Group 1 - The core viewpoint of the news is that Chengquan Capital has conducted research on Junshi Biosciences, highlighting the company's progress in drug development, including various monoclonal antibodies and bispecific antibodies [1] - Junshi Biosciences introduced its JS207 bispecific antibody, which combines anti-PD-1 and anti-VEGF properties, currently undergoing clinical trials for multiple cancers [1] - The JS107 monoclonal antibody is in I/II phase clinical trials, with plans to initiate III phase trials in 2025 [1] - The sales of Toripalimab are expected to grow by 66% in 2024 due to new indications being approved and the increase in indications covered by medical insurance [1] - Tifcemalimab is undergoing two III phase registration clinical studies targeting limited-stage small cell lung cancer and classical Hodgkin lymphoma [1] - The anti-PCSK9 monoclonal antibody, Angrezi, has received NMPA approval for market launch, while the anti-IL-17 monoclonal antibody, JS005, is in III phase registration clinical research [1] Group 2 - Chengquan Capital, established in July 2015, has a registered capital of 50 million yuan and was founded by Hu Jiguang, a notable figure in the asset management industry [2] - The investment research team at Chengquan Capital consists of experienced professionals from leading securities firms and influential research institutions in China, demonstrating strong market sensitivity and risk control capabilities [2] - The company emphasizes a client-centered approach, aiming for wealth preservation and growth for clients, employees, and shareholders, aspiring to be a respected and influential investment institution in the domestic capital market [2]

Core Viewpoint - Junshi Biosciences (SH688180) reported a continued narrowing of net losses in its 2024 annual report, with significant revenue growth driven by its core product, Toripalimab [1][2] Financial Performance - In 2024, Junshi Biosciences achieved revenue of 1.948 billion yuan, a year-on-year increase of 29.67%, while the net loss was 1.281 billion yuan, representing a 43.89% reduction in losses compared to the previous year [1][2] - The company has now recorded two consecutive years of revenue growth and a reduction in net losses since 2023 [1] Product Performance - Toripalimab generated sales of 1.501 billion yuan in 2023, a 66% increase year-on-year, accounting for 77% of the company's total revenue [1][2] - The product has received approvals for multiple new indications, including late-stage triple-negative breast cancer, late-stage renal cell carcinoma, and extensive small cell lung cancer, with a total of 11 approved indications in mainland China [2][3] Sales and Market Strategy - The sales team has improved efficiency, with a significant increase in per capita sales efficiency and a reduction in sales expense ratio in 2024, which is expected to decrease further in 2025 and 2026 [1][4] - Toripalimab is the only PD-1 monoclonal antibody covered by national health insurance for specific indications, contributing 25% of revenue from lung cancer indications [3] International Expansion - The company anticipates rapid growth in overseas revenue for Toripalimab, having officially launched in the U.S. market in January 2024 and received approvals in over 30 countries and regions [4] R&D Pipeline - The Tifcemalimab project, an anti-tumor anti-BTLA monoclonal antibody, is in phase III clinical trials and is the second-largest investment project for Junshi Biosciences, with expected mid-term data readouts between 2026 and the first half of 2027 [5]

Core Insights - Junshi Biosciences (1877.HK, 688180.SH) reported a revenue of 1.948 billion yuan for 2024, marking a year-on-year increase of 29.67% driven by the growth in commercialized drug sales [1] - The company's net loss narrowed to 1.281 billion yuan, a reduction of over 1 billion yuan compared to the previous year, indicating improved financial health [1] - Junshi Biosciences has a robust pipeline with nearly 30 drug candidates in clinical trials and over 20 in preclinical development [1] Revenue and Financial Performance - The revenue growth is attributed to the strong performance of the core product, Toripalimab, which achieved sales of 1.501 billion yuan in the domestic market, a significant increase of approximately 66% year-on-year [1] - The company’s cash and financial assets totaled about 2.933 billion yuan by the end of 2024, reflecting a solid financial reserve [1] Product Development and Market Expansion - Toripalimab's rapid growth is supported by the efficient advancement of research and registration, with new indications approved in recent years, including late-stage triple-negative breast cancer and advanced renal cell carcinoma [2] - The drug has been included in the national medical insurance catalog for its first ten indications, providing a competitive edge in market promotion [2] - Junshi Biosciences has expanded its product matrix with the addition of its fifth commercialized product, Angrexis, broadening its therapeutic areas [3] Global Commercialization Efforts - Toripalimab is the first domestic PD-1 drug to successfully enter international markets, with FDA approval and sales commencing in the U.S. in January 2024 [4] - The drug has been approved in over 35 countries and regions, including the U.S., EU, and Australia, and is the only drug recommended for certain cancer treatments in these markets [4][5] Pipeline and Future Growth - The company is advancing several high-potential pipeline products, including anti-BTLA monoclonal antibody tifcemalimab and anti-IL-17A monoclonal antibody JS005, which are expected to contribute to future growth [6] - The PD-1/VEGF dual antibody JS207 is also in development, aiming to enhance anti-tumor effects by targeting both PD-1 and VEGF [6]

