Core Viewpoint - Junshi Biosciences is positioned as a comprehensive innovative pharmaceutical company with capabilities spanning drug discovery, clinical research, large-scale production, and commercialization, aiming for a global footprint while being rooted in China [2] Group 1: Company Overview - Junshi Biosciences was established on December 27, 2012, and went public on July 15, 2020, focusing on the research and commercialization of monoclonal antibodies and therapeutic proteins [7] - The company's main revenue sources include 90.67% from drug sales, 8.74% from technology licensing, and 0.59% from technical services [7] - As of June 30, 2025, Junshi Biosciences reported a revenue of 1.168 billion yuan, a year-on-year increase of 48.64%, while the net profit attributable to shareholders was -413 million yuan, a year-on-year increase of 36.01% [8] Group 2: Product Pipeline and Innovations - The company has developed a significant product portfolio, 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 including the US and EU [2] - Junshi Biosciences is advancing its pipeline with Tifcemalimab, the first anti-BTLA monoclonal antibody entering clinical development, currently undergoing two Phase III trials [2] - The company is also collaborating with various research institutions to develop vaccines, including monkeypox and Zika vaccines, which are currently in preclinical development [3] Group 3: Market Performance and Investor Sentiment - On September 23, Junshi Biosciences' stock fell by 4.26%, with a trading volume of 755 million yuan and a market capitalization of 42.69 billion yuan [1] - The stock has seen a net outflow of 48.4 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 41.93 yuan, with the stock price approaching a resistance level of 42.00 yuan, suggesting potential volatility [6]

Group 1 - Junshi Bioscience's stock closed at 41.58 yuan, with a decline of 4.26%, currently in a state of breaking issue [1] - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on July 15, 2020, with an initial issuance of 87.13 million shares at a price of 55.50 yuan per share [1] - The highest stock price recorded on the first day of trading was 220.40 yuan [1] Group 2 - The total funds raised from the initial public offering amounted to 4.836 billion yuan, with a net amount of 4.497 billion yuan after deducting issuance costs, exceeding the original plan by 1.797 billion yuan [1] - The planned fundraising amount was 2.7 billion yuan, allocated for innovative drug research and development, industrialization projects, bank loan repayment, and working capital [1] - The issuance costs for the initial public offering were 339 million yuan, including 320 million yuan for sponsorship and underwriting fees [1] Group 3 - In 2022, Junshi Bioscience raised 3.7765 billion yuan by issuing 70 million A-shares at a price of 53.95 yuan per share [2] - After deducting issuance costs of approximately 31.7 million yuan, the actual net amount raised was about 3.7448 billion yuan [2] - The total amount raised from both public offerings is 8.612 billion yuan [2] Group 4 - From 2016 to 2024, the net profit attributable to shareholders showed consistent losses, with figures ranging from -135 million yuan to -2.388 billion yuan [3] - In the first half of 2025, the company reported revenue of 1.168 billion yuan, a year-on-year increase of 48.64%, but still recorded a net loss of 413 million yuan [3] - The net cash flow from operating activities was -329 million yuan, an improvement from -865 million yuan in the same period last year [3]

Core Viewpoint - The company has announced the public disclosure and verification of the list of initial incentive recipients for its 2025 A-share stock option incentive plan, which was approved by the board and supervisory committee [2][9]. Disclosure and Verification Process - The company held meetings on September 2, 2025, to approve the stock option incentive plan and related proposals [2]. - The initial list of incentive recipients was publicly disclosed on the Shanghai Stock Exchange website on September 3, 2025, along with the plan draft and summary [2][3]. - A public notice period of 10 days was established from September 3 to September 13, 2025, during which employees could raise objections [3]. - No objections were received by the supervisory committee by the end of the public notice period [4]. Supervisory Committee's Verification - The supervisory committee verified the list of initial incentive recipients, including their qualifications and employment contracts [5]. - The committee confirmed that all listed individuals meet the qualifications as per the Company Law, management regulations, and company charter [6]. - The committee ensured that none of the recipients fell under disqualifying conditions outlined in the management regulations, such as being deemed inappropriate candidates by regulatory bodies within the last 12 months [7][8]. - The basic information of the incentive recipients was verified to be accurate, with no falsehoods or significant omissions [8].

