Core Viewpoint - Junshi Biosciences is positioned as a leading innovative pharmaceutical company in China, focusing on the development and commercialization of first-in-class and best-in-class drugs, with a comprehensive industry chain from drug discovery to large-scale production and global clinical research [2]. Group 1: Company Overview - Junshi Biosciences was established on December 27, 2012, and went public on July 15, 2020. The company specializes in the research and industrialization of monoclonal antibody drugs and other therapeutic protein drugs [7]. - The company has a market capitalization of 48.367 billion yuan, with a trading volume of 1.081 billion yuan and a turnover rate of 3.02% as of September 1 [1]. Group 2: Product Development and Pipeline - The core product, Toripalimab, is the first domestically approved PD-1 monoclonal antibody in China, with 11 approved indications and one supplemental NDA under review. It is also the first innovative biologic drug developed and produced in China to receive FDA approval [2]. - The company is developing Tifcemalimab, the world's first anti-BTLA monoclonal antibody entering clinical development, with two Phase III registration clinical studies ongoing and multiple Phase Ib/II studies in progress [2]. - Junshi Biosciences is collaborating with various research institutions and universities to develop vaccines, including monkeypox and Zika vaccines, which are currently in preclinical development [3]. Group 3: Financial Performance - For the first half of 2025, Junshi Biosciences reported 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, reflecting a 36.01% year-on-year growth [8]. - As of June 30, 2025, the number of shareholders increased to 31,200, with an average of 24,543 circulating shares per person, a decrease of 5.56% from the previous period [8]. Group 4: Market Activity - The stock experienced a net outflow of 565,600 yuan on the day of reporting, with no significant trend in major shareholder activity [4][5]. - The average trading cost of the stock is 39.10 yuan, with the current price approaching a resistance level of 47.80 yuan, indicating potential for upward movement if this level is breached [6].

Core Viewpoint - The company reported a significant increase in sales revenue and improved operational efficiency, with cash on hand amounting to 3.5 billion RMB [2] Financial Performance - In the first half of 2025, the company achieved revenue of 1.168 billion RMB, representing a year-on-year increase of 48.64% [2] - The core product, Toripalimab, generated sales revenue of 954 million RMB in the domestic market, up 42.25% year-on-year [2] - R&D expenses totaled 706 million RMB, an increase of 29.14% year-on-year, while sales expenses were 487 million RMB, up 13.98% [2] - Management expenses decreased by 18.60% to 195 million RMB [2] - The net profit attributable to shareholders was a loss of 413 million RMB, significantly narrowing from a loss of 645 million RMB in the same period last year, a reduction of 36.01% [2] - As of June 30, 2025, the company had approximately 3.5 billion RMB in cash and cash equivalents [2] Product Development and Regulatory Approvals - The company has received approval for 12 indications for Toripalimab in China, with 10 indications included in the national medical insurance catalog, four of which are exclusive [3] - The subcutaneous formulation JS001sc is expected to submit an NDA within the year [3] - Toripalimab has been approved for marketing in over 80 countries and regions, including the US, EU, India, and Australia, through partnerships with various companies [3] Clinical Trials and Pipeline - The company has initiated eight Phase II clinical trials for JS207 (PD-1/VEGF) across various cancer types [4] - As of August 22, 2025, 172 subjects have been enrolled in the Phase II trials for JS207 [4] - The global Phase III trial for JS004 (BTLA) has enrolled nearly 400 patients and is expected to complete recruitment by 2026 [4] - The company is advancing several early-stage pipeline candidates, including JS015, JS212, JS213, and JS214 [4] Key Catalysts and Future Outlook - Key data readouts are anticipated for JS207 and the subcutaneous formulation of Toripalimab in the second half of 2025 [5] - Other significant milestones include the expected initiation of pivotal registration trials for JS203 in 2026 and the launch of Phase III trials for JS107 and JS105 within 2025 [5] Investment Valuation - The target market capitalization is estimated at 52.5 billion RMB, corresponding to a target share price of 51.12 RMB, maintaining a "buy" rating [6]

