Core Viewpoint - Junshi Biosciences (01877) has seen a stock price increase of 1.87% to 24 HKD following the announcement of new indications for its products being included in the National Medical Insurance Directory [2][5]. Group 1: Product Developments - Junshi Biosciences announced that its product Toripalimab injection (brand name: Tuoyi®, product code: JS001) has received two new indications, and its product Engreztinib injection (brand name: Junshida®, product code: JS002) has been successfully included in the National Medical Insurance Directory (2025) under the Class B category [2][5]. - The new version of the National Medical Insurance Directory will be officially implemented on January 1, 2026 [2][5]. Group 2: Product Portfolio - As of the announcement date, four commercialized products from the company, including Tuoyi®, Adalimumab injection (brand name: Junmaikang®, product code: UBP1211), Dexamethasone Hydrochloride Tablets (brand name: Mindewi®, product code: VV116/JT001), and Junshida®, have all been included in the National Medical Insurance Directory [2][5]. - Tuoyi® is the only anti-PD-1 monoclonal antibody in the directory that is approved for treating renal cancer, triple-negative breast cancer, and melanoma, with all 12 approved indications included [2][5]. - Junshida® is newly included and is the only domestic PCSK9-targeted drug in the new directory for patients intolerant to statins [2][5].

Group 1: National Medical Insurance Directory Inclusion - Heng Rui Medicine has multiple drugs included in the 2025 National Medical Insurance Directory [1] - Xing Qi Eye Medicine has 39 products continuing to be included in the National Medical Insurance Drug Directory [1] - Bei Da Pharmaceutical has four products included in the National Medical Insurance Drug Directory [1] - Junshi Biosciences has added indications for Tuoyi® and included Junshida® in the National Medical Insurance Directory [1] - Zhongsheng Pharmaceutical's innovative drug Angladiwei tablets have been included in the National Medical Insurance Directory through negotiation [1] - Yiling Pharmaceutical's subsidiary has its exclusive product Qifang Nasal Tablets included in the National Medical Insurance Directory, totaling 12 exclusive patented traditional Chinese medicine products [1] - Aosaikang's product Liratinib tablets (Aoyi Xin®) has been included in the 2025 National Medical Insurance Directory [1] - Kanghong Pharmaceutical's product Kangbai Xip eye injection (Langmu) has been included in the 2025 National Medical Insurance Directory [1] - Dongcheng Pharmaceutical's Technetium-99m injection has been included in the medical insurance directory; its subsidiary has received clinical trial approval for 177Lu-LNC1009 injection [1] - Micron Biomedical's Sidabena tablets have been included in the National Medical Insurance Directory for regular Class B management [1] - Haichuang Pharmaceutical's Deuteroenzalutamide soft capsules have been included in the National Medical Insurance Directory for the first time [1] - Huadong Medicine's subsidiary products and cooperative products have been included in the National Medical Insurance and commercial insurance innovative drug directory [1] - Aidi Pharmaceutical's two anti-HIV innovative drugs continue to be included in the National Medical Insurance Directory through a simplified renewal process [1] Group 2: Corporate Developments - Hengyin Technology has signed a cooperation agreement with Muxi Co., focusing on the domestic GPU scenario [1] - Jia Jian Co. is planning a change in control, with stock resuming trading on December 8 [2] - Gu Ao Technology's actual controller is planning a change in control, leading to stock suspension [2] Group 3: Financial Performance - Tianbang Food reported a commodity pig sales revenue of 654 million yuan in November, a month-on-month increase of 7.66% [3] - Tian Ci Materials' controlling shareholder has committed not to reduce company shares [3]

