格隆汇10月9日｜天风证券研报指出，君实生物2025H1收入为11.68亿元，同比增长48.64%，净亏损为 4.13亿元，同比减亏36.01%。特瑞普利单抗4项适应症迎来医保元年，并新增获批2项新适应症 2025H1，特瑞普利单抗国内市场销售收入约9.54亿元，同比增长约42%，目前在国内共获批12项适应 症，2025年新增获批肝细胞癌1L和黑色素瘤1L，还有联合维迪西妥单抗治疗HER2+尿路上皮癌的sNDA 获得NMPA受理。PD-1/VEGF双抗已开展II期临床试验，临床前研究显示抗肿瘤活性强劲PD-1/VEGF 双 抗JS207目前正处于临床II 期阶段，正在NSCLC、CRC、TNBC、肝癌等多个瘤种中展开与化疗、单抗 和ADC等不同药物的联合治疗的探索。在国际化布局方面，公司已和利奥制药等合作伙伴在欧盟、英 国等超过80个国家达成商业化合作，已在美国、欧盟、英国、澳大利亚等40个国家和地区获批上市， 2025年1月在澳大利亚获批鼻咽癌的1L和2L治疗，已在美国实现商业化销售。临床阶段肿瘤药物管线丰 富，BTLA国际多中心LS-SCLC的III期临床已入组近400人。维持"买入"评级。 ...

一、行业概述 免疫检查点抑制剂是一类通过阻断免疫检查点蛋白来增强免疫系统对癌细胞攻击能力的药物。免疫检查 点是免疫系统中的调节机制，用于防止免疫反应过度而损伤正常细胞。常见的免疫检查点分子主要有 PD-1、PD-L1、CTLA-4和LAG-3等。肿瘤细胞常利用这些检查点来逃避免疫系统的攻击。而免疫检查 点抑制剂通过阻断这些检查点，使免疫系统能够持续攻击癌细胞。 免疫检查点抑制剂分类 二、行业发展历程 内容概况：近年来，中国免疫检查点抑制剂行业呈现出快速发展的态势，已成为生物医药领域的热点之 一。2024年，中国免疫检查点抑制剂行业市场规模约为527.34亿元，同比增长44.14%。这一显著扩张的 核心驱动力在于免疫检查点抑制剂的创新治疗机制——其通过阻断PD-1/PD-L1等免疫检查点通路，重 新激活人体免疫系统精准识别并攻击肿瘤细胞，为传统治疗手段有限的癌症患者提供了革命性的治疗新 选择。正是基于这种突破性的治疗价值，免疫检查点抑制剂在临床应用中快速渗透，推动市场需求持续 攀升。 中国免疫检查点抑制剂行业经历了起步、快速发展和成熟扩展三个阶段。2011年，科技部等部门将免疫 抑制剂研发纳入国家高新技术领域， ...

Group 1 - The report highlights a marginal recovery in China's manufacturing PMI in September, indicating a rebound in production activities, with new orders and export orders showing upward trends [1] - The report suggests three main investment directions based on economic recovery and market liquidity: breakthroughs in technology AI, resonance between domestic and international markets, and the continued rise of undervalued assets [1] - In the A-share market, major indices maintained upward momentum in September, with the ChiNext index rising over 12% and net inflows from southbound funds reaching 172.65 billion yuan [3] Group 2 - The global small nucleic acid drug market is projected to grow at a compound annual growth rate of 26.1%, reaching 46.7 billion USD by 2033, driven by technological advancements and increasing clinical approvals [10] - The report details the clinical progress of small nucleic acid drugs in various therapeutic areas, indicating significant potential for growth in this sector [10] - The report recommends focusing on both international and domestic companies involved in small nucleic acid drugs, highlighting key players in the market [10] Group 3 - The report on Lian Microelectronics indicates a stable revenue growth of 14.18% year-on-year for H1 2025, driven by technological innovation and an integrated supply chain [12] - Despite the revenue growth, the company reported a significant increase in net losses, indicating ongoing profitability challenges [12] - The report emphasizes the importance of capacity expansion and integrated industry chain advantages for the company's stable operations [12] Group 4 - The report on Solon Technology highlights the opportunities created by electrification and domestic substitution trends in the nylon pipeline sector, with potential revenue growth driven by increased demand from electric vehicles [18] - The company has established long-term partnerships with over 30 automotive manufacturers, positioning itself well in the market [18] - Revenue projections for 2025-2027 indicate a growth trajectory, with expected revenues of 1.57 billion, 1.96 billion, and 2.39 billion yuan respectively [18] Group 5 - The report on Yuheng Pharmaceutical shows a decline in revenue by 9.97% in H1 2025, while net profit increased by 7.56%, indicating effective cost management [37] - The company has signed promotional agreements for new drug products, enhancing its market presence and potential revenue streams [37] - The introduction of Pemabet tablets is expected to strengthen the company's product pipeline and competitive position in the cardiovascular sector [38]