Core Viewpoint - Junshi Biosciences (01877) reported a significant increase in revenue and a reduction in net loss for the first half of 2025, indicating a positive trend in its commercial drug sales and operational efficiency [1] Financial Performance - The company achieved a revenue of approximately 1.168 billion yuan, representing a year-on-year growth of 48.64% [1] - The net loss attributable to shareholders was about 413 million yuan, which is a reduction of approximately 36% compared to the previous year [1] - Basic loss per share was reported at 0.42 yuan [1] Revenue Growth Drivers - Revenue growth was primarily driven by the sales of commercialized drugs, with sales in the domestic market reaching 954 million yuan, an increase of about 42% year-on-year [1] - The company is focusing on enhancing quality and efficiency while returning value, concentrating on competitive and innovative R&D projects [1] Market Expansion and Future Outlook - Junshi Biosciences' drug, Tuoyi, has been approved for 12 indications in China and has received approvals in 40 countries and regions including Hong Kong, the US, EU, India, the UK, Jordan, Australia, Singapore, UAE, and Kuwait [1] - The company is expected to see accelerated global sales of Tuoyi as new indications for first-line liver cancer and melanoma are anticipated to be approved in the first half of 2025, along with further approvals and integration into health insurance systems [1]

Core Viewpoint - Junshi Biosciences (01877) reported a significant increase in revenue and a reduction in net loss for the first half of 2025, indicating positive growth and operational improvements in its commercialized drug sales [1] Financial Performance - The company achieved a revenue of approximately 1.168 billion yuan, representing a year-on-year growth of 48.64% [1] - The net loss attributable to shareholders was about 413 million yuan, which narrowed by approximately 36% compared to the previous year [1] - Basic loss per share was reported at 0.42 yuan [1] Revenue Drivers - Revenue growth was primarily driven by the sales of commercialized drugs, with sales in the domestic market reaching 954 million yuan, a year-on-year increase of about 42% [1] - The reduction in losses was attributed to the increase in sales revenue of commercialized drugs compared to the same period last year [1] Strategic Initiatives - The company is implementing a "quality improvement and efficiency enhancement" action plan, focusing on more competitive and innovative R&D projects [1] - Efforts are being made to accelerate clinical development, reduce production costs, and enhance sales efficiency to further decrease losses [1] Market Expansion - Currently, the drug Tuoyi has been approved for 12 indications in China and has received approvals in 40 countries and regions, including Hong Kong, the US, the EU, India, the UK, Jordan, Australia, Singapore, the UAE, and Kuwait [1] - The global commercialization value of Tuoyi is gradually becoming evident, with expectations for accelerated sales as new indications are approved and enter the insurance system [1]

Investment Rating - The report provides a positive outlook on the MASH non-invasive diagnosis technology, suggesting it could accelerate new drug development in the pharmaceutical and biotechnology sector [2]. Core Insights - The pharmaceutical and biotechnology sector experienced a decline of 0.65% from August 25 to August 29, underperforming compared to the Wind All A index (1.9%) and the CSI 300 index (2.71%). Only the medical research outsourcing (4.9%) and other biological products (0.14%) sectors saw gains, while in vitro diagnostics (-4.12%), raw materials (-3.34%), and vaccines (-0.59%) faced significant declines [2][7]. - The FDA has accepted the proposal for using VCTE-LSM as a reasonable alternative endpoint for clinical trials in adults with MASH and moderate to advanced fibrosis. This non-invasive method is expected to enhance patient compliance and could lead to a surge in drug development in the MASH area within the next two to three years [2][13]. - The report emphasizes the potential for domestic companies in China to leverage their cost advantages and forward-looking strategies in the field of non-invasive companion diagnostics, particularly in the MASH drug development competition [2]. Market Weekly Review - The pharmaceutical and biotechnology sector's performance was notably weaker than the broader market indices, with specific sub-sectors like medical research outsourcing and other biological products showing resilience [7][8]. - Individual stocks such as Tianchen Medical (30.1%), Ailis (25.6%), and Maiwei Biotech-U (22.4%) performed well, while stocks like Lifang Pharmaceutical (-13.9%), Yuekang Pharmaceutical (-11.9%), and Kanghua Biotech (-11.1%) faced significant losses [10][12]. Industry News and Key Company Announcements - On August 28, Kangfang Biotech announced that its drug AK112 received approval for treating advanced non-squamous non-small cell lung cancer, with promising clinical trial results expected to be presented at an international conference [12]. - The report highlights various companies' financial performances, with notable revenue changes and profit margins, indicating a mixed outlook across the sector [16][17].

