Core Insights - The company reported a revenue growth of 48.64% to 1.168 billion yuan in the first half of 2025, with a net loss of 413 million yuan [1] - The core product, Toripalimab (brand name: Tuoyi®/LOQTORZI®, code: JS001), has received approval for 12 indications in mainland China and has been approved for sale in multiple regions including the US, EU, India, UK, Jordan, Australia, Singapore, UAE, and Kuwait [1] - The sales revenue from pharmaceuticals reached 1.059 billion yuan, marking a year-on-year increase of 49.41% [1] - Domestic market sales of Tuoyi® amounted to approximately 954 million yuan, reflecting a year-on-year growth of about 42% [1] - Toripalimab is recognized as the first domestically developed PD-1 monoclonal antibody successfully launched in China and the first innovative biologic drug developed and produced in China to be approved by the FDA, targeting various malignant tumors [1]

Core Viewpoint - The company reported significant revenue growth in the first half of 2025, driven by strong sales of its core product, while also narrowing its net loss compared to the previous year [1][2][3]. Financial Performance - In H1 2025, the company achieved revenue of 1.168 billion yuan, a year-on-year increase of 48.64%, with drug sales reaching 1.059 billion yuan, up 49.41% [1][2]. - The net profit attributable to shareholders was -413 million yuan, a reduction of 36.01% from -645 million yuan in the same period last year, indicating improved operational efficiency [1][3]. - R&D expenses totaled 706 million yuan, a 29.14% increase, accounting for 60.39% of revenue, which is a decrease of 9.12 percentage points from the previous year [1][3]. Growth Drivers - The growth was fueled by the expansion of indications for the core product, Toripalimab (Tuoyi), which has now been included in the national medical insurance directory for 10 indications, including new approvals for liver cancer treatment [2]. - The company has enhanced its commercialization capabilities, with its product now available in over 6,000 medical institutions and more than 3,000 pharmacies [2]. International Expansion - The company has made progress in its internationalization efforts, with Toripalimab approved for sale in Australia, Singapore, the UAE, and Kuwait, successfully entering 40 global markets [2]. Pipeline Development - The company is advancing its research pipeline, with key developments including the anti-BTLA monoclonal antibody tifcemalimab entering Phase III clinical trials and other products in various stages of clinical development [4]. - The company is accelerating the development of early-stage pipelines, including several innovative drug candidates, aiming to enhance its long-term competitiveness [4]. Profit Forecast - Revenue projections for 2025-2027 are 2.6 billion, 3.5 billion, and 4.5 billion yuan, with year-on-year growth rates of 33.45%, 34.62%, and 28.57% respectively [5]. - The net profit forecast for the same period is -685 million, 37 million, and 315 million yuan, with significant growth rates of 46.53%, 105.47%, and 739.94% respectively [5].

Core Viewpoint - Junshi Biosciences reported strong financial performance in the first half of 2025, with significant revenue growth driven by pharmaceutical sales and advancements in its R&D pipeline, while also achieving key regulatory approvals for its products [1][3][4]. Financial Highlights - Total revenue for the first half of 2025 was approximately RMB1,168 million, a 49% increase compared to 2024, primarily due to pharmaceutical sales [3]. - Domestic sales revenue of the core product, TUOYI (toripalimab), reached approximately RMB954 million, reflecting a 42% increase from 2024 [3]. - R&D expenses totaled approximately RMB745 million, a 36% increase compared to 2024, driven by a focus on innovative R&D pipelines [3]. - Loss attributable to owners decreased to RMB413 million, down by approximately RMB232 million or 36% compared to 2024 [3]. - Net cash inflow from financing activities was approximately RMB1,386 million, mainly from the successful placement of new H shares, which generated a net inflow of approximately RMB940 million [3]. - As of June 30, 2025, the aggregate balance of bank balances and cash was approximately RMB3,490 million, indicating a stable liquidity position [3]. Business Highlights - The company expanded its R&D focus from monoclonal antibodies to various drug modalities, including small molecules, ADCs, and vaccines, covering five major therapeutic areas [4]. - Four drugs have been commercialized, with around 30 assets in clinical trials and over 20 candidates in preclinical development [4]. - Key regulatory approvals in early 2025 included the conversion of TUOYI's indication for melanoma to regular approval and the acceptance of IND applications for new drug candidates [4][9]. - In January 2025, a distribution agreement was established with LEO Pharma for toripalimab in the EU and UK, involving an upfront payment of EUR15 million and revenue sharing [6]. Advancements in Pipeline - The company achieved multiple approvals for its products, including toripalimab as the first immuno-oncology treatment for nasopharyngeal carcinoma in Australia and Singapore [5][9]. - New drug applications for various indications were approved by regulatory authorities, enhancing the company's product offerings [9]. Business Operations - The company completed the placement of new H shares, raising approximately HK$1,026 million for innovative drug development and working capital replenishment [10]. - Junshi Biosciences has a mission to provide innovative drugs globally, with a workforce of approximately 2,500 employees across the US and China [12].