海通证券股份有限公司 关于上海君实生物医药科技股份有限公司 2024 年度持续督导现场检查报告 （一）保荐机构 海通证券股份有限公司 （二）保荐代表人 上海证券交易所： 经中国证券监督管理委员会《关于同意上海君实生物医药科技股份有限公 司首次公开发行股票注册的批复》（证监许可[2020]940 号）批复，上海君实生 物医药科技股份有限公司（以下简称"君实生物"、"上市公司"、"公司"）首次 公开发行股票 8,713.00 万股，每股面值人民币 1 元，每股发行价格人民币 55.50 元，募集资金总额为人民币 4,835,715,000.00 元，扣除发行费用后，实际募集资 金净额为人民币 4,496,978,326.73 元。上述资金已全部到位，容诚会计师事务所 （特殊普通合伙）对公司本次公开发行新股的资金到位情况进行了审验，并于 2020 年 7 月 8 日出具了容诚验字[2020]230Z0103 号《验资报告》。首次公开发行 证券已于 2020 年 7 月 15 日在上海证券交易所上市。海通证券股份有限公司（以 下简称"保荐机构"或"海通证券"）担任其持续督导保荐机构。 经中国证券监督管理委员会《关于同 ...

Core Insights - In 2024, Junshi Biosciences' PD-1 monoclonal antibody Tuoyi achieved domestic sales revenue of 1.501 billion yuan, representing a year-on-year growth of approximately 66% [1] - The company reported a significant narrowing of net profit loss, with a total revenue of 1.948 billion yuan, up 29.67% year-on-year, and a net profit loss of 1.281 billion yuan, a reduction of about 44% compared to the previous year [1] - Junshi Biosciences has four commercialized drugs, including Tuoyi, with 11 approved indications in China, including treatments for kidney cancer and triple-negative breast cancer, making it the first immunotherapy approved in these areas [1] Financial Performance - The company’s total revenue for 2024 was 1.948 billion yuan, a 29.67% increase year-on-year [1] - The net profit loss for the year was 1.281 billion yuan, which is a 44% reduction compared to the previous year [1] - Sales expenses for drugs were 985 million yuan, a 16.6% increase, but lower than the growth rate of sales revenue [2] Research and Development - R&D expenses decreased to 1.275 billion yuan, down 34.18% year-on-year, attributed to the completion of multiple clinical trials for drugs like Tuoyi and Junshida [2] - The company has nearly 30 drug candidates in clinical trials and over 20 in preclinical development [2] - Junshi Biosciences aims to focus resources on more promising R&D projects and is implementing a "quality improvement and efficiency return" action plan [2] Market Expansion - Tuoyi is expanding into international markets, having received approvals in the US, EU, India, UK, Jordan, Australia, and Singapore, although overseas sales figures have not been disclosed [2] - The company plans to selectively seek overseas strategic partners to enhance the commercialization potential of its drugs and diversify revenue sources [2]

Core Insights - Junshi Biosciences (SH688180) reported a revenue of 1.948 billion yuan for 2024, representing a year-on-year growth of 29.67% [1] - The company recorded a net loss of 1.281 billion yuan, which is a 43.90% reduction compared to the previous year [1] - The increase in revenue is attributed to the growth in sales of commercialized drugs [1] Revenue and Profitability - The main commercialized products include Toripalimab injection (brand name: Tuoyi), Adalimumab injection (brand name: Junmaikang), Dexamethasone Hydrochloride tablets (brand name: Mindewi), and Ongericimab injection (brand name: Junshida) [1] - Toripalimab remains the revenue driver, achieving domestic sales of 1.501 billion yuan in 2024, a year-on-year increase of approximately 66% [1] - The growth in Toripalimab's sales is linked to the approval of four new indications in 2024, bringing the total to 11 indications [1] Research and Development - The R&D expenses for Junshi Biosciences in 2024 were 1.275 billion yuan, a decrease of 34.18% year-on-year [2] - The number of R&D personnel decreased from 736 to 620 [2] Strategic Focus - The company is implementing a "quality improvement and efficiency enhancement" action plan to strengthen cost control and improve sales efficiency [1] - Resources are being concentrated on more promising R&D projects to further reduce losses [1]

