Suspension and Resumption of Trading - *ST Yazhen has repeatedly triggered abnormal stock trading fluctuations and will be suspended for verification starting tomorrow [1] Investment Cooperation and Operating Conditions - Hesheng New Materials plans to invest 250 million yuan to increase its stake in Yizhi Electronics, expecting to hold 10% of the company post-investment. Yizhi Electronics specializes in the R&D, design, and sales of high-end processors for servers and workstations, providing chip product solutions [2] - Xingye Securities has not received any information regarding a merger with Huafu Securities [2] - Keda Li intends to jointly invest with Weichuang Electric to establish Suzhou Yizhi Intelligent Drive Technology Co., focusing on the market potential of embodied intelligent robots [2] - Tianfu Communication's 1.6T optical engine product is in a stable delivery phase, with smooth progress on related CPO products [2] - Shuangliang Energy has signed a sales contract for a 450 million yuan green hydrogen production system [2] - Junshi Biosciences' subsidiary JT118 injection clinical trial application has been accepted, aimed at preventing monkeypox virus infection [3] - Xingsen Technology plans to participate in the purchase of a 24% stake in its subsidiary Xinke Semiconductor [4] - Tianci Materials intends to invest approximately 280 million USD to build an integrated production base for electrolytes and raw materials in Morocco [5] - Shaanxi Construction has won a bid for a melamine project in Indonesia worth 2.137 billion yuan, with an annual production capacity of 120,000 tons [6] - Changyuan Donggu has received a notification from a well-known domestic automaker, confirming it as a designated supplier for a series of engine cylinder block semi-finished products, with total sales expected to be between 450 million and 500 million yuan [6]

近日，上海君实生物医药科技股份有限公司（以下简称"公司"）控股子公 司上海君拓生物医药科技有限公司收到国家药品监督管理局核准签发的《受理通 知书》，JT118 注射液（项目代号"JT118"）的临床试验申请获得受理。由于 药品的研发周期长、审批环节多，容易受到一些不确定性因素的影响，本次临床 试验申请能否获得批准存在不确定性，敬请广大投资者谨慎决策，注意防范投资 风险。现将相关情况公告如下： 一、药品基本情况 药品名称：JT118 注射液 证券代码：688180 证券简称：君实生物 公告编号：临 2025-033 上海君实生物医药科技股份有限公司 自愿披露关于 JT118 获得药物临床试验申请 受理通知书的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 发。临床前研究结果表明，JT118 在大小动物上接种均可以产生高水平的结合抗 体、痘苗病毒/猴痘病毒中和抗体和细胞免疫激活，对痘苗病毒/猴痘病毒感染的 大小动物模型均具有显著的保护作用，且安全性良好。 2023 年 10 月，公司与北京大学、中国科学院微生物研究所、山 ...

Core Viewpoint - Junshi Bioscience's subsidiary, Shanghai Juntao Biopharmaceutical Technology Co., Ltd., has received acceptance for the clinical trial application of JT118 injection, a "dual-target" recombinant protein vaccine aimed at preventing monkeypox virus infection [1] Company Summary - Junshi Bioscience (688180.SH) announced that its subsidiary has received the acceptance notice from the National Medical Products Administration for the clinical trial application of JT118 injection [1] - JT118 is composed of monkeypox virus antigens A35 and M1, designed as a "two-in-one" recombinant protein vaccine [1] - As of the announcement date, there are no approved vaccines for preventing monkeypox virus infection in China [1] Industry Summary - The development cycle for pharmaceuticals is lengthy and involves multiple approval stages, leading to uncertainty regarding the approval of this clinical trial application [1]

