Core Viewpoint - China's innovative drug transaction value has surpassed that of the United States, indicating that domestic innovations are gradually gaining recognition in the global mainstream market [1][2]. Group 1: Transaction Data and Growth - By December 31, 2025, the total transaction amount for China's innovative drug business development (BD) overseas reached $135.655 billion (approximately 948.3 billion RMB), with an upfront payment of $7 billion and a total of 157 transactions, significantly exceeding the 2024 figures of $51.9 billion and 94 transactions [1][2]. - The total amount of overseas licensing for innovative drugs in China for 2025 is 2.5 times that of 2024 and 3.2 times that of the U.S. during the same period [2]. - The first transaction of 2025 involved Innovent Biologics partnering with Roche, receiving an upfront payment of $80 million and potential milestone payments of up to $1 billion [2]. Group 2: Notable Collaborations - In May 2025, 3SBio set a record for upfront payments in China by securing a global licensing agreement with Pfizer for $1.25 billion upfront and a total transaction value of $6 billion [3]. - Other significant collaborations include Heng Rui Medicine's partnership with GSK exceeding $12 billion and Innovent's collaboration with Takeda potentially reaching $11.4 billion [3]. Group 3: Industry Trends and Future Outlook - The surge in BD transactions is attributed to multinational corporations (MNCs) facing a "patent cliff" and cost-cutting pressures, increasing their demand for Chinese innovative assets [6][10]. - China's innovative drug pipeline accounts for approximately 30% of the global total, positioning the country as a significant player in key therapeutic areas such as PD-1/VEGF bispecific antibodies [6]. - The industry is transitioning from a "fast-follower" to a "first-in-class" or "best-in-class" model, emphasizing lean research and precise financing [4][10]. Group 4: Market Dynamics and Challenges - The global pharmaceutical supply chain is undergoing deep adjustments, and the valuation system is being restructured, presenting challenges for China's BD transactions [10]. - The industry is expected to face execution risks and potential disputes, with a consensus that while the BD boom will continue, the scale of transactions may not sustain the same explosive growth seen in 2025 [10][12]. - The focus for 2026 will shift towards solidifying clinical value and addressing unmet clinical needs, particularly in oncology and autoimmune disease sectors [10][12].

Core Insights - China's innovative drug transaction value has surpassed that of the United States, indicating a growing global recognition of domestic innovations [1][3] - The total transaction amount for outbound licensing of innovative drugs from China is projected to reach $135.655 billion by December 31, 2025, with a significant increase in both upfront payments and transaction numbers compared to 2024 [1][3] - The surge in outbound licensing reflects the international community's acknowledgment of the value of Chinese innovative drugs, driven by a series of reforms and policies encouraging innovation [1][4] Transaction Overview - In 2025, the total amount of outbound licensing transactions for Chinese innovative drugs exceeded $1,300 billion, accounting for 49% of the global total, significantly surpassing the $519 billion recorded in 2024 [3][4] - The first transaction of 2025 involved Innovent Biologics partnering with Roche, which included an upfront payment of $80 million and potential milestone payments of up to $1 billion [3] - Notable transactions include a record upfront payment of $1.25 billion from 3SBio to Pfizer for a global licensing agreement, highlighting the increasing scale of these deals [3][4] Market Dynamics - The demand for Chinese innovative assets is expected to persist as multinational corporations (MNCs) face patent cliffs and cost-cutting pressures [7][8] - The global pharmaceutical supply chain is undergoing significant adjustments, with a shift in focus towards collaborative development and commercialization models, such as the Co-Co model [9][10] - Chinese companies are increasingly recognized for their capabilities in developing innovative therapies, moving from being fast followers to first-in-class innovators [6][7] Future Outlook - The Chinese innovative drug sector is anticipated to experience a critical sales growth phase starting in 2026, transitioning from a focus on research and development to performance realization [5][6] - The industry is expected to face challenges in maintaining the momentum of high-value transactions, with a potential shift in focus towards clinical value and unmet medical needs [12][14] - Regulatory support from the National Medical Products Administration (NMPA) is expected to enhance the development of innovative drugs, particularly those with new mechanisms and targets [14]

