Core Insights - Junshi Bioscience reported a significant revenue increase of 49% year-on-year, reaching 1.168 billion yuan, while narrowing its net loss to 413 million yuan, a 36% reduction compared to the previous year [1] Revenue Performance - The sales revenue from pharmaceuticals reached 1.059 billion yuan, also reflecting a 49% year-on-year growth, driven primarily by the core product, Toripalimab [2] - Toripalimab's domestic sales amounted to 954 million yuan, marking a 42% increase, with 10 indications included in the national medical insurance directory [2] Global Expansion - Junshi Bioscience is accelerating the global rollout of Toripalimab, which has been approved in Australia, Singapore, UAE, and Kuwait, with applications submitted in 10 additional countries [3] - The company has established partnerships for commercialization, including a deal with LEO Pharma for European markets, involving an upfront payment of 15 million euros and a revenue-sharing agreement [3] R&D Focus - The company increased its R&D investment by 29% year-on-year to 706 million yuan, focusing on innovative IO 2.0 therapies [4] - Key pipelines include JS207, a PD-1/VEGF dual antibody currently in Phase II clinical trials, and JS213, a PD-1/IL-2 dual functional antibody fusion protein in Phase I trials [5] Future Pipeline - The first-in-class anti-BTLA monoclonal antibody, tifcemalimab, has entered Phase III clinical trials, while other candidates like Claudin18.2 ADC and PI3K-α inhibitors are expected to start Phase III trials in 2025 [6]

上 海 君 實 生 物 醫 藥 科 技 股 份 有 限 公 司 董 事 會 合 規 委 員 會 工 作 細 則 | 第一章 | 1 總則 | | --- | --- | | 第二章 | 人員組成 1 | | 第三章 | 職責權限 2 | | 第四章 | 議事規則 2 | | 第五章 | 附則 3 | 上海君實生物醫藥科技股份有限公司 董事會合規委員會工作細則 第一章 總則 第二章 人員組成 1 第一條 為進一步完善上海君實生物醫藥科技股份有限公司（「公司」）治理結構， 提升公司的風險管理和合規治理能力和水平，根據《中華人民共和國公 司法》等相關法律法規、規範性文件、《上海君實生物醫藥科技股份有 限公司章程》（「《公司章程》」）的有關規定，公司設立董事會合規 委員會（「合規委員會」），並制定本工作細則。 第二條 合規委員會是董事會的下設專門工作機構，主要負責推進和指導公司合 規管理工作。 第三條 合規委員會由 3 名董事組成，成員應當為單數。 第四條 合規委員會委員由董事長或三分之一以上董事會成員或董事會提名委 員會提名，並由董事會以全體董事過半數選舉產生。 第五條 合規委員會設召集人即主任委員一名，負責主持委 ...

上 海 君 實 生 物 醫 藥 科 技 股 份 有 限 公 司 董 事 會 戰 略 委 員 會 工 作 細 則 | 第一章 | 總則 1 | | --- | --- | | 第二章 | 人員組成 1 | | 第三章 | 職責權限 2 | | 第四章 | 主任委員職責 2 | | 第五章 | 議事規則 3 | | 第六章 | 附則 4 | 上海君實生物醫藥科技股份有限公司 第一條 為適應上海君實生物醫藥科技股份有限公司（「公司」）戰略發展需要， 增強公司核心競爭力，確定公司發展規劃，健全投資決策程序，加強決 策科學性，提高重大投資與資本運作決策效率和決策質量，完善公司治 理結構，根據《中華人民共和國公司法》等相關法律法規、規範性文件、 《香港聯合交易所有限公司證券上市規則》（「《上市規則》」）、《上海君 實生物醫藥科技股份有限公司章程》（「《公司章程》」）、《上海君 實生物醫藥科技股份有限公司董事會議事規則》的有關規定，公司設立 董事會戰略委員會（「戰略委員會」），並制定本工作細則。 第二條 戰略委員會是董事會按照《公司章程》設立的專門工作機構,主要負責對 公司長期發展戰略和重大投資決策進行研究並向公司董事會提 ...

