当日关注点 君实生物发布业绩预告，预计2025年全年营业收入25亿元；扣非后净利润亏损约9.85亿元；归属净利润 亏损约8.73亿元。 公司公告汇总君实生物2025年年度业绩预告 上海君实生物医药科技股份有限公司预计2025年年度实现营业收入250,000.00万元左右，同比增长 28.32%；研发费用为135,300.00万元左右，同比增长6.10%。归属于母公司所有者的净利润预计 为-87,300.00万元左右，亏损同比减少31.85%。亏损收窄主要因商业化能力提升及费用管控加强。特瑞 普利单抗注射液在国内市场销售收入同比大幅增长，已在中国内地获批的12项适应症全部纳入国家医保 目录。公司持续推进多项创新药临床试验，包括JS207、JS212等。本次业绩预告未经注册会计师审计。 截至2026年1月30日收盘，君实生物(688180)报收于35.88元，下跌2.55%，换手率2.07%，成交量15.88万 手，成交额5.76亿元。 交易信息汇总资金流向 1月30日主力资金净流出2036.99万元，占总成交额3.53%；游资资金净流入2655.42万元，占总成交额 4.61%；散户资金净流出618.43万元， ...

Major Events - Lanke Technology (06809) will conduct an IPO from January 30 to February 4, with an expected listing on February 9 [1] - Aixin Yuanzhi (00600) will conduct an IPO from January 30 to February 5, with an expected listing on February 10 [1] - Lexin Outdoor (02720) will conduct an IPO from January 31 to February 5, raising HKD 130 million from Horizon Capital and Huangshan Dejun [1] - Dongpeng Beverage (09980) sets the offer price at HKD 248 per share [1] - Zhonghui Biotech-B (02627) received approval from the National Medical Products Administration for a trivalent influenza virus subunit vaccine [1] - Kangzheng Pharmaceutical (00867) received approval for the first and only targeted drug for vitiligo treatment in China [1] - Shishi Pharmaceutical Group (02005) received production registration for Propafenone Hydrochloride Injection from the National Medical Products Administration [1] - China Aluminum (02600) plans to jointly acquire 68.6% of Brazilian Aluminum from Rio Tinto and will initiate a mandatory offer [1] - Yanzhou Coal Mining (01171) plans to transfer 100% equity of Inner Mongolia Xintai Coal [1] - Botai Car Union (02889) plans to collaborate with Ping An Property & Casualty to reconstruct the smart travel insurance ecosystem [1] - Jin Jing New Energy (01783) signed a strategic framework agreement with Tianqi Grand for lithium battery recycling and precious metal extraction [1] - Guangdong-Hong Kong-Macau Holdings (01396) subsidiary Hongce Data introduces Fudian Capital as a strategic investor for 40% equity [1] - China Mobile (00941), China Unicom (00762), and China Telecom (00728) will adjust the applicable scope of value-added tax for telecom services [1] Operating Performance - BYD Company (01211) sold approximately 210,000 new energy vehicles in January [2] - Geely Automobile (00175) reported total vehicle sales of 270,200 units in January, a year-on-year increase of about 1% [2] - Chery Automobile (09973) saw total sales of 191,500 vehicles in January, a year-on-year decrease of about 10.7% [2] - Seres (09927) reported total vehicle sales of 45,900 units in January, a year-on-year increase of 104.85% [2] - Great Wall Motors (02333) sold approximately 90,300 vehicles in January, a year-on-year increase of 11.59% [2] - Li Auto-W (02015) delivered 27,668 new vehicles in January, a year-on-year decrease of 7.5% [2] - NIO-SW (09866) delivered 27,182 vehicles in January, a year-on-year increase of 96.1% [2] - GAC Group (02238) reported vehicle sales of 116,600 units in January, a year-on-year increase of 18.47% [2] - Great Wall Motors (02333) released a preliminary report indicating a net profit attributable to shareholders of 9.912 billion yuan for 2025, a year-on-year decrease of 21.71% [2] - Shandong Gold (01787) expects a net profit attributable to shareholders of approximately 4.6 billion to 4.9 billion yuan for 2025, a year-on-year increase of 56% to 66% [2] Earnings Forecast - SF Express (09699) expects a year-on-year profit increase of no less than 80% for 2025 [3] - China International Capital Corporation (03908) anticipates a net profit attributable to shareholders of 8.542 billion to 10.535 billion yuan for 2025, a year-on-year increase of 50% to 85% [3] - China Shenhua (01088) expects a year-on-year decline in net profit for 2025 [3] - Datang Power (00991) anticipates a net profit of approximately 6.8 billion to 7.8 billion yuan for 2025, a year-on-year increase of about 51% to 73% [3] - China Southern Airlines (01055) expects a net profit attributable to shareholders of 800 million to 1 billion yuan for 2025, turning a profit [3] - Air China (00753) warns of a net loss attributable to shareholders of approximately 1.3 billion to 1.9 billion yuan for 2025 [3] - China Eastern Airlines (00670) warns of a net loss attributable to shareholders of approximately 1.3 billion to 1.8 billion yuan for 2025 [3] - GAC Group (02238) expects a net loss attributable to shareholders of 8 billion to 9 billion yuan for 2025 [3] - Ansteel (00347) warns of a net loss attributable to shareholders of approximately 4.077 billion yuan for 2025, a year-on-year narrowing of 42.75% [3] - Junshi Biosciences (01877) warns of a net loss attributable to shareholders of approximately 873 million yuan for 2025, a year-on-year decrease of about 31.85% [3]

