智通财经APP获悉，君实生物(01877)涨近3%，截至发稿，涨1.62%，报25.14港元，成交额542.37万港 元。 消息面上，长江证券指出，君实生物的营收增长以特瑞普利单抗(拓益)为核心，2025年前三季度在国内 实现销售收入约14.95亿元，同比增长约40%。2025年第三季度，拓益用于一线治疗HER2表达尿路上皮 癌的新适应症获得国家药品监督管理局受理。截至2025年第三季度，国内已获批12项适应症，其中10项 适应症已纳入国家医保目录。 该行续指，2025年第三季度，君实生物重点管线JS207(PD-1/VEGF双抗)用于非小细胞肺癌患者新辅助 治疗的II/III期临床试验申请获得美国FDA批准，目前还在国内进行结直肠癌、三阴性乳腺癌、肝癌等多 个适应症的II期研究。此外，JS107(Claudin18.2ADC)入选2025年ESMO最新突破摘要(LBA)，将公布治 疗晚期实体瘤的I期临床研究更新数据。 ...

该行续指，2025年第三季度，君实生物重点管线JS207(PD-1/VEGF双抗)用于非小细胞肺癌患者新辅助 治疗的II/III期临床试验申请获得美国FDA批准，目前还在国内进行结直肠癌、三阴性乳腺癌、肝癌等多 个适应症的II期研究。此外，JS107(Claudin18.2ADC)入选2025年ESMO最新突破摘要(LBA)，将公布治 疗晚期实体瘤的I期临床研究更新数据。 消息面上，长江证券指出，君实生物的营收增长以特瑞普利单抗(拓益)为核心，2025年前三季度在国内 实现销售收入约14.95亿元，同比增长约40%。2025年第三季度，拓益用于一线治疗HER2表达尿路上皮 癌的新适应症获得国家药品监督管理局受理。截至2025年第三季度，国内已获批12项适应症，其中10项 适应症已纳入国家医保目录。 君实生物(01877)涨近3%，截至发稿，涨1.62%，报25.14港元，成交额542.37万港元。 ...

Core Viewpoint - Cancer immunotherapy is emerging as a key treatment method for cancer, following surgery, radiotherapy, and chemotherapy, and is expected to see significant market growth in the coming years [1][6][7]. Group 1: Industry Definition and Classification - Cancer immunotherapy aims to activate or enhance the immune system to target tumor cells, utilizing methods such as cytokine therapy, cancer vaccines, T-cell therapy, and immune checkpoint inhibitors [2][4]. Group 2: Current Development Status - Cancer remains a leading health threat, with over 10 million deaths annually. The global anti-cancer drug market is projected to grow from $150.3 billion in 2020 to $253.3 billion in 2024, with cancer immunotherapy expected to reach $69.91 billion, accounting for 27.60% of the market [4][6][7]. Group 3: Industry Chain - The cancer immunotherapy industry chain includes upstream activities such as basic research and drug design, midstream development and production, and downstream medical institutions and testing agencies [8]. Group 4: Development Environment and Policies - Cancer is the leading cause of death globally, with a low early diagnosis rate in China. The government has implemented policies to enhance cancer prevention and treatment, such as the "Healthy China Action - Cancer Prevention and Control Action Implementation Plan (2023-2030)" [9]. Group 5: Competitive Landscape - The cancer immunotherapy market is characterized by concentrated leadership and technological differentiation, with key players including Legend Biotech, Akeso, I-Mab, Junshi Biosciences, and others. Notable advancements have been made in CAR-T, bispecific antibodies, and NK therapies [10][11]. Group 6: Future Development Directions - While cancer immunotherapy has transitioned from laboratory concepts to clinical practice, challenges such as resistance, toxicity, and accessibility remain. Future advancements may lead to a shift from "prolonging survival" to "functional cure" through interdisciplinary innovation and policy support [12][13].

