Core Insights - The ASCO conference has witnessed the rise of Chinese innovative drugs, with a significant increase in the number of oral presentations and Late-Breaking Abstracts from Chinese researchers over the past decade [1][2][4] - Chinese biopharmaceutical companies are now recognized for their quality research, with many studies presenting groundbreaking results that have global implications [4][5] - The "ASCO effect" has begun to influence stock prices of Chinese pharmaceutical companies, reflecting the growing importance of their research in the global market [5][6] Company Highlights - China Biologic Products set a record with 12 oral presentations at ASCO 2025, including 4 Late-Breaking Abstracts, totaling over 40 studies presented [4] - Innovative studies such as the DIAMOND trial by Junshi Biosciences have demonstrated significant advancements in treatment protocols, marking a shift from merely participating to leading in global research [4] - Companies like Innovent Biologics and Hengrui Medicine are at the forefront of ADC and bispecific antibody development, with numerous studies presented at ASCO [8][12] Industry Trends - The ADC sector is dominated by Chinese companies, with 89 out of 184 ADC-related studies presented at ASCO coming from China, representing approximately 48.4% of the total [8][10] - The bispecific antibody (bispecific) pipeline from China accounts for nearly 50% of the global total, with significant clinical advancements reported at ASCO [12][14] - The trend of increasing license-out transactions and upfront payments for Chinese innovative drugs indicates a shift in the global pharmaceutical landscape, with a notable rise in the use of the NewCo model for collaborations [18][24] Market Impact - The stock prices of companies like China Biologic Products and Innovent Biologics have seen significant increases following the ASCO conference, indicating a positive market response to their research presentations [6] - The total value of license-out transactions for Chinese pharmaceutical companies has surged, with a notable increase in upfront payments, reflecting enhanced negotiation power [20][24] - The emergence of new treatment modalities and innovative drug pipelines positions Chinese companies as key players in the global biopharmaceutical market [16][18]

Core Viewpoint - Junshi Biosciences, once a leader in the PD-1 sector, is now positioning itself as a "follower" in the competitive landscape of innovative drug development, particularly in the PD-1/VEGF dual antibody space [1][9]. Investment and Project Adjustments - On May 29, Junshi Biosciences announced adjustments to its 2022 fundraising projects, increasing funding for 6 sub-projects and decreasing it for 14 others, with the most significant change being a proposed investment of 767 million yuan in the "JS207 domestic and international R&D" project [1][2]. - The company aims to enhance its participation in the ongoing PD-(L)1/VEGF transaction wave initiated by Kangfang Biopharma [1]. Market Position and Competitors - Junshi's stock price experienced a slight decline, closing at 32.51 yuan per share, with a market capitalization of 32.04 billion yuan [2]. - The competitive landscape is intensifying, with companies like Kangfang Biopharma achieving significant milestones, such as AK112 outperforming Merck's PD-1 drug in clinical trials, indicating a shift towards PD-(L)1/VEGF dual antibodies as foundational cancer immunotherapy drugs [4]. Financial Transactions and Trends - Recent transactions in the sector show increasing financial commitments from major pharmaceutical companies, with Summit's initial payment of 500 million USD and total potential deal value of up to 5 billion USD for AK112, reflecting a growing confidence in dual antibodies [5]. - The trend indicates that as clinical data becomes more favorable, larger pharmaceutical companies are willing to pay higher prices for innovative assets, while the number of capable buyers is decreasing [5]. Clinical Development and Pipeline - Junshi's JS207 is currently in Phase II clinical trials, alongside other companies like Zhenzhu Cell and Rongchang Biopharma, indicating a competitive environment for innovative therapies [6]. - The company is also investing in other projects, including JS107 and JS203, with respective funding of 378 million yuan and 110 million yuan, both of which are in clinical I/II phases [6]. Strategic Adjustments and Challenges - The adjustments in funding are partly due to intense market competition and uncertainties surrounding certain pipelines, such as JS001 and JS110, which have faced challenges in their respective therapeutic areas [8]. - Junshi's recent performance has been underwhelming, with a notable decline in sales for its flagship product, Toripalimab, and a limited number of commercialized products compared to peers [9].

