Core Insights - The Chinese innovative pharmaceutical industry is undergoing a historic transformation, shifting from "fast followers" to "original creators" supported by solid data and market performance [1] - By 2025, the total value of innovative drug licensing transactions in China is expected to exceed $130 billion, with over 150 transactions, marking a historical high [1] - Shanghai's Pudong district is becoming a key hub for the global market, with significant achievements in CAR-T products and first-class new drugs [1] Industry Overview - China's pharmaceutical industry ranks second globally, with approximately 30% of innovative drugs in development worldwide [1] - The industry is entering a critical phase characterized by "innovation realization + global layout" [1] Company Developments - Chinese innovative drug companies are leveraging speed and cost-effectiveness to gain a competitive edge in the global market [3] - Companies like Maiwei Biotech and Jinsai Pharmaceutical are forming significant overseas business development (BD) partnerships, enhancing China's global competitiveness [3][4] - Maiwei Biotech has accelerated its BD efforts, securing exclusive licensing agreements for innovative therapies, including a $1 billion potential deal with Aditum Bio [4][5] Market Trends - By 2025, Pudong is expected to have approved four CAR-T products, accounting for 30% of the global total, and seven first-class new drugs, representing 14% of the national total [1] - The commercial sales of innovative drugs in Pudong are projected to exceed 11.6 billion yuan in 2024, with several new drugs achieving over 1 billion yuan in annual sales [10] Strategic Initiatives - Companies are focusing on building comprehensive global capabilities covering research, registration, and sales to transition from "licensing out" to "commercialization abroad" [10] - Jinsai Pharmaceutical has established local teams in the U.S. and Europe to manage clinical trials and seek collaboration opportunities [8] Innovation and Collaboration - The future of innovative drugs lies in international markets, with companies emphasizing deep understanding of disease biology as a core competitive advantage [5] - Companies are forming cooperative committees with BD partners to ensure project progress through information sharing and resource collaboration [5] Ecosystem Support - The rise of China's innovative drug industry is attributed to years of policy guidance, technological accumulation, and capital cultivation [23] - The unique industrial atmosphere, talent pool, and complete industrial chain in Zhangjiang are seen as core advantages for local companies [23][24] - Pudong's talent policies and supportive platforms are facilitating the rapid gathering of global talent resources [23] Future Outlook - The next 3-5 years are expected to see continued emphasis on internationalization and globalization among Chinese biopharmaceutical companies [14] - Companies are increasingly focusing on source innovation and high-quality BD potential to meet global market demands and achieve high valuations [17]

Core Viewpoint - The Chinese innovative pharmaceutical industry is undergoing a historic transformation, shifting from "fast followers" to "original creators," supported by solid data and market performance [1]. Group 1: Industry Overview - China's pharmaceutical industry is the second largest globally, with innovative drugs accounting for approximately 30% of global research [1]. - By 2025, the total value of innovative drug licensing transactions in China is expected to exceed $130 billion, with over 150 transactions, marking historical highs [1]. - The increase in competitiveness and cost-effectiveness of Chinese pharmaceutical assets is driving the industry into a critical phase of "innovation realization + global layout" [1]. Group 2: Regional Development - Shanghai's Pudong district is becoming a core hub for the global market connection of China's biopharmaceutical industry, with significant achievements in innovative drug approvals and business development transactions [1]. - By 2025, Pudong has approved 4 CAR-T products (30% of the global total) and 7 Class 1 new drugs (14% of the national total), with business development transaction amounts reaching $20.4 billion (14% of the global total) [1]. Group 3: Competitive Advantages - Chinese innovative pharmaceutical companies are gaining a competitive edge in the global market due to their speed and cost-effectiveness, being able to advance drug discovery 2-3 times faster and recruit clinical trial patients 2-5 times faster than international counterparts [3]. - The cost per patient for clinical trials in China is only half that of Europe and the US [3]. Group 4: Business Development Collaborations - Companies like Maiwei Biopharma and Jinsai Pharmaceutical are forming significant overseas business development collaborations, enhancing China's global competitiveness in innovative drugs [3][5]. - Maiwei Biopharma has accelerated its business development efforts, securing exclusive licensing agreements for innovative therapies within months of initial meetings [3][4]. Group 5: Full-Chain Layout - A number of innovative pharmaceutical companies are rapidly constructing comprehensive overseas layouts covering research, registration, and sales, transitioning from "licensing out" to "commercialization abroad" [9]. - By 2024, Pudong is expected to have over 20 innovative drugs achieving commercial sales, with total sales exceeding 11.6 billion yuan [9]. Group 6: Source Innovation - The market consensus is that only companies with source innovation capabilities, quality business development potential, and global layout abilities can effectively meet global market demands and achieve high valuations [16]. - Companies like Jinfang Pharmaceutical are focusing on unique therapeutic areas and avoiding following trends, which positions them favorably in the global market [17]. Group 7: Industry Ecosystem - The rise of China's innovative pharmaceutical industry is attributed to years of policy guidance, technological accumulation, and capital cultivation, leading to a critical growth inflection point [21]. - The unique industrial atmosphere, quality talent pool, and complete industrial chain in Zhangjiang are considered core advantages for companies operating in the region [21][22]. Group 8: Future Outlook - The Pudong district is set to enhance its support for the biopharmaceutical industry, aiming to become a global hub for innovative drug launches and scientific entrepreneurship [23]. - The ongoing development of a differentiated industrial linkage pattern is expected to further support the growth of the life sciences industry in the region [23]. Group 9: Conclusion - The path of globalization for Chinese innovative drugs is deepening, supported by core industrial hubs like Pudong and the continuous upgrading of companies' innovation and internationalization capabilities [24].

