Investment Rating - The report assigns a "Buy" rating to the company [12][14]. Core Insights - Junshi Biosciences is one of the earliest innovative biotech companies in China, with a strong focus on innovation and a robust pipeline that is expected to enter a harvest phase soon. The company is experiencing a sales acceleration in its existing business, with multiple innovative assets entering Phase III clinical trials, indicating a potential turning point in its fundamentals [4][9][12]. - The core product, Toripalimab, is projected to achieve sales of 1.501 billion yuan in 2024, representing a 66% year-on-year growth. The subcutaneous formulation of Toripalimab is currently in Phase III clinical trials, which, upon approval, is expected to further solidify its market position [9][12]. - The company has over 50 products in its pipeline, covering various therapeutic areas, including oncology, autoimmune diseases, chronic metabolic diseases, neurological disorders, and infectious diseases. The year 2025 is anticipated to be a breakthrough year for the company [9][35]. Summary by Sections Company Overview - Junshi Biosciences, established in December 2012, is an innovative pharmaceutical company focused on the discovery, development, and commercialization of innovative therapies. It was listed on the Hong Kong Stock Exchange in 2018 and on the Shanghai Stock Exchange's Sci-Tech Innovation Board in 2020 [9][22]. Sales and Financial Performance - The company reported a revenue of 1.948 billion yuan in 2024, a year-on-year increase of 29.67%. The net profit attributable to shareholders was -1.281 billion yuan, indicating a significant reduction in losses. The existing business is entering a phase of explosive growth, driven by the expansion of indications for Toripalimab and the launch of new products [33][35]. Pipeline and Clinical Development - Junshi Biosciences has a rich early-stage pipeline with comprehensive technology platforms. Key assets such as JS203, JS107, JS207, and JT002 are expected to advance to Phase III clinical trials soon. The company is also exploring various combination therapies to enhance the potential of its PD-1/VEGF dual antibody product, JS207 [10][11][51]. - The report highlights the potential of several innovative drug assets that require re-evaluation of their value, particularly JS107, JS207, and JS015, which are positioned favorably in the competitive landscape [10][12][40]. Future Outlook - The company is expected to see revenues of 2.681 billion yuan, 3.673 billion yuan, and 5.479 billion yuan from 2025 to 2027, with net profits projected to improve significantly by 2027 [12][33].

作为上市公司核心管理层关键成员，财务总监CFO的地位与作用至关重要。新浪财经《2024年度A股CFO数据报告》显示，2024年A股上市公司财务总监CFO群体薪酬规模合计达42.70亿元，平 分行业来看，统计数据显示，剔除2024年时任CFO已离任的公司后，A股共有24家上市生物制品公司，其聘任总体情况如下（部分统计口径剔除无效数据）。 从CFO的年龄分布来看，40岁-50岁CFO是市场的中坚力量，占比共计达到54%；50岁以上的CFO占比为38%；40岁及以下CFO占比为8%。其中，目前仍任职的最年轻的上市公司CFO年龄34岁， 从CFO的学历分布看，拥有大专、本科、硕士学历的CFO占比分别为8%、50%、42%。其中，以大专学历任职CFO的仅两人，分别为昊帆生物王筱艳、无锡晶海陈向红。 从薪酬分布看，A股生物制品公司CFO年薪平均值为100.42万元。经统计，处于50万以下、50万-100万、100万-200万、200万以上各区间的人数占比分别为13%、46%、33%、8%。 其中，年薪排行前五的CFO分别为康弘药业的钟建军、君实生物-U的许宝红、神州细胞的马洁、特宝生物的杨毅玲、奥浦迈的倪亮萍，五人年薪分 ...

Core Insights - The total salary scale of CFOs in A-share listed companies reached 4.27 billion yuan in 2024 [1] - The average annual salary of CFOs in the biopharmaceutical sector is 1.0042 million yuan [1] - The age distribution shows that CFOs aged 40-50 constitute 54% of the market, while those over 50 account for 38% [1] Salary Distribution - The salary distribution among CFOs is as follows: below 500,000 yuan (13%), 500,000-1,000,000 yuan (46%), 1,000,000-2,000,000 yuan (33%), and above 2,000,000 yuan (8%) [1] - The top five highest-paid CFOs are from Kanghong Pharmaceutical, Junshi Biosciences-U, Shenzhou Cell, Tebao Biologics, and Aopumai, with salaries of 3 million, 2.0602 million, 1.4297 million, 1 million, and 1 million yuan respectively [1] Salary Changes - The largest salary decrease was observed for Xu Baohong from Junshi Biosciences-U, with a year-on-year decline of 24.66% [1] - The largest salary increase was for Liu Liwen from Zhixiang Jintai-U, with a year-on-year increase of 35.91% [1]

