当日关注点 君实生物发布业绩预告，预计2025年全年营业收入25亿元；扣非后净利润亏损约9.85亿元；归属净利润 亏损约8.73亿元。 公司公告汇总君实生物2025年年度业绩预告 上海君实生物医药科技股份有限公司预计2025年年度实现营业收入250,000.00万元左右，同比增长 28.32%；研发费用为135,300.00万元左右，同比增长6.10%。归属于母公司所有者的净利润预计 为-87,300.00万元左右，亏损同比减少31.85%。亏损收窄主要因商业化能力提升及费用管控加强。特瑞 普利单抗注射液在国内市场销售收入同比大幅增长，已在中国内地获批的12项适应症全部纳入国家医保 目录。公司持续推进多项创新药临床试验，包括JS207、JS212等。本次业绩预告未经注册会计师审计。 截至2026年1月30日收盘，君实生物(688180)报收于35.88元，下跌2.55%，换手率2.07%，成交量15.88万 手，成交额5.76亿元。 交易信息汇总资金流向 1月30日主力资金净流出2036.99万元，占总成交额3.53%；游资资金净流入2655.42万元，占总成交额 4.61%；散户资金净流出618.43万元， ...

Core Insights - The collaboration between AbbVie and Rongchang Biopharma marks a significant shift in the global oncology treatment landscape, highlighting the trend of "Chinese innovation + global market" in drug development [1][2] Group 1: Collaboration Details - AbbVie and Rongchang Biopharma signed an exclusive licensing agreement for the development, production, and commercialization of RC148, a bispecific antibody targeting PD-1 and VEGF [1] - Rongchang Biopharma will receive an upfront payment of $650 million and is eligible for up to $4.95 billion in milestone payments, along with a tiered royalty on net sales outside Greater China [1][2] Group 2: Market Implications - The deal allows Rongchang Biopharma to accelerate clinical trials for RC148 in China and globally, while also supporting the development of other pipelines [2] - AbbVie aims to enhance its product portfolio in immuno-oncology, particularly in the emerging PD-1/VEGF bispecific antibody space, which could improve its competitiveness in solid tumor treatments [2] Group 3: Industry Trends - The PD-1/VEGF bispecific antibody represents a new class of cancer therapies that may overcome tumor resistance mechanisms by simultaneously blocking PD-1 and VEGF [3][5] - Chinese companies are leading in this field, with significant advancements and approvals, such as the launch of Ak112/Ivonescimab by Kangfang Biopharma, which is the first bispecific antibody combining tumor immunity and anti-angiogenesis mechanisms [3] Group 4: Broader Market Dynamics - The global interest in PD-1/VEGF bispecific antibodies is rising, with several Chinese firms successfully engaging in business development (BD) transactions, reflecting the increasing recognition of Chinese innovative drug assets by multinational pharmaceutical companies [6][7] - In 2025, the total value of Chinese innovative drug licensing transactions exceeded $130 billion, accounting for 49% of the global total, indicating a significant shift in the global pharmaceutical landscape [7][8] Group 5: Future Outlook - The increasing number of approved innovative drugs in China, along with the growing bargaining power of Chinese companies in licensing agreements, suggests a transition from a "follow" to a "lead" position in global pharmaceutical innovation [8][10] - The ability of Chinese companies to negotiate favorable terms in BD transactions is becoming crucial, emphasizing the importance of pipeline strength, data quality, and structured deal design [9][10]

