Shanghai Junshi Biosciences Co (1877) H2 2025 earnings summary

Executive summary

• Achieved significant international expansion with flagship product toripalimab (TUOYI®), now approved in over 40 countries and regions, including major markets such as China, US, and EU.

• Revenue rose 28.23% year-over-year to RMB2,498 million, driven by a 38% increase in domestic sales of TUOYI® and multiple new indications and international approvals.

• Multiple new indications and approvals for key products, including regular approval for MINDEWEI and expanded indications for JUNMAIKANG and JUNSHIDA.

• Advanced R&D pipeline with over 90 clinical studies commenced, several innovative drugs entering late-stage clinical trials, and new drug applications accepted.

• Expanded production capacity with two GMP-certified manufacturing bases, enhancing global supply and cost competitiveness.

Financial highlights

• Total operating income/revenue for 2025 reached RMB2,498 million, up 28.23% year-over-year; pharmaceutical sales revenue grew 40.32% year-over-year to RMB2,301 million.

• Domestic sales of PD-1 products (TUOYI®) increased 38% year-over-year to RMB2,068 million.

• Total operating expenses rose 7.11% year-over-year to RMB3,444 million.

• IFRS net loss: RMB973 million; adjusted non-IFRS loss: RMB550 million; net earnings attributable to shareholders improved to -RMB875 million from -RMB1,281 million year-over-year.

• Bank balances, cash, and financial products: RMB3,195 million at year-end.

Outlook and guidance

• Continued focus on international expansion and regulatory approvals in new markets.

• Ongoing development and commercialization of innovative therapies, with multiple late-stage clinical trials underway.

• Plans to further leverage large-scale production capacity for cost efficiency and global supply.

• Ongoing cost control and operational efficiency improvements to support sustainable growth.