截至9月3日，恒生创新药指数今年以来累计上涨117.55%，显示出投资者对于港股生物医药的信心正在 快速恢复和提升。国元证券在研报中提到，目前我国创新药进入成果兑现阶段，研发进展催化较多，继 续看好该板块下半年表现。 多重因素增厚业绩 上半年，核心产品销售放量、对外授权步伐加速及AI技术赋能等多维度因素共振，推动港股生物医药 上市公司业绩提升。 恒瑞医药、药明康德等龙头企业均交出了两位数增长的成绩单。上半年，恒瑞医药收到默沙东2亿美元 以及IDEAYA的7500万美元对外许可首付款，公司归母净利润同比增长29.67%；药明康德受益于全球新 药研发外包服务市场的快速发展，营收同比增长20.6%，归母净利润同比增长95.5%。 上半年，一批港股生物医药公司加速国际化布局，对外授权合作不断落地。以加科思为例，公司的 Glecirasib获得国家药品监督管理局上市批准，促使艾力斯支付5000万元人民币（如无标明，单位下 同）的里程碑付款。由此，加科思上半年实现收入0.46亿元，扭转了上年同期收入为0的局面。 诺诚健华今年1月与Prolium订立开发及商业化ICP-B02的独占许可协议。公司上半年总收入同比增长 74. ...

Core Viewpoint - The company reported a significant increase in sales revenue and improved operational efficiency, with cash on hand amounting to 3.5 billion RMB [2] Financial Performance - In the first half of 2025, the company achieved revenue of 1.168 billion RMB, representing a year-on-year increase of 48.64% [2] - The core product, Toripalimab, generated sales revenue of 954 million RMB in the domestic market, up 42.25% year-on-year [2] - R&D expenses totaled 706 million RMB, an increase of 29.14% year-on-year, while sales expenses were 487 million RMB, up 13.98% [2] - Management expenses decreased by 18.60% to 195 million RMB [2] - The net profit attributable to shareholders was a loss of 413 million RMB, significantly narrowing from a loss of 645 million RMB in the same period last year, a reduction of 36.01% [2] - As of June 30, 2025, the company had approximately 3.5 billion RMB in cash and cash equivalents [2] Product Development and Regulatory Approvals - The company has received approval for 12 indications for Toripalimab in China, with 10 indications included in the national medical insurance catalog, four of which are exclusive [3] - The subcutaneous formulation JS001sc is expected to submit an NDA within the year [3] - Toripalimab has been approved for marketing in over 80 countries and regions, including the US, EU, India, and Australia, through partnerships with various companies [3] Clinical Trials and Pipeline - The company has initiated eight Phase II clinical trials for JS207 (PD-1/VEGF) across various cancer types [4] - As of August 22, 2025, 172 subjects have been enrolled in the Phase II trials for JS207 [4] - The global Phase III trial for JS004 (BTLA) has enrolled nearly 400 patients and is expected to complete recruitment by 2026 [4] - The company is advancing several early-stage pipeline candidates, including JS015, JS212, JS213, and JS214 [4] Key Catalysts and Future Outlook - Key data readouts are anticipated for JS207 and the subcutaneous formulation of Toripalimab in the second half of 2025 [5] - Other significant milestones include the expected initiation of pivotal registration trials for JS203 in 2026 and the launch of Phase III trials for JS107 and JS105 within 2025 [5] Investment Valuation - The target market capitalization is estimated at 52.5 billion RMB, corresponding to a target share price of 51.12 RMB, maintaining a "buy" rating [6]

Core Viewpoint - Junshi Bioscience reported a strong revenue growth of 31.46% year-on-year for Q1 2025, driven by its core product, Toripalimab, which achieved a sales revenue of 447 million yuan, reflecting a 45.72% increase year-on-year [2] Group 1: Financial Performance - The company achieved a total revenue of 500 million yuan in Q1 2025, with a net loss of 235 million yuan, which is a reduction in loss compared to the previous year [2] - Cash and cash equivalents, along with trading financial assets, totaled 3 billion yuan as of March 31, 2025 [2] - Sales expenses increased by 17.79% year-on-year to 226 million yuan, accounting for 45% of total revenue, a decrease of 5 percentage points from Q1 2024 [2] Group 2: Product Development and Regulatory Approvals - Toripalimab has received approval for 12 indications in China, with 10 included in the national medical insurance directory, four of which are exclusive indications [3] - The company has made progress in international expansion, with Toripalimab approved in multiple countries including the US, EU, and Australia, and has established commercial partnerships in over 80 countries [3] - Two early-stage pipelines, JS212 and JS213, have received clinical trial approvals from the National Medical Products Administration [3] Group 3: Future Catalysts - Key catalysts for 2025 include data readouts for Toripalimab combined with Lenvatinib for first-line HCC, early clinical data for JS107, and early clinical data for JS015 targeting gastrointestinal tumors [4] - The company plans to submit for market approval for JS005 for psoriasis treatment by the end of 2025 [4] Group 4: Investment Recommendation - The target market value is estimated at 47.4 billion yuan, corresponding to a target price of 48.10 yuan per share, maintaining a "buy" rating [5] - Recent analyst coverage indicates a consensus target price of 48.1 yuan, with two institutions giving a buy rating [7]

Investment Rating - The report maintains a "Buy" rating for Junshi Bioscience (688180) with a target price of 48.10 RMB, compared to the last closing price of 30.45 RMB [1][7]. Core Insights - Junshi Bioscience's revenue from Tuoyi has shown a significant year-on-year growth of 46%. The company is focusing on early data for DKK1 in gastrointestinal tumors [1][10]. - In Q1 2025, the company reported a revenue of 500 million RMB, representing a year-on-year increase of 31.46%. The core product, Toripalimab, achieved sales of 447 million RMB in the domestic market, up 45.72% year-on-year [4][10]. - The company has 30 billion RMB in cash on hand and has implemented a "quality improvement and efficiency return" action plan to enhance sales efficiency and focus resources on more promising R&D projects [4][5]. Financial Performance - The sales expenses for Q1 2025 were 226 million RMB, a year-on-year increase of 17.79%, accounting for 45% of total revenue, which is a decrease of 5 percentage points compared to Q1 2024. R&D expenses were 351 million RMB, up 26.89% year-on-year, while management expenses decreased by 21.32% to 97 million RMB [4]. - The net loss attributable to shareholders for Q1 2025 was 235 million RMB, with a non-recurring net profit loss of 239 million RMB, narrowing the loss by 48 million and 68 million RMB year-on-year [4]. Product Pipeline and International Expansion - Tuoyi has received approval for 12 indications in China, with 10 included in the national medical insurance catalog, four of which are exclusive indications [5]. - The company has made progress in international expansion, with Toripalimab approved in multiple countries including the USA, EU, India, UK, and Australia, and has established commercial partnerships in over 80 countries [5]. - Two early-stage pipelines, JS212 and JS213, have received clinical trial approvals, and VV116 has transitioned from conditional approval to regular approval for treating COVID-19 [5][6]. Future Projections - The report projects revenue growth for Junshi Bioscience, estimating revenues of 2.595 billion RMB in 2025, with a growth rate of 33.17% [10]. - The company is expected to narrow its net loss to 674 million RMB in 2025, with a projected diluted earnings per share of -0.68 RMB [10].