公司报告 | 半年报点评 君实生物（688180） 证券研究报告 2025H1 特瑞普利单抗销售稳健增长，PD-1/VEGF 双抗进入 II 期临床 事件 公司于近日发布 2025 年半年报，2025H1，公司收入为 11.68 亿元，同比增 长 48.64%，净亏损为 4.13 亿元，同比减亏 36.01%，扣非净亏损为 4.78 亿 元，同比减亏 23.72%。 特瑞普利单抗 4 项适应症迎来医保元年，并新增获批 2 项新适应症 2025H1，特瑞普利单抗国内市场销售收入约 9.54 亿元，同比增长约 42%， 目前在国内共获批 12 项适应症，2025 年新增获批肝细胞癌 1L 和黑色素瘤 1L，还有联合维迪西妥单抗治疗 HER2+尿路上皮癌的 sNDA 获得 NMPA 受 理 。特瑞普利单抗目前共有 10 项适应症纳入医保目录，2025 年为其中 4 项新增纳入适应症的医保元年，分别为 NSCLC 辅助治疗、肾细胞癌 1L、 ES-SCLC 1L 和 PD-L1 阳性 TNBC 1L，覆盖人群较广。 在国际化布局方面，公司已和利奥制药等合作伙伴在欧盟、英国等超过 80 个国家达成商业化合作，已在美国、 ...

Investment Rating - The report maintains a "Buy" rating for the recommended stocks in the consumer sector, indicating a positive outlook for their performance over the next 12 months [10][11][12][13][16][21][22]. Core Insights - The report highlights nine advantageous sectors within the consumer industry, including agriculture, retail, social services, automotive, textiles and apparel, light industry, food, home appliances, and pharmaceuticals, with specific stock recommendations for each sector [3][6]. - The recommended stocks are expected to benefit from various growth drivers, including market expansion, product innovation, and operational efficiency improvements [10][11][12][13][16][21][22]. Summary by Sector Agriculture - Recommended Stock: Muyuan Foods (牧原股份) - Expected net profits for 2025-2027 are projected at 227.9 billion, 413.8 billion, and 447.7 billion respectively, with corresponding PE ratios of 13, 7, and 6 [10][25]. Retail - Recommended Stock: Shangmei Co., Ltd. (上美股份) - Expected net profits for 2025-2027 are projected at 10.9 billion, 13.6 billion, and 16.4 billion respectively, with corresponding PE ratios of 33, 27, and 22 [11][25]. Social Services - Recommended Stock: Core International (科锐国际) - Expected net profits for 2025-2027 are projected at 2.95 billion, 3.68 billion, and 4.60 billion respectively, with corresponding PE ratios of 20, 16, and 13 [12][25]. Automotive - Recommended Stock: Xusheng Group (旭升集团) - Expected net profits for 2025-2027 are projected at 4.6 billion, 6.2 billion, and 7.7 billion respectively, with corresponding PE ratios of 39, 29, and 23 [13][25]. Textiles and Apparel - Recommended Stock: Bosideng (波司登) - Expected net profits for 2025-2027 are projected at 39.3 billion, 43.5 billion, and 47.5 billion respectively, with corresponding PE ratios of 12, 11, and 10 [16][25]. Light Industry - Recommended Stock: Pop Mart (泡泡玛特) - Expected net profits for 2025-2027 are projected at 2.35 billion, 8.38 billion, and 12.19 billion respectively, with corresponding PE ratios of 35.7, 31.6, and 21.9 [17][25]. Food - Recommended Stock: Qianhe Flavoring (千禾味业) - Expected net profits for 2025-2027 are projected at 0.50 billion, 0.42 billion, and 0.53 billion respectively, with corresponding PE ratios of 24.1, 26.9, and 21.4 [18][25]. Home Appliances - Recommended Stock: Roborock (石头科技) - Expected net profits for 2025-2027 are projected at 20.47 billion, 28.87 billion, and 34.24 billion respectively, with corresponding PE ratios of 26, 19, and 16 [21][25]. Pharmaceuticals - Recommended Stock: Junshi Biosciences (君实生物) - Expected net profits for 2025-2027 are projected at -1.30 billion, -0.91 billion, and -0.34 billion respectively, with a PE ratio of 66.3 for 2027 [22][25].

