机构：长江证券 研究员：彭英骐/刘长洪 事件描述 2025 年8 月26 日，君实生物发布2025 年中期业绩公告：2025 年上半年实现营业收入11.68亿元，同比增 长49%，归母净亏损减少至4.13 亿元，同比下降36%。 事件评论 营收继续稳健增长，特瑞普利单抗销售明显提速。2025H1 公司实现营业收入11.68 亿元（同比 +49%），其中药品销售收入10.59 亿元。2025H1 归母净亏损减少至4.13 亿元（同比-36%）。公司四款 商业化产品放量明显，2025H1 特瑞普利单抗（拓益）国内销售收入9.54 亿元（同比+42%），上半年新 增两项适应症，共计12 项适应症上市，其中10 项已纳入医保。昂戈瑞西单抗（君适达）为首个覆盖他 汀不耐受人群的国产抗PSCK9 单抗，上半年新增两项适应症获批，共计3 项适应症上市；氢溴酸氘瑞米 德韦片（民得维）由附条件批转为常规批准，上半年实现全渠道覆盖；阿达木单抗（君迈康）8 项已获 批适应症并全部纳入医保。 核心产品引领海内外商业化网络建设。2025 上半年特瑞普利单抗相继在新加坡、澳大利亚、科威特及 阿联酋获批上市，目前累计在全球40 个国家和地 ...

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]