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君实生物(688180):拓益收入同比增长46%,关注DKK1胃肠道肿瘤早期数据
Tai Ping Yang Zheng Quan·2025-04-30 11:14

Investment Rating - The report maintains a "Buy" rating for Junshi Bioscience (688180) with a target price of 48.10 RMB, compared to the last closing price of 30.45 RMB [1][7]. Core Insights - Junshi Bioscience's revenue from Tuoyi has shown a significant year-on-year growth of 46%. The company is focusing on early data for DKK1 in gastrointestinal tumors [1][10]. - In Q1 2025, the company reported a revenue of 500 million RMB, representing a year-on-year increase of 31.46%. The core product, Toripalimab, achieved sales of 447 million RMB in the domestic market, up 45.72% year-on-year [4][10]. - The company has 30 billion RMB in cash on hand and has implemented a "quality improvement and efficiency return" action plan to enhance sales efficiency and focus resources on more promising R&D projects [4][5]. Financial Performance - The sales expenses for Q1 2025 were 226 million RMB, a year-on-year increase of 17.79%, accounting for 45% of total revenue, which is a decrease of 5 percentage points compared to Q1 2024. R&D expenses were 351 million RMB, up 26.89% year-on-year, while management expenses decreased by 21.32% to 97 million RMB [4]. - The net loss attributable to shareholders for Q1 2025 was 235 million RMB, with a non-recurring net profit loss of 239 million RMB, narrowing the loss by 48 million and 68 million RMB year-on-year [4]. Product Pipeline and International Expansion - Tuoyi has received approval for 12 indications in China, with 10 included in the national medical insurance catalog, four of which are exclusive indications [5]. - The company has made progress in international expansion, with Toripalimab approved in multiple countries including the USA, EU, India, UK, and Australia, and has established commercial partnerships in over 80 countries [5]. - Two early-stage pipelines, JS212 and JS213, have received clinical trial approvals, and VV116 has transitioned from conditional approval to regular approval for treating COVID-19 [5][6]. Future Projections - The report projects revenue growth for Junshi Bioscience, estimating revenues of 2.595 billion RMB in 2025, with a growth rate of 33.17% [10]. - The company is expected to narrow its net loss to 674 million RMB in 2025, with a projected diluted earnings per share of -0.68 RMB [10].