Major Events - Chuangsheng Group-B (06628) announced updated efficacy data for osemitamab triple therapy as a first-line treatment for gastric or gastroesophageal junction adenocarcinoma at ESMO Asia [1] - Strength Development (01277) plans to acquire 100% equity of Taiyuan Shidi for approximately 384 million yuan and acquire Dongzhimen property for a total of 86.33 million yuan [1] - Innovent Biologics (01801) completed a global strategic collaboration with Takeda Pharmaceutical and issued 6.9138 million shares under general authorization [1] - Ascentage Pharma-B (06855) received FDA and EMA approval for global registration of a Phase III clinical trial for Nilotinib as a first-line treatment for Ph+ ALL [1] - Baiao Saitou-B (02315) announced that its business partner IDEAYA received IND approval from the FDA for IDE034 [1] - Jinfang Pharmaceutical-B (02595) initiated a registration clinical trial for GFH375, the world's first oral KRAS G12D inhibitor in a controlled chemotherapy Phase III study [1] - Xixiangfeng Group (02473) signed a business cooperation agreement with Hello Car Rental to develop car rental services in designated cities under a "co-branded store" model [1] - International Commercial Settlement (00147) signed a computer chip sales agreement with Hong Kong Antarctic Light to seize growth opportunities in the IC chip market [1] - CSPC Pharmaceutical Group (01093) received clinical trial approval in the U.S. for a GLP-1/GIP receptor dual agonist injection [1] - MIRXES-B (02629) plans to collaborate with Crystal Technology to build an AI-enabled integrated "diagnosis and treatment" research and industrialization platform [1] - Zhengtong Automobile (01728) intends to invest approximately 816 million yuan to acquire Xiamen Xinda 4S dealership and automotive sales and export business [1] - Guorui Life (00108) plans to acquire 78.3% of Beijing Chunyu Tianxia Software for 269 million yuan [1] - Innovent Biologics (01801) successfully included seven innovative products (including new indications) in the 2025 National Medical Insurance Drug List [1] - Peijia Medical-B (09996) had its registration application for the TaurusNXT® "non-aldehyde cross-linked" transcatheter aortic valve replacement system accepted by the National Medical Products Administration [1] - Fosun Pharma (02196) had new drugs included in the National Medical Insurance Directory and commercial insurance innovative drug directory [1] - Junshi Biosciences (01877) had Tuoyi® new indications and Junshida® included in the National Medical Insurance Directory [1] - Valiant Biotech-B (09887) presented clinical data for LBL-034 at the 67th ASH Annual Meeting [1] - Canfite BioPharma (09926) had all approved indications for five marketed drugs successfully included in the latest National Medical Insurance Drug List [1] - Fuhong Hanlin (02696) had Fuzhuoning® (Citrus Acid Vovizili Capsules) included in the National Medical Insurance Drug List [1] - Green Leaf Pharmaceutical (02186) successfully included five new products in the 2025 National Medical Insurance Drug List or commercial insurance innovative drug directory [1] - Yinnuo Pharmaceutical-B (02591) had its core products included in the National Medical Insurance Drug List [1] Operating Performance - Poly Real Estate Group (00119) reported a contract sales amount of approximately 47.7 billion yuan for the first 11 months, a year-on-year decrease of 8.45% [2] - GAC Group (02238) reported November automobile sales of approximately 179,700 units, a year-on-year decline of 9.72% [2] - Xiehe New Energy (00182) reported an equity power generation of 697.23 GWh in November, a year-on-year increase of 7.77% [2]