证券日报网讯1月7日，君实生物在互动平台回答投资者提问时表示，截至本回复日，公司董事长熊俊先 生的增持计划尚未实施完毕，熊俊先生将在增持计划实施期间内择机增持公司股份。 ...

Group 1 - The core viewpoint of the news is that Junshi Biosciences has seen a significant stock price increase, with a 10.71% rise over the past three days, closing at 37.82 CNY per share [1] - Junshi Biosciences is primarily engaged in the research and commercialization of monoclonal antibody drugs, with 90.67% of its revenue coming from drug sales [1] - The company was founded on December 27, 2012, and went public on July 15, 2020, with a current market capitalization of 38.829 billion CNY [1] Group 2 - Tianzhi Fund has a significant holding in Junshi Biosciences, with its Tianzhi New Consumption Mixed Fund (350008) holding 18,100 shares, representing 4.75% of the fund's net value [2] - The Tianzhi New Consumption Mixed Fund has generated a floating profit of approximately 66,200 CNY during the three-day stock price increase [2] - The fund was established on August 4, 2011, and has a current scale of 15.7711 million CNY, with a year-to-date return of 5.18% [2]

Core Insights - The Chinese innovative pharmaceutical industry is undergoing a historic transformation, shifting from "fast followers" to "originators" in drug development, supported by solid data and market performance [1] - By 2025, the total value of innovative drug licensing transactions in China is expected to exceed $130 billion, with over 150 transactions, marking a historical high [1] - Shanghai's Pudong district is becoming a key hub for the global market, with significant achievements in CAR-T products and first-class new drugs [1] Industry Performance - China's pharmaceutical industry ranks second globally, with approximately 30% of innovative drugs in development worldwide [1] - Pudong has approved 4 CAR-T products, accounting for 30% of the global total, and 7 first-class new drugs, representing 14% of the national total [1] - Business development (BD) transaction amounts in Pudong reached $20.4 billion, making up 14% of the global total [1] Competitive Advantages - Chinese innovative drug companies are gaining a competitive edge in the global market due to their speed and cost-effectiveness, being able to advance drug discovery 2-3 times faster and recruit clinical trial patients at half the cost compared to Western counterparts [2] - Companies like Maiwei Biotech and Jinsai Pharmaceutical are establishing significant overseas BD collaborations, enhancing China's global competitiveness in innovative drugs [2] Strategic Collaborations - Maiwei Biotech has accelerated its BD efforts, forming exclusive licensing agreements for innovative therapies, including a collaboration with Calico Life Sciences for an IL-11 targeted therapy [2][3] - Jinsai Pharmaceutical's subsidiary has signed an exclusive licensing agreement with Yarrow Bioscience for a monoclonal antibody, with potential milestone payments totaling up to $1.365 billion [4] Full-Chain Development - A number of innovative drug companies are building comprehensive overseas strategies that cover research, registration, and sales, transitioning from "licensing out" to "commercialization abroad" [5] - By 2024, Pudong is expected to have over 20 innovative drugs achieving commercial sales, with total sales exceeding 11.6 billion yuan [5] Global Market Positioning - Junshi Bioscience's innovative drug has become a benchmark for commercialization abroad, having been approved in over 40 countries and regions [5][6] - The core challenge for Chinese companies in international markets is to ensure their products meet local medical needs, requiring innovation, efficacy, and safety [5] Talent and Ecosystem - The rise of China's innovative drug industry is supported by years of policy guidance, technological accumulation, and capital cultivation, with a strong emphasis on the importance of a mature industrial ecosystem [12] - Pudong's unique industrial atmosphere, talent pool, and complete industrial chain are critical advantages for local companies [12][13] Future Outlook - The Pudong district plans to enhance its support for the life sciences industry, aiming to become a global hub for innovative drugs and medical devices by 2025 [15] - The industry anticipates that internationalization will remain a core development trend for domestic biopharmaceutical companies over the next 3-5 years [7][8]

