Core Viewpoint - Junshi Biosciences has experienced a significant stock price increase of 74.90% year-to-date, indicating strong market performance and investor interest [1]. Financial Performance - For the first half of 2025, Junshi Biosciences reported revenue of 1.168 billion yuan, representing a year-on-year growth of 48.64% [2]. - The company recorded a net profit attributable to shareholders of -413 million yuan, which is a 36.01% increase compared to the previous period [2]. Stock Market Activity - As of September 15, Junshi Biosciences' stock price was 47.80 yuan per share, with a market capitalization of 49.076 billion yuan [1]. - The stock saw a trading volume of 3.45 billion yuan, with a turnover rate of 0.93% [1]. - The net inflow of main funds was 304,200 yuan, with significant buying and selling activity from large orders [1]. Shareholder Information - As of June 30, the number of shareholders for Junshi Biosciences increased to 31,200, up by 5.88% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 5.56% to 24,543 shares [2]. Business Overview - Junshi Biosciences focuses on the research and commercialization of monoclonal antibody drugs and other therapeutic protein drugs, with 90.67% of its revenue coming from drug sales [1]. - The company is categorized under the pharmaceutical and biotechnology industry, specifically in the biopharmaceutical sector [1].

Summary of Key Points Core Viewpoint - On September 12, a total of 91 stocks were traded on the block trading platform, with a cumulative trading volume of 472 million shares and a total transaction amount of 6.889 billion yuan, indicating active trading in the market [1]. Group 1: Major Transactions - The highest transaction amount was for Shanghai Pudong Development Bank, with 2 transactions totaling 4.531 billion yuan [1]. - Following closely was Guangqi Technology, which had 3 transactions amounting to 224 million yuan [1]. Group 2: Stock Performance - Shanghai Pudong Development Bank experienced a price drop of 3.68%, closing at 13.60 yuan, with a transaction price of 13.81 yuan, reflecting a premium of 1.54% [1]. - Guangqi Technology saw a slight decline of 0.89%, closing at 46.82 yuan, with a transaction price of 45.65 yuan, indicating a discount of 2.50% [1]. - Hengli Petrochemical and Huichuan Technology also reported declines of 1.91% and 1.26%, respectively, with closing prices of 16.96 yuan and 79.68 yuan [1]. Group 3: Notable Gainers - Shengguang Technology and Sanxia Tourism reported gains of 0.47% and 10.03%, closing at 339.58 yuan and 7.02 yuan, respectively [1]. - Other notable gainers included Huatu Shanding and Cambrian Technology, with increases of 3.38% and 7.28%, closing at 71.90 yuan and 1488.00 yuan [1].

Summary of Key Points Core Viewpoint - On September 12, 19 stocks from the Sci-Tech Innovation Board (STAR Market) experienced block trading, with a total transaction value of 522 million yuan, indicating active trading activity in this sector [1]. Group 1: Trading Activity - A total of 33 block trades were recorded, with a cumulative trading volume of 8.11 million shares [1]. - The stock with the highest transaction amount was Shengyi Electronics, with 2 block trades totaling 76.93 million yuan [1]. - Other notable stocks in terms of transaction value included Dameng Data and Juguang Technology, with transaction amounts of 76.64 million yuan and 74.11 million yuan, respectively [1]. Group 2: Price Performance - The STAR 50 Index rose by 0.90% on the same day, with 253 stocks (42.95%) in the STAR Market experiencing price increases [1]. - The average increase for stocks involved in block trading was 1.08%, with Juguang Technology, Cambrian, and Baiwei Storage leading the gains at 9.00%, 7.28%, and 7.19%, respectively [1]. - Conversely, stocks such as Jepter, Dameng Data, and Ao Jing Medical saw declines of 4.72%, 3.96%, and 3.86% [1]. Group 3: Institutional Participation - Among the block trades, 15 transactions involved institutional buyers or sellers, covering 10 stocks [2]. - The leading stocks for institutional buying were Shengyi Electronics, Dameng Data, and Juguang Technology, with amounts of 76.93 million yuan, 76.64 million yuan, and 67.41 million yuan, respectively [2]. - On the selling side, Cambrian and Qi Anxin had the highest institutional sell amounts at 51.25 million yuan and 0.25 million yuan [2]. Group 4: Fund Flow - Six stocks from the block trading saw net inflows of funds, with Shengyi Electronics, Cambrian, and Borui Pharmaceutical leading with net inflows of 323 million yuan, 172 million yuan, and 32.15 million yuan, respectively [2]. - In contrast, stocks like Qi Anxin, Baiwei Storage, and Juguang Technology experienced net outflows of 121 million yuan, 81.33 million yuan, and 78.26 million yuan [2].