Financial Performance - For the year ended December 31, 2024, the total revenue of the group was approximately RMB 1,948 million, an increase of about 30% compared to the same period in 2023, primarily driven by an increase in drug sales, with core product Tuoyi® (Tirzepatide) domestic sales revenue of approximately RMB 1,501 million, up about 66% year-on-year [4]. - Loss attributable to owners of the company decreased to RMB 1,282 million, a reduction of approximately RMB 999 million or about 44% compared to the same period in 2023 [4]. - The company reported a net loss of RMB 1,381,580 thousand for 2024, an improvement from a net loss of RMB 2,533,882 thousand in 2023, showing a reduction of 45.4% [83]. - The total comprehensive income for 2024 was -1,397,978,904.00 RMB, an improvement from -2,609,347,759.38 RMB in 2023, indicating a reduction in losses [130]. - The company reported a basic and diluted earnings per share of -1.30 RMB for 2024, an improvement from -2.32 RMB in 2023 [130]. Research and Development - Research and development expenses for the reporting period totaled approximately RMB 1,275 million, a decrease of about 34% compared to 2023, mainly due to cost control measures and a focus on more promising research pipelines [4]. - The company has expanded its innovative research and development areas to include small molecule drugs, peptide drugs, antibody-drug conjugates (ADCs), and bispecific or multispecific antibody drugs, covering five major therapeutic areas [5]. - The company conducted 92 clinical studies in 2024, enrolling over 2,100 participants, and published over 145 papers with a total impact factor exceeding 1,200 [11]. - The company has established an innovative research institute to enhance R&D efficiency and long-term competitiveness [19]. - The company plans to enhance its R&D capabilities and expand its product pipeline through collaborations and new drug target explorations [68]. Product Approvals and Market Expansion - In January 2024, the company's partner Coherus BioSciences, Inc. announced that Tirzepatide was available for use in the United States, following FDA approval in October 2023 as the first drug for treating nasopharyngeal carcinoma [5]. - In April 2024, the company received approval from the Japan PMDA to conduct a Phase III clinical study of tifcemalimab in combination with Tirzepatide for limited-stage small cell lung cancer [6]. - In June 2024, the sNDA for Tirzepatide in combination with bevacizumab for the treatment of advanced hepatocellular carcinoma achieved its primary endpoints in a Phase III clinical study [6]. - In September 2024, the marketing authorization application for Tirzepatide in Europe received a positive opinion from the EMA, marking it as the first drug approved for nasopharyngeal carcinoma treatment in Europe [6]. - Tuoyi® has been approved for 11 indications in mainland China, with several being exclusive or leading indications, enhancing its market competitiveness [13]. Financial Position and Cash Flow - As of December 31, 2024, the group had a total cash and financial products balance of approximately RMB 2,917 million, indicating a relatively strong financial position to support future development [4]. - The group's bank balance and cash, along with financial products, totaled approximately RMB 2,917 million as of December 31, 2024, a decrease of RMB 861 million from December 31, 2023 [74]. - The net cash inflow from financing activities was approximately RMB 1,017 million, while net cash outflow from operating activities was approximately RMB 1,443 million during the reporting period [74]. - The company received cash inflows from financing activities totaling 2,314,600,434.75 RMB in 2024, compared to 1,340,578,673.91 RMB in 2023, indicating a significant increase in financing [132]. Clinical Trials and Research Outcomes - The combination of Tifcemalimab and chemotherapy achieved an objective response rate (ORR) of 97.1% and a disease control rate (DCR) of 100% in the treatment of extensive-stage small cell lung cancer (ES-SCLC) in a recent clinical trial [45]. - A Phase II randomized controlled trial showed that adding Tifcemalimab to concurrent chemoradiotherapy reduced the risk of disease progression or death by 60% in high-risk locally advanced nasopharyngeal carcinoma patients [45]. - The company is exploring new strategies in immunotherapy for various cancers, including head and neck, lung, and gastrointestinal tumors, with multiple studies selected for upcoming international conferences [43]. - The research results of the drug Treprilumab were presented at multiple international conferences, including over 30 studies selected for the 2024 ASCO Annual Meeting, covering various cancers such as head and neck, lung, and colorectal cancers [42]. - The company is committed to advancing cancer treatment through rigorous clinical research and collaboration with international academic institutions [42]. Corporate Governance and Compliance - The company has adopted the corporate governance code as per the Hong Kong Listing Rules, ensuring compliance and transparency in its operations [150]. - The company emphasizes compliance and quality management, successfully passing multiple external audits and inspections [23]. - The company maintains a commitment to ethical labor practices, ensuring no incidents related to child or forced labor [24]. - The company confirmed that the revenue recognition for pharmaceutical sales occurs when control of the goods is transferred to the customer, typically upon delivery [97]. - The company has established policies for regular maintenance and major repairs of property, plant, and equipment to ensure accurate depreciation reflection [94].