智通财经记者 | 李科文 智通财经编辑 | 谢欣 当地时间9月25日，美国总统特朗普在其社交媒体平台"真实社交"发文称，自10月1日起将对"所有任何 品牌（Branded）或已获专利（Patented）的药品"征收100%的关税。 特朗普补充称，这一措施不适用于在美国建设药品生产厂的药企。豁免范围包括那些已开工建设的项 目，不论是已动工还是正在施工的工厂。 (选填)图片描述 此外，美国媒体推测，该药品关税可能不适用于仿制药（Generic Drugs）。仿制药的价格远低于品牌 药，占了美国处方药的大多数。但至于这一点是否属实，白宫尚未回应。 哪些药品出口会受影响？ 智通财经记者分析，从美国总统特朗普的措辞来看，此次拟加征的100%药品关税主要针对品牌药 （Branded Pharmaceutical Product）和在专利保护期内的专利药（Patented Pharmaceutical Product）。 这一关税措施可能并不涉及仿制药（Generic Drugs）和生物类似药（Biosimilar）。 在美国市场，Branded Pharmaceutical Product品牌药通常是指由制药公司以商标名 ...

Core Viewpoint - Junshi Biosciences (01877) shares rose over 6%, currently up 6.34% at HKD 31.54, with a trading volume of HKD 182 million [1] Group 1: Upcoming Conference - The European Society for Medical Oncology (ESMO) annual meeting will be held in Berlin, Germany from October 17 to October 21, 2025 [1] - Junshi Biosciences will present over 20 studies on its innovative products, including anti-PD-1 monoclonal antibody Toripalimab, anti-BTLA monoclonal antibody Tifcemalimab, and selective PI3K-α inhibitor JS105 at the conference [1] Group 2: Research Highlights - The conference's latest breakthrough abstracts (Late-Breaking Abstracts, LBA) have been announced, with two studies on Toripalimab selected for oral presentations [1] - One of the studies on Toripalimab has been chosen for the prestigious Proffered Paper session, showcasing cutting-edge advancements in combination therapy [1]

Core Viewpoint - Junshi Biosciences (01877) shares rose over 6%, currently up 6.34% at HKD 31.54, with a trading volume of HKD 1.82 billion [1] Group 1: Upcoming Conference - The European Society for Medical Oncology (ESMO) annual meeting will take place from October 17 to October 21, 2025, in Berlin, Germany [1] - Junshi Biosciences will present over 20 studies on its innovative products, including anti-PD-1 monoclonal antibody Toripalimab, anti-BTLA monoclonal antibody Tifcemalimab, and selective PI3K-α inhibitor JS105 at the conference [1] Group 2: Research Highlights - The conference's latest breakthrough abstracts (Late-Breaking Abstracts, LBA) have been announced, with two studies on Toripalimab selected for oral presentations [1] - One of the studies has been honored with a spot in the prestigious Proffered Paper session, showcasing advancements in Toripalimab combination therapy [1]