Core Insights - The global biopharmaceutical industry is still experiencing a "capital winter" in 2025, undergoing deep structural adjustments and facing a critical period of transformation and reconfiguration [1] - Shanghai's biopharmaceutical industry has shown resilience and steady growth, with manufacturing output reaching 209.9 billion yuan, driven by a shift towards innovative and high-quality enterprises [2] Structural Optimization: Full-Chain Innovation Development - The shift from generic drugs to innovative drugs is exemplified by the success of Silver诺药业, which launched the first original human long-acting GLP-1 drug in China, benefiting many patients with type 2 diabetes [3] -艾力斯医药's revenue surged from 530 million yuan in 2021 to 3.56 billion yuan in 2024, with a compound annual growth rate of 88.6% [3] - In 2025, Shanghai approved nine domestic Class 1 innovative drugs, ranking second nationally, and accounted for 33% of business development transactions in the country, leading the nation [3] Policy Support and Innovation Ecosystem - Over the past five years, Shanghai has approved 32 domestic Class 1 innovative drugs, maintaining its position as a leader in the industry [4] - The city has implemented forward-looking policies, such as the drug listing license holder system, to address the challenges of "having technology but no factory" [4] New Growth Areas: Diverse Expansion - Shanghai is emerging as a leader in brain-computer interface technology, with nearly 30 registered companies and significant funding in this sector [5] - The city also leads in cell and gene therapy, with 57% of the country's products launched between 2021 and September 2025 [5] AI-Driven Pharmaceutical Innovation - AI-driven drug development is reshaping research paradigms, with 英矽智能 discovering 27 preclinical candidates, 13 of which have received clinical trial approvals [6] - By the end of 2025, 英矽智能 is expected to become the first AI pharmaceutical company listed on the Hong Kong Stock Exchange, raising a record 2.277 billion HKD [6] Global Value Co-Creation - Shanghai's innovative drugs are increasingly entering global markets, transitioning from a one-time sale model to a co-creation model, enhancing their bargaining power [8] - 和铂医药's licensing transactions exceeded 7 billion USD in 2025, reflecting the growing international recognition of Shanghai's innovative drug development capabilities [8] Globalization of Innovative Medical Devices - 联影医疗 has launched over 140 proprietary products, entering more than 90 countries and regions, showcasing the global reach of Shanghai's innovative medical devices [9] - The city has established supportive policies for innovative drugs and devices that achieve registration and sales in multiple countries, providing up to 10 million yuan in support for qualifying projects [9]

