Group 1 - The National Healthcare Security Administration (NHSA) has established a "first launch price mechanism" for new drugs to encourage innovation in drug development, marking a shift from a cost-control approach to one that promotes high-quality innovation [1][2][3] - The NHSA aims to support high-level innovative drugs by ensuring that their initial pricing reflects the high investment and risk associated with their development, and proposes a price stability period for these drugs [1][3] - The NHSA is facilitating the approval process for innovative drugs through a "joint review and approval" model, which allows for quicker clinical access to new drugs [1][5] Group 2 - The introduction of the first launch price mechanism addresses the previous ambiguity surrounding the pricing of innovative drugs in China, which often led to challenges in market entry and pricing for companies [2][3] - The NHSA's new pricing guidelines include over 100 new pricing projects for innovative products and devices, establishing a parallel structure for pricing and technological innovation [2] - The proposed pricing mechanism allows companies to self-assess their drugs based on clinical value and evidence, which can influence their initial pricing and market entry strategy [4][5] Group 3 - The NHSA's approach is seen as a structural response to enhance the incentive mechanisms for drug development, potentially establishing a "real market price" for innovative drugs before they enter negotiations for inclusion in the healthcare insurance catalog [3][4] - The new pricing model includes a five-year price stability period for high-scoring drugs, which will not be subject to centralized procurement during this time, allowing companies to recover their investments more effectively [5] - Industry experts express optimism about the evolving policy environment for innovative drugs, anticipating that these changes will enhance investment returns and strengthen the position of Chinese markets in global pharmaceutical strategies [6]

Group 1 - The stock price of Junshi Biosciences-U closed at 38.46 yuan on July 31, down 1.69% from the previous trading day [1] - The trading volume on that day reached 782 million yuan, with a turnover rate of 2.60% [1] - Junshi Biosciences-U is focused on the research, production, and commercialization of innovative drugs, with key products including Toripalimab, targeting oncology and autoimmune diseases [1] Group 2 - In 2025, the National Medical Products Administration has approved over 20 Class 1 innovative drugs for market launch, setting a record for the past five years [1] - There have been more than 50 licensing cooperation events for domestic innovative drugs going abroad, with a total disclosed cooperation amount exceeding 48.4 billion USD [1] - On July 31, the net outflow of main funds for Junshi Biosciences-U was 49.655 million yuan, accounting for 0.17% of the circulating market value [1]

7月31日，上证指数跌1.18%，收报3573.21点，恒生指数跌1.6%，收报24773.33点。 君实生物-UAH溢价达64.6%，位居AH股溢价率第59位。当日收盘，君实生物-UA股报38.46元，跌幅 1.69%，H股报25.5港元，下跌4.14%。 资料显示，上海君实生物医药科技股份有限公司成立于2012年12月,是一家以创新为驱动,致力于创新疗 法的发现、开发和商业化的生物制药公司。凭借卓越的创新药物发现能力、先进的生物技术研发、全产 业链大规模生产技术和极具市场潜力的在研药品组合,君实生物在肿瘤免疫疗法,以及自身免疫系统疾 病、慢性代谢类疾病、神经系统疾病、感染类疾病等治疗方面极富潜力。 *注：AH股是指同时在A股和港股上市的公司，溢价（A/H）越大，说明H股相比A股越便宜。 本文源自：金融界 作者：行情君 ...

Core Viewpoint - Junshi Biosciences aims to establish itself as a global innovative pharmaceutical company with a complete industry chain capability from drug discovery to commercialization, focusing on quality and innovation [2][3]. Group 1: Company Overview - Junshi Biosciences was founded on December 27, 2012, and listed on July 15, 2020, with its main business involving the research and commercialization of monoclonal antibody drugs and other therapeutic proteins [7]. - The company's revenue composition includes 84.18% from drug sales, 12.08% from technology licensing, and 3.73% from other sources [7]. Group 2: Product Development and Pipeline - The company has developed a significant product portfolio, including the first domestically approved PD-1 monoclonal antibody, Toripalimab, which has received approval for 11 indications in mainland China and is also approved in multiple countries [2]. - Junshi's Tifcemalimab is the first anti-tumor anti-BTLA monoclonal antibody to enter clinical development, with ongoing Phase III trials and several combination studies [2]. Group 3: Recent Collaborations and Innovations - On October 27, 2023, Junshi announced collaborations with several institutions to develop a monkeypox recombinant protein vaccine, currently in preclinical development [3]. - The company is also working on other vaccine candidates, including Zika virus vaccines, through partnerships with research institutions and universities [3]. Group 4: Financial Performance - For the first quarter of 2025, Junshi reported revenue of 5.01 billion, a year-on-year increase of 31.46%, while the net profit attributable to shareholders was -2.35 billion, reflecting a 17.01% year-on-year increase [8].