Core Insights - The collaboration between AbbVie and Rongchang Biopharma marks a significant shift in the global oncology treatment landscape, focusing on the development of the bispecific antibody RC148 targeting PD-1 and VEGF [1][2] Group 1: Collaboration Details - AbbVie and Rongchang Biopharma signed an exclusive licensing agreement for RC148, granting AbbVie rights outside Greater China for development, production, and commercialization [1] - Rongchang Biopharma will receive an upfront payment of $650 million and is eligible for up to $4.95 billion in milestone payments, along with a tiered royalty on net sales outside Greater China [1][2] Group 2: Market Implications - This deal exemplifies the "China innovation + global market" model, providing Rongchang Biopharma with substantial cash flow to accelerate clinical trials for RC148 and support other pipeline developments [2] - The partnership with a top-tier oncology company like AbbVie enhances Rongchang Biopharma's brand and bargaining power in international markets, while AbbVie benefits from expanding its immuno-oncology product portfolio [2] Group 3: Bispecific Antibody Landscape - RC148 represents a new class of cancer therapies aimed at simultaneously blocking PD-1 and VEGF, potentially overcoming tumor resistance mechanisms [5] - The PD-1/VEGF bispecific antibody field is gaining traction, with several Chinese companies, including Kangfang Biopharma and Junshi Biosciences, making significant advancements and entering clinical trials [6][7] Group 4: Industry Trends - The Chinese innovative drug sector is experiencing a surge in licensing deals, with over $130 billion in total transaction value in 2025, surpassing the U.S. for the first time [10] - Factors driving this trend include the impending patent cliff for major drugs and declining R&D efficiency among multinational pharmaceutical companies, leading them to seek external innovations [10][11] Group 5: Future Outlook - The Chinese pharmaceutical industry is transitioning from a follower to a leader in innovation, with a clear direction for future development [14] - Companies are focusing on building a comprehensive value creation logic recognized by international partners, enhancing their negotiation power in licensing agreements [12][13]

Core Viewpoint - The collaboration between AbbVie and Rongchang Biologics marks a significant shift in the global oncology treatment landscape, highlighting the trend of Chinese innovative drug companies partnering with multinational giants for drug development and commercialization [1][2]. Group 1: Collaboration Details - AbbVie and Rongchang Biologics signed an exclusive licensing agreement for the development, production, and commercialization of RC148, a bispecific antibody targeting PD-1 and VEGF [1]. - Rongchang Biologics will receive an upfront payment of $650 million and is eligible for up to $4.95 billion in milestone payments, along with a tiered royalty on net sales outside Greater China [1][2]. Group 2: Market Implications - This deal exemplifies the "China innovation + global market" model, allowing Rongchang Biologics to secure cash flow and accelerate clinical trials for RC148 while focusing on the Chinese market [2]. - AbbVie aims to enhance its product portfolio in immuno-oncology, particularly in the emerging PD-1/VEGF bispecific antibody space, which could synergize with existing antibody-drug conjugates (ADCs) and immuno-oncology (IO) drugs [2]. Group 3: Competitive Landscape - The PD-1/VEGF bispecific antibody represents a new class of cancer therapies that may overcome tumor resistance mechanisms by simultaneously blocking PD-1 and VEGF [3][5]. - Chinese companies are leading in this field, with notable products like Ak112/Ivonescimab and SSGJ707 entering clinical trials, indicating a competitive landscape for PD-1/VEGF bispecific antibodies [3][4]. Group 4: Industry Trends - The surge in business development (BD) transactions in the PD-1/VEGF bispecific antibody sector reflects increasing interest from multinational pharmaceutical companies in Chinese innovative drug assets [6]. - In 2025, the total value of Chinese innovative drug licensing transactions exceeded $130 billion, surpassing the U.S. for the first time, indicating a significant shift in the global pharmaceutical landscape [7][8]. Group 5: Future Outlook - The increasing recognition of Chinese innovative drugs is attributed to their rapid development and the ability to meet unmet clinical needs, enhancing their bargaining power in international collaborations [8][9]. - The industry is witnessing a transition from following to leading in drug innovation, with a clear direction for the future of Chinese pharmaceutical development [10].