Major Events - Chuangsheng Group-B (06628) announced updated efficacy data for osemitamab triple therapy in first-line treatment of gastric or gastroesophageal junction adenocarcinoma at ESMO Asia [1] - Strength Development (01277) plans to acquire 100% equity of Taiyuan Shidi for approximately 384 million yuan and acquire Dongzhimen property for a total of 86.33 million yuan [1] - Innovent Biologics (01801) completed a global strategic collaboration with Takeda Pharmaceutical and issued 6.9138 million shares under general authorization [1] - Ascentage Pharma-B (06855) received FDA and EMA approval for global registration of the III phase clinical study of Nilotinib in first-line treatment of Ph+ ALL [1] - Baiao Saitou-B (02315) announced that its business partner IDEAYA received IND approval from the FDA for IDE034 [1] - Jinfang Pharma-B (02595) initiated a registration clinical trial for GFH375 in metastatic pancreatic cancer, marking the first global oral KRAS G12D inhibitor monotherapy controlled chemotherapy III phase study [1] - Xixiangfeng Group (02473) subsidiary signed a business cooperation agreement with Hello Car Rental to develop car rental business in designated cities under a "co-branded store" model [1] - International Commercial Settlement (00147) signed a computer chip sales agreement with Hong Kong Antarctic Light to seize growth opportunities in the IC chip market [1] - CSPC Pharmaceutical Group (01093) received clinical trial approval in the U.S. for GLP-1/GIP receptor dual agonist peptide injection [1] - MIRXES-B (02629) plans to collaborate with Jingtai Technology to build an AI-enabled integrated "diagnosis and treatment" research and industrialization platform [1] - Zhengtong Automotive (01728) plans to invest approximately 816 million yuan to acquire Xiamen Xinda 4S dealership and automotive sales and export business [1] - Guorui Life (00108) intends to acquire 78.3% of Beijing Chunyu Tianxia Software for 269 million yuan [1] - Innovent Biologics (01801) announced that seven innovative products, including new indications, were successfully included in the 2025 National Medical Insurance Drug List [1] - Peijia Medical-B (09996) had its registration application for the TaurusNXT® "non-aldehyde cross-linked" transcatheter aortic valve replacement system accepted by the National Medical Products Administration [1] - Fosun Pharma (02196) had new drugs included in the National Medical Insurance Directory and commercial insurance innovative drug directory [1] - Junshi Biosciences (01877) had Tuoyi® new indications and Junshida® included in the National Medical Insurance Directory [1] - Valiant Biopharma-B (09887) clinical data for LBL-034 was presented at the 67th ASH Annual Meeting [1] - Canfite BioPharma (09926) had all approved indications for five marketed drugs successfully included in the latest National Medical Insurance Drug List [1] - Fuhong Hanlin (02696) had Fuzhuoning® (Citrus Aurantium Extract Capsules) included in the National Medical Insurance Drug List [1] - Green Leaf Pharmaceutical (02186) had five new products successfully included in the 2025 National Medical Insurance Drug List or commercial insurance innovative drug directory [1] - Yinnuo Pharmaceutical-B (02591) core products were included in the National Medical Insurance Drug List [1] Operating Performance - Poly Real Estate Group (00119) reported contract sales of approximately 47.7 billion yuan in the first 11 months, a year-on-year decrease of 8.45% [2] - GAC Group (02238) reported November automobile sales of approximately 179,700 units, a year-on-year decline of 9.72% [2] - Xiehe New Energy (00182) reported November equity power generation of 697.23 GWh, a year-on-year increase of 7.77% [2]

Core Insights - Junshi Biosciences (688180.SH) announced that its product Toripalimab injection (brand name: Tuoyi®, product code: JS001) has received two new indications, and its product Engreztinib injection (brand name: Junshida®, product code: JS002) has been successfully included in the National Medical Insurance Catalog (2025) under Category B, effective January 1, 2026 [1] Group 1 - As of the announcement date, the company has four commercialized products, including Tuoyi®, Adalimumab injection (brand name: Junmaikang®, product code: UBP1211), Dihydrocodeine Bromide tablets (brand name: Mindewi®, product code: VV116/JT001), and Junshida®, all of which have been included in the National Medical Insurance Catalog [1] - Tuoyi® is the only anti-PD-1 monoclonal antibody in the catalog that is approved for treating renal cancer, triple-negative breast cancer, and melanoma, with all 12 approved indications in mainland China included in the National Medical Insurance Catalog [1] - Junshida® is newly included in the catalog and is the only domestic PCSK9-targeted drug for patients intolerant to statins in the new version of the catalog [1]

