格隆汇6月18日丨君实生物(688180.SH)在互动平台表示，公司的创新研发领域已经从单抗药物类型扩展 至包括小分子药物、多肽类药物、抗体药物偶联物（ADCs）、双特异性或多特异性抗体药物、双特异 性抗体偶联药物、融合蛋白、核酸类药物等更多类型的药物研发以及癌症、自身免疫性疾病的下一代创 新疗法探索。公司在研产品管线覆盖五大治疗领域，包括恶性肿瘤、自身免疫系统疾病、慢性代谢类疾 病、神经系统类疾病以及感染类疾病。截至目前，公司已有4款商业化药品（拓益®、君迈康®、民得 维®以及君适达®），近30项在研药物处于临床试验阶段，超过20项在研药物处在临床前开发阶段。公 司核心产品特瑞普利单抗（拓益®）的12项适应症已于中国内地获批，其中10项适应症已纳入国家医保 目录。目前公司正在加快推进抗BTLA单抗tifcemalimab（代号：TAB004/JS004）、抗IL-17A单抗（代 号：JS005）、PD-1单抗皮下注射制剂（代号：JS001sc）、PD-1/VEGF双特异性抗体（代号：JS207） 等后期阶段管线的研发和上市申请等工作，并持续探索包括抗Claudin18.2 ADC（代号：JS107）、 PI ...

近日，一则配股公告让近期风光无限的君实生物突遭市场冷遇。公告披露后，公司股价录得三连阴，跌 幅分别达6.65%、0.91%、3.1%。 高折价配股，研发管线"输血"迫切 根据公告，君实生物以每股25.35港元的价格配售4100万股新H股，较前一日收盘价折让高达11.52%， 预计募资净额约10.26亿港元。这笔资金的去向直指公司"烧钱"核心——70%将投入创新药研发，重点包 括JS207、JS212、JS213等双抗及ADC药物管线，剩余30%用于补充营运资金。 百亿研发投入背后的资金困局 作为手握4款商业化药品、近30款临床阶段药物的创新药企，君实生物的研发投入堪称豪掷。2021至 2024年累计研发费用超76亿元，2025年一季度研发投入同比再增26.89%至3.51亿元，占营收比例高达 70.03%。 然而巨额投入尚未换来盈利曙光。尽管核心产品拓益®一季度销售收入猛增45.72%至4.47亿元，推动总 营收增长31.46%，公司仍录得2.35亿元亏损。截至3月底，账面现金及金融资产仅30.22亿元，面对后期 临床高投入，资金链压力凸显。 资本市场的信心考验 此次配股恰逢君实生物股价高位——年内H股累计暴 ...

China Biopharma What could have driven the share price rally of RemeGen and Junshi On June 12, RemeGen A/H stock jumped ~18%/20%, and Junshi A/H stock jumped ~6%/12%, significantly outperforming the overall market (Hang Seng Biotech Index +4.3%). Both companies have PD-1xVEGF bispecific antibodies (bsAbs) in development. We are providing the current development status of these bsAbs and sharing our insights. Considering that several biotech companies, such as RemeGen, Kelun-Biotech, Keymed, and Boan Biotech ...

Core Viewpoint - Junshi Bioscience has announced a new H-share placement, which has led to a decline in its stock prices in both A-share and Hong Kong markets, indicating market concerns about the company's financial strategies and performance [1][2]. Group 1: Stock Performance - On June 17, Junshi Bioscience's A-share closed at 34.64 CNY, down 3.10%, while its Hong Kong share closed at 23.50 HKD, down 9.09% [1]. - The stock had previously closed at 36.08 CNY and 25.65 HKD on June 13, reflecting a decline of 6.65% and 10.47% respectively [1]. Group 2: H-share Placement Details - The company plans to issue 41,000,000 new H-shares at a price of 25.35 HKD per share, which represents approximately 18.70% of the total issued H-shares and 4.16% of the total issued shares as of the announcement date [2]. - The expected total proceeds from the placement are approximately 1,039 million HKD, with a net amount of about 1,026 million HKD after deducting commissions and estimated expenses [2]. Group 3: Use of Proceeds - The company intends to allocate 70% of the net proceeds from the placement towards innovative drug research and development, including projects like JS207, JS212, and JS213 [3]. - The remaining 30% of the net proceeds will be used to supplement working capital and other general corporate purposes [3]. Group 4: Historical Financial Performance - Since its listing on July 15, 2020, Junshi Bioscience has experienced a significant decline in stock price, with the highest price reaching 220.40 CNY on the first trading day [5][6]. - The company has not declared any dividends or stock transfers since its IPO, and its cumulative fundraising from two rounds amounts to 8.613 billion CNY [7]. - The net profit attributable to shareholders has been negative for several years, with figures ranging from -1.35 billion CNY in 2016 to -12.81 billion CNY in 2024 [7].

