Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<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

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!

Thematic (Sector/Industry)

<ul>
<li>Sino Biopharmaceutical received approval for Benmelstobart plus Anlotinib for alveolar soft part sarcoma in China. Wuxi Biologics announced that three of its manufacturing facilities received GMP certification from South Korea.</li>
<li>Astellas Pharma has been granted Priority Review status by the FDA for indication expansion application for Padcev. Eisai’s Phase 3 trial evaluating Lenvima in RCC did not meet primary endpoints.</li>
<li>Celltrion started patient dosing for three of its novel ADC-based anticancer drug candidates. Cochlear has reduced FY26 underlying net profit guidance to A$290–330M from A$435–460M.</li>
</ul>


Sino Biopharmaceutical received approval for Benmelstobart plus Anlotinib for alveolar soft part sarcoma in China. Wuxi Biologics announced that three of its manufacturing facilities received GMP certification from South Korea.
Astellas Pharma has been granted Priority Review status by the FDA for indication expansion application for Padcev. Eisai’s Phase 3 trial evaluating Lenvima in RCC did not meet primary endpoints.
Celltrion started patient dosing for three of its novel ADC-based anticancer drug candidates. Cochlear has reduced FY26 underlying net profit guidance to A$290–330M from A$435–460M.


APAC Healthcare Weekly (April 26) – Sino Bio, Wuxi Bio, Astellas Pharma, Eisai, Celltrion, Cochlear

<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> reported 49% revenue growth on the back of toripalimab during 1H25 in China. 10 indications of total 12 approved, included in China’s NRDL.</li>
<li>Toripalimab (branded as Loqtorzi) in U.S reported ~$17.3M revenue in 1H25 vs $5.8M in 1H24. Approvals received in new geographies like UAE and Kuwait.</li>
<li>With solid R&amp;D focus and Tuoyi’s prospects going ahead, given the regular geographical and indication expansions, it surely offers a long-term growth prospect.</li>
</ul>



Shanghai Junshi Biosciences (1877 HK) reported 49% revenue growth on the back of toripalimab during 1H25 in China. 10 indications of total 12 approved, included in China’s NRDL.
Toripalimab (branded as Loqtorzi) in U.S reported ~$17.3M revenue in 1H25 vs $5.8M in 1H24. Approvals received in new geographies like UAE and Kuwait.
With solid R&amp;D focus and Tuoyi’s prospects going ahead, given the regular geographical and indication expansions, it surely offers a long-term growth prospect.


Shanghai Junshi Bioscience (1877 HK): Tuoyi Holds Momentum Steady As a Rock, Losses Narrow in 1H

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 (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

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

APAC Healthcare Weekly (April 26) – Sino Bio, Wuxi Bio, Astellas Pharma, Eisai, Celltrion, Cochlear

Sino Bio got fourth indication approval for Benmelstobart plus Anlotinib. Wuxi Biologics’ three facilities got Korean GMP certification. FDA...

Tina Banerjee

Shanghai Junshi Bioscience (1877 HK): Tuoyi Holds Momentum Steady As a Rock, Losses Narrow in 1H

Junshi Biosciences sees 49% revenue growth in 1H25 on strong performance of Tuoyi in China. Solid R&D focus and Tuoyi’s regular geographical and...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

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

APAC Healthcare Weekly (April 26) – Sino Bio, Wuxi Bio, Astellas Pharma, Eisai, Celltrion, Cochlear

Sino Bio got fourth indication approval for Benmelstobart plus Anlotinib. Wuxi Biologics’ three facilities got Korean GMP certification. FDA...

Tina Banerjee

Shanghai Junshi Bioscience (1877 HK): Tuoyi Holds Momentum Steady As a Rock, Losses Narrow in 1H

Junshi Biosciences sees 49% revenue growth in 1H25 on strong performance of Tuoyi in China. Solid R&D focus and Tuoyi’s regular geographical and...

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...