Group 1: Liquidity and Performance of Sci-Tech Pharmaceutical Index ETF - The Sci-Tech Pharmaceutical Index ETF had a turnover rate of 16.48% during the trading session, with a transaction volume of 37.98 million yuan, indicating active market trading [2] - Over the past week, the average daily transaction volume of the ETF reached 48.92 million yuan, ranking first among comparable funds [2] - In the past year, the ETF's scale increased by 154 million yuan, achieving significant growth and ranking first in new scale among comparable funds [2] - The ETF's shares grew by 130 million units in the past year, also ranking first in new shares among comparable funds [2] - As of June 10, the net value of the ETF increased by 25.51% over the past year [2] - The highest monthly return since inception was 23.29%, with the longest consecutive monthly gains being 4 months and a maximum increase of 21.76% [2] - The average monthly return during the rising months was 8.18%, with a historical one-year profit probability of 69.81% [2] Group 2: Market Trends and Investment Opportunities - The Central Committee of the Communist Party of China and the State Council issued opinions to improve the basic medical insurance drug catalog adjustment mechanism and to develop a commercial health insurance innovative drug catalog [3] - A report from Dongwu Securities indicated that there were 73 oral presentations from China at the 2025 ASCO, marking a historical high, with 89 out of 184 ADC pipeline studies coming from China, accounting for approximately 48.4% of the total [3] - The agency believes that the competitiveness of domestic innovative drugs in the global market is continuously improving, and international investors' confidence in Chinese innovative drug companies is increasing [3] - Domestic innovative drugs are transitioning from "catching up" to "leading," presenting significant investment opportunities [3] - Investors without stock accounts can access the Sci-Tech Biopharmaceutical ETF linked fund (021061) to capitalize on opportunities in the Sci-Tech Board biopharmaceutical sector [3]

Summary of Conference Call Notes Industry Overview - The conference focuses on the innovative pharmaceutical sector, particularly the PD-(L)1 Plus treatment landscape, which is becoming a competitive area for overseas pharmaceutical companies [1][2]. Key Insights and Arguments - **Market Performance**: The pharmaceutical sector has shown strong performance recently, with significant volatility in innovative drugs. The core stocks have remained relatively stable during adjustments, driven by short-term trading dynamics [3]. - **Investment Outlook**: There is a strong bullish sentiment towards the innovative drug market, supported by solid underlying logic and clear industry trends. Key innovative drug targets, especially those with BD expectations or PD-1 Plus logic, are expected to perform well even during market corrections [3]. - **Investment Strategy**: Four main investment lines are recommended: Chinese supermarkets, generic drug opportunities, re-evaluation of small-cap pipelines, and large overseas pharmaceuticals. The strategy includes a combination of buying and random rotation for explosive growth [3]. - **Focus Areas**: Attention is drawn to the PD-1 Plus logic, particularly the potential upgrade from PD-1/VEGF to PD-1/IL-2. Upcoming opportunities related to the ADA conference in late June and advancements in medical technology (brain-computer interfaces, rehabilitation robots, AI in healthcare) are highlighted [3]. - **2025 Outlook**: Optimism prevails for the pharmaceutical sector, with expectations of a structural bull market. Focus areas include innovative drugs, new technologies, and industry restructuring [3]. Clinical Data Insights - **Sinda's PD-1/IL-2 (IBI363) Data**: - In non-small cell lung cancer (wild-type), the 1-1.5 mg/kg group showed an ORR of 25.9% and a median OS of 15.3 months, while the 3 mg/kg group had an ORR of 36.7% and a median PFS of 9.3 months, suggesting a potential median OS of 20-25+ months [3]. - In lung adenocarcinoma (wild-type), the low-dose group (0.6/1.5 mg/kg) had an ORR of 13.08% and a median PFS of 2.7 months, while the high-dose group (3 mg/kg) showed an ORR of 24% and a median PFS of 5.6 months, with a potential median OS of 25-30 months [3]. - The data indicates a high OS/PFS ratio, particularly in lung adenocarcinoma, which is rare and suggests a potential to limit metastatic tumors [3][4]. Competitive Landscape - **PD-1 Plus Market**: The PD-(L)1 market is substantial, estimated at around $40 billion, and is undergoing innovation. Major multinational corporations are actively investing in PD-1 Plus, contributing to rising upfront payments in business development [6]. - **Key Companies to Watch**: Notable companies in the PD-1 Plus space include Sinda, Hengrui, BeiGene, Kangfang Biotech, Rongchang Biotech, Aosaikang, and Zhimeng Junshi [6]. Sector-Specific Updates - **Innovative Drugs**: The index for innovative drugs rose by 0.34% last week, with a positive long-term outlook driven by clinical data and business development catalysts [6]. - **Generic Drugs**: The index increased by 1.69%, outperforming the pharmaceutical index. Key events include the approval of a compound release tablet by Shenda and the acceptance of a conditional listing application for a hemophilia drug [6]. - **Traditional Chinese Medicine & Pharmacies**: The Chinese medicine index rose by 0.39%, while pharmacies increased by 1.67%, with a focus on policy impacts and operational strategies [6]. - **Medical Devices**: The medical device index rose by 1.11%, with attention on equipment updates and market recovery [6]. - **Life Sciences**: The life sciences sector saw an average increase of 1.47%, with a focus on operational recovery and investment trends [6]. Additional Considerations - **Stock Selection**: Emphasis on companies with clean shareholding structures, low stock prices, and positive future operational trends. Monitoring monthly operational data and overall consumption data is crucial [7].