Summary of Junshi Biosciences Conference Call Company Overview - Junshi Biosciences has four products currently on the market: PD-1 Toripalimab, TNF-α drug, COVID-19 drug VV116, and PCSK9 inhibitor. The total peak sales are expected to reach 7.5 billion RMB, corresponding to approximately 24 billion HKD at a 3x PS valuation [2][4]. Core Insights and Arguments - **Sales Projections**: - Toripalimab is projected to generate sales of 2 billion RMB in 2025, with a year-on-year growth of 35%-40% expected in 2026. Future growth will depend on the approval and market release of the subcutaneous formulation, with peak sales anticipated between 5 billion to 6 billion RMB [2][5]. - The combined peak sales for the other three products are estimated at 7.5 billion RMB [6]. - **Clinical Pipeline**: - Junshi has five projects in Phase III clinical trials, including BTRA combined with PD-1 for small cell perioperative indications, PI3K inhibitors for HR-positive breast cancer, and Claudin 18.2 ADC for gastric cancer. The peak sales for these projects are expected to reach around 8 billion RMB [2][7]. - The company is actively advancing the registration clinical trials for first-line gastric cancer indications and plans to leverage global MRCT for competitive differentiation [2][7]. - **Notable Phase II Trials**: - Key drugs in Phase II trials include PD-L1 VEGF fusion protein, EGFR HER3 ADC, and DKK1 inhibitor. The PD-L1 VEGF fusion protein shows excellent safety and efficacy, potentially becoming part of future IO plus ADC combination therapies. The EGFR HER3 ADC is expected to enter registration clinical trials in the second half of 2026, with promising affinity data [2][8]. Additional Important Insights - **Valuation and Market Position**: - Junshi Biosciences is currently undervalued, with its market capitalization reflecting only the value of existing products and not fully accounting for the potential of its R&D pipeline. The management has improved, and sales growth is accelerating, indicating a significant turning point for the company [4]. - **Future Outlook**: - The future prospects for Junshi Biosciences are considered very promising, with several new drug projects showing best-in-class potential and expectations for international expansion. The company is expected to experience strong performance growth, with its valuation potential not yet fully recognized by the market [3][9].

Core Viewpoint - Maiwei Biotech announced that its adalimumab injection 9MW0113 (domestic brand name: Junmaikang®) has received registration approval from the Indonesian Food and Drug Authority (BPOM), marking it as the first adalimumab biosimilar independently developed in China to gain such approval in Indonesia [1] Group 1 - 9MW0113 was co-developed by Maiwei Biotech and Junshi Bioscience [1] - The product has been formally partnered in over ten countries, indicating a strong international collaboration strategy [1] - Registration application documents have been submitted to multiple countries, including Jordan and Peru, showcasing the company's global expansion efforts [1]

