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 主席 中國，上海，2025年10月15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、魯琨女士及楊勁 博士。 * 僅供識別之用 （股份代號：1877） 董事會召開日期 上海君實生物醫藥科技股份有限公司（「本公司」及其附屬公司「本集團」）董事會 （「董事會」）茲通告謹定於二零二五年十月二十八日（星期二）舉行董事會會議，以 考慮及通過本集團截至二零二五年九月三十日止九個月未經審核的財務業績。 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 （於中華人民共和國註冊成立的股份有限公司） ...

格隆汇10月15日丨君实生物(01877.HK)宣布，谨定于2025年10月28日（星期二）举行董事会会议，以考 虑及通过本集团截至2025年9月30日止九个月未经审核的财务业绩。 ...

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） 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 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。 主席 SHANGHAI JUNSHI BIOSCIENCES CO., LTD.* 董事會召開日期 上海君實生物醫藥科技股份有限公司（「本公司」及其附屬公司「本集團」）董事會 （「董事會」）茲通告謹定於二零二五年十月二十八日（星期二）舉行董事會會議，以 考慮及通過本集團截至二零二五年九月三十日止九個月未經審核的財務業績。 * 僅供識別之用 中國，上海，2025年10月15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、魯琨女士及楊勁 博士。 ...

Core Viewpoint - The siRNA drug sector is entering a rapid development phase, transitioning from rare diseases to common diseases, with significant commercial potential in large indications due to advancements in delivery systems and technology [1][2]. Group 1: Industry Trends - The siRNA drug market is evolving as a third wave of therapeutics following small molecules and antibody drugs, characterized by strong target expansion capabilities, extended research applicability, long-lasting effects, and reduced drug resistance [1]. - The GalNac delivery system has significantly improved the efficiency and specificity of siRNA drugs, leading to their validation in rare diseases and a gradual shift towards common disease applications, including cardiovascular diseases, chronic hepatitis B, weight loss, anticoagulation, and autoimmune diseases [1][3]. Group 2: Business Development and Collaborations - The market for small nucleic acid drugs is experiencing active business development (BD) transactions, with multinational corporations (MNCs) leveraging their understanding of indications to license pipelines or collaborate on technology platforms [2]. - The ongoing patent cliff faced by many pharmaceutical companies is driving them to seek new products to mitigate potential risks, making the acquisition of pipelines from companies specializing in small nucleic acid technology a rapid solution [2]. Group 3: Focus Areas and Future Opportunities - The commercialization of siRNA drugs is focused on common diseases with clear biological mechanisms, where early movers can achieve significant commercial benefits and collaboration opportunities [3]. - Future breakthroughs in the siRNA sector may depend on exploring new disease areas and overcoming challenges related to extrah hepatic delivery systems [3]. Group 4: Domestic Companies - Listed companies in the siRNA sector include Yuyuan Pharmaceutical, Hengrui Medicine, CSPC Pharmaceutical Group, Junshi Biosciences, Frontier Biotechnologies, Fuyuan Pharmaceutical, Chengdu Xian Dao, and Shengnuo Pharmaceutical [4]. - Unlisted companies include Bowang Pharmaceutical, Rebo Biotech, Jingyin Pharmaceutical, Shengyin Biotech, Dairui Biotech, and Weia Zhen Biotech [4].

Core Viewpoint - The A-share market is experiencing a rebound, particularly in the innovative drug sector, with significant inflows into the ETF focused on this area, indicating growing investor interest and confidence in the sector [1][5]. Group 1: Market Performance - As of 10:23 on October 15, the Kexin Innovative Drug ETF (589120) saw a rise of nearly 3%, currently up over 2% [1]. - The ETF recorded a net inflow of over 6 million yuan for the day, with a cumulative inflow of over 56 million yuan in the past 10 days [1]. Group 2: Stock Performance - Most component stocks of the Kexin Innovative Drug ETF experienced gains, with Rongchang Bio rising over 6%, Maiwei Bio over 5%, and several others including Ailis and Borui Pharma rising over 3% [3]. - The top-performing stocks by estimated weight include Baiji Shenzhou (9.89%), Ailis (8.60%), and Baili Tianheng (8.16%) [4]. Group 3: Industry Developments - Rongchang Bio announced that its innovative drug, Tai Tasi Pi, for treating primary immunoglobulin A nephropathy, has received acceptance for market application from the National Medical Products Administration (NMPA) [5]. - The upcoming European Society for Medical Oncology (ESMO) conference from October 17 to 21 in Berlin is anticipated to showcase new data on domestic innovative drugs, which could create new business development (BD) opportunities [5][6]. Group 4: Regulatory and Market Insights - Analysts suggest that the impact of tariff policies on China's pharmaceutical industry is limited, with the market having already priced in the effects of drug tariffs [5]. - The number of overseas BD transactions by Chinese innovative drug companies is expected to continue growing, with significant increases in both the number and total transaction value from 2022 to 2025 [6].