Core Insights - Junshi Biosciences reported a revenue of 1.168 billion yuan for the first half of 2025, representing a year-on-year growth of approximately 48.64% [1] - The net profit attributable to shareholders was -413 million yuan, an improvement from a net loss of 645 million yuan in the same period last year [1] - The core product, Tuoyi (Tremelimumab), generated sales revenue of 954 million yuan in China, marking a year-on-year increase of about 42% [1] Product and Market Development - Tuoyi is the first domestically developed PD-1 monoclonal antibody to be successfully launched in China and has also entered the U.S. market [1] - As of mid-2025, Tuoyi has received approval for 12 indications in China and has been approved for sale in multiple countries including the U.S., EU, India, and Australia [1] - Junshi Biosciences has submitted or received applications for Tuoyi in various countries including Brazil, Colombia, and South Africa, and has established commercial partnerships in over 80 countries [2] Pipeline and Future Prospects - In addition to Tuoyi, Junshi Biosciences has three other commercialized drugs and nearly 30 drug candidates in clinical trials, with over 20 in preclinical development [2]

| | | 上 海 君 實 生 物 醫 藥 科 技 股 份 有 限 公 司 董 事 會 提 名 委 員 會 工 作 細 則 | 第一章 | 總則 1 | | --- | --- | | 第二章 | 人員組成 1 | | 第三章 | 職責權限 2 | | 第四章 | 主任委員職責 3 | | 第五章 | 工作程序 4 | | 第六章 | 議事規則 5 | | 第七章 | 附則 6 | 上海君實生物醫藥科技股份有限公司 董事會提名委員會工作細則 第一章 總則 第二章 人員組成 1 第一條 為進一步建立健全上海君實生物醫藥科技股份有限公司（「公司」）董事、 總經理及其他高級管理人員的選任，完善公司治理結構，促進公司長遠戰略 目標的實現，根據《中華人民共和國公司法》、《上海證券交易所科創板股 票上市規則》（「《科創板上市規則》」）、《香港聯合交易所有限公司證 券上市規則》（「《香港上市規則》」）等相關法律法規、規範性文件、《上海 君實生物醫藥科技股份有限公司章程》（「《公司章程》」）、《上海君實 生物醫藥科技股份有限公司董事會議事規則》的有關規定，公司設立董事會 提名委員會（「提名委員會」），並制定本工作細則。 第二 ...

上 海 君 實 生 物 醫 藥 科 技 股 份 有 限 公 司 董 事 會 薪 酬 與 考 核 委 員 會 工 作 細 則 | 第一章 | 總則 1 | | --- | --- | | 第二章 | 人員組成 1 | | 第三章 | 職責權限 3 | | 第四章 | 主任委員職責 5 | | 第五章 | 工作程序 5 | | 第六章 | 議事規則 6 | | 第七章 | 附則 7 | 上海君實生物醫藥科技股份有限公司 董事會薪酬與考核委員會工作細則 第一章 總則 第一條 為進一步建立健全上海君實生物醫藥科技股份有限公司（「公 司」）董事、總經理及其他高級管理人員的考核和薪酬管理制 度，完善公司治理結構，促進公司長遠戰略目標的實現，根據 《中華人民共和國公司法》、《上海證券交易所科創板股票上 市規則》（「《科創板上市規則》」）、《香港聯合交易所有 限公司證券上市規則》（「《香港上市規則》」）等相關法律、 規範性文件、《上海君實生物醫藥科技股份有限公司章程》（「《公 司章程》」）、《上海君實生物醫藥科技股份有限公司董事會 議事規則》的有關規定，公司設立董事會薪酬與考核委員會（「薪 酬與考核委員會」），並制定本工作細 ...

上 海 君 實 生 物 醫 藥 科 技 股 份 有 限 公 司 董 事 會 審 計 委 員 會 工 作 細 則 | | | | 第一章 | 總則 | 1 | | --- | --- | --- | | 第二章 | 人員組成 | 1 | | 第三章 | 職責權限 | 3 | | 第四章 | 主任委員職責 | 5 | | 第五章 | 工作程序 | 6 | | 第六章 | 議事規則 | 7 | | 第七章 | 附則 | 8 | 上海君實生物醫藥科技股份有限公司 以及對公司正在運作的重大投資項目等進行風險分析，並履行法律法規 規定審計委員會應履行的其他職責。 第二章 人員組成 1 第三條 審計委員會成員由三名非執行董事組成，審計委員會成員應當為不在公 司擔任高級管理人員的董事，審計委員會人數至少三名，獨立非執行董 事占多數，委員中至少有一名獨立非執行董事為會計專業人士。公司董 事會成員中的職工代表可以成為審計委員會成員。 第四條 審計委員會委員由董事長、三分之一以上董事會成員或董事會提名委員 會提名，並由董事會以全體董事過半數選舉產生。如果只有一名作為專 業會計人士的獨立非執行董事，則其自動當選。審計委員會全部成員均 ...

