Core Viewpoint - Junshi Bioscience plans to raise approximately HKD 1.039 billion through the placement of 41 million new H-shares at a price of HKD 25.35 per share, which represents an 11.52% discount to the closing price on June 12 [1] Group 1: Fundraising and Use of Proceeds - The company intends to allocate 70% of the raised funds for innovative drug development, focusing on dual-specific antibodies such as JS207 (PD-1/VEGF), JS212 (EGFR/HER3), and JS213 (PD-1/IL-2) [1] - The remaining funds will be used to supplement working capital [1] - Junshi Bioscience previously announced an investment of CNY 767 million in the PD-1/VEGF dual antibody (JS207) [1] Group 2: Clinical Development and Market Position - JS207 is currently in Phase II clinical trials, with plans to conduct key clinical trials for lung cancer, breast cancer, liver cancer, colorectal cancer, and other advanced solid tumors [1] - Junshi Bioscience, established in December 2012, was the first domestic company to receive approval for a PD-1 monoclonal antibody, but its product, Toripalimab, has faced stiff competition from later entrants [4] - Toripalimab remains the company's leading product, generating CNY 1.501 billion in domestic sales in 2024, accounting for 77% of total revenue of CNY 1.948 billion [4] Group 3: Financial Performance and Market Trends - Despite not yet achieving profitability, the company's losses have significantly narrowed in 2024, with Q1 revenue and net loss reported at CNY 500 million and CNY 235 million, respectively [4] - The PD-1/VEGF dual antibody field has gained traction, with significant competitive developments, including a head-to-head trial where a competitor's product outperformed the leading PD-1 drug [5] - The innovative drug sector has seen a strong performance in the A-share market, with a 12.72% increase in May and a total increase of over 22% from April to June [6]

智通财经APP讯，中国生物制药(01177)发布公告，集团已在2025年美国临床肿瘤学会(ASCO)年会公布 了贝莫苏拜单抗注射液联合盐酸安罗替尼胶囊对比帕博利珠单抗注射液一线治疗PD-L1阳性晚期非小细 胞肺癌(NSCLC)的III期临床最新研究成果：达到无进展生存期(PFS)的主要研究终点，其中在TPS≥50% 的人群中，中位PFS较帕博利珠单抗组延长超过6个月，疾病进展╱死亡风险降低40%。 在安全性方面，贝莫苏拜单抗联合安罗替尼组的常见治疗相关不良事件均为多靶点抗血管生成酪氨酸激 酶抑制剂(TKI)或免疫治疗的常见不良事件，未观察到新的安全性信号。值得注意的是，尽管贝莫苏拜 单抗联合安罗替尼组因疗效优势而显著延长了中位治疗时间，但耐受性并未受到明显影响，其治疗相关 不良事件导致任意药物永久终止治疗的发生率(7.1%)和治疗相关不良事件导致死亡的发生率(1.4%)均略 低于帕博利珠单抗组(分别为8.0%和2.3%)。 CAMPASS研究是全球首个抗PD-L1单抗联合多靶点抗血管生成TKI用于PD-L1阳性晚期NSCLC一线治疗 的III期临床研究，该研究达到了PFS主要终点，尤其是对于TPS≥50%人群 ...

Investment Rating - The report maintains an investment rating of "Outperform" with a rating of A [4] Core Insights - The innovative drug sector has seen a significant increase in institutional preference, with the total heavy positions in Biotech innovative drugs reaching 57.62 billion, a quarter-on-quarter increase of 62% [9][19] - The heavy positions in Biotech innovative drugs accounted for 1.90% of the total market heavy positions, up by 0.79 percentage points, and 19.43% of the heavy positions in the pharmaceutical industry, up by 6.36 percentage points [9][21] - The report highlights that the preference for innovative drugs is driven by continuous revenue and profit realization from domestic sales and overseas licensing, along with anticipated catalysts from upcoming academic conferences in Q2 [19][21] Weekly New Drug Market Review - From April 28 to May 2, 2025, the top five companies in the new drug sector by stock price increase were: Aidi Pharmaceutical (19.49%), Kelun-Botai Biological (17.02%), Lepu Biopharma (16.09%), Connora (13.61%), and Canaan Pharma (13.60%) [15][17] - The top five companies by stock price decrease were: Kangfang Biopharma (-11.22%), Yiming Oncology (-10.03%), Dongyao Pharmaceutical (-6.90%), Maibo Pharmaceutical (-6.52%), and Ascentage Pharma (-5.63%) [15][17] New Drug Application Approvals and Acceptances - No new drug or new indication applications were approved this week; however, six new drug or new indication applications were accepted, including Biocodex's Sitalopram Capsules and BeiGene's Sotoclar Tablets [33][34] New Drug Clinical Application Approvals and Acceptances - This week, 33 new drug clinical applications were approved, and 36 new drug clinical applications were accepted [37][39]

Investment Rating - The report maintains an investment rating of "Outperform" with a rating of A [4] Core Insights - The innovative drug sector has seen a significant increase in institutional preference, with the total heavy positions in Biotech innovative drugs reaching 57.62 billion, a quarter-on-quarter increase of 62% [9][19] - The heavy positions in Biotech innovative drugs accounted for 1.90% of the total market heavy positions, up by 0.79 percentage points, and 19.43% of the heavy positions in the pharmaceutical industry, up by 6.36 percentage points [9][21] - The report highlights that the preference for innovative drugs is driven by continuous revenue and profit realization from domestic sales and overseas licensing, along with anticipated catalysts from upcoming academic conferences in Q2 [19][21] Weekly New Drug Market Review - From April 28 to May 2, 2025, the top five companies in the new drug sector by stock price increase were: Aidi Pharmaceutical (19.49%), Kelun-Botai Biopharmaceutical (17.02%), Lepu Biopharmaceutical (16.09%), Connora (13.61%), and Canaan Pharma (13.60%) [15] - The top five companies by stock price decrease were: Kangfang Biopharmaceutical (-11.22%), Yiming Oncology (-10.03%), Dongyao Pharmaceutical (-6.90%), Maibo Pharmaceutical (-6.52%), and Ascentage Pharma (-5.63%) [15] Weekly New Drug Industry Analysis - The report analyzed the latest heavy positions of all funds in the innovative drug sector as of March 31, 2025, focusing on A-share and Hong Kong Biotech companies [19] - The heavy positions in Biotech innovative drugs represented 6.11% of the total market circulation value, an increase of 0.90 percentage points [24][31] Weekly New Drug Approval & Acceptance Status - No new drug or new indication applications were approved this week; however, six new drug or new indication applications were accepted, including Biocodex's Sitalopram Capsules and BeiGene's Sotoclar Tablets [33][34] Weekly New Drug Clinical Application Approval & Acceptance Status - This week, 33 new drug clinical applications were approved, and 36 new drug clinical applications were accepted [37]