Shanghai Junshi Biosciences Co (1877) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 rose 49% year-over-year to RMB 1,168 million, driven by strong pharmaceutical sales, especially TUOYI® (toripalimab), with domestic sales up 42% to RMB 954 million.

• Loss attributable to owners narrowed by 36% to RMB 413 million, reflecting improved sales efficiency and cost control.

• R&D expenses increased up to 36% to RMB 745 million, supporting an expanded and innovative pipeline with accelerated clinical development.

• Net cash inflow from financing activities reached RMB 1,386 million, mainly from a successful H share placement.

• Cash and financial product balances totaled RMB 3,490 million at period end, ensuring strong liquidity.

Financial highlights

• Gross profit rose to RMB 924 million, with gross margin improving to 79% from 73% year-over-year.

• Selling and distribution expenses increased 14% to RMB 487 million, mainly due to new indication launches.

• Administrative expenses decreased 17% to RMB 209 million, reflecting effective cost control.

• Basic and diluted loss per share improved to RMB 0.42 from RMB 0.66 year-over-year.

• Total assets grew 8% to RMB 11,693 million; net assets increased 8% to RMB 6,410 million.

Outlook and guidance

• Continued focus on international expansion, regulatory approvals, and late-stage pipeline R&D for toripalimab and other key assets.

• Multiple pivotal clinical trials underway or planned, with several readouts expected in 2025.

• Proceeds from share placement will fund innovative drug development and working capital.

• Management expects continued revenue growth from new product launches and international expansion.