Hua Xia Shi Bao·2025-06-20 12:15Core Viewpoint - Junshi Biosciences has raised approximately HKD 1.026 billion through a discounted placement of H-shares, reflecting significant cash flow pressures and concerns regarding the sustainability of its financing and R&D model [2][4]. Financing and Capital Structure - The recent placement at HKD 25.35 per share represents an 11.52% discount, marking the largest discount financing in the Hong Kong biopharmaceutical sector this year [2]. - This is the third large-scale financing for Junshi Biosciences in four years, with total fundraising since 2021 reaching approximately RMB 7 billion [3]. - The company has accumulated losses exceeding RMB 10.9 billion since its establishment in 2012, with R&D expenditures totaling RMB 11.419 billion, indicating a heavy reliance on external capital [4]. Financial Performance and Ratios - Junshi's asset-liability ratio increased from 24.64% in 2021 to 47.98% in Q1 2025, indicating rising financial pressure [5][6]. - The company's liquidity ratios have declined significantly, with the current ratio dropping to 1.40 and the quick ratio to 1.20 in Q1 2025, both below industry averages [6][8]. - Cash reserves have decreased from a peak of RMB 6.031 billion at the end of 2022 to RMB 2.522 billion by Q1 2025, a reduction of over 58% [5]. Revenue and Product Dependency - Junshi's revenue heavily relies on its core product, Toripalimab (Tuoyi®), which accounted for over 88% of total revenue in Q1 2025, despite the company still facing losses [9][10]. - The company reported a total revenue of RMB 1.948 billion in 2024, with a net loss of RMB 1.281 billion, although the loss narrowed by 43.90% year-on-year [9]. - International revenue has fluctuated dramatically, dropping from RMB 3.341 billion in 2021 to RMB 0.093 billion in 2024, highlighting instability in the company's revenue structure [10].