Group 1: Liquidity and Performance of Sci-Tech Pharmaceutical Index ETF - The Sci-Tech Pharmaceutical Index ETF had a turnover rate of 16.48% during the trading session, with a transaction volume of 37.98 million yuan, indicating active market trading [2] - Over the past week, the average daily transaction volume of the ETF reached 48.92 million yuan, ranking first among comparable funds [2] - In the past year, the ETF's scale increased by 154 million yuan, achieving significant growth and ranking first in new scale among comparable funds [2] - The ETF's shares grew by 130 million units in the past year, also ranking first in new shares among comparable funds [2] - As of June 10, the net value of the ETF increased by 25.51% over the past year [2] - The highest monthly return since inception was 23.29%, with the longest consecutive monthly gains being 4 months and a maximum increase of 21.76% [2] - The average monthly return during the rising months was 8.18%, with a historical one-year profit probability of 69.81% [2] Group 2: Market Trends and Investment Opportunities - The Central Committee of the Communist Party of China and the State Council issued opinions to improve the basic medical insurance drug catalog adjustment mechanism and to develop a commercial health insurance innovative drug catalog [3] - A report from Dongwu Securities indicated that there were 73 oral presentations from China at the 2025 ASCO, marking a historical high, with 89 out of 184 ADC pipeline studies coming from China, accounting for approximately 48.4% of the total [3] - The agency believes that the competitiveness of domestic innovative drugs in the global market is continuously improving, and international investors' confidence in Chinese innovative drug companies is increasing [3] - Domestic innovative drugs are transitioning from "catching up" to "leading," presenting significant investment opportunities [3] - Investors without stock accounts can access the Sci-Tech Biopharmaceutical ETF linked fund (021061) to capitalize on opportunities in the Sci-Tech Board biopharmaceutical sector [3]

Summary of Conference Call Notes Industry Overview - The conference focuses on the innovative pharmaceutical sector, particularly the PD-(L)1 Plus treatment landscape, which is becoming a competitive area for overseas pharmaceutical companies [1][2]. Key Insights and Arguments - **Market Performance**: The pharmaceutical sector has shown strong performance recently, with significant volatility in innovative drugs. The core stocks have remained relatively stable during adjustments, driven by short-term trading dynamics [3]. - **Investment Outlook**: There is a strong bullish sentiment towards the innovative drug market, supported by solid underlying logic and clear industry trends. Key innovative drug targets, especially those with BD expectations or PD-1 Plus logic, are expected to perform well even during market corrections [3]. - **Investment Strategy**: Four main investment lines are recommended: Chinese supermarkets, generic drug opportunities, re-evaluation of small-cap pipelines, and large overseas pharmaceuticals. The strategy includes a combination of buying and random rotation for explosive growth [3]. - **Focus Areas**: Attention is drawn to the PD-1 Plus logic, particularly the potential upgrade from PD-1/VEGF to PD-1/IL-2. Upcoming opportunities related to the ADA conference in late June and advancements in medical technology (brain-computer interfaces, rehabilitation robots, AI in healthcare) are highlighted [3]. - **2025 Outlook**: Optimism prevails for the pharmaceutical sector, with expectations of a structural bull market. Focus areas include innovative drugs, new technologies, and industry restructuring [3]. Clinical Data Insights - **Sinda's PD-1/IL-2 (IBI363) Data**: - In non-small cell lung cancer (wild-type), the 1-1.5 mg/kg group showed an ORR of 25.9% and a median OS of 15.3 months, while the 3 mg/kg group had an ORR of 36.7% and a median PFS of 9.3 months, suggesting a potential median OS of 20-25+ months [3]. - In lung adenocarcinoma (wild-type), the low-dose group (0.6/1.5 mg/kg) had an ORR of 13.08% and a median PFS of 2.7 months, while the high-dose group (3 mg/kg) showed an ORR of 24% and a median PFS of 5.6 months, with a potential median OS of 25-30 months [3]. - The data indicates a high OS/PFS ratio, particularly in lung adenocarcinoma, which is rare and suggests a potential to limit metastatic tumors [3][4]. Competitive Landscape - **PD-1 Plus Market**: The PD-(L)1 market is substantial, estimated at around $40 billion, and is undergoing innovation. Major multinational corporations are actively investing in PD-1 Plus, contributing to rising upfront payments in business development [6]. - **Key Companies to Watch**: Notable companies in the PD-1 Plus space include Sinda, Hengrui, BeiGene, Kangfang Biotech, Rongchang Biotech, Aosaikang, and Zhimeng Junshi [6]. Sector-Specific Updates - **Innovative Drugs**: The index for innovative drugs rose by 0.34% last week, with a positive long-term outlook driven by clinical data and business development catalysts [6]. - **Generic Drugs**: The index increased by 1.69%, outperforming the pharmaceutical index. Key events include the approval of a compound release tablet by Shenda and the acceptance of a conditional listing application for a hemophilia drug [6]. - **Traditional Chinese Medicine & Pharmacies**: The Chinese medicine index rose by 0.39%, while pharmacies increased by 1.67%, with a focus on policy impacts and operational strategies [6]. - **Medical Devices**: The medical device index rose by 1.11%, with attention on equipment updates and market recovery [6]. - **Life Sciences**: The life sciences sector saw an average increase of 1.47%, with a focus on operational recovery and investment trends [6]. Additional Considerations - **Stock Selection**: Emphasis on companies with clean shareholding structures, low stock prices, and positive future operational trends. Monitoring monthly operational data and overall consumption data is crucial [7].