Core Viewpoint - The company's performance in the first three quarters of 2025 aligns with expectations, showing significant revenue growth and reduced net loss compared to the previous year [1][2]. Financial Performance - Revenue for 1-3Q25 reached 1.806 billion yuan, representing a year-on-year increase of 42.1% [1]. - The net profit attributable to the parent company was -596 million yuan, reflecting a year-on-year reduction in loss of 35.7% [1]. Development Trends - The core product, Tuoyi, continues to see strong sales growth, with domestic market revenue of 1.495 billion yuan in 1-3Q25, up approximately 40% year-on-year [1]. - Tuoyi has received approval for 12 indications in China, with a new indication for HER2-expressing urothelial carcinoma under review by NMPA [1]. - Tuoyi has been approved in 40 countries and regions globally, including Hong Kong, the US, the EU, India, and the UK, with expectations for continued revenue contribution as more indications are approved [1]. Clinical Research and Innovation - The FDA has approved the initiation of clinical research for JS207, a PD-1/VEGF dual-target drug, marking a significant step in its development for operable patients [1]. - The company showcased over 20 research studies at the 2025 ESMO conference, with two studies selected for oral presentations, indicating strong engagement in international academic forums [2]. - Upcoming data updates for JS107 and JS207 at the 2025 ESMO Asia conference highlight the company's commitment to advancing cancer immunotherapy [2]. Profit Forecast and Valuation - The company maintains its net profit forecasts for 2025 and 2026 at -917 million yuan and -315 million yuan, respectively [2]. - The company retains an "outperform" rating based on DCF valuation, with a target price of 36.98 HKD, indicating a potential upside of 47.6% from the current stock price [2].

Core Insights - Junshi Biosciences (688180.SH/1877.HK) reported a continuous increase in commercial revenue and accelerated R&D of differentiated innovative pipelines, showcasing improved sustainable operational capabilities [1][2]. Financial Performance - For the first three quarters, Junshi Biosciences achieved operating revenue of 1.806 billion yuan, a year-on-year increase of 42.06%, while narrowing its net loss to 596 million yuan, a reduction of 35.72% [1]. - In Q3 alone, the company recorded operating revenue of 637 million yuan, reflecting a year-on-year growth of 31.40% [2]. Product Performance - The core product, Tuoyi® (Tremelimumab), generated sales of 1.495 billion yuan in the first three quarters, marking a 40% year-on-year increase [2]. - Tuoyi® has seen six consecutive quarters of sequential growth since 2024, driven by enhanced sales efficiency and the inclusion of more indications in medical insurance [2]. Global Expansion - As of the end of Q3, Tuoyi® has been approved for marketing in over 40 countries and regions across four continents, including major markets like the U.S. and EU, with ongoing expansion into emerging regions [2][6]. - The global commercialization network has been established through partnerships with companies like Coherus and Dr. Reddy's, covering over 80 countries [2][6]. R&D and Pipeline Development - Junshi Biosciences is focusing on next-generation therapies, with high-potential pipelines such as JS207 (PD-1/VEGF), JS212 (HER3/EGFR dual antibody ADC), and JS015 (DKK1 monoclonal antibody) advancing rapidly [2][8]. - The company has developed over 50 drug candidates, including four commercialized products and nearly 30 in clinical stages, indicating strong product iteration capabilities [8]. Clinical Achievements - At the recent ESMO conference, Tuoyi® was highlighted for its combination therapy with ADC drug Vadisizumab, achieving significant clinical results, including an overall survival extension to 31.5 months compared to traditional chemotherapy [5][6]. - The company has also received positive results from its ongoing studies, including the registration study for JS005 (anti-IL-17A monoclonal antibody) in treating moderate to severe plaque psoriasis, which is expected to lead to a market application [11]. Strategic Initiatives - In September 2025, Junshi Biosciences launched an equity incentive plan with performance targets, reflecting strong confidence in future performance [3]. - The company is actively exploring combination therapies for its products, enhancing its competitive edge in the oncology market [9][10].

Core Viewpoint - Junshi Biosciences (01877) has received FDA approval for its clinical trial application for JS207, a dual-specific antibody targeting PD-1 and VEGF, aimed at treating non-small cell lung cancer patients [1][2]. Group 1 - Junshi Biosciences' stock opened nearly 5% higher and is currently trading at 28.04 HKD with a transaction volume of 6.41 million HKD [1]. - The clinical trial for JS207 is a Phase II/III study comparing it to Nivolumab in patients with resectable, AGA-negative non-small cell lung cancer [1]. - JS207 is a recombinant humanized dual-specific antibody that binds with high affinity to both PD-1 and VEGFA, effectively blocking their interactions and exhibiting properties of both immunotherapy and anti-angiogenic drugs [1]. Group 2 - As of the announcement date, JS207 has been approved to enter Phase II/III clinical research, with additional Phase II studies ongoing in various cancers including non-small cell lung cancer, colorectal cancer, triple-negative breast cancer, and liver cancer [2]. - The ongoing studies are exploring combinations of JS207 with chemotherapy, monoclonal antibodies, and antibody-drug conjugates (ADCs) [2].