作者：智投君 融券方面，当日融券卖出0.62万股，净卖出0.48万股。 本文源自：金融界 7月30日，沪深两融数据显示，君实生物获融资买入额0.85亿元，居两市第244位，当日融资偿还额0.83 亿元，净买入199.21万元。 最近三个交易日，28日-30日，君实生物分别获融资买入0.60亿元、1.02亿元、0.85亿元。 ...

作者：A股君 根据公开信息，君实生物于2020年7月在科创板上市，通过资本市场获得80多亿元融资，有力支持了临 床项目和研发储备的推进。公司研发的创新型疗法已在中美两国获批上市，为相关疾病患者提供了新的 治疗选择。 截至2025年7月30日15时，君实生物-U股价报39.12元，较前一交易日下跌1.88元。当日开盘价为40.60 元，最高触及41.55元，最低下探至39.00元，成交量为187189手，成交金额达7.53亿元。 君实生物-U属于生物医药行业，专注于创新药物的研发与商业化。公司产品涵盖抗肿瘤、自身免疫、 抗感染等多个治疗领域，其核心产品已在全球超过35个国家和地区获批上市。目前公司拥有5项商业化 产品，在创新药领域具有重要地位。 本文源自：金融界 当日主力资金净流出7000.54万元，占流通市值的0.23%。 风险提示：股市有风险，投资需谨慎。 ...

Core Points - Junshi Bioscience's stock closed at 39.12 yuan, down 4.59% [1] - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on July 15, 2020, with an initial offering price of 55.50 yuan per share [1] - The stock reached a peak of 220.40 yuan on its first trading day but has since experienced a significant decline, currently trading below its initial offering price [1] Fundraising and Financials - Junshi Bioscience raised a total of 4.836 billion yuan in its initial public offering (IPO), with a net amount of 4.497 billion yuan after deducting issuance costs, exceeding the planned amount by 1.797 billion yuan [1] - The company planned to use the raised funds for innovative drug research and development, a technology industrialization project, repaying bank loans, and supplementing working capital [1] - In 2022, the company issued 70 million A-shares at a price of 53.95 yuan per share, raising approximately 3.776 billion yuan, with a net amount of about 3.745 billion yuan after expenses [2] - The total amount raised by Junshi Bioscience from both IPOs is approximately 8.612 billion yuan [2] Profitability - From 2016 to 2024, the company's net profit attributable to shareholders has shown consistent losses, with figures ranging from -1.35 billion yuan in 2016 to -12.81 billion yuan in 2024 [3] - The net profit excluding non-recurring gains and losses also reflects significant losses, with values from -1.60 billion yuan in 2016 to -12.90 billion yuan in 2024 [3]

从资金流向上来看，当日生物制品板块主力资金净流出2.98亿元，游资资金净流入1.68亿元，散户资金净 流入1.3亿元。生物制品板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 688136 | 科兴制药 | 47.06 | -6.76% | 8.01万 | 3.86 Z | | 688336 | 三生国健 | 53.43 | -4.59% | 7.91万 | 4.32亿 | | 688180 | 君实生物 | 39.12 | -4.59% | 18.72万 | 7.53亿 | | 688331 | 荣昌生物 | 66.70 | -4.48% | 10.06万 | 6.81亿 | | 688105 | 诺唯赞 | 25.39 | -3.97% | 5.30万 | 1.36 Z | | 688137 | 近岸蛋白 | 45.79 | -3.92% | 1.83万 | 8490.57万 | | 300485 | 赛开药业 | 66"FI | -3.60% | 41.56万 | ...

港股生物医药板块午后走弱，荣昌生物(09995.HK)跌超7%，君实生物(01877.HK)跌超6%，再鼎医药 (09688.HK)、复宏汉霖(02696.HK)等跟跌。 ...

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index (000683) increased by 0.73% as of July 28, 2025, with notable gains from companies such as Junshi Biosciences (688180) up 3.74% and Zai Lab (688266) up 3.30% [1] - The recent outbreak of Chikungunya fever in Guangdong Province has led to nearly 3,000 new local cases, primarily concentrated in Foshan and Guangzhou, with a cumulative total exceeding 4,800 confirmed cases [1] - The Sci-Tech Biopharmaceutical ETF (588250) rose by 0.82%, with the latest price reported at 1.23 yuan [1] Group 2 - Short-term focus on beneficiaries of the Chikungunya fever outbreak includes the vaccine sector, which may see valuation recovery due to market sentiment stabilizing despite anticipated performance pressure in 2024 [2] - The pharmacy sector is adapting to changes in medical insurance and regulatory environments, with companies like Yao Yi Tang exploring new business models, such as health and beauty products, to enhance profitability [2] - The diagnostics sector may experience renewed demand due to the Chikungunya fever, following the normalization of COVID-19 related demand [2] Group 3 - As of June 30, 2025, the top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index accounted for 50.3% of the index, including companies like United Imaging Healthcare (688271) and BeiGene (688235) [3]