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]

Core Viewpoint - The innovation speed and cost-effectiveness of Chinese biopharmaceutical companies have surpassed that of American companies, leading to a surge in stock prices for several Chinese biopharma firms [1][2]. Group 1: Market Performance - On June 9, 2023, Chinese biopharmaceutical companies saw a collective stock price increase, with Kelun-Botai (6990.HK) rising nearly 6% to a market cap exceeding HKD 80 billion, BeiGene (688235.SH) up over 8%, and Junshi Biosciences (688180.SH) up over 5% [1]. - The optimism surrounding original drug licensing contributed to the stock price increases, particularly following data presentations from Chinese companies at the recent ASCO annual meeting [1]. Group 2: International Interest - In recent months, American and European pharmaceutical companies have invested billions in acquiring Chinese-developed drugs, yielding returns for these companies [2]. - During the ASCO conference, BioNTech's resale of a tumor dual-antibody drug acquired from China's Pumice Biotech for over USD 10 billion to Bristol-Myers Squibb (BMS) highlighted the market's excitement [2]. - BMS is betting on a dual-antibody drug targeting PD-L1 and VEGF for treating various solid tumors, which shows potential to replace Merck's leading cancer drug, Keytruda [2]. Group 3: Competitive Landscape - The valuation of Chinese innovative drugs is considered reasonable by multinational companies, as they seek products with patent protection for lifecycle management [4]. - China has surpassed the U.S. in the number of clinical trials and has seen a significant increase in patent filings, attracting multinational pharmaceutical companies [4]. - AstraZeneca announced a USD 2.5 billion investment to establish a research center in Beijing, reflecting the growing interest in China's biopharmaceutical sector [4]. Group 4: Innovation and Development - Chinese biopharmaceutical companies have made rapid advancements in innovation over the past decade, although they still have a long way to go in achieving "original innovation" [4]. - The PD-L1/VEGF dual-antibody drug represents a significant innovation compared to traditional combination therapies, offering easier administration and potential cost reductions [4]. - Local companies like Kelun-Botai and InnoCare Pharma are actively investing in the development of antibody-drug conjugates (ADCs) in the competitive oncology market [4]. Group 5: Clinical Achievements - On June 6, 2023, Kelun-Botai's ADC drug, SKB264, received approval from the National Medical Products Administration (NMPA) and became the first TROP2 ADC drug approved for lung cancer indications globally [5]. - InnoCare Pharma presented data at ASCO indicating that its HER3-targeting ADC drug has potential comparable to Kelun-Botai's SKB264 for treating EGFR-resistant non-small cell lung cancer [5].

董事会 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 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"）及其一致行动人上海檀正投 资合伙企业（有限合伙）（以下简称"上海檀正"）、LVC Renaissance Fund LP（以下 简称"LVC Renaissance Fund"）及 Loyal Valley Capital Advantage Fund II LP（以下简 称"LVC Fund II"）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 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 是□ 否√ 诺、意向、计划 是否触发强制要约收购义务 是□ 否√ 一、 信息披露义务人及其一致行动人的基本信息 （一）身 ...

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. ...