Summary of Key Points Core Viewpoint - On September 12, Junshi Biosciences (君实生物-U) executed a block trade involving 1 million shares at a transaction value of 48.46 million yuan, reflecting a discount of 0.70% compared to the closing price of the day [2]. Trading Activity - The block trade was conducted by Founder Securities Co., Ltd. as the buyer and CITIC Securities Co., Ltd. Shanghai Pudong New District as the seller [2]. - Over the past three months, Junshi Biosciences has recorded a total of 6 block trades, amounting to 287 million yuan [2]. Stock Performance - The closing price of Junshi Biosciences on the day of the trade was 48.80 yuan, marking an increase of 2.24% with a turnover rate of 3.08% and a total trading volume of 1.144 billion yuan [2]. - The net inflow of main funds for the day was 11.77 million yuan, while the stock has seen a cumulative increase of 1.67% over the past five days, with a total net outflow of 63.48 million yuan during the same period [2]. Margin Financing - The latest margin financing balance for Junshi Biosciences stands at 1.344 billion yuan, having increased by 47.27 million yuan, which is a growth of 3.65% over the last five days [2].

Investment Rating - The industry rating is "Positive" for the next 12 months, expecting a growth rate exceeding 10% relative to the CSI 300 index [67][79]. Core Insights - The report highlights the impressive research outcomes of Chinese pharmaceutical companies showcased at the 2025 World Lung Cancer Conference (WCLC), emphasizing the strength of innovation in the sector. It also notes that Heng Rui has further advanced its overseas licensing strategy through the NewCo model [9][67]. - The report suggests continuous monitoring of the R&D progress of Chinese pharmaceutical companies, particularly in innovative drugs and related industrial chains, benefiting from optimized procurement rules in the pharmaceutical and medical device sectors, as well as the recovery of traditional Chinese medicine and medical services due to domestic demand [9][67]. Industry News - Bai Li Tian Heng's dual-target ADC for EGFR/HER3 has shown promising results at WCLC, with a 100% overall response rate in a study involving 154 patients [18]. - BeiGene presented the latest findings from its RATIONALE studies at WCLC, demonstrating significant survival benefits for its drug in treating non-small cell lung cancer [19]. - Kangfang Biotech updated data from its HARMONi study, showing improved overall survival rates, particularly in North America [20]. Company Announcements - Heng Rui Pharma signed a licensing agreement with Braveheart Bio for the HRS-1893 project, with an upfront payment of $65 million and potential milestone payments totaling up to $1.013 billion [35]. - The new drug application for KN026 by CSPC has been accepted by the National Medical Products Administration (NMPA) [39]. - Junshi Biosciences reported positive results from its Phase III clinical trial for an anti-IL-17A monoclonal antibody [40]. Market Review - The Shanghai Composite Index rose by 2.91%, while the Shenzhen Component Index increased by 7.11%. The pharmaceutical and biological sector saw a 1.76% increase, with most sub-sectors showing positive performance [53][57]. - As of September 11, 2025, the TTM P/E ratio for the pharmaceutical and biological industry was 31.56, with a valuation premium of 148% relative to the CSI 300 [57]. Weekly Strategy - The report recommends focusing on investment opportunities in innovative drugs and medical devices, as well as sectors benefiting from domestic demand recovery, while maintaining a "Positive" industry rating [67].

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。 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.* 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持股5%以上股東權益變動觸及1%刻度的提 示性公告》，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9月12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 证券代码：688180 证券简称：君实生 ...

| 025-09-12 | 君实生物 | 081889 | 48.46 4846 | 100 | 方正证券股份有限 | 中信证券股份有限 | 合 | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券简除 | 蓬券代码 | 成交价(元) 成交金额[万元) 成交量(*) 买入营业部 | | 公司总部 | 美出营业部 公司上海浦东新区 | 是否为专场 | 9月12日，君实生物大宗交易成交100万股，成交额4846万元，占当日总成交额的4.06%，成交价48.46 元，较市场收盘价48.8元折价0.7%。 ...

