Cai Jing Wang·2026-02-02 08:13Core Viewpoint - Junshi Biosciences expects to achieve an annual revenue of approximately 2.5 billion yuan in 2025, representing a year-on-year growth of about 28.32% [1] Revenue and Profit Forecast - The projected R&D expenses are estimated at 1.353 billion yuan, an increase of approximately 6.10% compared to the previous year [1] - The expected net profit attributable to shareholders is a loss of approximately 873 million yuan, which is a reduction in losses compared to the previous year [1] - After excluding the impact of share-based payments, the expected net profit attributable to shareholders is a loss of about 799 million yuan, reflecting a year-on-year decrease in losses of approximately 37.62% [1] - The expected net profit attributable to shareholders, after excluding non-recurring gains and losses, is a loss of about 985 million yuan, which is a reduction in losses of approximately 23.64% [1] Revenue Growth Drivers - The growth in revenue is primarily attributed to the significant increase in sales of the core product, Toripalimab injection (Tuoyi®), in the domestic market [1] - Tuoyi® has been approved for 12 indications, all of which are included in the national medical insurance catalog, and has been approved for sale in multiple countries and regions globally [1] Cost Management and Future Plans - Despite the continued net loss, the company has significantly narrowed the loss amount, mainly due to ongoing efforts in quality improvement and cost control [1] - The company plans to accelerate the clinical trials of several innovative drugs that have competitive advantages in international markets [1]