Core Viewpoint - Shanghai is emerging as a global hub for biopharmaceutical innovation, with local companies leveraging innovation, transformation, and internationalization to enhance their competitiveness on the world stage [4][6]. Group 1: Innovation - Junshi Bioscience has focused on unmet clinical needs, successfully launching its PD-1 monoclonal antibody, which has reshaped the landscape for domestic innovative drugs in international markets [4][5]. - Fosun Pharma has achieved significant milestones in innovation, including the development of China's first self-developed CAR-T cell therapy product and the first PD-1 monoclonal antibody approved for first-line treatment of small cell lung cancer [8][9]. - The company has established a comprehensive innovation system, with over 12 innovative drugs launched during the 14th Five-Year Plan period, focusing on oncology, immune inflammation, and chronic diseases [11][12]. Group 2: Transformation - First Pharmaceutical has adapted to the challenges posed by e-commerce in the pharmaceutical retail sector by integrating smart healthcare services, revitalizing its traditional pharmacy model [5][30]. - Fosun Pharma's transformation journey aligns with the rapid evolution of China's innovative drug industry, emphasizing a combination of generics and original innovations [5][11]. - Seer Bio has expanded its research into broader biotoxin treatments after mastering snake venom therapies, indicating a strategic shift towards a wider range of biological toxin therapies [5][26]. Group 3: Internationalization - Fosun Pharma has successfully penetrated international markets, with its anti-tumor innovative drug, Slulizumab, approved in approximately 40 countries, showcasing the company's global strategy [12][13]. - Junshi Bioscience has transitioned from a "single-point breakthrough" to "platform innovation," with its core product, Toripalimab, now available in major markets including the US and EU [16][17]. - The company is building a global commercialization network through partnerships and local teams, aiming to enhance its international presence [22][23]. Group 4: Market Challenges and Opportunities - First Pharmaceutical faces significant challenges in the pharmaceutical distribution industry, including regulatory changes, evolving sales models, and increased consumer expectations for professional services [32][33]. - Despite these challenges, First Pharmaceutical has reported substantial revenue growth, with sales increasing from 1.398 billion yuan in 2021 to 1.915 billion yuan in 2024 [32]. - The company is strategically focusing on the silver economy, aiming to develop integrated services for the elderly, aligning with national policies on aging [34][35].

Investment Rating - The report does not explicitly state an investment rating for the industry [2] Core Views - The pharmaceutical and biotechnology sector saw a weekly increase of 2.67%, underperforming the Wind All A index (2.9%) but outperforming the CSI 300 index (1.64%). The raw material drug sector experienced a decline of 4.27%, while chemical preparations and pharmaceutical circulation products increased by 4.18% and 3.71%, respectively [3][8] - Recent policies in Shanghai and Beijing aim to support the high-quality development of the medical device industry, indicating a shift towards innovation and global competitiveness in this sector. The report suggests monitoring the transformation progress of leading companies in the medical device field [3][12] - Flu activity is on the rise, with the percentage of flu-like cases reported by sentinel hospitals in southern provinces reaching 7.8%, up from 6.8% the previous week, and higher than the same period in 2022 and 2024 [3][11] Summary by Sections Market Weekly Review - The pharmaceutical and biotechnology sector increased by 2.67% from November 24 to November 28, 2025, with raw material drugs declining by 4.27% and chemical preparations increasing by 4.18% [8][9] - Individual stock performances included significant gains for Haiwang Biological (38.2%), Yue Wannianqing (36.2%), and Guangji Pharmaceutical (31.7%), while *ST Changyao (-15.3%), Huitai Medical (-9.6%), and Kangwei Century (-8.8%) saw notable declines [11] Industry News and Key Company Announcements Important Industry Events - The report highlights the increase in flu-like illness percentages in both southern (7.8%) and northern (8.6%) provinces, indicating a significant rise in flu activity compared to previous years [11][12] Industry News - Significant approvals were noted, including the NMPA's approval of Xinmeiyue® for treating moderate to severe plaque psoriasis and the FDA's accelerated approval of Sibeprenlimab for IgAN treatment [12][14] Company Announcements - Notable announcements include the FDA approval of a generic injectable drug by Jianyou Co. and the successful completion of a Phase III trial for JS001sc, a subcutaneous PD-1 monoclonal antibody for non-small cell lung cancer [15][16]

Core Viewpoint - The company has approved a plan to manage temporarily idle raised funds through cash management, aiming to enhance fund utilization efficiency while ensuring the safety and intended use of the funds [1][3][7] Cash Management Overview - The purpose of cash management is to improve the efficiency of raised fund usage and generate additional returns for the company and its shareholders, without affecting the normal operation of investment projects [1][3] - The company plans to invest up to RMB 2.4 billion in safe, liquid principal-protected investment products, including but not limited to time deposits and structured deposits, within a 12-month period [1][3] - The funds for cash management will come from temporarily idle raised funds from the company's 2022 A-share issuance [1][3] Implementation and Oversight - The board of directors has authorized the chairman to make investment decisions and sign relevant legal documents, with the finance department responsible for implementation [2][3] - The company will adhere to regulatory requirements for information disclosure and will not change the intended use of the raised funds [2][3] Impact on Daily Operations - The cash management plan will not affect the normal cash flow needs or the operation of investment projects, ensuring that the company's main business continues to develop normally [6][7] - As of June 30, 2025, all initial public offering projects have been completed, and the raised funds will be used in accordance with the overall project schedule [6][7] Opinions from Intermediaries - The company's sponsor, Guotai Junan Securities, has confirmed that the cash management plan complies with relevant regulations and will not change the intended use of the raised funds, thus benefiting the company and its shareholders [7]