Core Viewpoint - Junshi Biosciences has announced that two of its products, Toripalimab Injection (brand name: Tuoyi®) and Engreztinib Injection (brand name: Junshida®), have been included in the National Medical Insurance Catalog (2025) under the Class B category, effective January 1, 2026 [1] Group 1: Product Developments - Toripalimab has received approval for all 12 indications in mainland China and is the only anti-PD-1 monoclonal antibody in the catalog for treating renal cancer, triple-negative breast cancer, and melanoma [1] - Engreztinib is newly included in the catalog and is the only domestic PCSK9-targeted drug for patients intolerant to statins [1] Group 2: Market Implications - The inclusion of these products in the National Medical Insurance Catalog is expected to enhance their market accessibility and potentially increase sales [1] - With four commercialized products now listed in the National Medical Insurance Catalog, the company is positioned to benefit from broader patient access and reimbursement support [1]

Core Viewpoint - Junshi Biosciences reported a significant increase in revenue for the first half of 2025, but the company has not yet achieved profitability, highlighting the challenges of the biopharmaceutical industry, which is characterized by long R&D cycles, high investment, and substantial risks [1][2]. Financial Performance - In the first half of 2025, Junshi Biosciences achieved approximately 1.168 billion yuan in revenue, a year-on-year increase of 48.64%, with drug sales revenue reaching 1.059 billion yuan, up 49.41% [1][2]. - The net loss attributable to shareholders was approximately 413 million yuan, which represents a narrowing of losses compared to the previous year [1][2]. - The company's R&D expenses were about 706 million yuan, reflecting a year-on-year increase of 29.14%, driven by a focus on competitive and innovative R&D projects [3]. Product Pipeline and Innovation - Junshi Biosciences has expanded its innovation scope beyond monoclonal antibodies to include small molecule drugs, antibody-drug conjugates (ADC), bispecific or multispecific antibodies, fusion proteins, nucleic acid drugs, and vaccines [2]. - The company has a product pipeline covering five major therapeutic areas: malignant tumors, autoimmune diseases, chronic metabolic diseases, neurological diseases, and infectious diseases [2]. - As of the report date, Junshi Biosciences has four commercialized drugs and nearly 30 drug candidates in clinical trials, with over 20 in preclinical development [2]. Cash Flow and Funding - The net cash flow from operating activities showed a reduction in net outflow compared to the previous year, primarily due to increased sales revenue from commercialized drugs and significant technical licensing fees received during the period [2]. - In June 2025, Junshi Biosciences successfully completed a new H-share placement, raising approximately 1.026 billion HKD, with total cash and financial assets amounting to about 3.507 billion yuan at the end of the reporting period [3].

Core Viewpoint - The company has expanded its innovative research and development from monoclonal antibodies to a broader range of drug types, including small molecules, peptides, antibody-drug conjugates (ADCs), bispecific or multispecific antibodies, fusion proteins, and nucleic acid drugs, focusing on next-generation innovative therapies for cancer and autoimmune diseases [1] Group 1: Product Pipeline and Therapeutic Areas - The company's product pipeline covers five major therapeutic areas: malignant tumors, autoimmune diseases, chronic metabolic diseases, neurological diseases, and infectious diseases [1] - Currently, the company has four commercialized drugs: Tuoyi® (特瑞普利单抗), Junmai Kang® (君迈康), Mindewi® (民得维), and Junshida® (君适达) [1] - Nearly 30 drug candidates are in clinical trial stages, with over 20 candidates in preclinical development [1] Group 2: Regulatory Approvals and Market Access - The core product Tuoyi® has received approval for 12 indications in mainland China, with 10 of these indications included in the national medical insurance catalog [1] - The company is accelerating the development and market application of late-stage pipeline products, including anti-BTLA monoclonal antibody tifcemalimab (TAB004/JS004), anti-IL-17A monoclonal antibody (JS005), subcutaneous PD-1 monoclonal antibody formulation (JS001sc), and PD-1/VEGF bispecific antibody (JS207) [1] Group 3: Early-stage Pipeline Exploration - The company continues to explore early-stage pipeline products, including anti-Claudin18.2 ADC (JS107), PI3K-α oral small molecule inhibitor (JS105), CD20/CD3 bispecific antibody (JS203), anti-DKK1 monoclonal antibody (JS015), EGFR/HER3 bispecific antibody conjugate (JS212), and PD-1/IL-2 bifunctional antibody fusion protein (JS213) [1]