Group 1 - The State Council emphasizes increasing financial and fiscal support for the artificial intelligence (AI) sector, aiming for over 70% penetration of new intelligent terminals and agents by 2027 [2][3] - By 2030, AI is expected to significantly contribute to high-quality economic development, with over 90% penetration of new intelligent applications [2] - The government plans to enhance the legal and regulatory framework for AI, including risk management and investment exit mechanisms [2][4] Group 2 - The National Development and Reform Commission (NDRC) will coordinate efforts to implement the AI action plan, ensuring local adaptation and avoiding superficial compliance [4] - The NDRC aims to foster a complete AI application service chain and promote the development of intelligent native technologies and services [4] - The NDRC will also support open-source ecosystem development to enhance international influence [4] Group 3 - The National Energy Administration acknowledges that the rapid growth of electric vehicle and AI sectors is driving increased electricity demand, which is reshaping energy consumption patterns [5][6] - Data indicates a 34.3% year-on-year increase in electricity consumption for new energy vehicle manufacturing in 2024, and a 20.5% increase for internet and related services [5][6] Group 4 - The new generation of the Chinese operating system, Galaxy Kirin V11, has been officially released, featuring significant improvements in architecture, security, and ecosystem compatibility [6] - Galaxy Kirin has achieved over 16 million deployments and is compatible with major domestic CPUs and GPUs, supporting various national projects [6] Group 5 - ByteDance has raised its option price to $200.41 per share, marking a significant increase from $189.9 earlier this year, reflecting a fivefold increase since 2019 [6] Group 6 - Aliyun's Baolian has announced a price reduction for certain model context caching, lowering the cost from 40% to 20% of the input token price when cache hits occur [7] Group 7 - Union Medical has received a medical device registration certificate for China's first photon counting spectral CT, marking a significant advancement in medical technology [8] - Nanjing New Pharmaceutical plans to acquire assets from Future Medicine for up to 480 million yuan, which is expected to constitute a major asset restructuring [9] - Biyimi plans to acquire 100% of Shanghai Xingan Semiconductor for 295 million yuan to enhance its core business and technology capabilities [10]

Core Insights - Junshi Biosciences (688180.SH) reported a revenue of 1.168 billion yuan for the first half of 2025, representing a year-on-year growth of 48.64% [1] - The net loss attributable to shareholders was 413 million yuan, an improvement from a net loss of 645 million yuan in the same period last year [1] - The company has made progress in the discovery, research and development, production, and commercialization of innovative drugs, but has not yet achieved profitability [1] - Junshi Biosciences continues to advance its pipeline of products under development and plans to maintain its investment in research and development [1]

Core Viewpoint - Junshi Bioscience (688180.SH/1877.HK) reported significant improvement in operational performance in the first half of 2025, with revenue reaching 1.168 billion yuan, a 49% year-on-year increase, and a 36% reduction in net loss to 413 million yuan, indicating enhanced sustainability in operations [1] Group 1: Financial Performance - In the first half of 2025, Junshi Bioscience achieved drug sales revenue of 1.059 billion yuan, also a 49% increase year-on-year, reflecting strengthened commercialization capabilities [1] - The core product, Toripalimab (Tuoyi®), generated sales revenue of 954 million yuan in the domestic market, marking a 42% year-on-year growth [1] - As of the end of Q2, the company had a total of 3.507 billion yuan in cash and financial assets, indicating a strong liquidity position [3] Group 2: Product Development and Market Expansion - Toripalimab's inclusion in the National Medical Insurance Directory expanded to 10 indications, with new approvals for the 11th and 12th indications in mainland China [1] - The product has been approved for sale in 40 countries and regions across four continents, including recent approvals in Australia, Singapore, UAE, and Kuwait [1][7] - The company has established commercial partnerships in over 80 countries, enhancing its global commercialization network [6] Group 3: R&D and Pipeline Progress - Junshi Bioscience increased its R&D investment to 706 million yuan in the first half of 2025, a 29% year-on-year increase, focusing on high-potential projects [8] - The company is advancing its PD-1/VEGF dual antibody (JS207) in Phase II clinical trials, targeting various cancers [9] - The company is also developing JS213, a PD-1/IL-2 dual functional antibody, currently in I phase clinical trials [9] - The innovative research institute was established to consolidate resources for R&D, enhancing operational efficiency [8]