Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [5]. Core Insights - The company's core product, Toripalimab, has shown significant sales growth, achieving revenue of 1.068 billion yuan in the first three quarters of 2024, a year-on-year increase of approximately 60% [2]. - The company reported a net loss of 9.27 billion yuan for the first three quarters of 2024, which is a reduction in loss by 4.80 billion yuan compared to the previous year [1]. - The approval of Toripalimab for additional indications in Hong Kong enhances the company's commercial prospects and market competitiveness [2]. Financial Performance - For Q3 2024, the company achieved a revenue of 485 million yuan, representing a year-on-year growth of 53.2% [1]. - The net loss for Q3 2024 was 2.82 billion yuan, a reduction of 1.28 billion yuan compared to the same period last year [1]. - The company’s R&D investment reached 874 million yuan in the first three quarters of 2024, indicating strong commitment to pipeline development [3]. Revenue and Profit Forecast - The revenue forecast for 2024 is set at 1.784 billion yuan, with a projected growth rate of 18.73% [4]. - The net profit forecast for 2024 is a loss of 919 million yuan, improving to a profit of 340 million yuan by 2026 [4]. - The report anticipates continued improvement in profitability as the company focuses on core R&D projects and expands its market presence [3][4].

证券代码：688180 证券简称：君实生物 公告编号：临 2024-069 上海君实生物医药科技股份有限公司 1 上海檀正通过集中竞价方式合计减持公司 A 股股份 7,392,674 股，减持比例占公 司总股本的 0.75%。截至 2024 年 11 月 12 日，本次减持计划已实施完毕。现将 具体情况公告如下： 关于持股 5%以上股东减持计划完成 暨减持股份结果的公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 大股东的基本情况 本次股份减持计划实施前，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"）合计持有上海君实生物医药科技股份有限公司（以下简称"公司"）股 份 78,852,000 股，股份性质均为 A 股，占公司总股本的 8.00%。其中，上海檀英 持有公司 76,590,000 股，占公司总股本的 7.77%，上海檀正持有公司 2,262,000 股，占公司总股本的 0.23%。 上述股份均为公司首 ...

FF301 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: 2024年11月6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. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | ...

Investment Rating - The report maintains a "Buy" rating for Junshi Biosciences-U (688180 SH) [1][3] Core Views - Junshi Biosciences achieved significant revenue growth in Q3 2024 with a 53 16% YoY increase reaching 485 million RMB [1] - The company's core product Toripalimab showed rapid sales growth with Q1-3 2024 sales of 1 068 billion RMB a 60% YoY increase and Q3 sales of 397 million RMB a 79% YoY increase [1] - Both YoY and QoQ net losses narrowed significantly in Q3 2024 with a 31 17% YoY and 22 13% QoQ reduction in net loss attributable to shareholders [1] - The company's internationalization process is accelerating with Toripalimab approved in over 30 countries and regions including China Hong Kong the US the EU and India [1] Financial Performance - For Q1-3 2024 the company reported revenue of 1 271 billion RMB a 28 87% YoY increase and a net loss attributable to shareholders of 927 million RMB a 34 12% YoY reduction [1] - Q3 2024 saw a gross margin of 76 31% up 3 05 percentage points YoY [1] - The company's sales expense ratio decreased by 4 45 percentage points YoY to 52 78% in Q3 2024 while R&D expense ratio decreased by 34 08 percentage points to 67 59% [1] Product Pipeline and Commercialization - Toripalimab has 10 approved indications with two more under review including 1L melanoma and 1L HCC in combination with bevacizumab [1] - The company's PCSK9 monoclonal antibody has been approved for marketing [1] - BTLA monoclonal antibody LS-SCLC is in global Phase 3 clinical trials with first patient dosing completed in China the US Europe and Japan [1] Future Outlook - Revenue is projected to grow significantly with forecasts of 1 806 billion RMB in 2024 2 628 billion RMB in 2025 and 3 804 billion RMB in 2026 representing YoY growth rates of 20 2% 45 5% and 44 7% respectively [1] - The company is expected to turn profitable by 2026 with a projected net profit of 216 million RMB [1] - The domestic commercialization process is expected to accelerate with increasing medical insurance coverage and the launch of new indications and products [1]

Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [8]. Core Views - The company's core product, Toripalimab, is experiencing rapid sales growth, contributing to a narrowing of losses. In Q3 2024, the company reported revenue of 485 million yuan, a year-on-year increase of 53.16% and a quarter-on-quarter increase of 19.71%. The net profit attributable to shareholders was -282 million yuan, a year-on-year increase of 31.17% and a quarter-on-quarter increase of 22.13% [4][6]. - The company has made significant progress in internationalization, with Toripalimab receiving FDA approval in October 2023 for the U.S. market. The product is also approved in the EU, India, and other regions, which is expected to enhance sales and improve overall performance [4][6]. - The company has a strong cash position, with 3.045 billion yuan in cash and financial assets as of Q3 2023, which supports ongoing research and development efforts [6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 1.271 billion yuan, a year-on-year increase of 28.87%. The net profit attributable to shareholders was -927 million yuan, a year-on-year increase of 34.12% [4]. - In Q3 2024, the company reported a net profit attributable to shareholders of -282 million yuan, with a year-on-year growth of 31.17% and a quarter-on-quarter growth of 22.13% [4]. Product Development - Toripalimab has received approval for 10 indications in China, with 6 included in the national medical insurance directory. Other products, such as JS004 and JS005, are in advanced stages of development [4][6]. - The company has reduced R&D expenses to 874 million yuan in the first three quarters of 2024, a decrease of 31.19% year-on-year, reallocating funds to more promising projects [6]. Market Outlook - The company is expected to benefit from diverse innovative outcomes in the coming years, with projected EPS for 2024-2026 at -1.42 yuan, -0.74 yuan, and 0.15 yuan, respectively [6].

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 海通证券股份有限公司（以下简称"海通证券"或"保荐机构"）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"或"公司"）首次公开发行股票 并在科创板上市的持续督导保荐机构，根据《证券发行上市保荐业务管理办法》 《上市公司监管指引第2号——上市公司募集资金管理和使用的监管要求》《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》等有关规定，对公司使用剩余超募资金永久补充流动资 金的事项进行了核查，具体情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会（以下简称"中国证监会"）于2020年5月20 日出具的《关于同意上海君实生物医药科技股份有限公司首次公开发行股票注册 的批复》（证监许可〔2020〕940号），公司获准向社会公开发行人民币普通股 8,713.00万股，每股发行价格为人民币55.50元，募集资金总额为人民币483,571.50 万元；扣除发行费用后实际募集资金净额为人民币449,697.83万元。上述资金已 全部到位，容诚会计师事务所（特殊普通合伙）对公司本次公开发行新股 ...

