Shang Hai Zheng Quan Bao·2026-01-30 23:17Core Viewpoint - The company, Junshi Biosciences, forecasts a significant increase in revenue for the year 2025, alongside a reduction in net losses compared to the previous year [2][9]. Financial Performance Forecast - The company expects to achieve approximately 2.5 billion yuan in revenue for 2025, representing a year-on-year increase of about 28.32% [2]. - Research and development expenses are projected to be around 1.353 billion yuan, reflecting a growth of approximately 6.10% compared to the previous year [2]. - The net loss attributable to the parent company is anticipated to be around 873 million yuan, a reduction of approximately 31.85% year-on-year [2][3]. - After excluding the impact of share-based payments, the net loss is expected to be around 799 million yuan, indicating a decrease of about 37.62% compared to the previous year [2][3]. Previous Year Performance - In 2024, the company reported a revenue of approximately 1.949 billion yuan [5]. - The R&D expenses for 2024 were about 1.275 billion yuan [6]. - The total profit for 2024 was a loss of approximately 1.358 billion yuan, with a net loss attributable to the parent company of around 1.281 billion yuan [6]. Reasons for Performance Changes - The increase in revenue is primarily attributed to the growth in sales of commercialized drugs, particularly the core product, Toripalimab injection (brand name: Tuoyi), which saw significant sales growth in the domestic market [8][9]. - The company has expanded its global commercialization network, with Toripalimab approved for sale in over 40 countries and regions, enhancing its competitive edge [8][9]. - Despite the expected net loss, the company has improved its commercial capabilities and cost management, focusing on high-efficiency advancement of its core pipeline, including several innovative drugs in clinical trials [9].