Core Viewpoint - Junshi Bioscience's stock closed at 33.87 yuan, up 2.36%, with a latest price-to-book ratio of 5.94 and a total market capitalization of 33.385 billion yuan [1] Company Overview - Junshi Bioscience focuses on the research and development of new drugs, as well as related technology transfer and services, including the production and sales of new drugs [1] - The company's main products include Toripalimab, Dihydrocodeine Bromide Tablets, Tifcemalimab, Adalimumab, and several monoclonal antibodies targeting various diseases [1] - Junshi Bioscience holds 175 authorized patents, with 129 domestic and 46 international patents, providing extensive and long-term patent protection for its products [1] Financial Performance - For Q1 2025, Junshi Bioscience reported revenue of 501 million yuan, a year-on-year increase of 31.46% [1] - The net profit for the same period was -234.88 million yuan, reflecting a year-on-year change of 17.01% [1] - The company's gross profit margin stood at 81.24% [1] Institutional Holdings - As of Q1 2025, 15 institutions held shares in Junshi Bioscience, including 12 funds and 3 other entities, with a total holding of 185.09 million shares valued at 5.571 billion yuan [1]

Core Viewpoint - The innovation speed and cost-effectiveness of Chinese biopharmaceutical companies have surpassed that of American companies, leading to a surge in stock prices for several Chinese biopharma firms [1][2]. Group 1: Market Performance - On June 9, 2023, Chinese biopharmaceutical companies saw a collective stock price increase, with Kelun-Botai (6990.HK) rising nearly 6% to a market cap exceeding HKD 80 billion, BeiGene (688235.SH) up over 8%, and Junshi Biosciences (688180.SH) up over 5% [1]. - The optimism surrounding original drug licensing contributed to the stock price increases, particularly following data presentations from Chinese companies at the recent ASCO annual meeting [1]. Group 2: International Interest - In recent months, American and European pharmaceutical companies have invested billions in acquiring Chinese-developed drugs, yielding returns for these companies [2]. - During the ASCO conference, BioNTech's resale of a tumor dual-antibody drug acquired from China's Pumice Biotech for over USD 10 billion to Bristol-Myers Squibb (BMS) highlighted the market's excitement [2]. - BMS is betting on a dual-antibody drug targeting PD-L1 and VEGF for treating various solid tumors, which shows potential to replace Merck's leading cancer drug, Keytruda [2]. Group 3: Competitive Landscape - The valuation of Chinese innovative drugs is considered reasonable by multinational companies, as they seek products with patent protection for lifecycle management [4]. - China has surpassed the U.S. in the number of clinical trials and has seen a significant increase in patent filings, attracting multinational pharmaceutical companies [4]. - AstraZeneca announced a USD 2.5 billion investment to establish a research center in Beijing, reflecting the growing interest in China's biopharmaceutical sector [4]. Group 4: Innovation and Development - Chinese biopharmaceutical companies have made rapid advancements in innovation over the past decade, although they still have a long way to go in achieving "original innovation" [4]. - The PD-L1/VEGF dual-antibody drug represents a significant innovation compared to traditional combination therapies, offering easier administration and potential cost reductions [4]. - Local companies like Kelun-Botai and InnoCare Pharma are actively investing in the development of antibody-drug conjugates (ADCs) in the competitive oncology market [4]. Group 5: Clinical Achievements - On June 6, 2023, Kelun-Botai's ADC drug, SKB264, received approval from the National Medical Products Administration (NMPA) and became the first TROP2 ADC drug approved for lung cancer indications globally [5]. - InnoCare Pharma presented data at ASCO indicating that its HER3-targeting ADC drug has potential comparable to Kelun-Botai's SKB264 for treating EGFR-resistant non-small cell lung cancer [5].

港股生物医药股盘中震荡上升，金斯瑞生物(01548.HK)涨超10.5%，诺诚健华(09969.HK)涨超9.5%，泰 格医药(03347.HK)涨超6.5%，君实生物(01877.HK)涨超5.5%，药明生物(02269.HK)涨超4%。 ...

Core Viewpoint - The announcement details a change in the equity holdings of major shareholders in Junshi Biosciences, with a decrease in their combined shareholding from 9.73% to 8.96% due to various factors, including liquidity arrangements [1][3]. Group 1: Shareholder Information - The major shareholder, Shanghai Tanying Investment Partnership, along with its concerted parties, has reduced its shareholding [1]. - The total number of shares held by these shareholders decreased from 95,907,223 shares to 88,338,379 shares [3]. - The change in shareholding does not trigger mandatory tender offer obligations [1]. Group 2: Shareholding Breakdown - Shanghai Tanying's shares decreased from 75,076,239 shares (7.62%) to 71,459,326 shares (7.25%) [3]. - Shanghai Tanzheng's shares decreased from 1,591,971 shares (0.16%) to 0 shares [3]. - LVC Fund II's shares decreased from 1,132,301 shares (1.15%) to 896,305 shares (0.91%) [3]. Group 3: Additional Notes - The equity change does not affect the control of the company or its major shareholders [3]. - The change does not require the disclosure of an equity change report [3].

