Zhong Guo Jing Ji Wang·2026-01-20 08:45Core Viewpoint - Junshi Biosciences (688180.SH) is currently experiencing a decline in stock price, closing at 35.29 yuan with a drop of 3.42%, indicating a state of being below its initial public offering (IPO) price [1] Fundraising and Financial Performance - Junshi Biosciences raised a total of 4.836 billion yuan from its IPO on July 15, 2020, with a net amount of 4.497 billion yuan after deducting issuance costs, exceeding the original plan by 1.797 billion yuan [1] - The company planned to raise 2.7 billion yuan for innovative drug research, industrialization projects, bank loan repayment, and working capital [1] - The company raised an additional 3.7765 billion yuan through a private placement of 70 million shares at 53.95 yuan per share in 2022, with a net amount of approximately 3.7448 billion yuan after costs [2] - The total funds raised by Junshi Biosciences from both public and private placements amount to 8.612 billion yuan [3] Profitability and Revenue Trends - From 2016 to 2024, Junshi Biosciences reported negative net profits, with figures ranging from -1.35 billion yuan to -23.88 billion yuan [3] - For the first three quarters of 2025, the company achieved a revenue of 1.806 billion yuan, reflecting a year-on-year growth of 42.06%, while the net profit attributable to shareholders was -596 million yuan, an improvement from -927 million yuan in the previous year [3] - The net cash flow from operating activities for the same period was -343 million yuan, compared to -1.113 billion yuan in the previous year [3]