Core Viewpoint - Junshi Biosciences reported a significant revenue growth of 49% year-on-year for the first half of 2025, with total revenue reaching 1.168 billion yuan, while the net loss attributable to shareholders decreased by 36% to 413 million yuan [1][4]. Group 1: Financial Performance - The company achieved a total revenue of 1.168 billion yuan in H1 2025, with drug sales contributing 1.059 billion yuan [1]. - The net loss attributable to shareholders was reduced to 413 million yuan, marking a 36% decrease compared to the previous year [1]. Group 2: Product Commercialization - The sales of Toripalimab (Tuoyi) accelerated, generating 954 million yuan in domestic sales, a 42% increase year-on-year, with two new indications approved in H1 2025 [1]. - The company’s commercial network has expanded to over 80 countries and regions globally, with Toripalimab approved in 40 countries, establishing it as one of the most widely covered domestic PD-1 products [2]. Group 3: R&D Pipeline - Junshi Biosciences has over 50 product pipelines across five therapeutic areas, with nearly 30 in clinical stages and over 20 in preclinical stages [3]. - Key products include JS207 (PD-1/VEGF bispecific antibody) and Tifcemalimab (first BTLA monoclonal antibody in clinical development), with several ongoing Phase II and III studies [3]. Group 4: Profit Forecast - The company forecasts net losses of 771 million yuan, 307 million yuan, and a profit of 534 million yuan for the years 2025 to 2027, with corresponding EPS of -0.75 yuan, -0.30 yuan, and 0.52 yuan [4].

Core Viewpoint - The company reported a slight revenue increase in 1H25, driven by strong sales growth of its core product, Tuoyi, while reducing its net loss compared to the previous year [1]. Group 1: Financial Performance - The company's revenue for 1H25 reached 1.168 billion yuan, representing a year-on-year growth of 46% [1]. - The net loss attributable to shareholders was 413 million yuan, which is a reduction in loss by 232 million yuan compared to the previous year [1]. Group 2: Product Development and Market Trends - Tuoyi's sales in the domestic market amounted to 954 million yuan in 1H25, showing a year-on-year increase of 42% [1]. - Tuoyi has received approval for 12 indications in China and is approved in 40 countries and regions, indicating a growing global commercialization value [1]. - The company expects accelerated global sales of Tuoyi as new indications enter the market and more countries approve its commercialization [1]. Group 3: Pipeline and Clinical Research - The company is focusing on the potential of its PD-1/VEGF dual antibody, JS207, which is currently in Phase II clinical trials for various cancers [2]. - The DKK1 monoclonal antibody has shown promising clinical data and is also in Phase II clinical trials, leading in global research progress [2]. - The company has established a pipeline covering over 50 innovative products across five therapeutic areas, with nearly 30 products in clinical research [2]. Group 4: Profit Forecast and Valuation - The company has adjusted its 2025 profit forecast from a loss of 662 million yuan to a loss of 917 million yuan, and introduced a 2026 forecast of a loss of 315 million yuan [3]. - The target price has been raised by 101.0% to 36.98 HKD, indicating a potential upside of 21.1% from the current stock price [3].

Group 1: Company Performance - Renfu Pharmaceutical reported a 6.2% decline in revenue to 12.064 billion yuan, while net profit increased by 3.92% to 1.155 billion yuan [1] - Junshi Biosciences achieved a 48.64% increase in revenue to 1.168 billion yuan, with a net loss of 413 million yuan [2] - Fuhong Hanlin's revenue for the first half of 2025 was 2.8195 billion yuan, a 2.7% year-on-year increase, with a net profit of 390.1 million yuan [6] Group 2: Market Position and Product Development - Renfu Pharmaceutical holds over 60% market share in the domestic anesthetic drug market, with its subsidiary Yichang Renfu being the largest R&D and production base in Asia [1] - Junshi Biosciences' core product, Toripalimab, generated sales revenue of approximately 1.059 billion yuan, a 49.41% increase, with domestic sales reaching about 954 million yuan, up 42% [2] - Beijing Kexing's adsorbed tetanus vaccine received drug registration approval, enhancing the company's portfolio in the trauma field [3] Group 3: Strategic Partnerships and Financial Transactions - BeiGene signed a royalty transfer agreement with Royalty Pharma for Tarlatamab, potentially worth up to 950 million USD, with an initial payment of 885 million USD [4] - Lepu Medical's management expressed a desire to avoid selling potential products at low prices early in the development process, indicating a focus on maintaining financial strength [5][6] - Fuhong Hanlin reported over 1 billion yuan in cash inflow from BD contracts, with a significant increase in overseas product profits [6]

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