资料显示，上海君实生物医药科技股份有限公司位于上海市浦东新区平家桥路100弄6号7幢16层,香港铜 锣湾希慎道33号利园1期19楼1918室，成立日期2012年12月27日，上市日期2020年7月15日，公司主营业 务涉及单克隆抗体药物和其他治疗型蛋白药物的研发与产业化,单克隆抗体药物研发的技术服务与技术 转让等。主营业务收入构成为：药品销售90.67%，技术许可及特许权使用收入8.74%，技术服务及其他 0.59%。 截至6月30日，君实生物股东户数3.12万，较上期增加5.88%；人均流通股24543股，较上期减少5.56%。 2025年1月-6月，君实生物实现营业收入11.68亿元，同比增长48.64%；归母净利润-4.13亿元，同比增长 36.01%。 融资方面，君实生物当日融资买入3855.63万元。当前融资余额13.84亿元，占流通市值的4.79%，融资 余额超过近一年90%分位水平，处于高位。 融券方面，君实生物10月14日融券偿还1.01万股，融券卖出1000.00股，按当日收盘价计算，卖出金额 3.77万元；融券余量27.89万股，融券余额1050.54万元，超过近一年90%分位水平，处于高 ...

Core Viewpoint - Junshi Biosciences (688180.SH) is currently experiencing a decline in stock price, closing at 37.67 yuan with a drop of 3.19%, indicating a state of being below its initial public offering price [1] Group 1: IPO and Fundraising - Junshi Biosciences was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on July 15, 2020, with an issuance of 87.13 million shares at a price of 55.50 yuan per share [1] - The company raised a total of 4.836 billion yuan from its initial public offering, with a net amount of 4.497 billion yuan after deducting issuance costs, exceeding the original plan by 1.797 billion yuan [1] - The funds raised were intended for innovative drug research and development, industrialization projects, bank loan repayment, and working capital [1] - In 2022, the company raised an additional 3.7765 billion yuan by issuing 70 million shares at a price of 53.95 yuan each, with a net amount of approximately 3.7448 billion yuan after costs [2] - The total funds raised by Junshi Biosciences from both IPOs amount to 8.612 billion yuan [2] Group 2: Financial Performance - From 2016 to 2024, Junshi Biosciences reported consecutive net losses, with figures reaching -2.135 billion yuan in 2024 [3] - In the first half of 2025, the company achieved a revenue of 1.168 billion yuan, marking a year-on-year increase of 48.64%, but still reported a net loss of -413 million yuan [3] - The net cash flow from operating activities was -329 million yuan in the first half of 2025, an improvement from -865 million yuan in the same period the previous year [3]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are Green Power Environmental (70.05%), China Telecom (69.96%), and COSCO Shipping Energy (68.73%) [1][2] - The companies with the largest increase in holding amounts over the last five trading days are Zijin Mining (+1 billion), Kuaishou (+0.981 billion), and Pop Mart (+0.624 billion) [1][2] - The companies with the largest decrease in holding amounts over the last five trading days are SMIC (-2.258 billion), Hua Hong Semiconductor (-1.222 billion), and Alibaba (-0.714 billion) [1][4] Hong Kong Stock Connect Holding Ratios - Green Power Environmental (01330) has a holding of 283 million shares, representing 70.05% [2] - China Telecom (00728) has a holding of 9.711 billion shares, representing 69.96% [2] - COSCO Shipping Energy (01138) has a holding of 891 million shares, representing 68.73% [2] - Other notable companies include Changfei Optical Fiber (06869) at 68.48% and China Shenhua (01088) at 67.25% [2] Recent Increases in Holdings - Zijin Mining (02899) saw an increase of 1 billion in holding amount, with a change of 29.19 million shares [2][4] - Kuaishou (01024) experienced an increase of 0.981 billion, with a change of 12.19 million shares [2][4] - Pop Mart (09992) had an increase of 0.624 billion, with a change of 2.39 million shares [2][4] Recent Decreases in Holdings - SMIC (00981) had a decrease of 2.258 billion in holding amount, with a change of 28.18 million shares [4] - Hua Hong Semiconductor (01347) saw a decrease of 1.222 billion, with a change of 13.86 million shares [4] - Alibaba (09988) experienced a decrease of 0.714 billion, with a change of 4.39 million shares [4]