Policy Developments - The 15th China Medical Device Supervision Management International Conference was held in Suzhou, emphasizing the support for high-end medical device innovation, including areas like medical robots and AI medical devices. The National Medical Products Administration (NMPA) has approved 52 innovative products this year, totaling 367 approved innovative products to date [2]. Product Approvals - The first photon counting spectral CT in China, developed by United Imaging Healthcare, received its medical device registration certificate from the NMPA, marking a significant breakthrough in medical technology [4]. - A nucleic acid detection kit for 14 central nervous system infection pathogens developed by China National Biological Products Group was approved, aiding in the diagnosis of CNS infections [5]. Financial Reports - Sanyou Medical reported a 17.77% year-on-year increase in revenue to 250 million yuan, with a net profit of 36.6 million yuan, reflecting a staggering 2083.64% growth [7]. - Junshi Biosciences reported a revenue of 1.168 billion yuan, a 48.64% increase year-on-year, but incurred a net loss of 413 million yuan, an improvement from a loss of 645 million yuan in the previous year [8]. Capital Market Activities - Fosun Pharma announced a licensing agreement with Sitala for the global development and commercialization of FXS6837, excluding China, and will receive shares valued at 5 million USD from Sitala [10]. - AbbVie reached an agreement to acquire Gilgamesh Pharmaceuticals' investigational drug bretisilocin for treating moderate to severe major depressive disorder [11]. - Nanxin Pharmaceutical plans to acquire a target asset group from Future Pharma for up to 480 million yuan, which includes various injection products and related intellectual property [12]. Industry Developments - Eli Lilly reported positive results from the Phase 3 clinical trial of its GLP-1 receptor agonist orforglipron for treating obesity in patients with type 2 diabetes, achieving significant weight loss and improvements in cardiovascular risk factors [14]. - A Chinese research team successfully transplanted gene-edited pig lungs into a brain-dead human, a world-first achievement that could alleviate organ donor shortages [16]. Corporate Changes - Dongcheng Pharmaceutical announced the resignation of its Deputy General Manager Wu Xiaoming due to work adjustments, with no impact on the company's operations [19].

Core Viewpoint - The company, Junshi Biosciences, is actively expanding its product pipeline and advancing clinical projects, despite not achieving profitability during the reporting period. The focus remains on innovative drug discovery and commercialization, with a commitment to maintaining substantial R&D investments [2][3]. Company Overview - Junshi Biosciences is engaged in the biopharmaceutical industry, characterized by long R&D cycles, high investment, and significant risks. The company has made breakthroughs in drug discovery, development, production, and commercialization [2][3]. - The company has a stable core management and R&D team, which is crucial for its ongoing operations and future growth [2]. Financial Data - The company reported that its operating income does not yet cover R&D expenses and other costs, leading to continued losses during the reporting period [2]. - As of June 30, 2025, the company had raised a total of approximately RMB 4.84 billion from its initial public offering, with a net amount of RMB 4.50 billion after deducting issuance costs [20]. Shareholder Information - As of the reporting period, the total number of ordinary shareholders was 31,160, with 31,151 being A-share holders and 9 being H-share holders [8]. Risk Factors - The company faces various risks inherent in the biopharmaceutical industry, including the potential for increased losses due to ongoing R&D expenditures and the commercialization of new products [2][3]. Corporate Governance Changes - The company has proposed to cancel its supervisory board and transfer its responsibilities to the audit committee of the board of directors, pending approval from the shareholders' meeting [42][44].

Core Viewpoint - Junshi Biosciences (688180.SH) reported a significant revenue increase of 48.64% year-on-year for the first half of 2025, driven by the sales of commercialized drugs, despite a net loss attributable to shareholders of 413 million yuan [1] Financial Performance - The company achieved a revenue of 1.168 billion yuan, an increase of approximately 382 million yuan compared to the same period last year, reflecting a growth rate of 48.64% [1] - The net loss attributable to shareholders was 413 million yuan, with a basic earnings per share of -0.42 yuan [1] - The diluted earnings per share also reflected a loss, indicating ongoing financial challenges despite revenue growth [1] Sales Performance - The sales revenue of Tuoyi® in the domestic market reached 954 million yuan, representing a year-on-year growth of approximately 42% [1] - The increase in sales revenue from commercialized drugs contributed significantly to the reduction in net loss compared to the previous year [1] Strategic Focus - The company is implementing a "quality improvement and efficiency enhancement" action plan, focusing on R&D projects with competitive advantages and innovation [1] - Efforts are being made to accelerate clinical development, reduce production costs, and improve sales efficiency to further decrease losses [1]

