Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-junshi-biosciences-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:27760:1" rel="noopener">Junshi Biosciences (1877 HK)</a> reported stellar performance for 1H26, with the company reporting its maiden net profit. Steady revenue growth of toripalimab led to breakthroughs in revenue and profit.</li>
<li>Tuoyi is reporting increasing revenue in China, driven by continued expansion of indications and NRDL coverage. 2Q26 represents 11th consecutive quarter of sequential revenue increase for Tuoyi.</li>
<li>Continued clinical advancement of core pipelines, including bispecific antibody candidate, JS207 and ADC candidate, JS212 with strong clinical trial data for various types of solid tumors enhance visibility beyond toripalimab.  </li>
</ul>



Junshi Biosciences (1877 HK) reported stellar performance for 1H26, with the company reporting its maiden net profit. Steady revenue growth of toripalimab led to breakthroughs in revenue and profit.
Tuoyi is reporting increasing revenue in China, driven by continued expansion of indications and NRDL coverage. 2Q26 represents 11th consecutive quarter of sequential revenue increase for Tuoyi.
Continued clinical advancement of core pipelines, including bispecific antibody candidate, JS207 and ADC candidate, JS212 with strong clinical trial data for various types of solid tumors enhance visibility beyond toripalimab.  


Shanghai Junshi Bioscience (1877 HK): Turns Profitable in 1H26 on Steady Domestic Revenue of Tuoyi

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

COSCO SHIPPING Development / Event-Driven

<ul>
<li>AH spreads are slightly narrower, but performance is concentrated in fewer names and broad spread volatility is up. <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> now 5% through. CATL 10% through will help.</li>
<li>It feels like there were some concentrated shorts on H vs A. BYD performance on CATL and Hang Seng upweight/inclusion exacerbate the issue. CATL H less liquid than people think.</li>
<li>The data tables below update on a daily basis in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <strong><a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">SOUTHBOUND Flow Monitor</a></strong> and <strong><a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Monitor</a></strong> are both there free for SK readers.</li>
</ul>


AH spreads are slightly narrower, but performance is concentrated in fewer names and broad spread volatility is up. BYD (1211 HK) now 5% through. CATL 10% through will help.
It feels like there were some concentrated shorts on H vs A. BYD performance on CATL and Hang Seng upweight/inclusion exacerbate the issue. CATL H less liquid than people think.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.


A/H Premium Tracker (To 23 May 2025):  AH Premia Contract, H Premia Names Perform Best; Batteries!

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-junshi-biosciences-co-838d3eb3-3e0d-45f0-a9c5-ab0764709221" target="_blank" data-smartkarma-citation="entities:27760:1" rel="noopener">Shanghai Junshi Biosciences (1877 HK)</a> recorded revenue of RMB 2.5B, an increase of 28% YoY.  on the back of toripalimab in China, alongside further narrowing of losses.</li>
<li>The domestic sales revenue of the core product, Tuoyi, increased significantly by approximately 38% YoY to nearly RMB 2.1B.</li>
<li>The new drug application for Reconkibart injection (code: JS005) and toripalimab injection (subcutaneous) for 12 indications was accepted by the NMPA.</li>
</ul>



Shanghai Junshi Biosciences (1877 HK) recorded revenue of RMB 2.5B, an increase of 28% YoY.  on the back of toripalimab in China, alongside further narrowing of losses.
The domestic sales revenue of the core product, Tuoyi, increased significantly by approximately 38% YoY to nearly RMB 2.1B.
The new drug application for Reconkibart injection (code: JS005) and toripalimab injection (subcutaneous) for 12 indications was accepted by the NMPA.


Shanghai Junshi (1877 HK): 2025 Sail On Tuoyi Momentum, Losses Narrow, Pipeline Strengthen

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-junshi-biosciences-co-838d3eb3-3e0d-45f0-a9c5-ab0764709221" target="_blank" data-smartkarma-citation="entities:27760:1" rel="noopener">Shanghai Junshi Biosciences (1877 HK)</a> announced preliminary results for 2025 reporting 28% revenue growth on the back of toripalimab in China, alongside further narrowing of losses.</li>
<li>The domestic sales revenue of the core product, Tuoyi, increased significantly by approximately 38% YoY to nearly RMB 2.1B.</li>
<li>The new drug application for Reconkibart injection (JS005) was accepted by NMPA. JS005 had achieved positive results in Phase 3 trials for the treatment of moderate to severe plaque psoriasis.</li>
</ul>



Shanghai Junshi Biosciences (1877 HK) announced preliminary results for 2025 reporting 28% revenue growth on the back of toripalimab in China, alongside further narrowing of losses.
The domestic sales revenue of the core product, Tuoyi, increased significantly by approximately 38% YoY to nearly RMB 2.1B.
The new drug application for Reconkibart injection (JS005) was accepted by NMPA. JS005 had achieved positive results in Phase 3 trials for the treatment of moderate to severe plaque psoriasis.


