Group 1 - The A-share market indices showed positive performance, with the pharmaceutical sector remaining active, particularly the innovative drug ETF Tianhong (517380), which rose by 1.53% [1] - The innovative drug ETF Tianhong is the largest in the market, covering both A-shares and Hong Kong stocks, and has achieved a net value growth rate of 24.96% over the past year, outperforming its benchmark by 5.45% [1] - The Biopharmaceutical ETF (159859) also saw an increase of 0.55%, with a trading volume exceeding 20 million yuan, indicating strong investor interest [1] Group 2 - The article from "Learning Times" emphasizes the strategic importance of accelerating innovative drug research and development, highlighting the need for a sustainable investment and financing system in the pharmaceutical sector [2] - Recommendations include enhancing multi-tiered capital market support for pharmaceutical companies, encouraging long-term funds to invest in biopharmaceuticals, and creating a favorable incubation environment for the industry [2] - The article also suggests improving mechanisms for handling innovation failures and enhancing intellectual property protection to incentivize high-quality research outputs [2] Group 3 - According to Zhongtai Securities, innovative drugs represent a clear industry trend with significant growth potential, and the investment focus on innovative drugs is expected to remain unchanged throughout the year [3] - Guojin Securities expresses strong confidence in the pharmaceutical sector reversing its trend by 2025, with innovative drugs being a key investment opportunity [3] - Xiangcai Securities notes that after a decade of investment in innovative drugs, the sector is entering a phase of results realization, supported by continuous clinical data and accelerated commercialization [3]

Core Viewpoint - Junshi Biosciences has raised approximately HKD 1.026 billion through a discounted placement of H-shares, reflecting significant cash flow pressures and concerns regarding the sustainability of its financing and R&D model [2][4]. Financing and Capital Structure - The recent placement at HKD 25.35 per share represents an 11.52% discount, marking the largest discount financing in the Hong Kong biopharmaceutical sector this year [2]. - This is the third large-scale financing for Junshi Biosciences in four years, with total fundraising since 2021 reaching approximately RMB 7 billion [3]. - The company has accumulated losses exceeding RMB 10.9 billion since its establishment in 2012, with R&D expenditures totaling RMB 11.419 billion, indicating a heavy reliance on external capital [4]. Financial Performance and Ratios - Junshi's asset-liability ratio increased from 24.64% in 2021 to 47.98% in Q1 2025, indicating rising financial pressure [5][6]. - The company's liquidity ratios have declined significantly, with the current ratio dropping to 1.40 and the quick ratio to 1.20 in Q1 2025, both below industry averages [6][8]. - Cash reserves have decreased from a peak of RMB 6.031 billion at the end of 2022 to RMB 2.522 billion by Q1 2025, a reduction of over 58% [5]. Revenue and Product Dependency - Junshi's revenue heavily relies on its core product, Toripalimab (Tuoyi®), which accounted for over 88% of total revenue in Q1 2025, despite the company still facing losses [9][10]. - The company reported a total revenue of RMB 1.948 billion in 2024, with a net loss of RMB 1.281 billion, although the loss narrowed by 43.90% year-on-year [9]. - International revenue has fluctuated dramatically, dropping from RMB 3.341 billion in 2021 to RMB 0.093 billion in 2024, highlighting instability in the company's revenue structure [10].

Core Viewpoint - The company successfully completed the placement of 41 million new H shares, raising approximately HKD 1.039 billion, with net proceeds of about HKD 1.026 billion allocated primarily for innovative drug research and general corporate purposes [1][2]. Summary by Sections Placement Completion - The placement of 41,000,000 new H shares was completed on June 20, 2025, after all conditions were met, including approval from the Hong Kong Stock Exchange [1]. - The placement price was set at HKD 25.35 per share, representing approximately 15.75% of the total issued H shares and 3.99% of the total issued shares post-placement [2]. Use of Proceeds - The net proceeds from the placement will be allocated as follows: 70% for innovative drug research, including projects like JS207, JS212, and JS213, and 30% for general corporate purposes [2]. Share Capital Changes - Following the placement, the total number of issued shares increased from 985,689,871 to 1,026,689,871, with H shares rising to 260,295,700 while A shares remained at 766,394,171 [3]. - The shareholding structure showed a decrease in the controlling shareholders' stake from 18.67% to 17.92% due to the dilution effect of the new shares issued [4]. Shareholder Changes - The major shareholders, including the actual controllers and their concerted parties, experienced a reduction in their shareholding percentages post-placement, with specific reductions noted for individual shareholders [4][5].

证券代码：688180 证券简称：君实生物 公告编号：临 2025-035 上海君实生物医药科技股份有限公司 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ? 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 6 月 20 日 其中：A 股股东所持有表决权数量占公司表决权数量的 比例（%） 境外上市外资股（H 股）股东所持有表决权数量 占公司表决权数量的比例（%） （四） 表决方式是否符合《公司法》及公司章程的规定，股东大会主持情况等。 上海君实生物医药科技股份有限公司（以下简称"公司"）2024 年年度股东 （二） 股东大会召开的地点：上海市浦东新区平家桥路 100 弄 6 号 7 幢 15 层 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： 其中：A 股股东人数 199 境外上市外资股（H 股）股东人数 1 其中：A 股股东所持有表决权数量 295,923,267 境外上市外资股（H 股）股东所持有表决权数 ...