Core Viewpoint - Junshi Bioscience has announced adjustments to certain sub-projects and funding amounts related to its fundraising initiatives, maintaining the total amount of raised funds unchanged [1][3]. Fundraising and Project Adjustments - The company held board and supervisory meetings on May 29, 2025, to approve changes to the "Innovative Drug R&D Project" under the 2022 fundraising efforts, specifically adjusting clinical trial sub-projects and their funding amounts [1]. - New sub-projects added include "JS207 domestic and international R&D," "JS107 domestic and international R&D," "JS125 domestic and international R&D," "JT002 domestic and international R&D," "JS203 domestic and international R&D," and "JS015 domestic and international R&D," with funding sourced from reduced amounts in other sub-projects [2]. Strategic Rationale - The adjustments are based on the company's development strategy and product R&D progress, aimed at improving the efficiency of fund utilization and optimizing resource allocation, thereby supporting long-term development [3]. - The changes will not adversely affect the company's normal operations and align with the long-term interests of all shareholders [3]. Fundraising Details - In 2022, Junshi Bioscience raised a total of RMB 3.7765 billion by issuing 70 million A-shares at a price of RMB 53.95 per share, with a net amount of RMB 3.7448 billion after deducting issuance costs [4]. - The funds were deposited into a special account for fundraising and were verified by a certified public accountant [4]. Company Performance - Since its listing on July 15, 2020, Junshi Bioscience has raised a total of RMB 8.613 billion through two fundraising rounds [7]. - The company reported a net profit attributable to shareholders of -2.35 billion in Q1 2025, an improvement from -2.83 billion in the same period last year, with a revenue of 5.01 billion, reflecting a year-on-year growth of 31.46% [7][8].

5月29日，上海君实生物医药科技股份有限公司（简称"君实生物"）发布关于部分募投项目子项目变更 及金额调整的公告。 | 序号 | 项目 | 拟投入募集资金 | 己投入募集资金 | | --- | --- | --- | --- | | | | 金额 | 会额 | | | 创新药研发项目 | 367,120.00 | 73,113.18 | | 2 | 上海君实生物科技总部及研发基地项目 | 29,780.00 | 22,340.70 | | | 合计 | 396,900.00 | 95.453.88 | 据公告，君实生物募集资金投资项目总计为39.69亿元，创新药研发项目拟投入募集资金金额为36.71亿 元，上海君实生物科技总部及研发基地项目拟投入募集资金金额为2.98亿元。 君实生物指出，根据公司在研产品研发进度和后续市场竞争情况，为提高募集资金使用效率及效益，优 化资源配置，聚集更有国际化潜力、更具差异化竞争优势的研发管线，提高商业化造血能力，公司拟 将"创新药研发项目"中的部分临床研发子项目进行变更，变更前后公司募投项目拟使用募集资金总金额 保持不变。 本次调整计划中，新增"JS207境内外研发"、"J ...

Core Viewpoint - The company plans to adjust certain sub-projects and funding amounts within its fundraising projects to enhance the efficiency of fund utilization while keeping the total investment amount unchanged for the "Innovative Drug R&D Project" [2][3][4]. Fundraising Basic Information - The company was approved to issue 70 million A-shares at a price of RMB 53.95 per share, raising a total of RMB 3,776.5 million. After deducting issuance costs of RMB 31.7 million, the net amount raised was RMB 3,744.8 million, with actual funds received amounting to RMB 3,759.4 million [4]. Fundraising Project Overview - As of December 31, 2024, the company has outlined the usage of funds raised from the 2022 A-share issuance, focusing on various clinical research projects [5]. Specific Changes and Adjustments - New sub-projects added include JS207, JS107, JS125, JT002, JS203, and JS015, with funding sourced from reductions in other sub-projects [6][8][9][10][11][12]. - The company plans to allocate RMB 76.67 million to JS207 for clinical trials in lung cancer, breast cancer, liver cancer, and colorectal cancer [7]. - JS107 will receive RMB 37.8 million for clinical trials targeting gastric and pancreatic cancers [9]. - JS125 will be allocated RMB 16 million for clinical trials in colorectal cancer [12]. - JT002 will receive RMB 15.95 million for clinical trials in allergic rhinitis [10]. - JS203 will be allocated RMB 11 million for clinical trials in lymphoma [11]. - JS015 will receive RMB 3 million for clinical trials in gastrointestinal tumors [12]. Reasons for Changes - The adjustments are based on the progress of ongoing research and market competition, aiming to optimize resource allocation and focus on projects with higher international potential and competitive advantages [5][6]. Company Capabilities - The company possesses strong drug discovery and development capabilities, with a comprehensive R&D system covering various therapeutic areas, including oncology and autoimmune diseases [28][29]. - The company has established a complete technical system for drug development, including multiple key technology platforms [29][30]. - The management team is experienced, with expertise across the entire drug development lifecycle [30][31]. Impact of Changes - The adjustments are expected to improve the efficiency of fund utilization and accelerate the progress of R&D projects, aligning with the company's long-term development strategy [33][37].