Investment Rating - The report gives a "Buy" rating for CStone Pharmaceuticals (2616.HK) for the first time [1]. Core Views - CStone Pharmaceuticals is transitioning into R&D 2.0, focusing on innovative pipelines and cutting-edge technologies, with a strong emphasis on clinical development as the driving force [6][11]. - The company has successfully launched four innovative drugs and has a pipeline of 16 candidate drugs, indicating robust growth potential [6][11]. - The financial outlook shows a projected revenue increase from 1.95 billion CNY in 2025 to 6.33 billion CNY in 2027, reflecting a strong recovery trajectory [7]. Summary by Sections 1. Clinical Development as the Engine - CStone Pharmaceuticals was established in 2016, focusing on clinical development and innovative R&D in oncology and immune diseases [11]. - The company has a concentrated shareholding structure, with major shareholders including WuXi Healthcare Ventures (11.84%) and Pfizer (7.91%) [14]. - Cash management is stable, with a focus on core R&D investments, and the company reported a revenue of 0.49 billion CNY in the first half of 2025 [17][18]. 2. R&D Pipeline and Innovations - The company is advancing into R&D 2.0, focusing on multi-targeted therapies and ADC technologies, with key projects like CS2009 (a tri-specific antibody) and CS5001 (ROR1 ADC) in clinical trials [22]. - CS2009 has shown promising early efficacy and safety data, with an overall response rate (ORR) of 12.2% in clinical trials [35]. - CS5001 is in clinical 1b phase, demonstrating a 70% ORR in preliminary data, indicating strong potential for further development [18][22]. 3. Financial Projections - Revenue projections indicate a decline in 2025 to 1.95 billion CNY, followed by significant growth to 4.64 billion CNY in 2026 and 6.33 billion CNY in 2027 [5][7]. - The company is expected to narrow its net losses, with a forecasted loss of 0.91 billion CNY for 2024 and 0.23 billion CNY for 2027 [5][7]. 4. Market Context - The global market for immune checkpoint inhibitors (ICIs) is projected to grow significantly, reaching 58.53 billion USD in 2025 and expected to exceed 100 billion USD by 2029 [22][25]. - The report highlights the importance of dual-targeting strategies in cancer treatment, which could lead to deeper and more durable responses [22][29].

Core Viewpoint - The company has decided to extend the implementation deadlines for its fundraising investment projects, specifically the "Innovative Drug R&D Project" to December 2028 and the "Shanghai Junshi Biotech Headquarters and R&D Base Project" to June 2026, without changing the investment content or total amount [1][4][17]. Fundraising Basic Situation - The company was approved to issue 70 million A-shares at a price of RMB 53.95 per share, raising a total of RMB 3,776.5 million. After deducting issuance costs of RMB 31.7 million, the net amount raised was RMB 3,744.8 million, with actual funds received amounting to RMB 3,759.35 million [1][2]. Project Delay Details - The delay in the fundraising projects is based on the company's prudent assessment of the actual progress of the projects, with no changes to the project entities, fundraising purposes, or investment scale [4][17]. - The "Innovative Drug R&D Project" deadline is extended to December 2028 to enhance the efficiency and effectiveness of fund usage, considering the dynamic changes in the innovative drug industry and the company's strategic development [6][9]. - The "Shanghai Junshi Biotech Headquarters and R&D Base Project" deadline is extended to June 2026 due to the complexity of the construction and verification processes, ensuring quality and compliance with regulations [7][8]. Feasibility Analysis of Fundraising Projects - The company possesses excellent drug discovery and development capabilities, covering five major therapeutic areas, and has established a complete technical system for drug development and production [10][12]. - The company has a professional and experienced management and R&D team, with a focus on innovative drug development and a strong emphasis on intellectual property management [13][14]. Impact of Project Delay - The project delay is a cautious decision based on operational needs and actual project conditions, ensuring that it does not adversely affect the company's normal operations or shareholder interests [17][18].

Group 1 - The pharmaceutical sector showed weakness on December 30, with the Hang Seng Hong Kong-Shanghai Innovation Drug Select 50 Index down by 0.56% [1] - Among the constituent stocks, Gan Li Pharmaceutical, Hao Yuan Pharmaceutical, and Junshi Biosciences saw the highest gains, while Baijia Shenzhou, WuXi AppTec, and Kailai Ying experienced declines [1] - The Tianhong Innovation Drug ETF (517380), which tracks the Hang Seng Hong Kong-Shanghai Innovation Drug Select 50 Index, has a total fund size of 1.381 billion yuan and has seen a share increase of over 308% year-to-date, with the latest share count at 1.848 billion [1] Group 2 - Huadong Medicine announced that its subsidiary received a notice from the Ministry of Agriculture and Rural Affairs regarding the acceptance of a new veterinary drug registration application for HDM7006, aimed at weight management in adult obese cats [1] - Xinda Securities believes that the spring market is about to start, recommending attention to emerging pharmaceutical industries such as brain-computer interfaces, surgical robots, and AI applications, with a long-term focus on innovation and international expansion in the medical investment sector [1] - Huaxi Securities points out that the innovation drug industry chain will be the main line of the pharmaceutical sector by 2026, highlighting two key trends: marginal improvement in overseas demand and reversal of domestic demand challenges [2]