Summary of Key Points Core Viewpoint - On September 22, a block trade of Junshi Biosciences (君实生物-U) occurred, with a transaction volume of 1 million shares and a transaction amount of 43.13 million yuan, reflecting a discount of 0.69% compared to the closing price of the day [2] Trading Activity - The block trade was executed at a price of 43.13 yuan per share, with the buyer being the headquarters of Founder Securities Co., Ltd. and the seller being the Shanghai Pudong New District branch of CITIC Securities Co., Ltd. [2] - In the last three months, Junshi Biosciences has recorded a total of 12 block trades, amounting to a cumulative transaction value of 558 million yuan [2] Stock Performance - The closing price of Junshi Biosciences on the day of the block trade was 43.43 yuan, which represented a decline of 1.30% [2] - The stock's turnover rate for the day was 1.75%, with a total transaction amount of 582 million yuan, and a net outflow of main funds amounting to 54.32 million yuan [2] - Over the past five days, the stock has seen a cumulative decline of 8.43%, with a total net outflow of funds reaching 329 million yuan [2] Margin Trading Data - The latest margin financing balance for Junshi Biosciences is 1.431 billion yuan, which has increased by 64.72 million yuan over the past five days, reflecting a growth rate of 4.74% [2]

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。 SHANGHAI JUNSHI BIOSCIENCES CO., LTD.* 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監事會關於公司2025年A股股票期權激勵計劃首 次授予激勵對象名單的公示情況說明及核查意見》，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9月22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、楊悅博士、酈仲賢先生及魯琨 女士。 * 僅供識別之用 证券 ...

Core Insights - On September 22, Junshi Biosciences executed a block trade of 1 million shares, amounting to 43.13 million yuan, which represented 6.9% of the total trading volume for that day [1][2] - The transaction price was 43.13 yuan per share, reflecting a discount of 0.69% compared to the market closing price of 43.43 yuan [1] Summary by Categories - **Transaction Details** - Date of transaction: September 22 - Security code: 688180 - Transaction price: 43.13 yuan - Total transaction amount: 43.13 million yuan - Volume of shares traded: 1 million shares [2] - **Market Impact** - The block trade accounted for 6.9% of the total trading volume on that day [1]

证券代码：688180 证券简称：君实生物 公告编号：临 2025-053 公司监事会核查了本次激励计划拟首次授予激励对象的名单、身份证件、拟 首次授予激励对象与公司（含子公司）签订的劳动合同/劳务合同、拟首次授予 激励对象在公司（含子公司）担任的职务等。 一、公示情况及核查方式 （一）公示情况 公司于 2025 年 9 月 3 日在上海证券交易所网站（www.sse.com.cn）上披露 了《上海君实生物医药科技股份有限公司 2025 年 A 股股票期权激励计划（草案）》 （以下简称"《激励计划（草案）》"）及其摘要、《上海君实生物医药科技股 份有限公司 2025 年 A 股股票期权激励计划首次授予激励对象名单》等文件。 公司于 2025 年 9 月 3 日至 2025 年 9 月 13 日在公司内部对本次激励计划拟 首次授予部分激励对象的姓名和职务进行了公示，公示期共计 10 天，公司员工 可向公司监事会提出意见。 截至公示期满，公司监事会未收到任何人对本次激励计划拟首次授予激励对 象提出的异议。 （二）关于公司监事会对拟激励对象的核查方式 上海君实生物医药科技股份有限公司监事会 关于公司 2025 年 ...