消息面上，君实生物已于6月20日完成配售4100万股新股事项，本次配售的募集资金净额约为10.26亿港 元。公司拟将配售募集资金净额的70%用于创新药研发，如PD-1/VEGF双抗、EGFR/HER3 ADC、PD- 1/IL-2融合蛋白及其它在研管线的开发；30%用于补充营运资金等一般企业用途。方正证券此前指出， JJS207具备BD潜力。海外药企看重PD1/VEGF的大药潜力，纷纷引入中国PD1/VEGF产品，Summit、 BioNtech、默沙东、辉瑞、Instil 分别引进康方、普米斯、礼新、三生、宜明昂科的PD1(L1)/VEGF(R)的 双抗。而仍有MNC未布局二代PD1产品，JS207具有BD潜力。 开源证券则表示，截至2025年5月，MNC中仅辉瑞和默沙东通过引进布局此赛道，后续随着数据的不断 成熟及联合应用潜力的不断验证，中国其他早期PD-(L)1/VEGF双抗也将有机会BD出海。 本文源自智通财经网 智通财经获悉，君实生物(01877)一度拉升超11%，值得注意的是，该股此前8月5日曾异动拉升，单日涨 幅超33%。截至发稿，涨8.14%，报29.5港元，成交额5.31亿港元。 ...

消息面上，君实生物已于6月20日完成配售4100万股新股事项，本次配售的募集资金净额约为10.26亿港 元。公司拟将配售募集资金净额的70%用于创新药研发，如PD-1/VEGF双抗、EGFR/HER3 ADC、PD- 1/IL-2融合蛋白及其它在研管线的开发；30%用于补充营运资金等一般企业用途。方正证券此前指出， JJS207具备BD潜力。海外药企看重PD1/VEGF的大药潜力，纷纷引入中国PD1/VEGF产品，Summit、 BioNtech、默沙东、辉瑞、Instil 分别引进康方、普米斯、礼新、三生、宜明昂科的PD1(L1)/VEGF(R)的 双抗。而仍有MNC未布局二代PD1产品，JS207具有BD潜力。 开源证券则表示，截至2025年5月，MNC中仅辉瑞和默沙东通过引进布局此赛道，后续随着数据的不断 成熟及联合应用潜力的不断验证，中国其他早期PD-(L)1/VEGF双抗也将有机会BD出海。 君实生物(01877)一度拉升超11%，值得注意的是，该股此前8月5日曾异动拉升，单日涨幅超33%。截至 发稿，涨8.14%，报29.5港元，成交额5.31亿港元。 ...

创新药概念股探底回升，北陆药业、联环药业、乐普医疗、君实生物、京新药业、广生堂涨超5%。 ...

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index decreased by 1.69% as of August 7, 2025, with mixed performance among constituent stocks [1] - Huada Zhizao led the gains with an increase of 4.42%, while Yuyuan Pharmaceutical and others experienced declines [1][5] - The market for the Sci-Tech Innovation Medical ETF managed by Harvest saw a turnover of 27.9% and a transaction volume of 65.88 million yuan, indicating active trading [3] Group 2 - As of August 6, 2025, the Sci-Tech Innovation Medical ETF reached a new high in scale at 237 million yuan, ranking first among comparable funds [3] - The ETF saw a net inflow of 2.96 million yuan recently, with a total of 17.65 million yuan accumulated over the last five trading days [3] - The ETF's net value increased by 49.39% over the past year, with the highest monthly return recorded at 23.29% since its inception [3] Group 3 - The top ten weighted stocks in the Sci-Tech Innovation Board Biopharmaceutical Index accounted for 49.14% of the index, with leading stocks including United Imaging Healthcare and BeiGene [3] - Minsheng Securities believes that domestic medical insurance policy support and overseas value recognition will sustain the ongoing trend of Chinese innovative drugs [5] - China has become a core procurement area for global trading, with traditional pharmaceutical companies accelerating their innovation and international expansion [5]

FF301 呈交日期: 2025年8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 | | | 260,295,700 | RMB | | 1 RMB | | 260,295,700 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 260,295,700 | RMB | | 1 RMB | | 260,295,700 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | ...

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: 2025年7月31日 狀態: 新提交 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: 2025年8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 | | | 260,295,700 | RMB | | 1 RMB | | 260,295,700 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 260,295,700 | RMB | | 1 RMB | | 260,295,700 | | 2. 股份分類 | 普通股 | 股份類別 ...

来源：新浪证券-红岸工作室 8月6日，君实生物涨4.61%，成交额16.63亿元，换手率5.09%，总市值423.82亿元。 异动分析 创新药+猴痘概念+生物疫苗 1、2024年年报，公司具备完整的从创新药物的发现和开发、 在全球范围内的临床研究、 大规模生产到 商业化的全产业链能力， 旨在成为立足中国、 布局全球的创新医药公司。 公司坚持质量为本、 求真务 实、 诚信合规、 追求卓越的企业价值观， 致力于通过源头创新以及合作开发等形式来研发 first-in-class （同类首创）或 best-in-class（同类最优） 的药物。 通过卓越的创新药物发现能力、 强大的生物技术研 发能力和大规模生产能力， 公司已成功开发出极具市场潜力的药品组合， 多项产品具有里程碑意义： 核心产品之一特瑞普利单抗是国内首个获得 NMPA 批准上市的国产抗 PD-1 单克隆抗体， 截至本报告 披露日已在中国内地获批 11 项适应症， 另有一项 sNDA 已受理， 其中多项为公司独家或领先适应 症， 特瑞普利单抗还是 FDA 批准上市的首个中国自主研发和生产的创新生物药， 截至本报告披露日， 特瑞普利单抗已在中国内地、 中国 ...