Core Viewpoint - Junshi Biosciences (688180.SH) reported a significant revenue increase of 48.64% year-on-year for the first half of 2025, driven by the sales of commercialized drugs, despite a net loss attributable to shareholders of 413 million yuan [1] Financial Performance - The company achieved a revenue of 1.168 billion yuan, an increase of approximately 382 million yuan compared to the same period last year, reflecting a growth rate of 48.64% [1] - The net loss attributable to shareholders was 413 million yuan, with a basic earnings per share of -0.42 yuan [1] - The adjusted net loss was 478 million yuan, indicating a reduction in losses compared to the previous year [1] Sales Performance - The sales revenue of Tuoyi® in the domestic market reached 954 million yuan, representing a year-on-year growth of approximately 42% [1] Strategic Initiatives - The company is implementing the "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" 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 minimize losses [1]

Core Viewpoint - Shanghai Junshi Biosciences Co., Ltd. has implemented the "2025 Action Plan" to enhance operational efficiency, compliance, and high-quality development, focusing on innovation and expanding its drug pipeline [2][11]. Group 1: Operational Efficiency and Development - The company aims to become a global innovative pharmaceutical company with a complete industry chain capability from drug discovery to commercialization [2]. - The company has expanded its innovation areas from monoclonal antibodies to include small molecules, antibody-drug conjugates (ADC), bispecific antibodies, fusion proteins, nucleic acid drugs, and vaccines, targeting next-generation therapies for cancer and autoimmune diseases [2][3]. - As of the report date, the company has four commercialized drugs and nearly 30 drugs in clinical trials, with over 20 in preclinical development [2]. Group 2: Research and Development Achievements - During the reporting period, the company accelerated clinical development, reduced production costs, and improved sales efficiency, achieving a 49.41% year-on-year increase in drug sales revenue to 1.059 billion yuan [6]. - The company received NMPA approval for new indications for its drug Tuoyi, which is now approved for 12 indications in mainland China and has been approved in multiple countries [3][4]. - Clinical research efficiency improved, with over 1,400 participants enrolled in clinical studies [4]. Group 3: Production and Sales - The company has optimized its production system and received GMP certifications in various regions, ensuring stable supply and meeting growing market demand [5]. - The core product Tuoyi achieved sales revenue of 954 million yuan in the domestic market, reflecting a growth of approximately 42% [6]. Group 4: Governance and Compliance - The company has strengthened its governance structure, establishing a compliance committee at the board level to enhance regulatory adherence and operational integrity [9]. - The company emphasizes investor communication and transparency, responding to investor inquiries and providing regular updates on business progress [10]. Group 5: Talent Development and Innovation - The company has focused on talent development, creating a structured career advancement path and enhancing training resources to foster an innovative workforce [7]. - The company has established a complete technical system to improve drug discovery capabilities and has strengthened intellectual property protection, holding 184 authorized patents [7]. Group 6: Shareholder Returns and Market Management - The company is committed to shareholder returns and has initiated a plan for significant share buybacks, with the chairman planning to increase his stake by at least 100 million yuan [8]. - The company has implemented a market value management system to enhance its market perception and investor relations [8].

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的內容概不負責，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） 截至2025年6月30日止六個月的 中期業績公告 上海君實生物醫藥科技股份有限公司（「本公司」）董事（「董事」）會（「董事會」）謹 此宣佈本公司及其附屬公司（「本集團」）截至2025年6月30日止六個月（「報告期」） 的未經審核簡明綜合中期業績及2024年同期的比較數字。本集團於報告期的未經 審核簡明綜合財務報表已由本公司審計委員會（「審計委員會」）及本公司核數師德 勤•關黃陳方會計師行審閱。除非另有說明，否則本公告的財務數據乃根據國際財 務報告準則（「國際財務報告準則」）編製。 於本公告中，「我們」指本公司，如文意另有所指，則指本集團。 財務摘要 1 • 截至2025年6月30日，報告期內本集團收入總額約人民幣1,168百萬 ...

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的內容概不負責，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） 變更註冊資本、建議取消監事會、修訂公司章程及內部制度 本公告由上海君實生物醫藥科技股份有限公司（「本公司」）根據香港聯合交易所有 限公司證券上市規則（「上市規則」）第13.51條作出。另提述本公司日期為2025年8 月26日的海外監管公告。 1 (3) 建議修訂公司章程及議事規則 根據《公司法》《上市公司章程指引》《上海證券交易所科創板股票上市規則》 《上海證券交易所科創板上市公司自律監管指引第1號 －－ 規範運作》等法 律、法規及規範性文件的規定，結合本公司實際情況，本公司建議修訂(i)公 司章程、(ii)股東會議事規則（「股東會議事規則」）、(iii)董事會議事規則（「董 事會議事規則」，連同股東會議事規則，統稱「議事規則 ...