Investment Rating - The report recommends a "Buy" rating for multiple companies in the pharmaceutical sector, including Junshi Biosciences, Hualing Pharmaceutical-B, Aorite, and others [1]. Core Views - The pharmaceutical sector experienced a 3.29% increase this week, outperforming the CSI 300 index by 4.37 percentage points. Sub-sectors such as pharmaceutical commerce, pharmacies, and innovative drugs performed well, while medical devices and consumables lagged [2][12]. - The report emphasizes the importance of market pricing power and the impact of liquidity and risk appetite on investment strategies, particularly in innovative drugs and related supply chains [2][12]. - The report highlights the upcoming patent expirations for small molecule drugs, which are expected to create significant demand for raw materials, with a projected sales impact of $390 billion from 2025 to 2030 [3][13]. Summary by Sections Industry Performance - The pharmaceutical sector's performance this week was characterized by a 3.29% increase, with notable performances in pharmaceutical commerce (+7.31%), pharmacies (+6.83%), and innovative drugs (+5.01%). In contrast, medical devices (0.16%) and new medical infrastructure (1.18%) showed weaker performance [17][29]. - The overall price-to-earnings (P/E) ratio for the pharmaceutical industry is reported at 30.84 times, with a premium of 25.08% compared to the overall A-share market excluding the financial sector [33]. Company Dynamics - Notable company announcements include: - Prologis Pharmaceuticals received a European certificate for its product, enhancing its international market prospects [18]. - Jianyou Co. announced FDA approval for its production site, expanding its manufacturing capabilities [19]. - Fuyuan Pharmaceuticals received a drug registration certificate from the National Medical Products Administration, allowing for the marketing of its product [20]. - The report suggests focusing on companies benefiting from domestic innovative drug support policies, such as Yangguang Nuohuo and Nuosige, as well as those with strong overseas business prospects [15][7]. Raw Materials - The report indicates that the raw materials sector is expected to see a significant increase in demand due to patent expirations, with a projected sales impact of $390 billion from 2025 to 2030. The production of raw materials in H1 2025 reached 1.935 million tons, reflecting an 8.2% year-on-year increase [3][13]. - Companies recommended for attention in the raw materials sector include Aorite, Prologis Pharmaceuticals, and Aoxiang Pharmaceuticals, focusing on innovation and strong performance [3][16].

Core Viewpoint - Junshi Bioscience's stock price has experienced fluctuations, with a year-to-date increase of 39.85% but a recent decline in the last few trading days, indicating potential volatility in the market [2]. Company Overview - Junshi Bioscience, established on December 27, 2012, and listed on July 15, 2020, is located in Shanghai and focuses on the research and commercialization of monoclonal antibody drugs and other therapeutic protein drugs [2]. - The company's main revenue sources are from drug sales (90.67%), technology licensing and royalties (8.74%), and technical services and others (0.59%) [2]. Financial Performance - For the period from January to September 2025, Junshi Bioscience reported a revenue of 1.806 billion yuan, representing a year-on-year growth of 42.06%. However, the net profit attributable to shareholders was -596 million yuan, showing a year-on-year increase of 35.72% in losses [2]. Stock Performance - As of November 17, Junshi Bioscience's stock price was 38.22 yuan per share, with a market capitalization of 39.24 billion yuan. The stock has seen a recent decline of 2.03% [1]. - The stock has experienced a slight decrease of 0.44% over the last five trading days, a 1.16% decline over the last 20 days, and a 9.00% drop over the last 60 days [2]. Shareholder Information - As of September 30, 2025, the number of shareholders for Junshi Bioscience was 35,900, an increase of 15.17% from the previous period. The average circulating shares per person decreased by 12.96% to 21,361 shares [2]. - The top ten circulating shareholders include notable ETFs, with E Fund's SSE STAR 50 ETF holding 19.39 million shares, a decrease of 2.82 million shares from the previous period [3].

报告要点 [Table_Summary] 2025 年 Q3 君实生物营收增速显著，累计实现营业收入 18.06 亿元，同比增长 42.06%；单三 季度实现营业收入 6.37 亿元，同比增长 31.40%。核心商业化产品拓益®销售收入约 14.95 亿 元，同比增长约 40%，适应症扩展进一步推动销售收入增加。 JS207、 JS005、JS107 等核 心管线临床价值显现，即将迎来收获期。 分析师及联系人 丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨君实生物（01877.HK） [Table_Title] 可持续经营能力提升，创新迎来收获期 [Table_Author] 彭英骐 刘长洪 SAC：S0490524030005 SAC：S0490525070007 SFC：BUZ392 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 君实生物（01877.HK） cjzqdt11111 2025 年 10 月 28 日，君实生物发布 2025 年第三季度业绩报告：2025 年前三季度实现营业收 入 ...