这些迹象似乎表明， 经历了三年多的低谷后，港股创新药等来了价值重估的机会。 据经济观察报统计，年初至今已有18家创新药企递表港交所。 6月仅前半月就有7家，刷新了历史纪录。 作者：张英 封图：图虫创意 投资人瞿镕今年几乎每周都会去一次香港，他发现，不仅内地来的同行变多了，也有越来越多的药 企老板常居于此。这里的景象与过去三年大不相同，资本市场变热闹了。 2025年 初至今，创 新药已成为港股涨幅最大的板块，超过30家创新药企的股价实现了翻倍。 其 中，三生制药（01530.HK）翻了近3倍，市值突破500亿港元。信达生物（01801.HK）市值突破千 亿，从年初的580亿港元涨至1333亿港元。 二级市场的热闹让不少等退出久矣的一级市场投资者摩拳擦掌。据经济观察报统计，年初至今已有 18家创新药企递表港交所。6月仅前半月就有7家，刷新了历史纪录。 医药行业投资者不会忘记2021年那个7月，春风得意了三年的港股创新药在到达历史性高点后迅速 下挫，此后一路下滑。 2021年7月，抗肿瘤药物研发新规提出，药企为患者提供治疗效果更好的药物，而不是效果差不多 的不同药物。要知道，那时的"卷王"PD-1靶点已有8款药物在 ...

Core Viewpoint - The company, Junshi Biosciences, announced a placement of new H-shares to raise approximately HKD 1,039 million, aimed at strengthening its funding for long-term business development and enhancing its research capabilities in innovative drug development [15][18]. Group 1: Placement Agreement - The company entered into a placement agreement with an exclusive placing agent on June 12, 2025, to issue 41,000,000 new H-shares at a price of HKD 25.35 per share [2][3]. - The placement shares represent approximately 18.70% of the total issued H-shares and 4.16% of the total issued shares as of the announcement date [4]. Group 2: Use of Proceeds - The net proceeds from the placement are expected to be approximately HKD 1,026 million after deducting commissions and estimated expenses [15]. - The company plans to allocate 70% of the net proceeds to innovative drug research and development, including specific projects like JS207, JS212, and JS213, while the remaining 30% will be used for general corporate purposes [15]. Group 3: Conditions and Approval - The completion of the placement is subject to conditions, including approval from the Hong Kong Stock Exchange for the listing and trading of the placement shares [8][18]. - The company must also comply with the regulations of the China Securities Regulatory Commission and complete the necessary filings [18]. Group 4: Shareholder Impact - The placement is expected to optimize the company's capital structure by attracting high-quality investors, thereby enriching the shareholder base [15]. - The placement shares will rank equally with existing H-shares in all respects upon issuance [5].

Core Viewpoint - Junshi Bioscience announced a placement of new H-shares, leading to a significant drop in stock prices for both A-shares and H-shares [1][2]. Group 1: Share Placement Details - The company will issue 41,000,000 new H-shares at a price of HKD 25.35 per share, which represents approximately 18.70% of the total issued H-shares and 4.16% of the total issued shares as of the announcement date [1][2]. - The total expected proceeds from the placement are approximately HKD 1,039 million, with a net amount of about HKD 1,026 million after deducting commissions and estimated expenses [2]. - The net amount raised per H-share after expenses is expected to be around HKD 25.02 [2]. Group 2: Use of Proceeds - The company plans to allocate 70% of the net proceeds from the placement to innovative drug research and development, including specific projects such as JS207, JS212, and JS213 [2]. - The remaining 30% of the net proceeds will be used for general corporate purposes, including working capital [2]. Group 3: Shareholder Impact and Authorization - The placement will not require shareholder approval as it falls under the general authorization allowing the board to issue up to 197,137,974 shares, which is 20% of the total issued shares as of June 21, 2024 [3]. - It is anticipated that no placement participants will become major shareholders following the transaction [3]. Group 4: Financial Performance - In the first quarter of 2025, the company reported revenue of CNY 5.01 billion, a year-on-year increase of 31.46%, while the net loss attributable to shareholders was CNY 2.35 billion, an improvement from CNY 2.83 billion in the same period last year [8]. - The company has consistently reported net losses over the years, with significant losses recorded from 2016 to 2024 [7].

