Zheng Quan Zhi Xing·2025-04-26 22:29Core Viewpoint - Junshi Biosciences (688180) reported a strong performance in Q1 2025, with total revenue of 501 million yuan, a year-on-year increase of 31.46%, and a net profit attributable to shareholders of -235 million yuan, improving by 17.01% compared to the previous year [1] Financial Performance - Total revenue for Q1 2025 reached 501 million yuan, up 31.46% from 381 million yuan in Q1 2024 [1] - Net profit attributable to shareholders was -235 million yuan, an improvement of 17.01% from -283 million yuan in the same period last year [1] - Gross margin increased to 81.24%, a rise of 13.44% year-on-year, while net margin improved to -51.86%, up 34.1% [1] - Total expenses (selling, administrative, and financial) amounted to 332 million yuan, accounting for 66.34% of revenue, a decrease of 19.38% year-on-year [1] - Earnings per share improved to -0.24 yuan, a 17.24% increase from -0.29 yuan [1] Cash Flow and Debt - Operating cash flow per share was -0.02 yuan, showing a significant improvement of 93.54% year-on-year [1] - The company’s cash and cash equivalents decreased by 44.69% to 2.522 billion yuan [1] - Interest-bearing liabilities increased by 10.32% to 3.325 billion yuan, with a debt-to-asset ratio of 30.52% [3] Business Model and R&D - The company’s business model is primarily driven by research and development, with a focus on innovative drug development [3] - Junshi Biosciences is advancing its dual-specific antibody JS207, which targets PD-1 and VEGF, with clinical trials approved for various cancers [5]