Summary of Key Points Core Viewpoint - On September 12, Junshi Biosciences (君实生物-U) executed a block trade involving 1 million shares at a transaction value of 48.46 million yuan, reflecting a discount of 0.70% compared to the closing price of the day [2]. Trading Activity - The block trade was conducted by Founder Securities Co., Ltd. as the buyer and CITIC Securities Co., Ltd. Shanghai Pudong New District as the seller [2]. - Over the past three months, Junshi Biosciences has recorded a total of 6 block trades, amounting to 287 million yuan [2]. Stock Performance - The closing price of Junshi Biosciences on the day of the trade was 48.80 yuan, marking an increase of 2.24% with a turnover rate of 3.08% and a total trading volume of 1.144 billion yuan [2]. - The net inflow of main funds for the day was 11.77 million yuan, while the stock has seen a cumulative increase of 1.67% over the past five days, with a total net outflow of 63.48 million yuan during the same period [2]. Margin Financing - The latest margin financing balance for Junshi Biosciences stands at 1.344 billion yuan, having increased by 47.27 million yuan, which is a growth of 3.65% over the last five days [2].

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 ...

Market Overview - The biopharmaceutical sector experienced a slight increase of 0.0% on September 12, with Aopumai leading the gains [1] - The Shanghai Composite Index closed at 3883.69, up by 0.22%, while the Shenzhen Component Index closed at 12996.38, up by 0.13% [1] Top Gainers in Biopharmaceutical Sector - Aopumai (688293) closed at 54.00, with a rise of 4.73% and a trading volume of 20,300 lots, totaling a transaction value of 103 million [1] - Kexing Pharmaceutical (688136) closed at 42.28, increasing by 3.45% with a trading volume of 47,400 lots, amounting to 197 million [1] - Sanofi (688336) closed at 57.07, up by 3.39% with a trading volume of 52,600 lots, totaling 294 million [1] - Tibet Pharmaceutical (600211) closed at 56.60, rising by 3.38% with a trading volume of 93,300 lots, totaling 510 million [1] - Wenqu Pharmaceutical (688488) closed at 16.00, increasing by 2.83% with a trading volume of 86,300 lots, amounting to 134 million [1] Top Decliners in Biopharmaceutical Sector - Rongchang Biopharmaceutical (688331) closed at 107.22, down by 2.68% with a trading volume of 56,400 lots, totaling 611 million [2] - Wanze Shares (000534) closed at 16.02, decreasing by 2.61% with a trading volume of 135,500 lots, amounting to 218 million [2] - Kangtai Biopharmaceutical (300601) closed at 18.63, down by 1.48% with a trading volume of 156,700 lots, totaling 292 million [2] Capital Flow Analysis - The biopharmaceutical sector saw a net outflow of 310 million from institutional investors, while retail investors experienced a net inflow of 132 million [2] - Notable net inflows from retail investors were observed in Kanghua Biological (300841) with 94.86 million, and Xizang Pharmaceutical (600211) with 49.76 million [3] - Conversely, significant net outflows were noted in Rongchang Biopharmaceutical (688331) with 17.13 million and Aopumai (688293) with 18.19 million from retail investors [3]

Group 1 - The A-share market experienced fluctuations on September 12, with a rebound in the innovative drug concept in the afternoon [1] - The Tianhong Innovative Drug ETF (517380) showed a "W" shaped reversal in the morning and continued to strengthen in the afternoon, rising by 1.50% with a trading volume exceeding 58 million yuan [1] - Notable stocks within the Tianhong Innovative Drug ETF included Nocare Pharma-U, which rose over 14%, and Zhaoyan New Drug, which hit the daily limit [1] Group 2 - The Biopharmaceutical ETF (159859) increased by 0.88%, with a trading volume exceeding 90 million yuan, featuring stocks like Junshi Biosciences-U and WuXi AppTec among the top gainers [1] - As of September 11, the Tianhong Innovative Drug ETF had seen a net inflow of over 79 million yuan over four consecutive days, while the Biopharmaceutical ETF had a net inflow of over 220 million yuan over three days [1] Group 3 - The Tianhong Innovative Drug ETF is the largest in the market, covering both A-shares and Hong Kong stocks, and is the only ETF tracking the Hang Seng-Hushen-Hong Kong Innovative Drug Select 50 Index [1] - The Biopharmaceutical ETF closely tracks the Guozheng Biopharmaceutical Index, which covers various sectors including innovative drugs, CXO, vaccines, and blood products [1] Group 4 - The National Medical Products Administration announced measures to optimize the review and approval of clinical trials for innovative drugs, aiming to complete reviews within 30 working days for eligible applications [1] - This initiative supports key national research and encourages global early-stage synchronized research and international multi-center clinical trials [1] Group 5 - Short-term outlook suggests that many innovative drug stocks have seen significant gains since the beginning of the year, which may lead to profit-taking in response to negative news [2] - The biotech sector in China is expected to maintain high investment value due to continuous innovation breakthroughs and improved profitability [2] Group 6 - The Hong Kong innovative drug sector reported a net profit of 1.8 billion yuan in the first half of the year, marking its first profit since turning around [2] - The industry is entering a new cycle driven by profitability, with leading companies achieving profits through the commercialization of products and accelerating the conversion of research value [2]

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 ...

公司基本情况 | 最新收盘价（元） | 47.73 | | --- | --- | | 总股本/流通股本（亿股）10.27 | / 7.66 | | 总市值/流通市值（亿元）490 | / 366 | | 52 周内最高/最低价 | 48.50 / 23.14 | | 资产负债率(%) | 45.0% | | 市盈率 | -36.72 | | 第一大股东 | HKSCC NOMINEES | | LIMITED | | 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 君实生物(688180) 证券研究报告：医药生物 | 公司点评报告 发布时间：2025-09-12 股票投资评级 资料来源：聚源，中邮证券研究所 l 推出股权激励计划，彰显公司对未来发展信心 近日，公司发布 A 股及 H 股股权激励计划，其中 A 股计划拟授予 的股票期权数量为 2617.6 万份，约占总股本的 2.55%。首次授予股票 期权的激励对象共计251人，约占公司2024年全部职工人数的9.74%， 行权价格为 46.67 元/份。考核年度为 2025-20 ...