Summary of Shanghai Junshi Biosciences Conference Call Company Overview - **Company**: Shanghai Junshi Biosciences - **Established**: 2012 - **Focus**: Commercialization-stage biotech company specializing in oncology and autoimmune indications with over 15 clinical-stage assets [11][29] Key Industry Insights - **Market Performance**: Junshi's share price increased by 167% year-to-date, outperforming HSBIO's 100% increase [2] - **Valuation**: The price target is set at HK$34.70, reflecting a risk-adjusted P/peak sales of 2.4x, in line with peer median [5][7] Core Product Insights - **Toripalimab (PD-1)**: - Remains the primary revenue driver, with sales of Rmb954 million in H125, up 42% YoY [4][29] - Expected to exceed Rmb2 billion in 2025 due to new indications included in the National Reimbursement Drug List (NRDL) [29] - Anticipated sales growth driven by additional indications such as perioperative NSCLC and 1L TNBC [9][29] Clinical Development Highlights - **JS207 (PD-1/VEGF)**: - Key candidate with eight phase-2 trials initiated, covering various cancers [3][12] - Early-stage data expected by late 2025/early 2026, crucial for demonstrating its potential [3][15] - Positioned as a strong competitor in the PD-1/VEGF field [3][12] - **Other Candidates**: - **JS015 (DKK1)**: First-in-class DKK1 in phase-2, showing promising early data in colorectal and gastric cancers [19][20] - **JS203 (CD20/CD3)**: Early efficacy signals with 80% ORR in phase-1 trials, pivotal trials expected to start in 2026 [22][23] - **Tifcemalimab (BTLA)**: Global first-in-class candidate in phase-3 for limited-stage small cell lung cancer, with data read-out expected in late 2026 [16][17] Financial Projections - **Revenue Growth**: Projected sales CAGR of 20% from 2025 to 2027, primarily driven by toripalimab and new NRDL inclusions [4][9] - **Profitability Timeline**: Expected to reach breakeven by 2027, with net earnings improving from losses in the coming years [6][29] Risks and Considerations - **Clinical Data Dependency**: The success of multiple candidates, especially JS207, hinges on upcoming clinical data readouts [15][28] - **Market Sentiment**: Positive market sentiment exists for Junshi's potential business development (BD) opportunities, but actual performance will depend on clinical outcomes [15][28] Conclusion - Junshi is positioned for growth with a strong pipeline and key revenue drivers, particularly toripalimab. However, the company must navigate the challenges of clinical data validation and market competition to realize its full potential.

Core Viewpoint - Junshi Bioscience has announced adjustments to certain sub-projects and funding amounts related to its fundraising initiatives, maintaining the total amount of raised funds unchanged [1][3]. Fundraising and Project Adjustments - The company held board and supervisory meetings on May 29, 2025, to approve changes to the "Innovative Drug R&D Project" under the 2022 fundraising efforts, specifically adjusting clinical trial sub-projects and their funding amounts [1]. - New sub-projects added include "JS207 domestic and international R&D," "JS107 domestic and international R&D," "JS125 domestic and international R&D," "JT002 domestic and international R&D," "JS203 domestic and international R&D," and "JS015 domestic and international R&D," with funding sourced from reduced amounts in other sub-projects [2]. Strategic Rationale - The adjustments are based on the company's development strategy and product R&D progress, aimed at improving the efficiency of fund utilization and optimizing resource allocation, thereby supporting long-term development [3]. - The changes will not adversely affect the company's normal operations and align with the long-term interests of all shareholders [3]. Fundraising Details - In 2022, Junshi Bioscience raised a total of RMB 3.7765 billion by issuing 70 million A-shares at a price of RMB 53.95 per share, with a net amount of RMB 3.7448 billion after deducting issuance costs [4]. - The funds were deposited into a special account for fundraising and were verified by a certified public accountant [4]. Company Performance - Since its listing on July 15, 2020, Junshi Bioscience has raised a total of RMB 8.613 billion through two fundraising rounds [7]. - The company reported a net profit attributable to shareholders of -2.35 billion in Q1 2025, an improvement from -2.83 billion in the same period last year, with a revenue of 5.01 billion, reflecting a year-on-year growth of 31.46% [7][8].