证券研究报告：医药生物 | 公司点评报告 发布时间：2026-01-06 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 34.16 | | --- | --- | | 总股本/流通股本（亿股）10.27 | / 7.66 | | 总市值/流通市值（亿元）351 | / 262 | | 周内最高/最低价 52 | 48.80 / 24.86 | | 资产负债率(%) | 45.0% | | 市盈率 | -26.28 | | 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) EGFR/HER3 ADC 双抗进入 II 期临床，联用方案有望 实现弯道超车 l EGFR/HER3 ADC 双抗进入 II 期临床，联用方案可期 事件：公司在 CDE 药物临床试验登记与信息公示平台网站上，登 记了一项 EGFR/HER3 双抗药物 JS212，联合 PD-1 抗体特瑞普利，或 PD-1/VEGF 双抗 ...

Group 1 - The core viewpoint of the news is that Junshi Biosciences experienced a significant increase in stock price and trading volume on January 5, with a rise of 6.62% and a transaction amount of 518 million yuan [1] - On January 5, Junshi Biosciences had a financing buy-in amount of 36.69 million yuan and a financing repayment of 52.40 million yuan, resulting in a net financing buy of -15.71 million yuan [1] - As of January 5, the total balance of margin trading for Junshi Biosciences was 1.341 billion yuan, with a financing balance of 1.327 billion yuan, accounting for 4.75% of the circulating market value, which is above the 60th percentile level over the past year [1] Group 2 - Junshi Biosciences, established on December 27, 2012, focuses on the research and commercialization of monoclonal antibody drugs and other therapeutic protein drugs, with 90.67% of its revenue coming from drug sales [2] - For the period from January to September 2025, Junshi Biosciences achieved an operating income of 1.806 billion yuan, representing a year-on-year growth of 42.06%, while the net profit attributable to shareholders was -596 million yuan, an increase of 35.72% year-on-year [2] - As of September 30, 2025, the number of shareholders of Junshi Biosciences was 35,900, an increase of 15.17% compared to the previous period, with an average of 21,361 circulating shares per person, a decrease of 12.96% [2]

FF301 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12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 呈交日期: 2026年1月5日 | 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 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 260,295,700 | | 0 | | 260,295,700 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 260,295,700 | | 0 | | 260,295,700 | 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) | | ...

FF301 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12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 呈交日期: 2026年1月5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 | | | 260,295,700 | RMB | | 1 RMB | | 260,295,700 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 260,295,700 | RMB | | 1 RMB | | 260,295,700 | | 2. 股份分類 | 普通股 | 股份類 ...

Summary of Junshi Biosciences Conference Call Company Overview - Junshi Biosciences has four products currently on the market: PD-1 Toripalimab, TNF-α drug, COVID-19 drug VV116, and PCSK9 inhibitor. The total peak sales are expected to reach 7.5 billion RMB, corresponding to approximately 24 billion HKD at a 3x PS valuation [2][4]. Core Insights and Arguments - **Sales Projections**: - Toripalimab is projected to generate sales of 2 billion RMB in 2025, with a year-on-year growth of 35%-40% expected in 2026. Future growth will depend on the approval and market release of the subcutaneous formulation, with peak sales anticipated between 5 billion to 6 billion RMB [2][5]. - The combined peak sales for the other three products are estimated at 7.5 billion RMB [6]. - **Clinical Pipeline**: - Junshi has five projects in Phase III clinical trials, including BTRA combined with PD-1 for small cell perioperative indications, PI3K inhibitors for HR-positive breast cancer, and Claudin 18.2 ADC for gastric cancer. The peak sales for these projects are expected to reach around 8 billion RMB [2][7]. - The company is actively advancing the registration clinical trials for first-line gastric cancer indications and plans to leverage global MRCT for competitive differentiation [2][7]. - **Notable Phase II Trials**: - Key drugs in Phase II trials include PD-L1 VEGF fusion protein, EGFR HER3 ADC, and DKK1 inhibitor. The PD-L1 VEGF fusion protein shows excellent safety and efficacy, potentially becoming part of future IO plus ADC combination therapies. The EGFR HER3 ADC is expected to enter registration clinical trials in the second half of 2026, with promising affinity data [2][8]. Additional Important Insights - **Valuation and Market Position**: - Junshi Biosciences is currently undervalued, with its market capitalization reflecting only the value of existing products and not fully accounting for the potential of its R&D pipeline. The management has improved, and sales growth is accelerating, indicating a significant turning point for the company [4]. - **Future Outlook**: - The future prospects for Junshi Biosciences are considered very promising, with several new drug projects showing best-in-class potential and expectations for international expansion. The company is expected to experience strong performance growth, with its valuation potential not yet fully recognized by the market [3][9].