Core Viewpoint - He Yuan Bio (688765.SH) is set to be available for subscription on the Sci-Tech Innovation Board, focusing on plant-based recombinant protein expression technology and product development, with a leading global platform based on rice endosperm cell bioreactor technology [1][4]. Company Overview - He Yuan Bio is recognized as a pioneer in the "rice hematopoiesis" industry, developing multiple pharmaceutical products, excipients, and research reagents [1][4]. - The company’s core product, HY1001, is a recombinant human albumin injection derived from a rice seed expression system, differing from traditional methods that extract albumin from plasma [4]. Financial Performance - The company reported revenues of 13.40 million yuan in 2022, with a year-on-year decline of 47.49%, followed by an increase of 81.08% to 24.26 million yuan in 2023, and a slight increase of 3.92% to 25.22 million yuan in 2024 [4]. - The net profit attributable to the parent company was -143.58 million yuan in 2022, -186.96 million yuan in 2023, and -151.37 million yuan in 2024, with year-on-year changes of -7.12%, -30.22%, and 19.04% respectively [4]. Market Position and Commercialization - He Yuan Bio has established a production line capable of producing 10 tons of recombinant human albumin annually and has obtained a drug production license [5]. - The company has signed distribution agreements with several pharmaceutical distributors, establishing a sales network across over 30 provinces and cities in China [5]. Research and Development Pipeline - The company has eight drugs in its research pipeline, with HY1001 being the first recombinant human albumin product approved for market in China [5]. - Two additional drugs are in Phase II clinical trials, two in Phase I, and one has been approved to commence clinical trials [5]. Future Outlook - The company anticipates a narrowing of losses, with projected revenue of 12.71 million yuan in the first half of 2025, a year-on-year increase of 33.32%, and a net profit of -81.63 million yuan, a decrease of 3.86% from the previous year [5]. - He Yuan Bio emphasizes that obtaining market approval is just the beginning of commercialization, requiring further market access, education, and promotion to achieve significant sales [6].

Core Insights - The Hong Kong stock market has seen a significant increase in the number of unprofitable biotech companies listing under Chapter 18A, with 11 companies listed this year compared to 4 last year, indicating a growing trend in this sector [1][2] - Many of these companies have performed exceptionally well post-listing, with seven companies seeing stock price increases of over 100%, highlighting strong market interest and investor confidence [1][2] - The ability of these companies to transition from unprofitable to profitable status, marked by the removal of the "B" designation, is crucial for their long-term success and market valuation [1][3] Expansion of the 18A Sector - As of October 13, 2023, the 18A sector has welcomed 11 new listings this year, with significant fundraising achievements, including a record $268 million from Jinfang Pharmaceutical-B [2] - Companies like Yinnuo Pharmaceutical-B and Paige Biopharma-B are focusing on high-demand areas such as GLP-1 drug development, showcasing the sector's innovative and diverse directions [2] - The 18A sector continues to attract interest, with 24 companies currently in the pipeline for listing, indicating a robust future for this segment [2] Financial Performance and Market Dynamics - Since the introduction of Chapter 18A in 2018, 78 companies have successfully listed, raising approximately HKD 131.64 billion and achieving a total market capitalization of nearly HKD 1.5 trillion [3] - The influx of overseas capital into the Hong Kong market has enhanced liquidity, with daily trading volumes exceeding HKD 200 billion, positively impacting company valuations [3] - The successful removal of the "B" designation is a key milestone for these companies, reflecting their commercial viability and market acceptance [3][4] Commercialization and Profitability - Companies like CloudTop and Guichuang Tongqiao have successfully transitioned to profitability, with CloudTop reporting a 461% revenue increase in 2024, marking a significant achievement in their business journey [4][5] - The success of biotech firms hinges on their ability to navigate clinical trials and effectively market their approved drugs, as failure to do so can hinder profitability and lead to financial instability [5][6] - Investors are increasingly focusing on the commercialization capabilities of these companies, shifting from speculative investments to those based on tangible performance [6][7] Future Outlook and Strategic Developments - The valuation logic for the 18A sector is expected to evolve from pipeline expectations to the validation of commercialization capabilities, supported by advancements in technology platforms [7] - The introduction of the "Tech Company Fast Track" by the Hong Kong Stock Exchange aims to streamline the listing process for biotech firms, potentially leading to more efficient market entries [7] - The ongoing collaboration between Hong Kong and mainland regulatory bodies is anticipated to foster a conducive environment for biotech innovation, enhancing the sector's role in global markets [7]