Core Viewpoint - The company, Junshi Biosciences, is focused on becoming a leading innovative pharmaceutical company with a complete industry chain capability, from drug discovery to commercialization, aiming for global reach [2]. Group 1: Company Overview - Junshi Biosciences has developed a strong portfolio of innovative drugs, including the first domestically approved PD-1 monoclonal antibody, Toripalimab, which has received approval for 11 indications in mainland China and is also approved in multiple countries [2]. - The company is actively involved in the development of vaccines, including monkeypox and Zika vaccines, in collaboration with research institutions and universities [3]. - As of September 30, 2025, Junshi Biosciences reported a 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 growth of 35.72% [8]. Group 2: Market Performance - On November 18, the stock price of Junshi Biosciences fell by 1.76%, with a trading volume of 274 million yuan and a turnover rate of 0.95%, resulting in a total market capitalization of 38.398 billion yuan [1]. - The stock has seen a net outflow of 46.6163 million yuan from major investors, indicating a trend of reduced holdings over the past three days [4][5]. - The average trading cost of the stock is 41.16 yuan, with the current price approaching a resistance level of 37.50 yuan, suggesting potential for a price correction if this level is not surpassed [6].

资金流向方面，主力资金净流出2722.81万元，特大单买入394.77万元，占比2.09%，卖出897.52万元， 占比4.75%；大单买入3021.44万元，占比15.98%，卖出5241.49万元，占比27.73%。 来源：新浪证券-红岸工作室 11月18日，君实生物盘中下跌2.02%，截至13:41，报37.30元/股，成交1.89亿元，换手率0.65%，总市值 382.96亿元。 君实生物今年以来股价涨36.48%，近5个交易日跌2.10%，近20日跌4.33%，近60日跌20.74%。 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%。 君实生物所属申万行业为：医药生物-生物制品-其他生物制品。所属概念板块包括：抗癌药物、抗癌治 癌、 ...

Core Viewpoint - Junshi Biosciences (01877) has seen a nearly 3% increase in stock price, currently trading at 25.14 HKD, with a transaction volume of 5.42 million HKD, driven by strong revenue growth primarily from its drug Toripalimab (Tuoyi) [1] Group 1: Revenue Growth - Junshi Biosciences' revenue growth is centered around Toripalimab, which is expected to generate approximately 1.495 billion CNY in sales in the domestic market by the third quarter of 2025, representing a year-on-year increase of about 40% [1] - As of the third quarter of 2025, Toripalimab has received approval for 12 indications in China, with 10 of these included in the national medical insurance catalog [1] Group 2: Clinical Developments - In the third quarter of 2025, Junshi Biosciences' key pipeline candidate JS207 (a PD-1/VEGF dual antibody) received approval from the US FDA for a Phase II/III clinical trial for neoadjuvant treatment in non-small cell lung cancer patients, while also conducting Phase II studies for colorectal cancer, triple-negative breast cancer, and liver cancer in China [1] - JS107 (Claudin18.2 ADC) has been selected for the latest breakthrough abstract (LBA) at the 2025 ESMO, where updated data from its Phase I clinical study for treating advanced solid tumors will be presented [1]

Core Viewpoint - Junshi Biosciences (01877) shows a significant revenue growth driven by its core product, Toripalimab (Tuoyi), with a projected sales revenue of approximately 1.495 billion yuan in the first three quarters of 2025, representing a year-on-year increase of about 40% [1] Group 1: Revenue and Sales Performance - The sales revenue for Toripalimab (Tuoyi) is expected to reach approximately 1.495 billion yuan by the third quarter of 2025, marking a year-on-year growth of around 40% [1] - As of the third quarter of 2025, Junshi Biosciences has received approval for 12 indications in China, with 10 of these indications included in the national medical insurance catalog [1] Group 2: Clinical Trials and Approvals - The company’s key pipeline product, JS207 (a PD-1/VEGF dual antibody), has received FDA approval for a Phase II/III clinical trial application for neoadjuvant treatment in non-small cell lung cancer patients [1] - JS207 is also undergoing Phase II studies for multiple indications, including colorectal cancer, triple-negative breast cancer, and liver cancer in China [1] - JS107 (Claudin18.2 ADC) has been selected for the latest breakthrough abstract at ESMO 2025, with updates on Phase I clinical research for treating advanced solid tumors to be announced [1]

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].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company has shown significant revenue growth, achieving a total revenue of 1.806 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 42.06%. In the third quarter alone, revenue reached 637 million yuan, up 31.40% year-on-year [2][4][8]. - The core commercial product, Tuoyi® (Tremelimumab), generated approximately 1.495 billion yuan in sales, marking a year-on-year growth of about 40%. The expansion of indications has further driven revenue growth [8]. - The company is on the verge of a harvest period with its core pipeline products, including JS207, JS005, and JS107, demonstrating clinical value [2][8]. Summary by Sections Revenue Performance - In the first three quarters of 2025, the company achieved a revenue of 1.806 billion yuan, a 42.06% increase year-on-year. The third quarter revenue was 637 million yuan, reflecting a 31.40% year-on-year growth [4][8]. Product Commercialization - The revenue growth is primarily driven by Tuoyi® (Tremelimumab), which achieved sales of approximately 1.495 billion yuan in the first three quarters of 2025, a 40% increase year-on-year. The product has received regulatory acceptance for new indications, enhancing its market potential [8]. Pipeline Development - The company has over 50 pipeline products covering five major therapeutic areas: oncology, autoimmune diseases, chronic metabolism, neurology, and infections. Key products like JS207 and JS005 are progressing through clinical trials, with JS207 receiving FDA approval for a clinical trial in non-small cell lung cancer [8].

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 ...