Ge Long Hui A P P·2026-01-30 12:53Core Insights - The company, Junshi Biosciences (688180.SH), expects to achieve an annual revenue of approximately 2.5 billion yuan in 2025, representing a year-on-year increase of about 28.32% [1] - The projected R&D expenses for 2025 are around 1.353 billion yuan, reflecting a growth of 6.10% compared to the previous year [1] - The net profit attributable to the parent company is expected to be a loss of approximately 873 million yuan, which is a reduction in loss of 31.85% year-on-year [1] Revenue and Profitability - The company anticipates a net profit of approximately -795 million yuan after excluding share-based payment impacts, which indicates a year-on-year loss reduction of 37.62% [1] - The expected net profit, excluding non-recurring gains and losses, is projected to be around -985 million yuan, showing a decrease in loss of 23.64% compared to the previous year [2] - The sales revenue growth is primarily driven by the commercialization of pharmaceutical products, particularly the core product, Toripalimab injection (brand name: Tuoyi®), which has seen significant sales growth in the domestic market [2] Product and Market Expansion - As of the announcement date, Tuoyi® has been included in the national medical insurance directory for all 12 approved indications in mainland China, making it the only anti-PD-1 monoclonal antibody for treating renal cancer, triple-negative breast cancer, and melanoma in the directory [2] - The company is actively expanding its global commercialization network, with Toripalimab approved for sale in over 40 countries and regions, including mainland China, Hong Kong, the United States, the European Union, India, the United Kingdom, and several others [2]