君实生物求翻身，近8亿砸向这一最大风口

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].