Core Viewpoint - Junshi Biosciences plans to utilize up to 2.4 billion yuan of temporarily idle raised funds for cash management to enhance fund efficiency and returns for the company and its shareholders [1] Group 1: Cash Management Purpose - The purpose of cash management is to improve the efficiency of raised funds and to reasonably utilize temporarily idle funds while ensuring that it does not affect the construction and use of investment projects [1] - The company aims to increase returns for both the company and its shareholders through this cash management strategy [1] Group 2: Investment Strategy - Junshi Biosciences will strictly control risks according to relevant regulations and intends to invest in high-safety, liquid principal-protected investment products [1] - The investment products include but are not limited to notice deposits, time deposits, agreement deposits, combination deposits, certificates of deposit, and structured deposits [1] - The funds will not be used for pledging or for investment purposes in securities [1]

Core Viewpoint - Junshi Biosciences (01877) plans to invest temporarily idle raised funds in low-risk, high-liquidity principal-protected investment products, adhering to relevant regulations [1] Group 1: Investment Strategy - The company intends to use a maximum of RMB 2.4 billion (including principal) of temporarily idle raised funds for cash management [1] - Investment products include but are not limited to notice deposits, time deposits, agreement deposits, combination deposits, certificates of deposit, and structured deposits [1] - The investment will not be used for pledging or for securities investment purposes [1] Group 2: Investment Duration and Management - The company plans to invest the idle funds in tranches with varying maturities, with the longest maturity not exceeding 12 months [1] - Within the specified limit and duration, the funds can be used in a rolling manner [1]

Core Viewpoint - The company plans to invest temporarily idle raised funds in low-risk, highly liquid principal-protected investment products, with a maximum investment of RMB 2.4 billion [1] Group 1: Investment Strategy - The company will strictly control risks according to relevant regulations [1] - The investment products include but are not limited to notice deposits, time deposits, agreement deposits, combination deposits, certificates of deposit, and structured deposits [1] - The funds will not be used for pledging or for investment purposes in securities [1] Group 2: Fund Management - The company plans to use a maximum of RMB 2.4 billion of temporarily idle raised funds for cash management [1] - The investment will be conducted in tranches based on the usage of raised funds and the company's operational conditions [1] - The maximum investment duration will not exceed 12 months, and funds can be rolled over within the specified limit and duration [1]

SHANGHAI JUNSHI BIOSCIENCES CO., LTD.* 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） 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。 （股份代號：1877） 海外監管公告 中國，上海，2025年11月27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、酈仲賢先生、魯琨女士及楊勁 博士。 * 僅供識別之用 国泰海通证券股份有限公司 关于上海君实生物医药科技股份有限公司 使用暂时闲置募集资金进行现金管理的核查意见 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。 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《國泰 海通證券股份有限公司關於上海君實生物醫藥科技股份有限公司使用暫時閒置募 集資金進行現金管理 ...

SHANGHAI JUNSHI BIOSCIENCES CO., LTD.* 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。 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使用暫時閒置募集資金進行現金管理的公 告》，僅供參閱。 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。 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11月27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、酈仲賢先生、魯琨女士及楊勁 博士。 * 僅供識別之用 证券代码：688180 证券简称：君实生物 公告 ...

证券代码：688180 证券简称：君实生物 公告编号：临 2025-068 上海君实生物医药科技股份有限公司 关于使用暂时闲置募集资金进行现金管理的公告 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。 （二） 产品品种 公司将按照相关规定严格控制风险，拟使用暂时闲置募集资金投资安全性高、 流动性好的保本型投资产品（包括但不限于通知存款、定期存款、协定存款、组 合存款、存单及结构性存款等），且该等产品不得用于质押，不用于以证券投资 为目的的投资行为。 （三） 决议有效期 自公司董事会审议通过之日起 12 个月内有效。 （四） 投资额度及期限 公司计划使用最高不超过人民币 24 亿元（包含本数）的暂时闲置募集资金 进行现金管理。根据募集资金使用情况以及公司经营情况，将暂时闲置募集资金 分笔按不同期限投资上述产品，最长期限不超过 12 个月。在前述额度和期限内， 资金可以循环滚动使用。 （五） 资金来源 上海君实生物医药科技股份有限公司（以下简称"公司"）于 2025 年 11 月 27 日召开第四届董事会第十五次会议，审议通过 ...

国泰海通证券股份有限公司 关于上海君实生物医药科技股份有限公司 使用暂时闲置募集资金进行现金管理的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐人"）作为上 海君实生物医药科技股份有限公司（以下简称"君实生物"、"公司"或"发行人"） 2022 年度向特定对象发行 A 股股票的保荐人，根据《证券发行上市保荐业务管 理办法》《上市公司募集资金监管规则》《上海证券交易所科创板股票上市规则》 《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等有关法 律法规和规范性文件的要求，就君实生物使用暂时闲置募集资金进行现金管理的 事项进行了审慎核查，并发表如下核查意见: 一、现金管理情况概述 （一）目的 为提高募集资金使用效率，合理利用部分暂时闲置募集资金，在确保不影响 募集资金投资项目建设和使用、募集资金安全且不变相改变募集资金用途的情况 下，增加公司资金收益，为公司及股东获取更多回报。 （二）产品品种 公司将按照相关规定严格控制风险，拟使用暂时闲置募集资金投资安全性高、 流动性好的保本型投资产品（包括但不限于通知存款、定期存款、协定存款、组 合存款、存单及结构性存款等），且该等产品不得 ...