Core Viewpoint - Junshi Biosciences is actively developing a monkeypox recombinant protein vaccine in collaboration with several prestigious institutions, indicating a strong focus on innovative vaccine development and a commitment to expanding its product pipeline in the biopharmaceutical sector [2][3]. Company Developments - On October 27, 2023, Junshi Biosciences announced a partnership with Peking University, the Institute of Microbiology of the Chinese Academy of Sciences, Shanxi Higher Innovation Research Institute, and Beihang University to jointly develop a monkeypox recombinant protein vaccine [2]. - The company’s subsidiary, Junshi Biotech, is involved in the development of various vaccine-related products, including monkeypox and Zika vaccines, which are currently in the preclinical development stage [2]. Product Pipeline and Achievements - Junshi Biosciences has a comprehensive capability in the entire industry chain from drug discovery and development to large-scale production and commercialization, aiming to become a global innovative pharmaceutical company based in China [3]. - The company’s core product, Toripalimab, is the first domestically approved PD-1 monoclonal antibody in China, with 11 approved indications and one supplemental NDA under review. It has also received approvals in multiple countries including the U.S., EU, and Australia [3]. - The company is advancing its proprietary drug tifcemalimab, which is the first anti-BTLA monoclonal antibody to enter clinical development, with ongoing Phase III clinical trials and several Phase Ib/II studies in various tumor types [3]. Financial Performance - For the period from January to September 2025, Junshi Biosciences reported revenue of 1.806 billion yuan, representing a year-on-year growth of 42.06%. However, the net profit attributable to shareholders was a loss of 596 million yuan, although this reflects a 35.72% improvement compared to the previous year [9]. Technological Advancements - The company has deployed an AI translation platform that has replaced over 80% of external translation services for scientific literature, clinical trials, and quality management, enhancing operational efficiency [4]. Market Position - As of February 10, 2023, Junshi Biosciences had a market capitalization of 36.673 billion yuan, with a trading volume of 3.32 billion yuan and a turnover rate of 1.21% [1].

君实生物在港交所股价上涨5.3%。 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The proportion of driver gene-negative non-small cell lung cancer (NSCLC) patients is approximately 31% in both China and the United States, indicating a significant market opportunity for treatments targeting this demographic [2][15] - The estimated market size for immune drugs used in first-line treatment of driver gene-negative NSCLC is projected to be around 7.5 billion CNY (approximately 1.1 billion USD) in China and 18 billion CNY (approximately 2.7 billion USD) in the United States by 2030 [2] - The current first-line treatment for advanced driver gene-negative NSCLC primarily relies on PD(L)-1 inhibitors combined with chemotherapy, but there are limitations in long-term efficacy and options for patients intolerant to chemotherapy [3] Summary by Sections Section 1: NSCLC Global Overview - Lung cancer is the leading cancer type globally, with new cases accounting for approximately 12% of all cancer cases in 2022, translating to about 2.5 million new lung cancer cases [10] - In China, lung cancer represents about 22% of new cancer cases, with approximately 1.06 million new cases in 2022 [10] Section 2: Market Potential for Driver Gene-Negative NSCLC - The report highlights the significant market potential for immune therapies in treating driver gene-negative NSCLC, with a focus on the limitations of current treatment options [2][3] Section 3: Next-Generation Immunotherapy Approaches - The report discusses the advancements in dual (multi) antibody therapies and immune-oncology (IO) combined with antibody-drug conjugates (ADC), emphasizing their potential to improve treatment outcomes for patients with driver gene-negative NSCLC [5][8] - The clinical data supporting these new therapies is expected to catalyze further investment and development in this area [5] Section 4: Treatment Guidelines Comparison - The report compares treatment guidelines for driver gene-negative NSCLC between the United States and China, noting differences in treatment stratification and recommended therapies [32][34] - The U.S. guidelines emphasize PD-L1 expression levels, while Chinese guidelines focus more on performance status (PS) [32][34] Section 5: Future Catalysts - Key upcoming clinical data releases and studies are highlighted as potential catalysts for investment opportunities in the sector, particularly regarding dual antibodies and ADC therapies [5][8]

来源：新浪证券-红岸工作室 2月9日，君实生物涨1.43%，成交额2.61亿元。两融数据显示，当日君实生物获融资买入额2255.81万 元，融资偿还2816.42万元，融资净买入-560.61万元。截至2月9日，君实生物融资融券余额合计14.48亿 元。 融资方面，君实生物当日融资买入2255.81万元。当前融资余额14.37亿元，占流通市值的5.30%，融资 余额超过近一年90%分位水平，处于高位。 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化,单克隆抗体药物研发的技术服务与技术 转让等。主营业务收入构成为：药品销售90.67%，技术许可及特许权使用收入8.74%，技术服务及其他 0.59%。 截至9月30日，君实生物股东户数3.59万，较上期增加15.17%；人均流通股21361股，较上期减少 12.96%。2025年1月-9月，君实生物实现营业收入18.06亿元，同比增长42.06 ...