上海君实生物医药科技股份有限公司 关于设立董事会合规委员会及制定 《董事会合规委员会工作细则》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。 证券代码：688180 证券简称：君实生物 公告编号：临 2025-018 董事会 2025 年 3 月 28 日 特此公告。 上海君实生物医药科技股份有限公司 上海君实生物医药科技股份有限公司（以下简称"公司"）于2025年3月27 日召开第四届董事会第七次会议，审议通过了《关于设立董事会合规委员会及制 定<董事会合规委员会工作细则>的议案》，现将具体情况公告如下： 为推动公司全面构建合规管理体系，加强合规建设，有效防控合规风险，促 进公司依法合规经营管理，保障公司持续稳定健康发展，公司在董事会下增设合 规委员会，由独立非执行董事鲁琨女士、郦仲贤先生、张淳先生担任第四届董事 会合规委员会委员，由鲁琨女士担任主任委员，任期自公司第四届董事会第七次 会议审议通过之日起至公司第四届董事会任期届满之日止。 为规范董事会合规委员会的职责权限、决策程序等事项，公司制定了《上海 君实生物 ...

董事会 2025 年 3 月 27 日 经核查公司在任独立非执行董事张淳、冯晓源、杨悦、郦仲贤及鲁琨的 兼职、任职情况以及其签署的独立性自查情况报告，上述人员除在公司担任 独立非执行董事、董事会专门委员会委员外，不存在在公司任职以及在公司 主要股东单位任职的情形，与公司以及主要股东之间不存在利害关系、重大 业务往来或其他可能妨碍其独立性的关系。因此，董事会认为公司独立非执 行董事符合《上市公司独立董事管理办法》《上海证券交易所科创板上市公 司自律监管指引第 1 号——规范运作》中对独立非执行董事独立性的相关 要求。 上海君实生物医药科技股份有限公司 上海君实生物医药科技股份有限公司 董事会 2024 年度对独立非执行董事独立性 自查情况的专项报告 根据《上市公司独立董事管理办法》《上海证券交易所科创板股票上市 规则》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运 作》等相关要求，上海君实生物医药科技股份有限公司（以下简称"公司"） 董事会，就公司在任独立非执行董事的独立性情况进行评估并出具如下专 项意见： ...

根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理准 则》《国有企业、上市公司选聘会计师事务所管理办法》《上海证券交易所科创 板上市公司自律监管指引第 1 号——规范运作》和《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》"）《上海君实生物医药科技股份有 限公司董事会审计委员会工作细则》等规定和要求，上海君实生物医药科技股份 有限公司（以下简称"公司"）董事会审计委员会本着勤勉尽责的原则，恪尽职 守，认真履职。现将公司董事会审计委员会对容诚会计师事务所（特殊普通合伙） （以下简称"容诚会计师事务所"）2024 年度履职情况评估及履行监督职责的情 况汇报如下： 一、2024 年年审会计师事务所基本情况 上海君实生物医药科技股份有限公司 董事会审计委员会对会计师事务所 2024 年度履职情 况评估及履行监督职责情况的报告 （一）资质条件 1、基本信息 容诚会计师事务所由原华普天健会计师事务所（特殊普通合伙）更名而来， 初始成立于 1988 年 8 月，2013 年 12 月 10 日改制为特殊普通合伙企业，是国内 最早获准从事证券服务业务的会计师事务所之一，长期从事证券服务业务。 ...