单克隆抗体、PI3K-α抑制剂、重组人源化抗 Claudin18.2单抗-MMAE偶联剂。公司拥有175项已授权专利，其中129项为境内专利，46项为境外专 利。公司专利覆盖新药蛋白结构、制备工艺、用途、制剂配方等，为公司产品提供充分的和长生命周期 的专利保护。 序号股票简称PE(TTM)PE(静)市净率总市值(元)20君实生物-26.43-25.445.80325.87亿行业平均 64.6353.7310.39 ...

Core Insights - The article highlights the top and bottom AH share premium rates, indicating significant disparities among various companies in the market [1][2][3] Group 1: Top AH Share Premium Rates - Northeast Electric (00042) leads with a premium rate of 1020.33%, followed by Andeli Juice (02218) at 341.81% and Chenming Paper (01812) at 263.08% [1][2] - The top three companies with the highest deviation values are Andeli Juice (44.30%), Northeast Electric (39.74%), and Qingdao Bank (11.69%) [1][2] Group 2: Bottom AH Share Premium Rates - The companies with the lowest AH share premium rates include Ningde Times (03750) at -1.48%, China Merchants Bank (03968) at 6.19%, and BYD Company (01211) at 6.45% [1][2] - The bottom three companies with the lowest deviation values are Zhejiang Shibao (-77.86%), China Shipbuilding Defense (-38.64%), and Junshi Biosciences (-32.19%) [1][3] Group 3: Additional Insights on Premium and Deviation - The top ten AH stocks by premium rate also include Sinopec Oilfield Service (01033) at 261.90% and Fudan Zhangjiang (01349) at 239.41% [2] - The bottom ten AH stocks by premium rate feature WuXi AppTec (02359) at 9.53% and Chifeng Gold (06693) at 12.81% [2][3]

智通财经APP获悉，医药股持续走高，截至发稿，君实生物(01877)涨5.53%，报20.05港元；康诺亚- B(01877)涨5.51%，报44.05港元；泰格医药(06127)涨5.24%，报33.15港元；荣昌生物(09995)涨4.4%，报 49.8港元。 消息面上，近日，在芝加哥召开的美国临床肿瘤学会(ASCO)年会上，来自中国的创新药企集中亮相， 超过70项研究入选口头报告，其中双抗药和ADC药物研究进展备受关注。 国金证券发布研报称，国家药监局批准11款全新创新药的上市申请，另外还有2款创新药拟纳入优先审 评，新品种密集获批有望赶上今年医保谈判放量，为相关企业业绩增长提供助力。同时政策端对创新药 的支持持续，叠加海外授权重磅交易不断落地，创新药景气度有望持续。当前环境下，建议重点关注仿 创药板块重估机会。同时，后期可能的国家医保谈判和集采进程也是投资把握的重要节点。 中信证券此前指出，医药板块2025年上半年表现出过去三年以来最好的市场收益，得益于集采等政策趋 势优化、商业医疗保险推动、AI产业催化赋能等医药外部环境的向好，以及在医药创新进入收获期和 关税扰动背景下自主可控趋势的驱动下，2025 ...

Investment Rating - The report maintains a "Positive" investment rating for the healthcare industry [10] Core Insights - Recent strategies in cancer immunotherapy focus on selectively delivering cytokines to tumor sites to extend their half-life and reduce systemic toxicity. This has led to the development of antibody-cytokine fusion proteins known as "immunocytokines," with significant potential in drug development. The most notable immunocytokines currently under development are IL-2, IL-12, and IL-15, with several domestic companies actively pursuing these therapies [2][6][24] Summary by Sections Immunocytokines and Their Development - Cytokine-based cancer immunotherapy aims to activate immune cells and enhance anti-tumor responses by modulating internal immune signaling. Commonly used cytokines include IL-2, IL-15, IL-12, and IFN-α, which can activate T cells and NK cells to improve tumor cell recognition and elimination [6][17] - The report highlights the emergence of a new strategy that selectively delivers cytokines to tumor sites, which has garnered clinical interest. This approach aims to enhance therapeutic efficacy while minimizing side effects [6][24] Domestic Company Developments - Several domestic pharmaceutical companies, including Innovent Biologics, Ascentage Pharma, and Junshi Biosciences, are making significant strides in the development of immunocytokine therapies. For instance, Innovent's IBI363, a novel PD-1/IL-2α-bias fusion protein, has shown promising clinical results in melanoma, colorectal cancer, and non-small cell lung cancer [7][44][48] - The report notes that IBI363 has demonstrated an overall response rate (ORR) of 26.4% in melanoma patients who previously failed immunotherapy, indicating its potential in treating resistant tumors [48] Market Outlook and Investment Opportunities - The macroeconomic environment has shifted, and by 2025, the report anticipates significant opportunities in the pharmaceutical sector driven by innovation and domestic demand recovery. Key investment themes include the international expansion of innovative drugs and the recovery of domestic healthcare services [8][67] - The report emphasizes the importance of selecting companies with strong cash flows, innovative capabilities, and established research platforms, particularly in the context of breakthrough therapies and technological advancements in the industry [67]

Investment Rating - The report maintains a "Positive" investment rating for the healthcare industry [10] Core Insights - The report highlights the increasing clinical interest in selectively delivering cytokines to tumor sites to extend their half-life and reduce systemic toxicity, with a focus on immune cytokines such as IL-2, IL-12, and IL-15 [2][6][24] - Domestic pharmaceutical companies are proactively positioning themselves in the immune cytokine therapy space, with notable advancements from companies like Innovent Biologics, Ascentage Pharma, and Junshi Biosciences [7][51][60] - The macroeconomic environment is shifting, with expectations for significant growth in the pharmaceutical sector by 2025, driven by innovation and domestic demand recovery [8][66] Summary by Sections Immune Cytokines and Their Development - Immune cytokines are emerging as a promising treatment strategy in tumor immunotherapy, enhancing the immune response against cancer cells [6][18] - The report discusses the engineering of immune cytokines to improve their therapeutic efficacy while minimizing side effects, with a focus on IL-2, IL-12, and IL-15 [20][24] Domestic Company Strategies - Innovent Biologics has reported promising clinical data for its PD-1/IL-2α-bias fusion protein IBI363, showing significant efficacy in melanoma and colorectal cancer [7][48] - Ascentage Pharma's SmartKine® platform is highlighted for its potential in developing selective immune therapies, with two IL-15 products entering clinical trials [51][58] - Junshi Biosciences has received clinical approval for its PD-1/IL-2 fusion protein, indicating a strong pipeline in immune-oncology [60][66] Market Outlook - The report anticipates a robust market for innovative drugs, particularly those that can leverage international opportunities and domestic policy support [8][66] - The recovery of domestic demand and the introduction of new healthcare policies are expected to drive growth in the medical device sector, particularly in areas like electrophysiology and orthopedics [66]