Core Viewpoint - Junshi Biosciences is actively developing a monkeypox recombinant protein vaccine in collaboration with several prestigious institutions, indicating a strategic focus on innovative vaccine development and expanding its product pipeline [2][3]. Group 1: Company Developments - On October 27, 2023, Junshi Biosciences announced a partnership with Peking University, the Institute of Microbiology of the Chinese Academy of Sciences, Shanxi Higher Innovation Research Institute, and Beihang University to jointly develop a monkeypox recombinant protein vaccine [2]. - The company’s subsidiary, Junshi Biotech, holds vaccine-related product pipelines, including monkeypox and Zika vaccines, which are currently in preclinical development [2]. - Junshi Biosciences aims to establish itself as a global innovative pharmaceutical company with a complete industry chain capability from drug discovery to commercialization [3]. Group 2: Product Pipeline and Achievements - Junshi's core product, Toripalimab, is the first domestically approved PD-1 monoclonal antibody in China, with 11 approved indications and one supplemental NDA under review [3]. - The company has also developed Tifcemalimab, the world's first anti-BTLA monoclonal antibody entering clinical development, currently undergoing two Phase III registration clinical trials [3]. - Multiple products are expected to initiate critical registration clinical trials by 2025, showcasing the company's commitment to innovation [3]. Group 3: Financial Performance - For the period from January to September 2025, Junshi Biosciences reported revenue of 1.806 billion yuan, a year-on-year increase of 42.06%, while the net profit attributable to shareholders was -596 million yuan, reflecting a 35.72% year-on-year growth [9]. - The company’s main business revenue composition includes 90.67% from drug sales, 8.74% from technology licensing, and 0.59% from technical services [9]. Group 4: Technological Advancements - Junshi has deployed an AI translation platform that has replaced over 80% of external translation services across various fields, enhancing operational efficiency [4]. - The company has introduced a digital employee, "i Xiao Jun," powered by AI, to support sales with medical information queries and provide IT system support [4].

Group 1 - The Hong Kong stock market showed a strong opening on February 9, with the Hang Seng Index rising by 1.59%, the State-owned Enterprises Index increasing by 1.54%, and the Technology Index up by 1.9% [1] - The Hang Seng Biotechnology Index, focusing on innovative drugs, performed robustly, with the largest ETF tracking this index (159892) rising nearly 2% [1] - The innovative drug sector is expected to enter a profit realization acceleration phase by 2025, with companies like Innovent Biologics and Rongchang Biopharmaceuticals turning losses into profits, while companies like 3SBio are significantly increasing their performance [1] Group 2 - The strong performance of the innovative drug sector validates the effectiveness of the domestic innovative drug business model, with core product volume growth supported by medical insurance becoming the foundation for performance growth [1] - External collaborations, such as business development (BD) partnerships, are becoming important drivers for enhancing performance in the innovative drug sector [1] - The Hang Seng Medical ETF (159892) focuses on innovative drugs, CXO, and related industries, benefiting from the advantages of the Hong Kong Stock Exchange's 18A system, covering numerous innovative targets like BeiGene and Innovent Biologics, and is expected to continue its valuation recovery trend under catalysts like overseas expansion of innovative drugs and commercial insurance directories [1]

每经AI快讯，2月9日，君实生物(01877.HK)涨超5%，截至发稿，涨4.81%，报21.8港元，成交额3991.48 万港元。 （文章来源：每日经济新闻） ...

公告称，公司2025年年度归属于母公司所有者的净利润仍出现亏损，但亏损金额与上年同期相比显著缩 窄，主要系公司持续落实"提质增效重回报"行动方案，商业化能力显著提升的同时不断加强费用管控与 资源聚焦。 报告期内，公司营业收入增长，主要系商业化药品的销售收入与上年同期相比有所增长。报告期内，公 司核心产品特瑞普利单抗注射液(商品名：拓益)于国内市场销售收入同比大幅增长。截至本公告披露 日，拓益已在中国内地获批上市的12项适应症全部纳入国家医保目录，是目录中唯一用于肾癌、三阴性 乳腺癌和黑色素瘤治疗的抗PD-1单抗药物。 消息面上，近日，君实生物发布公告，预计2025年年度实现营业收入25亿元左右，同比增长28.32%左 右。预计2025年年度研发费用为13.53亿元，同比增长6.10%左右。预计2025年年度实现归属于母公司所 有者的净亏损为8.73亿左右，同比亏损减少31.85%左右。预计2025年年度扣除股份支付影响后实现归属 于母公司所有者的净亏损为7.99亿元左右，同比亏损减少37.62%左右。预计2025年年度实现归属于母公 司所有者扣除非经常性损益后的净亏损为9.85亿元左右，同比亏损减少23.64 ...

Core Viewpoint - Junshi Biosciences (01877) is expected to achieve significant revenue growth and a reduction in net losses by 2025, driven by improved commercialization capabilities and cost control measures [1][2]. Group 1: Financial Projections - The company anticipates a revenue of approximately 2.5 billion yuan for the year 2025, representing a year-on-year growth of about 28.32% [1]. - Research and development expenses are projected to be around 1.353 billion yuan in 2025, reflecting a year-on-year increase of approximately 6.10% [1]. - The expected net loss attributable to shareholders for 2025 is around 873 million yuan, which is a reduction of about 31.85% compared to the previous year [1]. - After excluding the impact of share-based payments, the net loss is projected to be approximately 799 million yuan, indicating a decrease of about 37.62% year-on-year [1]. - The net loss attributable to shareholders, after excluding non-recurring gains and losses, is expected to be around 985 million yuan, a reduction of approximately 23.64% compared to the previous year [1]. Group 2: Product Performance - The company's revenue growth during the reporting period is primarily attributed to increased sales of commercialized drugs [2]. - The core product, Toripalimab injection (brand name: Tuoyi®), has seen a significant year-on-year increase in sales revenue in the domestic market [2]. - As of the announcement date, Tuoyi® has been included in the national medical insurance catalog for all 12 approved indications in mainland China, making it the only anti-PD-1 monoclonal antibody in the catalog for the treatment of renal cancer, triple-negative breast cancer, and melanoma [2].

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: 2026年1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 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 呈交日期: 2026年2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 | | | 260,295,700 | RMB | | 1 RMB | | 260,295,700 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 260,295,700 ...