Core Insights - The company reported a 49.08% year-on-year increase in R&D expenses for the first three quarters of 2025, focusing on new PEG integrated interferon mutant injection for hepatitis B treatment and γδT cell tumor immunotherapy clinical research [1][2] Group 1: R&D Investments - The primary investment is in the development of new PEG integrated interferon, which is expected to significantly improve the clinical cure rate for chronic hepatitis B through genetic testing [1] - The company has completed a large sample (940 cases) whole genome scan, establishing a seamless clinical research plan for II-III phase trials with clinical cure as the endpoint [1] Group 2: Tumor Immunotherapy - The company has conducted clinical observations on 36 cases of liver cancer, melanoma, and acute myeloid leukemia, demonstrating good safety for allogeneic γδT cells [2] - Acute myeloid leukemia has been identified as the core clinical development direction based on systematic analysis of preliminary clinical data [2] Group 3: Strategic Expansion - The company has strategically extended its recombinant protein technology platform into the field of recombinant human collagen, achieving breakthroughs in molecular structure and expression systems [2] - This new business segment is expected to complement existing serious medical operations while entering the consumer healthcare market [2] Group 4: Long-term Development - Through high-intensity R&D investments, the company is transforming its technological advantages into future market competitiveness, building a solid moat for sustainable long-term development [2] - The company is poised for continuous breakthroughs based on steady progress in its pipeline products and the gradual establishment of new business segments [2]

Group 1 - The company, Beijing Shali Bio-pharmaceutical Co., Ltd., has completed over 600 million C-round financing, led by Shunxi Fund with participation from multiple investors [2] - Established in 2019, the company focuses on tumor immune cell therapy, developing TIL drugs for pan-solid tumors and on-demand cell therapies [2] - The core R&D platforms include StemTexp® for TIL expansion, StaViral® for stable viral strains, ImmuT Finder® for immune target discovery, and KOReTIL® for efficient gene knockout [2] Group 2 - The company's self-developed GT101 injection is the first TIL drug approved for clinical registration in China and is currently in critical Phase II clinical trials [2] - The global first membrane-bound IL-15 complex TIL product, GT201 injection, has completed IND submissions in both China and the U.S. and has been approved for Phase I clinical trials [2] - The company has developed a range of innovative products, including a dual-gene knockout autologous TIL therapy, mRNA vaccines targeting tumor neoantigens, and a universal CAR-iNKT cell therapy derived from stem cells, forming a product matrix for pan-solid tumor TIL drugs and on-demand cell therapies [2]

Core Insights - The report highlights the rapid growth and potential of the tumor immune cell therapy industry, which is seen as a key breakthrough in cancer treatment, driven by increasing global cancer challenges and limitations of traditional therapies [3][8][10] - The global market for tumor immune cell therapy is projected to reach $84.9 billion by 2030, with China expected to reach 69.5 billion yuan, reflecting a compound annual growth rate (CAGR) of 177.4% from 2017 to 2023 [3][9][10] Disease Challenges - The global cancer burden is escalating, with over 20 million new cases and nearly 10 million deaths expected in 2024, highlighting the urgent need for more effective and safer treatment options beyond traditional methods [3][8] Technology Principles - Tumor immune cell therapy enhances the body's immune response by modifying immune cells outside the body and reintroducing them to target cancer cells, utilizing technologies such as CAR-T, TCR-T, and NK cell therapies [3][8][9] Market Scale - The industry has entered a high-growth phase since the approval of the first CAR-T cell therapy product in 2017, with significant market expansion anticipated as more therapies receive approval [9][10] Industry Collaboration - There is a collaborative effort among government, enterprises, and research institutions to support the development of the tumor immune cell therapy industry, including policy initiatives to streamline product evaluation and enhance research and development [10]

Core Viewpoint - Company plans to invest in Beijing Shali Bio-pharmaceutical Co., Ltd. through its subsidiary, Shanghai JunTuo Bio-pharmaceutical Technology Co., Ltd., by subscribing to shares worth RMB 80 million, acquiring a 5.1105% stake in the target company [1][2] Group 1: Investment Details - JunTuo Bio intends to subscribe to 1,280,623 shares of Beijing Shali for RMB 80 million, while Shanghai TanYing Investment Partnership will invest RMB 40 million for 640,311 shares [1] - After the investment, the combined stake of the company and JunTuo Bio in Beijing Shali will be 5.1105% [1] Group 2: Target Company Overview - Beijing Shali is an innovative pharmaceutical company focused on tumor immune cell therapy, particularly developing tumor-infiltrating lymphocyte (TIL) drugs [1] - The company has developed GT101 injection, the first TIL drug approved for clinical registration in China, currently in critical Phase II clinical trials [1] - GT201 injection, the world's first membrane-bound IL-15 complex TIL product, has completed IND submissions in both China and the U.S. and is approved for Phase I clinical trials [1] Group 3: Strategic Rationale - The investment aligns with the company's long-term development strategy and is expected to enhance collaboration with other industry players, leveraging high-quality resources [2] - The transaction is not anticipated to adversely affect the company's normal operations or financial performance, benefiting the company and all shareholders [2]

Core Viewpoint - Junshi Biosciences (01877) is investing in Beijing Shali Bio-pharmaceutical Co., Ltd. through its subsidiary, Shanghai Juntao Biopharmaceutical Technology Co., Ltd., by subscribing to shares worth RMB 80 million, acquiring a 5.1105% stake in the company [1][2] Group 1 - Junshi Biosciences' subsidiary plans to subscribe to 1,280,623 shares of Beijing Shali for RMB 80 million, while another shareholder, Shanghai Tanying Investment Partnership, will invest RMB 40 million for 640,311 shares [1] - Beijing Shali specializes in tumor immune cell therapy, focusing on tumor-infiltrating lymphocytes (TIL) and has developed the first TIL drug approved for clinical registration in China, GT101, which is currently in critical Phase II clinical trials [1] - The company has also completed dual IND submissions for its first membrane-bound IL-15 complex TIL product, GT201, which is approved to enter Phase I clinical trials [1] Group 2 - The investment is seen as a strategic move to enhance collaboration within the industry and leverage high-quality resources, aligning with the long-term development strategy of Junshi Biosciences [2] - The transaction is expected to have no significant adverse impact on the company's normal operations or financial performance, benefiting the company and all shareholders [2]