Core Viewpoint - Junshi Biosciences (688180) reported a revenue of 2.498 billion yuan for 2025, marking a year-on-year increase of 28.23%, while the net profit attributable to shareholders was a loss of 874 million yuan, an improvement from a loss of 1.281 billion yuan in the previous year [2] Financial Performance - The company achieved a revenue of 2.498 billion yuan, reflecting a growth of 28.23% year-on-year [2] - The net profit attributable to shareholders was a loss of 874 million yuan, compared to a loss of 1.281 billion yuan in the same period last year [2] - The non-recurring net profit was a loss of 989 million yuan, an improvement from a loss of 1.29 billion yuan in the previous year [2] - The basic earnings per share were -0.87 yuan, with a weighted average return on equity of -14.7% [2][6] - The price-to-book ratio (LF) was approximately 5.62 times, and the price-to-sales ratio (TTM) was about 14.06 times [2] Product Performance - The core product, Toripalimab injection (brand name: Tuoyi®), saw a significant sales revenue increase of approximately 37.72% in the domestic market [5] - As of the announcement date, Tuoyi® has been included in the national medical insurance catalog for all 12 approved indications in mainland China, being the only anti-PD-1 monoclonal antibody for the treatment of renal cancer, triple-negative breast cancer, and melanoma [5] - The company is 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, Australia, and Singapore [5]