一、本期业绩预告情况 证券代码：688180 证券简称：君实生物 公告编号：临2026-003 上海君实生物医药科技股份有限公司2025年年度业绩预告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 （一）业绩预告期间 2025年1月1日至2025年12月31日。 （二）业绩预告情况 1、经财务部门初步测算，预计2025年年度实现营业收入250,000.00万元左右，与上年同期相比增长 55,168.27万元左右，同比增长28.32%左右。 2、预计2025年年度研发费用为135,300.00万元左右，与上年同期相比增长7,772.99万元左右，同比增长 6.10%左右。 3、预计2025年年度实现归属于母公司所有者的净利润-87,300.00万元左右，与上年同期相比亏损减少 40,792.64万元左右，同比亏损减少31.85%左右。预计2025年年度扣除股份支付影响后实现归属于母公 司所有者的净利润-79,900.00万元左右，与上年同期相比亏损减少48,192.64万元左右，同比亏损减少 37.62%左右。 4、预计2 ...

Core 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]

Company News - Great Wall Motors (02333.HK) expects a total revenue of RMB 222.79 billion in 2025, representing a year-on-year increase of 10.19%. However, net profit is projected to decline by 21.71% to RMB 9.912 billion due to increased investments in new user channels and marketing for new models and technologies [2] - China Southern Airlines (01055.HK) anticipates turning a profit in 2025, with net profit expected to be between RMB 800 million and RMB 1 billion [2] - CICC (03908.HK) forecasts a net profit of RMB 8.542 billion to RMB 10.535 billion in 2025, reflecting a year-on-year increase of 50% to 85% [3] - Datang Power (00991.HK) projects a net profit of approximately RMB 6.8 billion to RMB 7.8 billion in 2025, indicating a year-on-year increase of about 51% to 73% [4] - Rongchang Bio (09995.HK) expects 2025 revenue of approximately RMB 3.25 billion, a year-on-year increase of about 89%, and a net profit of around RMB 716 million, achieving profitability [4] - Haijia Medical (06078.HK) anticipates revenue of approximately RMB 4.0 billion to RMB 4.05 billion in 2025, a year-on-year decrease of about 9% to 10%, with net profit expected to decline by 66% to 76% to around RMB 140 million to RMB 200 million [4] - Junshi Biosciences (01877.HK) expects 2025 revenue of around RMB 2.5 billion, a year-on-year increase of approximately 28.32%, with a net loss of about RMB 873 million, a reduction of 31.85% compared to the previous year [4] - Kaisa New Energy (01108.HK) issued a profit warning, expecting a year-on-year increase in net loss of approximately RMB 90.07 million to RMB 290 million [4] - Xingye Alloy (00505.HK) issued a profit warning, anticipating a year-on-year decrease in profit attributable to equity shareholders of about 50% [4] - Fudan Zhangjiang (01349.HK) issued a profit warning, expecting a net loss of approximately RMB 120 million to RMB 180 million in 2025 [4] - Chenming Paper (01812.HK) issued a profit warning, expecting a net loss of RMB 8.2 billion to RMB 8.8 billion, a significant increase compared to the previous year [5] - Tianqi Lithium (09696.HK) has commenced production of the first batch of standard chemical-grade lithium concentrate products from its third-phase expansion project [6] Financing and Buyback Activities - Xiaomi Group-W (01810.HK) repurchased approximately 4.2 million shares for about HKD 150 million, with repurchase prices ranging from HKD 35.13 to HKD 42.50 [10] - Vitasoy International (00345.HK) repurchased shares worth HKD 24.37 million, acquiring 3.492 million shares at prices between HKD 6.9 and HKD 7 [11] - Yujian Xiaomian (02408.HK) plans to repurchase up to HKD 100 million of H-shares [12] - Nanshan Aluminum International (02610.HK) completed a placement of 31 million shares, raising approximately HKD 1.987 billion [12]

