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]

Company Overview - Junshi Biosciences is located in Shanghai and specializes in the research and commercialization of monoclonal antibody drugs and other therapeutic protein drugs, with main business revenue comprising 90.67% from drug sales, 8.74% from technology licensing, and 0.59% from technical services and others [2] Financial Performance - For the first half of 2025, Junshi Biosciences achieved a revenue of 1.168 billion yuan, representing a year-on-year growth of 48.64%, while the net profit attributable to shareholders was -413 million yuan, showing a year-on-year increase of 36.01% [2] Shareholder Structure - As of June 30, 2025, the number of shareholders of Junshi Biosciences increased by 5.88% to 31,200, with an average of 24,543 circulating shares per person, a decrease of 5.56% from the previous period [2] Market Activity - On September 18, Junshi Biosciences saw a trading volume of 909 million yuan, with a net financing purchase of 19.83 million yuan, indicating strong market interest [1] - The financing balance reached 1.422 billion yuan, accounting for 4.06% of the circulating market value, which is above the 90th percentile of the past year, indicating a high level of financing activity [1] Institutional Holdings - As of June 30, 2025, major institutional shareholders include Huaxia SSE STAR 50 ETF and E Fund SSE STAR 50 ETF, with changes in their holdings reflecting varying levels of institutional interest [3]

Core Insights - The conference highlighted the growing global competitiveness of Chinese innovative drugs, particularly in areas like ADC and bispecific antibodies, while emphasizing the need for improvement in original innovation capabilities [1][5][6] - There is a consensus among industry leaders that "going global" is essential for the future of Chinese innovative drugs, with calls for more supportive policies to facilitate this process [1][7][9] Group 1: Current State of Chinese Innovative Drugs - Chinese innovative drugs have reached a global competitiveness level from "1 to 10," especially in engineering fields, but still need to enhance original innovation from "0 to 1" [1] - The quality of projects is crucial for international expansion, as highlighted by industry leaders who stress that strong data and comprehensive packages are essential for success [2][3] - The past decade has seen significant development in the Chinese innovative drug ecosystem, with a complete industrial chain now in place, particularly in cities like Shanghai [4] Group 2: Challenges and Opportunities - The domestic market's limitations are pushing companies to explore international markets, with a focus on countries involved in the Belt and Road Initiative [7] - There is a need for policy reforms regarding listing standards to support innovative drug companies that face long development cycles and high R&D costs [7][9] - The current pricing of innovative drugs in international markets is still influenced by domestic prices, which poses challenges for global competitiveness [9] Group 3: Future Directions and Innovations - The industry is witnessing a surge in various therapeutic areas, including small molecules, antibodies, peptides, RNA, and gene therapies, indicating a diverse landscape of innovation [10] - The potential for small nucleic acids and other novel therapies is recognized as a significant opportunity for Chinese companies to lead in the global market [10] - Industry leaders express confidence in the future of Chinese innovative drugs, anticipating that with time, more companies will emerge as global players [11]

作为科创板迈向"新高地"暨"硬科硬客"2025年会的重要内容之一，9月10日，君实生物（688180.SH）、 皓元医药（688131.SH）、药康生物（688046.SH）、美迪西（688202.SH）、迈威生物（688062.SH） 等科创板创新药领域龙头上市公司高管，逾50家机构投资者参与了创新药产业链的高层次闭门研讨会。 会议围绕中国创新药出海的核心能力、国际竞争力现状及未来发展方向进行深入研讨。 与会嘉宾认为，中国创新药已具备从"1到10"的全球竞争力，尤其在ADC、双抗等工程化领域国际领 先，但在"0到1"的原始创新方面仍需努力。出海，成为行业共识，企业呼吁政策进一步支持破解"出 海"难题。 "君实生物是最早把国际化当作自己重要战略的本土企业之一，特瑞普利单抗也是第一个获得美国FDA 批准上市的中国自研自产PD-1产品，目前已经在40个国家和地区获批。"李鑫坦言，产品出海是高成本 的事情，需要满足国际上未被满足的需求，同时要应对FDA等海外监管机构的严格审评，包括临床和生 产端。 皓元医药董事长兼总经理郑保富从产业链角度分析："创新药是我们CRO（定制研发机构）、CDMO （医药合同定制研发生产企 ...