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的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對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 調整2022年A股發行所得款項預期使用時間表 謹此提述上海君實生物醫藥科技股份有限公司（「本公司」）於2022年3月7日刊發 的公告及通函（「通函」）、於2022年4月6日刊發的投票結果公告，於2022年6月14 日及2024年5月30日刊發的公告，內容有關2022年12月2日向特定對象發行A股 （「2022年A股發行」）。除文義另有所指外，本公告所用詞彙與通函所界定者具有 相同涵義。 於2025年12月29日，董事會決議調整2022年A股發行所得款項用途中「創新藥研 發項目」及「上海君實生物科技總部及研發基地項目」的未動用所得款項的預期使 用時間表。如本公司2025年中期報告所述，「創新藥研發項目」和「上海君實生物 科技總部及研發基地項目」原定動用預期時間表為2026年12月31日或之前，使 ...

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，概不對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） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條規則作出。 茲載列上海君實生物醫藥科技股份有限公司在上海證券交易所網站刊發之《上海 君實生物醫藥科技股份有限公司關於募集資金投資項目延期的公告》、《國泰海通 證券股份有限公司關於上海君實生物醫藥科技股份有限公司募集資金投資項目延 期的核查意見》，僅供參閱。 承董事會命 上海君實生物醫藥科技股份有限公司 熊俊先生 主席 中國，上海，2025年12月29日 於本公告日期，本公司董事會包括執行董事熊俊先生、李寧博士、鄒建軍博士、 李聰先生、張卓兵先生、姚盛博士、王剛博士及李鑫博士；非執行董事湯毅先 生；以及獨立非執行董事張淳先生、馮曉源博士、酈仲賢先生、魯琨 ...

Core Viewpoint - Junshi Biosciences is positioned as a comprehensive innovative pharmaceutical company with capabilities spanning drug discovery, clinical research, large-scale production, and commercialization, aiming for a global footprint while being rooted in China [2] Group 1: Company Overview - Junshi Biosciences was established on December 27, 2012, and went public on July 15, 2020, focusing on the research and commercialization of monoclonal antibody drugs and other therapeutic proteins [7] - The company's main revenue sources include drug sales (90.67%), technology licensing and royalties (8.74%), and technical services (0.59%) [7] - As of September 30, 2023, Junshi Biosciences reported a revenue of 1.806 billion yuan, a year-on-year increase of 42.06%, while the net profit attributable to shareholders was -596 million yuan, reflecting a year-on-year growth of 35.72% [8] Group 2: Product Pipeline and Innovations - The company has developed a robust product pipeline, including its core product, Toripalimab, which is the first domestically approved PD-1 monoclonal antibody in China, with 11 approved indications and one supplemental NDA under review [2] - Toripalimab is also the first innovative biopharmaceutical developed and produced in China to receive FDA approval, with approvals in multiple regions including the U.S., EU, and Australia [2] - Junshi Biosciences is advancing its self-developed Tifcemalimab, the world's first anti-BTLA monoclonal antibody entering clinical development, with two Phase III registration trials ongoing [2] Group 3: Collaborations and Future Developments - On October 27, 2023, Junshi Biosciences announced collaborations with several institutions, including Peking University and the Chinese Academy of Sciences, to develop a monkeypox recombinant protein vaccine [3] - The company’s subsidiary, JunTuo Biologics, is involved in the preclinical development of vaccines for monkeypox and Zika virus, indicating a focus on expanding its vaccine pipeline [3]