Zhong Guo Jing Ji Wang·2025-10-14 08:26Core Viewpoint - Junshi Biosciences (688180.SH) is currently experiencing a decline in stock price, closing at 37.67 yuan with a drop of 3.19%, indicating a state of being below its initial public offering price [1] Group 1: IPO and Fundraising - Junshi Biosciences was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on July 15, 2020, with an issuance of 87.13 million shares at a price of 55.50 yuan per share [1] - The company raised a total of 4.836 billion yuan from its initial public offering, with a net amount of 4.497 billion yuan after deducting issuance costs, exceeding the original plan by 1.797 billion yuan [1] - The funds raised were intended for innovative drug research and development, industrialization projects, bank loan repayment, and working capital [1] - In 2022, the company raised an additional 3.7765 billion yuan by issuing 70 million shares at a price of 53.95 yuan each, with a net amount of approximately 3.7448 billion yuan after costs [2] - The total funds raised by Junshi Biosciences from both IPOs amount to 8.612 billion yuan [2] Group 2: Financial Performance - From 2016 to 2024, Junshi Biosciences reported consecutive net losses, with figures reaching -2.135 billion yuan in 2024 [3] - In the first half of 2025, the company achieved a revenue of 1.168 billion yuan, marking a year-on-year increase of 48.64%, but still reported a net loss of -413 million yuan [3] - The net cash flow from operating activities was -329 million yuan in the first half of 2025, an improvement from -865 million yuan in the same period the previous year [3]