Shanghai Junshi (1877 HK): Preliminary 2025 Results Reflect Positive Tuoyi Impact, Losses Narrow

Thematic (Sector/Industry)

<ul>
<li>Jiangsu Hengrui received NMPA approval for camrelizumab as a first-line treatment of recurrent or metastatic cervical cancer. BeOne Medicines announced $300M expansion of its New Jersey manufacturing and R&amp;D center.</li>
<li>Takeda Pharmaceutical got China approval for Orzeyful as a treatment of narcolepsy type 1. Nippon Shinyaku outlicences NS-025 to Aquelys Therapeutics for the treatment of xerostomia associated with Sjögren’s disease.</li>
<li>Samsung Biologics is acquiring PolyPeptide, a leading global CDMO specializing in peptide-based API, for CHF1.46B. Celltrion has applied to the EMA for marketing authorization for its Cosentyx biosimilar candidate, CT-P55. </li>
</ul>


Jiangsu Hengrui received NMPA approval for camrelizumab as a first-line treatment of recurrent or metastatic cervical cancer. BeOne Medicines announced $300M expansion of its New Jersey manufacturing and R&amp;D center.
Takeda Pharmaceutical got China approval for Orzeyful as a treatment of narcolepsy type 1. Nippon Shinyaku outlicences NS-025 to Aquelys Therapeutics for the treatment of xerostomia associated with Sjögren’s disease.
Samsung Biologics is acquiring PolyPeptide, a leading global CDMO specializing in peptide-based API, for CHF1.46B. Celltrion has applied to the EMA for marketing authorization for its Cosentyx biosimilar candidate, CT-P55. 


APAC Healthcare Weekly (July 26) – Hengrui, BeOne, Takeda, Nippon Shinyaku, Samsung Bio, Celltrion

China

Junshi Biosciences is an innovation-driven biopharmaceutical company focused on the discovery, development, clinical research, and commercialization of innovative therapeutics. Its key products, including toripalimab injection, Etesevimab, and adalimumab injection, are used to treat malignant tumors, autoimmune diseases, chronic metabolic diseases, nervous system diseases, and infectious diseases. The company was founded in December 2012 and is headquartered in Shanghai, China.

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Junshi Biosciences (1877 HK)

Shanghai Junshi Bioscience (1877 HK): Turns Profitable in 1H26 on Steady Domestic Revenue of Tuoyi

Junshi Bioscience reports maiden net profit in 1H26. Steady sales growth of toripalimab led to breakthroughs in revenue and profit. Continued...

Tina Banerjee

A/H Premium Tracker (To 23 May 2025): AH Premia Contract, H Premia Names Perform Best; Batteries!

AH Premia contract again. Interestingly, the best performing tranche of discount was stocks where Hs trade at a premium to As. BYD squeezed. CATL a...

Travis Lundy

Shanghai Junshi (1877 HK): 2025 Sail On Tuoyi Momentum, Losses Narrow, Pipeline Strengthen

Shanghai Junshi (1877 HK) saw 28% YoY revenue growth fueled by toripalimab in China, narrowing losses. Remain positive from a long-term...

Tina Banerjee

Shanghai Junshi (1877 HK): Preliminary 2025 Results Reflect Positive Tuoyi Impact, Losses Narrow

Shanghai Junshi (1877 HK) released prelim earnings numbers of 28% revenue growth in 2025, driven by toripalimab sales in China. Losses narrow. NDA...

Tina Banerjee

APAC Healthcare Weekly (July 26) – Hengrui, BeOne, Takeda, Nippon Shinyaku, Samsung Bio, Celltrion

Hengrui’s camrelizumab got indication expansion approval for cervical cancer. BeOne announced $300M expansion plan for US facility. Samsung...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Shanghai Junshi Bioscience (1877 HK): Turns Profitable in 1H26 on Steady Domestic Revenue of Tuoyi

Junshi Bioscience reports maiden net profit in 1H26. Steady sales growth of toripalimab led to breakthroughs in revenue and profit. Continued...

Tina Banerjee

A/H Premium Tracker (To 23 May 2025): AH Premia Contract, H Premia Names Perform Best; Batteries!

AH Premia contract again. Interestingly, the best performing tranche of discount was stocks where Hs trade at a premium to As. BYD squeezed. CATL a...

Travis Lundy

Shanghai Junshi (1877 HK): 2025 Sail On Tuoyi Momentum, Losses Narrow, Pipeline Strengthen

​Shanghai Junshi (1877 HK) saw 28% YoY revenue growth fueled by toripalimab in China, narrowing losses. Remain positive from a long-term...

Tina Banerjee

Shanghai Junshi (1877 HK): Preliminary 2025 Results Reflect Positive Tuoyi Impact, Losses Narrow

​Shanghai Junshi (1877 HK) released prelim earnings numbers of 28% revenue growth in 2025, driven by toripalimab sales in China. Losses narrow. NDA...

Tina Banerjee

APAC Healthcare Weekly (July 26) – Hengrui, BeOne, Takeda, Nippon Shinyaku, Samsung Bio, Celltrion

Hengrui’s camrelizumab got indication expansion approval for cervical cancer. BeOne announced $300M expansion plan for US facility. Samsung...

Tina Banerjee

Shanghai Junshi (1877 HK) saw 28% YoY revenue growth fueled by toripalimab in China, narrowing losses. Remain positive from a long-term...

Shanghai Junshi (1877 HK) released prelim earnings numbers of 28% revenue growth in 2025, driven by toripalimab sales in China. Losses narrow. NDA...