证券代码：688180 证券简称：君实生物 公告编号：临 2025-032 上海君实生物医药科技股份有限公司 关于持股 5%以上股东权益变动 触及 1%刻度的提示性公告 重要内容提示： 权益变动方向 比例增加□ 比例减少√ 权益变动前合计比例 9.73% 权益变动后合计比例 8.96% 本次变动是否违反已作出的承 诺、意向、计划 是□ 否√ 是否触发强制要约收购义务 是□ 否√ | | | □控股股东/实控人的一致行动人 √其他直接持股股东 | □不适用 | | --- | --- | --- | --- | | 上海檀正 | | □控股股东/实控人 □控股股东/实控人的一致行动人 | √91310118MA1JMB2763 | | | | √其他直接持股股东 | □ 不适用 | | LVC Fund | II | □控股股东/实控人 □控股股东/实控人的一致行动人 | □_____________ | | | | √其他直接持股股东 | √不适用 | （三） 一致行动人信息 | 一致行动 人名称 | 投资者身份 | 统一社会信用代码 | | --- | --- | --- | | LVC | □控股股东/实 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年5月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 上海君實生物醫藥科技股份有限公司 FF301 呈交日期: 2025年6月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01877 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 219,295,700 | RMB | | 1 | RMB | | 219,295,700 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 219,295,700 | RMB | | 1 | RMB | | 219,295,700 | | 2. ...

Core Insights - Bristol-Myers Squibb (BMS) acquired BioNTech's PD-L1/VEGF dual antibody BNT327 for $9 billion, highlighting the increasing interest in Chinese biotech firms and their innovative drug pipelines [1][2] - The rapid financial success of BioNTech, which earned over $8 billion from the initial $55 million licensing deal with Chinese firm Pumice Biologics, raises questions about the pricing strategies of Chinese pharmaceutical companies in the global market [1][2][3] - The trend of multinational corporations (MNCs) aggressively acquiring Chinese dual antibodies is reshaping the global landscape of innovative drugs, with significant deals such as the $6.05 billion agreement between 3SBio and Pfizer [1][4] Group 1: Major Transactions - BMS's deal with BioNTech includes a $1.5 billion upfront payment, a record for oncology licensing agreements, along with additional milestone payments totaling $76 billion [2] - 3SBio's licensing of its PD-1/VEGF dual antibody SSGJ-707 to Pfizer for $6.05 billion, with an upfront payment of $1.25 billion, sets a new record for domestic innovative drug licensing [4][5] - Other notable transactions include Merck's $3.3 billion investment in LianBio and the anticipated $5 billion deal involving Shijiazhuang Yiling Pharmaceutical [5][6] Group 2: Market Dynamics - The surge in MNCs acquiring Chinese dual antibodies is driven by the expiration of patents for existing blockbuster drugs and the need for new products [6][7] - Chinese innovative drug companies benefit from lower development costs and a large patient pool, making them attractive targets for MNCs seeking to enhance their product pipelines [6][7] - The total value of outbound licensing deals for Chinese innovative drugs reached $45.5 billion since early 2025, with 42% of high-value projects coming from China [5][6] Group 3: Future Outlook - The ongoing trend of MNCs partnering with Chinese biotech firms is expected to bolster the confidence of domestic companies in pursuing research and development [7][8] - The ability of Chinese innovative drug companies to negotiate higher prices in licensing deals will depend on their negotiation skills and market positioning [8] - The need for a "pricing power revolution" in the Chinese pharmaceutical industry is emphasized, as companies face challenges from rising R&D costs and stringent domestic pricing policies [9]

Core Viewpoint - Junshi Bioscience's stock closed at 33.06 yuan, up 1.69%, with a market-to-book ratio of 5.80, marking a new low in 157 days, and a total market capitalization of 32.587 billion yuan [1] Company Overview - Junshi Bioscience focuses on the research and development of new drugs, as well as the transfer and service of related technologies, including the production and sales of new drugs [1] - The company has 175 authorized patents, with 129 domestic and 46 international patents, covering various aspects of new drug protein structures, preparation processes, uses, and formulation recipes [1] Financial Performance - For Q1 2025, the company reported revenue of 501 million yuan, a year-on-year increase of 31.46%, while net profit was -234.88 million yuan, a year-on-year decrease of 17.01%, with a gross profit margin of 81.24% [2] Market Comparison - Junshi Bioscience's PE (TTM) is -26.43, with a static PE of -25.44 and a market-to-book ratio of 5.80, compared to the industry average PE of 64.63 and a market-to-book ratio of 10.39 [3] - The total market capitalization of Junshi Bioscience is 32.587 billion yuan, which is significantly lower than the industry median market capitalization of 80.24 billion yuan [3]