6月12日，贵州三力发布拟与广东药科大学签署技术转让合同及技术开发(合作)合同的自愿性信息披露 公告。当中介绍，2025 年6月3日，广东药科大学以公开市场方式转让金缕半枫荷保肝与防治纤维化发 明专利（交易编号：GZ2025JE1005465），在广州产权交易所进行挂牌转让。2025年6月11日，贵州三 力成功以人民币5,000万元成交价格受让上述交易标的。 登录新浪财经APP 搜索【信披】查看更多考评等级 小方制药：与上海皮肤病医院合作开发复方侧柏酊，有望成为国内首个脱发类中药制剂 6月12日，小方制药发布关于自愿披露与上海皮肤病医院合作开发治疗脱发中药1.1类新药复方侧柏酊的 公告。复方侧柏酊是上海市皮肤病医院的特色院内制剂，其功效凉血行气和生发乌发，主要用于治疗各 型脱发。复方侧柏酊多年来用于治疗各型脱发，深受患者欢迎，对雄激素性脱发和斑秃均有良好疗效， 具有良好的开发和应用前景，有望成为国内首个脱发类的中药制剂。 贵州三力：耗资1.5亿与广东药科大学签署专利转让及技术合作合同，开展1.2类中药新药开发 金缕半枫荷在制备预防和/或治疗肝损伤药物中的应用（专利号：202410173256.6（中国））等7 ...

在预期的资金用途一项上，6月13日，君实生物在接受智通财经记者采访时表示，公司拟将配售款的七成用于创新药研 发，包括PD-1/VEGF双特异性抗体（代号JS207）、EGFR/HER3双特异性抗体偶联药物（代号JS212）、PD-1/IL-2双功 能性抗体融合蛋白（代号JS213），剩余款项将用于补充营运资金等。 智通财经记者 | 黄华 智通财经编辑 | 谢欣 6月13日，君实生物公告称，拟在H股配售募资，企业将按每股25.35港元价格配售4100万股新H股，配售价较公司6月12 日的港股收市价折让约11.52%，此次配售将获得约10.39亿港元。 除了特瑞普利单抗，君实生物的其他三款主力商业化产品为：阿达木单抗注射液（君迈康）、氢溴酸氘瑞米德韦片（民 得维）和昂戈瑞西单抗注射液（君适达）。这三款产品针对的领域分别系生物类似药治疗免疫系统疾病、新冠口服药、 新型降脂药。受市场竞争等因素影响，前述产品的商业预期均较为有限，这也使得君实生物现阶段的发展陷入瓶颈。 截至目前，君实生物仍未实现扭亏。但在2024年，该公司的亏损额较前两年已大幅收窄。今年一季度，该公司营收和归 母净利润分别为5亿元、-2.35亿元，进一 ...

证券代码：688180 证券简称：君实生物 公告编号：临 2025-034 上海君实生物医药科技股份有限公司 关于根据一般授权配售新 H 股的公告 | 2023年年度股东 大会 | 指 | 本公司于2024年6月21日举行的2023年年度股东大会 | | --- | --- | --- | | A股 | 指 | 本公司股本中每股面值人民币1.00元的普通股，以人民 | | | | 币买卖并于上海证券交易所上市 | | A股股东 | 指 | A股持有人 | | 董事会 | 指 | 本公司董事会 | | 营业日 | 指 | 香港银行开放办理一般银行业务的任何日子（不包括 | | | | 星期六、星期日及香港公众假期） | | 交割 | 指 | 配售事项的交割 | | 交割日期 | 指 | 交割的日期，即2025年6月20日（或本公司与独家配售 | | | | 代理书面协议的其他有关时间及/或日期） | | 本公司 | 指 | 上海君实生物医药科技股份有限公司，一间于中国成 | | | | 立的股份有限公司，其H股及A股分别于香港联交所主 | | | | 板及上海证券交易所上市交易 | | 关连人士 | 指 | 具 ...