Core 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 company anticipates a net loss attributable to shareholders of approximately 873 million yuan for 2025, which is a reduction of 31.85% from the previous year's loss [1] Revenue and Profitability - The expected revenue growth is primarily driven by increased sales of commercialized drugs, particularly the core product, Toripalimab injection (brand name: Tuoyi®) [2] - The net loss, after excluding share-based payment impacts, is projected to be around 799 million yuan, indicating a significant reduction of 37.62% year-on-year [1] Product Performance - Toripalimab injection has seen substantial sales growth in the domestic market, with all 12 approved indications included in the national medical insurance catalog [2] - The product is the only anti-PD-1 monoclonal antibody listed for the treatment of renal cancer, triple-negative breast cancer, and melanoma in the catalog [2] - The company is expanding its global commercialization network, with Toripalimab approved for sale in over 40 countries and regions, including the U.S., EU, and several Asian countries [2]

北京商报讯（记者 丁宁）1月30日晚间，君实生物（688180）发布2025年业绩预告显示，预计2025年实 现归属净利润为-8.73亿元左右，与上年同期相比亏损减少4.08亿元左右，同比亏损减少31.85%左右。 君实生物表示，公司2025年年度归属净利润仍出现亏损，但亏损金额与上年同期相比显著缩窄，主要系 公司持续落实"提质增效重回报"行动方案，商业化能力显著提升的同时不断加强费用管控与资源聚焦。 报告期内，公司在控制费用的同时维持了核心管线的高效推进，正快速推进PD-1/VEGF 双抗（代号： JS207）、EGFR/HER3 ADC（代号：JS212）、PD-1/IL-2融合蛋白（代号：JS213）等多款具有国际市 场竞争力的创新药物的临床试验，并积极探索多种联用方案，以最大程度发挥管线协同作用。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 SHANGHAI JUNSHI BIOSCIENCES CO., LTD.* 上海君實生物醫藥科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1877） 內幕消息－ 2025年度業績預告 本公告乃上海君實生物醫藥科技股份有限公司（「本公司」）根據香港聯合交易所有 限公司證券上市規則（「上市規則」）第13.09(2)(a)條及香港法例第571章證券及期 貨條例第XIVA部項下內幕消息條文（定義見上市規則）而作出。另請參閱本公司 日期為2026年1月30日的海外監管公告。 本公告所載本公司根據中國企業會計準則編製的截至2025年12月31日止年度（「報 告期」）的主要合併財務數據僅為初步核算數據，未經審計。本期業績預告乃根 據上海證券交易所及中國相關規例編製。經審計的具體數據以正式披露的本公司 2025年度報告為準。股東及投資者於買賣本公司股份時務請審慎行事。 一、 本期業績預告情 ...

君实生物(01877)公布，预计2025年年度实现营业收入25亿元左右，同比增长28.32%左右。预计2025年 年度研发费用为13.53亿元，同比增长6.10%左右。预计2025年年度实现归属于母公司所有者的净亏损为 8.73亿左右，同比亏损减少31.85%左右。预计2025年年度扣除股份支付影响后实现归属于母公司所有者 的净亏损为7.99亿元左右，同比亏损减少37.62%左右。预计2025年年度实现归属于母公司所有者扣除非 经常性损益后的净亏损为9.85亿元左右，同比亏损减少23.64%左右。预计2025年年度扣除股份支付影响 后实现归属于母公司所有者扣除非经常性损益后的净亏损为9.11亿元左右，同比亏损减少29.37%左右。 公司亦持续拓展全球商业化网络，截至本公告披露日，特瑞普利单抗已在中国内地、中国香港、美国、 欧盟、印度、英国、约旦、澳大利亚、新加坡、阿联酋、科威特、巴基斯坦、加拿大和巴林等40多个国 家和地区获批上市，并在全球多个国家和地区接受上市审评。 公司2025年年度归属于母公司所有者的净利润仍出现亏损，但亏损金额与上年同期相比显著缩窄，主要 系公司持续落实"提质增效重回报"行动方案，商业 ...