Group 1 - The company announced adjustments to the fundraising amounts for certain clinical trial sub-projects within its "Innovative Drug R&D Project" while keeping the total fundraising amount unchanged [1][2] - New sub-projects such as "JS207 domestic and overseas R&D," "JS107 domestic and overseas R&D," and "JS125 domestic and overseas R&D" have been added, while funding for several other drug developments has been reduced [1] - JS207 is a recombinant humanized anti-PD-1 and VEGF bispecific antibody developed by the company, primarily for the treatment of advanced malignancies, currently in Phase II clinical trials [1] Group 2 - The adjustments in fundraising project sub-items and amounts are based on the company's development strategy and product R&D progress, aimed at improving fundraising efficiency and optimizing resource allocation [2] - The changes are expected to provide financial support for the company's product development and contribute to its long-term growth [2]

Core Viewpoint - The company is preparing for the 2024 Annual General Meeting (AGM) to ensure the rights of shareholders and maintain order and efficiency during the meeting [1][2][3] Group 1: Meeting Procedures - Only eligible shareholders, directors, supervisors, senior management, and other attendees can participate in the AGM, and the company reserves the right to refuse entry to those who do not meet the criteria [2] - The meeting will follow the agenda as notified, and no agenda items can be postponed or omitted from voting [2] - Attendees must maintain order and respect the rights of other shareholders during the meeting, with the company authorized to take measures against disruptions [2][3] Group 2: Shareholder Rights - Shareholders have the right to speak, inquire, and vote during the AGM, with a maximum speaking time of five minutes per shareholder [3] - The meeting will be witnessed by a lawyer from a law firm to provide legal opinions on the proceedings [3] Group 3: Financial Performance - The company reported a significant increase in sales revenue, with a 29.7% rise to 194,832 million yuan compared to 150,255 million yuan in the previous year [28][32] - The company managed to reduce its operating loss significantly, with a decrease in net loss attributed to improved sales efficiency and cost control measures [34] - The total assets of the company at the end of 2024 were 1,078,196 million yuan, a decrease from 1,134,287 million yuan in 2023 [28][30] Group 4: Governance and Board Activities - The company completed the election of the fourth board of directors on June 21, 2024, with 14 members, including 5 independent non-executive directors [9][11] - The board held 13 meetings during the reporting period, approving all agenda items without any rejections [10] - The board established four specialized committees to enhance governance efficiency and decision-making [10][12] Group 5: Future Plans - The company plans to apply for financing and credit limits totaling up to 8 billion yuan to support its operational and project development needs [39] - The board aims to strengthen its governance structure and enhance compliance management in 2025 [13]

Meeting Information - The annual general meeting of Shanghai Junshi Biosciences Co., Ltd. is scheduled for June 20, 2025, at 14:30 [4] - The meeting will be held at 15th Floor, No. 6, Lane 100, Pingjia Bridge Road, Pudong New District, Shanghai [4] - Voting will be conducted through a combination of on-site and online methods, with specific time slots for each [4][5] Voting Procedures - Shareholders can vote via the Shanghai Stock Exchange's online voting system during designated trading hours on the day of the meeting [4][5] - The voting period for online voting is from 9:15 to 15:00 on June 20, 2025 [4] - Shareholders must complete identity verification to vote online for the first time [5] Attendance Requirements - Shareholders registered with China Securities Depository and Clearing Corporation Limited by the close of trading on June 12, 2025, are eligible to attend [5][8] - Non-natural person shareholders must provide specific documentation, including a business license copy and a power of attorney if represented by an agent [7][8] Proxy Voting - Shareholders can appoint a proxy to attend the meeting and vote on their behalf, with specific requirements for documentation [7][9] - The proxy must present valid identification and a signed power of attorney from the shareholder [9] Additional Information - The company has provided contact details for inquiries related to the meeting [8] - Shareholders are responsible for their own travel and accommodation expenses [8]

Group 1 - The core viewpoint of the announcement is that the company’s supervisory board has approved changes to certain fundraising project sub-items and adjustments to their amounts, which are expected to enhance the efficiency of fund utilization and accelerate the progress of research and development projects [1][2] - The supervisory board meeting was held on May 29, 2025, with all three supervisors present, confirming that the meeting procedures complied with relevant laws and regulations [1] - The proposal for changes and adjustments was unanimously approved by the supervisory board, with all votes in favor and none against or abstaining [2] Group 2 - The adjustments to the fundraising projects are deemed to align with the company's development interests and do not harm the interests of shareholders, particularly minority shareholders [1] - The proposal will be submitted for approval at the company’s upcoming shareholders' meeting [2]

国泰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 部分募投项目子项目变更及金额调整的核查意见 国泰海通证券股份有限公司(以下简称"国泰海通"或"保荐人")作为上 海君实生物医药科技股份有限公司(以下简称"君实生物"、"公司"或"发行 人")2022年度向特定对象发行股票的保荐人,根据《证券发行上市保荐业务管 理办法》《上市公司监管指引第2号 -- 上市公司募集资金管理和使用的监管要 求》《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》等有关法律法规和规范性文件的要求,对君实 生物部分募投项目子项目变更及金额调整的事项进行了核查,核查情况如下; 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意上海君实生物医药科技股份 有限公司向特定对象发行股票注册的批复》(证监许可(2022)2616 号),公司 获准向特定对象发行人民币普通股 7,000.00 万股,每股发行价格为人民币 53.95 元,募集资金总额为人民币 3,776,500,000.00元;扣除各项发行费用合计人民币 31,697,205.06元(不含增值税)后,实际 ...