Core Viewpoint - Junshi Biosciences (688180.SH) reported a significant increase in revenue for the first half of 2025, achieving 1.168 billion yuan, a year-on-year growth of 48.64%, while still facing net losses [1][3]. Financial Performance - The company's operating revenue for H1 2025 was 1.168 billion yuan, up from 0.785 billion yuan in the same period last year, reflecting a growth of 48.64% [1][3]. - The net profit attributable to shareholders was -413 million yuan, an improvement from -645 million yuan in the previous year [1][3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -478 million yuan, compared to -627 million yuan in the same period last year [1][3]. - The net cash flow from operating activities was -329 million yuan, an improvement from -865 million yuan year-on-year [1][3]. Historical Financial Data - From 2016 to 2024, the net profit attributable to shareholders showed a consistent trend of losses, with figures ranging from -135 million yuan to -2.388 billion yuan [3]. - The net profit after deducting non-recurring gains and losses also reflected similar losses, ranging from -160 million yuan to -2.490 billion yuan during the same period [3]. Capital Raising Activities - Junshi Biosciences was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on July 15, 2020, raising a total of 4.836 billion yuan, with a net amount of 4.497 billion yuan after expenses [4]. - The company planned to use the raised funds for innovative drug research and development, industrialization projects, repaying bank loans, and supplementing working capital [4]. - In 2022, the company raised an additional 3.776 billion yuan through a private placement of shares, with a net amount of approximately 3.745 billion yuan after expenses [5].

Group 1 - On September 19, Junshi Biosciences-U executed a block trade of 1 million shares, amounting to 43.69 million yuan, with a transaction price of 43.69 yuan, reflecting a discount of 0.70% compared to the closing price of the day [2] - In the past three months, Junshi Biosciences-U has recorded a total of 11 block trades, with a cumulative transaction amount of 515 million yuan [2] - The closing price of Junshi Biosciences-U on the same day was 44.00 yuan, showing a decline of 3.78%, with a turnover rate of 2.48% and a total trading volume of 847 million yuan, indicating a net outflow of 114 million yuan in main funds for the day [2] Group 2 - Over the past five days, Junshi Biosciences-U has experienced a cumulative decline of 9.84%, with a total net outflow of funds amounting to 297 million yuan [2] - The latest margin financing balance for Junshi Biosciences-U is 1.422 billion yuan, which has increased by 78.759 million yuan over the past five days, representing a growth rate of 5.86% [2]

Index Performance - The CSI A500 Index experienced a slight increase of 0.02%, closing at 5433.29 points on September 19 [5] - The average daily trading volume for the week was 9126.33 billion yuan, reflecting a week-on-week increase of 2.7% [5] Component Stocks Performance - The top ten gainers for the week included: - Junsheng Electronics (600699.SH) with a rise of 44.25% - Shanghai Construction (600170.SH) up by 31.70% - Sanhua Intelligent Control (002050.SZ) increasing by 20.72% [3] - The top ten losers for the week included: - Northern Rare Earth (600111.SH) down by 12.20% - Junshi Biosciences (688180.SH) decreasing by 9.84% - Xiamen Tungsten (000960.SZ) falling by 9.45% [3] Fund Performance - A total of 39 CSI A500 funds mostly saw increases, with the top performer being Guolian An with a rise of 0.424% [5] - The total scale of CSI A500 funds reached 1865.27 billion yuan, with the largest funds being Huatai Baichuan (221.82 billion yuan), Guotai Fund (204.94 billion yuan), and E Fund (204.55 billion yuan) [5] Economic Context - The Federal Reserve lowered the benchmark interest rate by 25 basis points to a range of 4.00%-4.25% on September 17, restarting the rate cut cycle [6] - Short-term market expectations for rate cuts have been largely priced in, potentially leading to volatility as actual policy effects and economic data unfold [6] - In the medium to long term, the Fed's rate cuts are expected to positively impact the A-share market, with a stronger yuan improving foreign investment sentiment [6]