Core Viewpoint - The announcement details the completion of the initial grant registration for the 2025 A-share stock option incentive plan by Shanghai Junshi Biosciences Co., Ltd, which includes the approval process and the specifics of the stock options granted to employees [2][5][16]. Group 1: Decision-Making Process and Disclosure - The company held its fourth board meeting on September 29, 2025, to approve the initial grant of stock options under the incentive plan [2]. - The plan was publicly disclosed on September 3, 2025, following the board and supervisory committee's review [3]. - A 10-day public notice period was conducted, during which no objections were raised regarding the proposed incentive recipients [3]. Group 2: Stock Option Details - The total number of stock options granted is 24.7 million, distributed among 226 individuals [5][10]. - The initial grant date is set for September 29, 2025, with an exercise price of 46.67 yuan per share [10]. - The options will be valid for a maximum of 48 months from the grant date [7]. Group 3: Waiting Period and Exercise Conditions - The waiting period for the stock options varies, with some options becoming exercisable after 12 months and others after 24 months [8]. - Specific conditions restrict exercising options during certain periods, such as before the announcement of financial reports [9]. Group 4: Financial Impact and Valuation - The fair value of the stock options was calculated using a binomial model, with the underlying stock price at 41.09 yuan per share on the grant date [17]. - The estimated cost of the stock options will be recognized as an expense over the vesting period, impacting the company's financial results [18][19]. Group 5: Consistency with Previous Approvals - The actual number of stock options granted was adjusted due to 9 individuals forfeiting a total of 450,000 options, resulting in 24.7 million options being granted to 226 individuals [19].

证券代码：688180 证券简称：君实生物 公告编号：临 2025-066 上海君实生物医药科技股份有限公司 关于 2025 年 A 股股票期权激励计划首次授予 登记完成的公告 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。 重要内容提示： 激励对象名单（截止授权日）》。 根据上海君实生物医药科技股份有限公司（以下简称"公司"）2025 年第 一次临时股东大会授权，公司于 2025 年 9 月 29 日召开第四届董事会第十三次会 议，审议通过了《关于向 2025 年 A 股股票期权激励计划激励对象首次授予股票 期权的议案》。根据《上市公司股权激励管理办法》（以下简称"《管理办法》"） 及上海证券交易所、中国证券登记结算有限责任公司上海分公司相关规定，公司 已完成 2025 年 A 股股票期权激励计划（以下简称"激励计划"或"本激励计划"） 首次授予登记工作。现将有关情况公告如下： 一、本激励计划已履行的决策程序和信息披露情况 1、2025 年 9 月 2 日，公司召开第四届董事会第十一次会议及第四届监事会 第九次会议，审议 ...

（於中華人民共和國註冊成立的股份有限公司） （股份代號：1877） 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的內容概不負責，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。 SHANGHAI JUNSHI BIOSCIENCES CO., LTD.* 上海君實生物醫藥科技股份有限公司 2025年A股股票期權計劃首次授予A股股票期權登記完成 茲提述上海君實生物醫藥科技股份有限公司（「本公司」）日期為2025年9月2日、 2025年9月29日的公告（「該等公告」）及日期為2025年9月5日的通函（「該通函」）， 內容有關（其中包括）本公司2025年A股股票期權激勵計劃、調整首次授予A股股 票期權擬授予數量及向激勵對象首次授予A股股票期權。除非文義另有所指，否 則本公告所用詞彙與該等公告及該通函所界定者具有相同涵義。 於2025年9月29日，本公司實施2025年A股股票期權激勵計劃已於臨時股東大會 獲股東批准。同日，根據股東於臨時股東大會授予的授權，本公司根據2025年A 股股票期權激勵計劃向激勵對象首次授予A股 ...

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。 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2025年A股股票期權激勵計劃首次授予登記 完成的公告》，僅供參閱。 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14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。 SHANGHAI JUNSHI BIOSCIENCES CO., LTD.* * 僅供識別之用 证券代码：688180 证券简称： ...