证券代码：688180 证券简称：君实生物 公告编号：临 2025-036 上海君实生物医药科技股份有限公司 关于完成根据一般授权配售新 H 股的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 上海君实生物医药科技股份有限公司（以下简称"本公司"）于 2025 年 6 月 13 日披露了《上海君实生物医药科技股份有限公司关于根据一般授权配售新 H 股的公告》（公告编号：临 2025-034，以下简称"配售公告"），内容有关本 公司配售 41,000,000 股新 H 股（以下简称"配售事项"）。除文义另有所指外， 本公告所用所有词汇与配售公告所界定者具有相同涵义。 一、 完成配售事项 董事会欣然宣布，配售协议所载的所有配售事件先决条件已达成（包括香港 联交所批准配售股份上市及买卖），配售事项已于 2025 年 6 月 20 日完成（以下 简称"配售完成"）。 经独家配售代理通知，已根据配售协议中的条件及条款按每股 H 股 25.35 港 元的配售价格向符合条件的承配人成功配售合计 41,000,000 股 H 股配售 ...

证券代码：688180 证券简称：君实生物 公告编号：临 2025-035 上海君实生物医药科技股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 6 月 20 日 （二） 股东大会召开的地点：上海市浦东新区平家桥路 100 弄 6 号 7 幢 15 层 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 200 | | --- | --- | | 股股东人数 其中：A | 199 | | 境外上市外资股（H 股）股东人数 | 1 | | 2、出席会议的股东所持有的表决权数量 | 349,041,140 | | 股股东所持有表决权数量 其中：A | 295,923,267 | | 股）股东所持有表决权数量 境外上市外资股（H | 53,117,873 | | 3、出席会议的股东所持有表决 ...

北京市嘉源律师事务所 关于上海君实生物医药科技股份有限公司 2024 年年度股东大会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 第 准 师事务 所 A YUAN LAW OFFICES 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 致:上海君实生物医药科技股份有限公司 北京市嘉源律师事务所 关于上海君实生物医药科技股份有限公司 2024年年度股东大会的法律意见书 嘉源(2025)-04-446 北京市嘉源律师事务所(以下简称"本所")接受上海君实生物医药科技股 份有限公司(以下简称"君实生物"或"公司")的委托,根据《中华人民共和 国公司法》(以下简称"《公司法》")《上市公司股东会规则》(以下简称"《股 东会规则》")等现行有效的法律、行政法规、部门规章、规范性文件(以下简 称"法律法规")以及《上海君实生物医药科技股份有限公司章程》(以下简称"《公 司章程》")的有关规定,指派本所律师对公司 2024年年度股东大会(以下简 称"本次股东大会"）进行见证,并依法出具本法律意见书。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 上海君實生物醫藥科技股份有限公司 呈交日期： 2025年6月20日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | --- | --- | --- | --- | --- | --- | | 1. 股份分類 普通股 | 股份類別 H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) 01877 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | 事件 | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 已發行股份（不包括庫存股份）數 | 佔有關事件前的現有已發 行股份（不包括庫存股 | 庫存股份數目 | 每股發 ...

Core Insights - JS207, a bispecific antibody targeting PD-1 and VEGFA developed by Junshi Biosciences, has demonstrated strong antitumor activity and favorable safety profiles in preclinical studies, indicating its potential as a novel cancer treatment [1][2] Group 1: Mechanism and Preclinical Results - JS207 exhibits high affinity binding to PD-1 and VEGFA, showing comparable or superior antigen affinity, immune activation, and vascular proliferation regulation compared to similar drugs [1][2] - In various tumor models, JS207 has shown robust antitumor activity, with good tolerability and thermal stability, making it a promising candidate for cancer therapy [1][2] Group 2: Structural and Functional Characteristics - Structurally, JS207 is based on Trastuzumab, combining a full-length anti-PD-1 IgG antibody with a VEGFA-targeting heavy chain variable region, demonstrating effective blocking of PD1/PDL1 and PD1/PDL2 interactions [2] - In mouse tumor models, JS207 exhibited dose-dependent antitumor effects, outperforming Trastuzumab alone or in combination with VEGF DotAb treatment [2] Group 3: Clinical Development and Market Potential - JS207 is currently undergoing multiple Phase I-II clinical trials for various cancers, including non-small cell lung cancer, hepatocellular carcinoma, renal cancer, and colorectal cancer, indicating its broad application potential [3] - The drug has significant combination potential with other products in the company's pipeline, such as DKK1 inhibitors and CTLA-4 monoclonal antibodies, enhancing its market prospects [3] Group 4: Financial Projections - Revenue forecasts for the company from 2025 to 2027 are projected at 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 [4] - The net profit attributable to the parent company is expected to be -685 million, 29 million, and 306 million yuan for the same period, with significant growth rates of 46.53%, 104.18%, and 968.22% respectively [4]

从基金十大重仓股角度 数据显示，汇添富基金旗下1只基金重仓君实生物。汇添富中证精准医疗指数(LOF)A（501005）一季度 减持12.83万股，持有股数177.1万股，占基金净值比例为4.38%，位居第十大重仓股。根据测算，今日 浮亏损失约88.55万元。连续5天下跌期间浮亏损失874.89万元。 汇添富中证精准医疗指数(LOF)A（501005）成立日期2016年1月21日，最新规模8.06亿。今年以来收益 18.46%，同类排名239/4243；近一年收益26.17%，同类排名672/3656；成立以来亏损10.95%。 6月19日，君实生物跌1.46%，截至发稿，报33.71元/股，成交4.43亿元，换手率1.71%，总市值332.28亿 元。君实生物股价已经连续5天下跌，区间累计跌幅12.78%。 资料显示，上海君实生物医药科技股份有限公司位于上海市浦东新区平家桥路100弄6号7幢16层,香港铜 锣湾希慎道33号利园1期19楼1918室，成立日期2012年12月27日，上市日期2020年7月15日，公司主营业 务涉及单克隆抗体药物和其他治疗型蛋白药物的研发与产业化,单克隆抗体药物研发的技术服务与技术 ...