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 变更募投项目实施主体的核查意见 海通证券股份有限公司（以下简称"海通证券"或"保荐机构"）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"或"公司"）向特定对象发行股 票的持续督导保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司监 管指引第2号——上市公司募集资金管理和使用的监管要求》《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》等有关规定，对公司变更募投项目实施主体的事项进行了核查，具体情 况如下： 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意上海君实生物医药科技股份 有限公司向特定对象发行股票注册的批复》（证监许可[2022]2616号），公司获 准向特定对象发行人民币普通股7,000.00万股，每股发行价格为人民币53.95元， 募集资金总额为人民币377,650.00万元；扣除不含税的发行费用后实际募集资金 净额为人民币374,480.28万元。上述资金已于2022年11月23日到位，容诚会计师 事务所（特殊普通合伙）对公司本次向特定对象发行股票的 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥485,143,734.52, representing a 53.16% increase compared to the same period last year[2]. - The net profit attributable to shareholders was -¥281,813,873.94 for Q3 2024, with a year-to-date net profit of -¥926,768,557.18[2]. - The company's revenue for the first three quarters of 2024 reached approximately RMB 1.27 billion, a year-on-year increase of about 29% compared to RMB 986.46 million in the same period of 2023[14]. - Total revenue for the first three quarters of 2024 reached ¥1,334,950,275.33, an increase from ¥994,903,657.69 in the same period of 2023, representing a growth of approximately 34.3%[18]. - Net profit for the third quarter of 2024 was reported at -¥988,725,690.94, an improvement compared to -¥1,555,128,891.35 in the third quarter of 2023, indicating a reduction in losses by about 36.4%[17]. - Operating profit for the third quarter of 2024 was -¥969,121,005.27, an improvement from -¥1,580,362,717.66 in the previous year, showing a decrease in operating losses by about 38.5%[16]. - Total comprehensive income for the third quarter of 2024 was -¥1,036,670,389.84, compared to -¥1,605,861,657.78 in the same quarter of 2023, reflecting a decrease in comprehensive losses by about 35.3%[17]. - The company reported a basic and diluted earnings per share of -¥0.94 for the third quarter of 2024, an improvement from -¥1.43 in the same quarter of 2023[17]. Research and Development - Research and development (R&D) expenses totaled ¥327,892,775.06 in Q3 2024, accounting for 67.59% of operating revenue, a decrease of 34.07 percentage points year-on-year[3]. - The company is focusing on enhancing cost control and reallocating resources to more promising R&D projects, leading to a reduction in losses[6]. - The company’s core product, Tuoyi®, has reached key clinical trial endpoints, contributing to revenue growth in chemical drug sales[6]. - The core product Tuoyi® (Tislelizumab) generated sales revenue of approximately RMB 1.068 billion in the domestic market, representing a year-on-year growth of about 60%[12]. - The company has received approval for 10 indications of Tislelizumab in mainland China and has also gained approvals in regions including Hong Kong, the US, and the EU[12]. - The company plans to accelerate the development and application for later-stage pipelines, including anti-tumor antibodies and other innovative drugs, to drive future revenue growth[12]. - The company has received regulatory approval for the clinical trial application of the HDACs inhibitor WJ47156, indicating ongoing innovation efforts[12]. - Research and development expenses decreased to ¥874,268,925.53 from ¥1,270,626,649.07, reflecting a reduction of approximately 31.1%[16]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 29,498[7]. - The total number of ordinary shareholders reached 29,489 by the end of the reporting period[9]. - HKSCC NOMINEES LIMITED holds 219,291,210 shares, accounting for 22.25% of total shares[8]. - The top 10 shareholders collectively hold 490,000,000 shares, representing approximately 49.0% of total shares[10]. - The company reported a total of 87,854,018 shares held by shareholder Xiong Jun, which is 8.91% of total shares[8]. - The investment fund managed by China Industrial Bank holds 25,295,724 shares, accounting for 2.57% of total shares[9]. - The company has no shareholders participating in margin trading as of the reporting period[9]. - The shareholding structure indicates a family relationship between major shareholders, Xiong Jun and Xiong Fengxiang, who are father and son[9]. - The company has not disclosed any other related party relationships among the top shareholders[9]. - The total number of shares held by the top 10 unrestricted circulating shareholders is 490,000,000[10]. - The company has not reported any changes in the top 10 shareholders due to margin trading activities[11]. Cash Flow and Assets - The company reported a net cash flow from operating activities of -¥1,113,472,084.61 year-to-date[2]. - Cash flow from operating activities for the first three quarters of 2024 was -¥1,113,472,084.61, an improvement from -¥1,664,114,192.65 in the same period of 2023, indicating a reduction in cash outflow by approximately 33.1%[19]. - Cash and cash equivalents, along with trading financial assets, totaled RMB 3.045 billion, indicating a strong liquidity position[12]. - Cash and cash equivalents at the end of the third quarter of 2024 stood at ¥2,474,334,261.64, down from ¥4,141,718,242.77 at the end of the third quarter of 2023[19]. - The total assets at the end of Q3 2024 were ¥10,857,613,524.70, down 4.28% from the end of the previous year[3]. - The company’s total assets decreased to approximately RMB 10.858 billion as of September 30, 2024, down from RMB 11.343 billion at the end of 2023[14]. - The total liabilities as of September 30, 2024, amounted to approximately RMB 4.578 billion, an increase from RMB 4.022 billion at the end of 2023[14]. - The company's operating costs for the first three quarters of 2024 were approximately RMB 2.261 billion, a decrease from RMB 2.479 billion in the same period of 2023[14]. - The company’s investment activities generated a net cash outflow of -¥1,083,510,749.67 for the first three quarters of 2024, compared to -¥653,834,246.14 in the same period of 2023, indicating an increase in investment outflows[19]. Financial Ratios - The weighted average return on net assets was -4.45%, an increase of 0.46 percentage points compared to the previous quarter[3]. - The company’s financial expenses included interest expenses of ¥32,912,225.93, an increase from ¥19,975,951.59 in the previous year[16].

（一）审议通过《关于<公司2024年第三季度报告>的议案》 公司监事会认为： 1、公司2024年第三季度报告的编制和审议程序符合法律、法规、《公司章 程》和公司内部管理制度的各项规定； 证券代码：688180 证券简称：君实生物 公告编号：临 2024-066 上海君实生物医药科技股份有限公司 第四届监事会第三次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 上海君实生物医药科技股份有限公司（以下简称"公司"）第四届监事会第 三次会议通知于2024年10月14日以邮件方式发出。会议于2024年10月29日以现场 及通讯表决的方式召开。 本次会议由监事会主席匡洪燕女士主持，会议应到监事3人，实到监事3人。 会议的召集和召开程序符合《中华人民共和国公司法》和《上海君实生物医药科 技股份有限公司章程》（以下简称"《公司章程》"）的规定，会议形成的决议 合法、有效。 二、监事会会议审议情况 2、公司2024年第三季度报告的内容与格式符合中国证券监督管理委员会和 上海证券交易所、香港联合交易所的 ...

证券代码：688180 证券简称：君实生物 公告编号：临 2024-068 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 达到 1%的提示性公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 本次权益变动系持股 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"）、Loyal ValleyCapital Advantage Fund LP（以下简称"LVC Fund I"）及 Loyal Valley Capital Advantage Fund II LP（以下简称"LVC Fund II"）减持上海 君实生物医药科技股份有限公司（以下简称"公司"）股份所致，不触及要约收 购。截至 2024 年 10 月 29 日收盘，上海檀英及其一致行动人上海檀正、LVC Fund II、LVC ...