Ge Long Hui A P P·2025-10-09 08:12Core Viewpoint - Junshi Bioscience reported a significant revenue increase and reduced net loss in H1 2025, driven by the performance of its flagship drug, Toripalimab, which is gaining traction in the domestic market with new indications approved [1] Financial Performance - In H1 2025, Junshi Bioscience's revenue reached 1.168 billion yuan, marking a year-on-year growth of 48.64% [1] - The net loss for the same period was 413 million yuan, reflecting a year-on-year reduction in loss by 36.01% [1] Product Development and Approvals - Toripalimab's domestic sales revenue was approximately 954 million yuan in H1 2025, representing a year-on-year increase of about 42% [1] - The drug has received approval for a total of 12 indications in China, with two new indications added in 2025, including liver cancer and melanoma [1] - A supplemental new drug application (sNDA) for the combination treatment of HER2+ urothelial carcinoma has been accepted by NMPA [1] Clinical Trials and Research - The PD-1/VEGF dual antibody JS207 is currently in Phase II clinical trials, showing strong anti-tumor activity in preclinical studies [1] - The drug is being explored in combination therapies across various cancer types, including NSCLC, CRC, TNBC, and liver cancer [1] - The international clinical trial for BTLA in LS-SCLC has enrolled nearly 400 participants [1] International Expansion - Junshi Bioscience has established commercial partnerships in over 80 countries, including the EU and the UK, with approvals in 40 regions such as the US, EU, UK, and Australia [1] - The company achieved commercialization in the US and received approval for nasopharyngeal cancer treatment in Australia in January 2025 [1] Investment Rating - The company maintains a "Buy" rating based on its robust pipeline and market performance [1]