Core Viewpoint - Junshi Biosciences (01877) experienced a nearly 5% increase in stock price following the announcement of FDA approval for its clinical trial application for JS207, a dual-specific antibody targeting PD-1 and VEGF for the treatment of non-small cell lung cancer [1][2]. Group 1: Product Development - JS207 is a recombinant humanized dual-specific antibody targeting PD-1 and VEGF, developed by the company for the treatment of advanced malignancies [1]. - The antibody effectively blocks the binding of PD-1 to PD-L1 and PD-L2, as well as the binding of VEGF to its receptors, showcasing both immunotherapy and anti-angiogenesis properties [1]. - The drug aims to improve the tumor microenvironment by inhibiting endothelial cell proliferation and increasing the infiltration of cytotoxic T lymphocytes, thereby enhancing anti-tumor activity [1]. Group 2: Clinical Research - As of the announcement date, JS207 has been approved to enter the Phase II/III clinical research stage, with multiple ongoing Phase II studies exploring its use in various cancers, including non-small cell lung cancer, colorectal cancer, triple-negative breast cancer, and liver cancer [2]. - The ongoing studies are investigating combinations of JS207 with chemotherapy, monoclonal antibodies, and antibody-drug conjugates (ADCs) [2].

Core Viewpoint - Junshi Biosciences has received FDA approval for its investigational new drug application for JS207, a bispecific antibody targeting PD-1 and VEGF, aimed at treating resectable non-small cell lung cancer (NSCLC) in a phase 2/3 clinical study [1][3][4] Industry Overview - Lung cancer is the most prevalent and deadly malignant tumor globally, with approximately 2.48 million new cases and 1.82 million deaths reported in 2022 [2] - Non-small cell lung cancer (NSCLC) accounts for about 85% of lung cancer cases, with 20%-25% being surgically resectable at diagnosis; however, 30%-55% of these patients experience recurrence post-surgery [2] Company Overview - Junshi Biosciences is an innovation-driven biopharmaceutical company founded in December 2012, focusing on the discovery and commercialization of novel therapies, with over 50 drug candidates in its R&D pipeline [8][9] - The company has five therapeutic focus areas, including cancer, and has received approvals for five products in China and international markets, including toripalimab, China's first domestically produced anti-PD-1 monoclonal antibody [8] Product Details - JS207 is a recombinant humanized anti-PD-1/VEGF bispecific antibody developed by Junshi Biosciences, currently approved for phase 2/3 clinical studies and being explored in various cancers [5][6] - The drug can bind to PD-1 and VEGFA, blocking their interactions and improving the tumor microenvironment, which enhances anti-tumor activity [6][7] Clinical Study Insights - The phase 2/3 clinical study is an open-label, two-arm, randomized, active-controlled trial comparing JS207 to nivolumab for neoadjuvant treatment in patients with stage II/III, resectable, AGA-negative NSCLC [3][4] - Professor Yilong WU from Guangdong Provincial People's Hospital will lead the study as the principal investigator [3]

Group 1 - Junshi Biosciences' JS207 received FDA approval for a Phase II/III clinical trial targeting neoadjuvant treatment in resectable, driver gene-negative non-small cell lung cancer patients, enhancing its international expansion and market potential [1] Group 2 - Eli Lilly's oral GLP-1 drug orforglipron demonstrated significant efficacy in two Phase III trials, achieving primary and all key secondary endpoints, including notable reductions in HbA1c, weight loss, and improvements in cardiovascular risk factors, reinforcing its competitive position in the GLP-1 market [2] Group 3 - Guobang Pharmaceutical reported a 23.17% year-on-year increase in net profit for Q3, despite a 5.39% decline in revenue, attributed to improved sales collection and optimized procurement payments, showcasing strong profitability resilience [3] Group 4 - Zhijiang Biopharmaceutical announced a share buyback plan of 60 million to 120 million yuan to support employee stock ownership plans or equity incentives, reflecting confidence in long-term development and aiming to strengthen core team commitment [4]