Core Viewpoint - Junshi Biosciences aims to establish itself as a global innovative pharmaceutical company with a complete industry chain capability from drug discovery to commercialization, focusing on quality and innovation [2][3]. Company Overview - Junshi Biosciences, founded on December 27, 2012, and listed on July 15, 2020, specializes in the research and commercialization of monoclonal antibody drugs and other therapeutic proteins [7]. - The company's main revenue sources include drug sales (90.67%), technology licensing (8.74%), and other services (0.59%) [7]. Product Development - The company has developed a promising drug portfolio, including its core product, Toripalimab, which is the first domestically approved PD-1 monoclonal antibody in China, with 11 approved indications and one supplemental NDA under review [2]. - Toripalimab is also the first innovative biopharmaceutical developed and produced in China to receive FDA approval, with approvals in multiple regions including the U.S., EU, and Australia [2]. - Junshi's self-developed Tifcemalimab is the first anti-tumor anti-BTLA monoclonal antibody to enter clinical development, currently undergoing two Phase III trials [2]. Vaccine Development - Junshi's subsidiary, JunTuo Biotech, is developing vaccine-related products, including monkeypox and Zika vaccines, which are currently in preclinical development [3]. - The company has partnered with several institutions, including Peking University and the Chinese Academy of Sciences, to jointly develop a recombinant protein vaccine for monkeypox [3]. Financial Performance - For the first half of 2025, Junshi Biosciences reported revenue of 1.168 billion yuan, a year-on-year increase of 48.64%, while the net profit attributable to shareholders was -413 million yuan, a 36.01% increase [8]. - As of June 30, 2025, the number of shareholders increased by 5.88% to 31,200, with a decrease in average circulating shares per person by 5.56% [8]. Market Activity - On September 24, Junshi Biosciences' stock rose by 0.22%, with a trading volume of 621 million yuan and a turnover rate of 1.95%, bringing the total market capitalization to 42.782 billion yuan [1]. - The stock has seen a net outflow of 27.407 million yuan from major funds, indicating a lack of strong buying interest [4][5].

Core Viewpoint - Junshi Biosciences is positioned as a comprehensive innovative pharmaceutical company with capabilities spanning drug discovery, clinical research, large-scale production, and commercialization, aiming for a global footprint while being rooted in China [2] Group 1: Company Overview - Junshi Biosciences was established on December 27, 2012, and went public on July 15, 2020, focusing on the research and commercialization of monoclonal antibodies and therapeutic proteins [7] - The company's main revenue sources include 90.67% from drug sales, 8.74% from technology licensing, and 0.59% from technical services [7] - As of June 30, 2025, Junshi Biosciences reported a revenue of 1.168 billion yuan, a year-on-year increase of 48.64%, while the net profit attributable to shareholders was -413 million yuan, a year-on-year increase of 36.01% [8] Group 2: Product Pipeline and Innovations - The company has developed a significant product portfolio, including the first domestically approved PD-1 monoclonal antibody, Toripalimab, which has received approval for 11 indications in mainland China and is also approved in multiple countries including the US and EU [2] - Junshi Biosciences is advancing its pipeline with Tifcemalimab, the first anti-BTLA monoclonal antibody entering clinical development, currently undergoing two Phase III trials [2] - The company is also collaborating with various research institutions to develop vaccines, including monkeypox and Zika vaccines, which are currently in preclinical development [3] Group 3: Market Performance and Investor Sentiment - On September 23, Junshi Biosciences' stock fell by 4.26%, with a trading volume of 755 million yuan and a market capitalization of 42.69 billion yuan [1] - The stock has seen a net outflow of 48.4 million yuan from major investors, indicating a trend of reduced holdings over the past three days [4][5] - The average trading cost of the stock is 41.93 yuan, with the stock price approaching a resistance level of 42.00 yuan, suggesting potential volatility [6]