Group 1 - Junshi Bioscience's product Mindewei achieved full-channel coverage in the first half of 2025, exploring community and county market medical cooperation models [1] - Mindewei was conditionally approved for marketing by the National Medical Products Administration in January 2023, and the company has actively built a commercialization team [1] - The company has established strategic partnerships with national pharmaceutical companies and chain pharmacies, and is exploring sales models on platforms like Meituan, JD, and Alibaba Health [1] Group 2 - Changchun High-tech's subsidiary GS3-007a dry mixed suspension has received acceptance for its clinical trial application, aimed at treating pediatric growth hormone deficiency (PGHD) [2] - PGHD is a common endocrine disease in pediatrics, with an incidence rate of approximately 1 in 8600 in China, primarily caused by insufficient secretion of growth hormone-releasing hormone [2] Group 3 - Chengda Biologics has gained market access for its human rabies vaccine in Indonesia and is actively expanding into larger markets like Brazil [3] - The company's international business has shown significant growth, covering over 30 countries, and is advancing its "vaccine going abroad" strategy [3] Group 4 - Taiji Group's subsidiary has received clinical trial approval for semaglutide injection, targeting blood sugar control in adults with type 2 diabetes [4] - The indication includes patients whose blood sugar remains uncontrolled despite diet and exercise, and those at risk of major cardiovascular events [4] Group 5 - China National Pharmaceutical Group plans to strengthen accounts receivable management and establish a tracking ledger for key customers [5] - The company reported a net cash flow of -546 million yuan in the first half of 2025, a significant improvement from -743 million yuan in the same period last year [5] Group 6 - Zhend Medical expects its African production base to break even by the end of the year while actively advancing the construction of its Mexican production base [6][7] - The company is focusing on expanding into emerging markets with increasing demand for basic medical supplies and is enhancing operational efficiency in its African base [6][7]

证券代码：688180 证券简称：君实生物 公告编号：临 2025-051 上海君实生物医药科技股份有限公司 关于持股 5%以上股东权益变动 触及 1%刻度的提示性公告 上海君实生物医药科技股份有限公司（以下简称"公司"）持股 5%以上股东上海 檀英投资合伙企业（有限合伙）（以下简称"上海檀英"）及其一致行动人 Loyal Valley Capital Advantage Fund II LP（以下简称"LVC Fund II"）、LVC Renaissance Fund LP （以下简称"LVC Renaissance Fund"）保证向本公司提供的信息真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少√ | | --- | --- | --- | --- | | 权益变动前合计比例 | 8.96% | | | | 权益变动后合计比例 | 7.91% | | | | 本次变动是否违反已作出的承 诺、意向、计划 | 是□ | 否√ | | | 是否触发强制要约收购义务 ...

Market Overview - The biopharmaceutical sector experienced a slight increase of 0.0% on September 12, with Aopumai leading the gains [1] - The Shanghai Composite Index closed at 3883.69, up by 0.22%, while the Shenzhen Component Index closed at 12996.38, up by 0.13% [1] Top Gainers in Biopharmaceutical Sector - Aopumai (688293) closed at 54.00, with a rise of 4.73% and a trading volume of 20,300 lots, totaling a transaction value of 103 million [1] - Kexing Pharmaceutical (688136) closed at 42.28, increasing by 3.45% with a trading volume of 47,400 lots, amounting to 197 million [1] - Sanofi (688336) closed at 57.07, up by 3.39% with a trading volume of 52,600 lots, totaling 294 million [1] - Tibet Pharmaceutical (600211) closed at 56.60, rising by 3.38% with a trading volume of 93,300 lots, totaling 510 million [1] - Wenqu Pharmaceutical (688488) closed at 16.00, increasing by 2.83% with a trading volume of 86,300 lots, amounting to 134 million [1] Top Decliners in Biopharmaceutical Sector - Rongchang Biopharmaceutical (688331) closed at 107.22, down by 2.68% with a trading volume of 56,400 lots, totaling 611 million [2] - Wanze Shares (000534) closed at 16.02, decreasing by 2.61% with a trading volume of 135,500 lots, amounting to 218 million [2] - Kangtai Biopharmaceutical (300601) closed at 18.63, down by 1.48% with a trading volume of 156,700 lots, totaling 292 million [2] Capital Flow Analysis - The biopharmaceutical sector saw a net outflow of 310 million from institutional investors, while retail investors experienced a net inflow of 132 million [2] - Notable net inflows from retail investors were observed in Kanghua Biological (300841) with 94.86 million, and Xizang Pharmaceutical (600211) with 49.76 million [3] - Conversely, significant net outflows were noted in Rongchang Biopharmaceutical (688331) with 17.13 million and Aopumai (688293) with 18.19 million from retail investors [3]