Shanghai Junshi Biosciences Announces 2025 Preliminary Results: Strong Revenue Growth and Narrowing Losses

Shanghai Junshi Biosciences Co., Ltd. (Stock code: 1877) has released its preliminary unaudited financial results for the year ended 31 December 2025. The results, prepared in accordance with China Accounting Standards for Business Enterprises, provide significant insights into the company’s performance, strategic execution, and ongoing developments that may influence share value.

Key Financial Highlights

• Total Operating Income: RMB 2,498.42 million, representing a year-on-year increase of 28.23%.
• Operating Loss: Reduced to RMB 997.89 million from RMB 1,338.82 million in the prior year.
• Net Loss Attributable to Owners: RMB 874.39 million, a significant narrowing compared to RMB 1,280.93 million in 2024.
• Net Loss After Deducting Non-Recurring Gains and Losses: RMB 988.86 million, also improved from RMB 1,289.89 million in the previous year.
• Basic Loss Per Share: RMB 0.87, improved from RMB 1.30 per share in 2024.
• Weighted Average Return on Net Assets: -14.70%, an improvement of 5.01 percentage points compared to 2024.
• Total Assets: RMB 12,389.04 million, up 14.91% year-on-year.
• Equity Attributable to Owners: RMB 6,031.22 million, up 2.91% from the previous year.
• Net Assets Per Share: RMB 5.87, slightly down from RMB 5.95.
• Share Capital: Increased by 4.16% to 1,026,689,900 shares.

Adjusted Losses Excluding Share-Based Payments

• Excluding share-based payment impacts, the net loss attributable to owners was approximately RMB 797.99 million, a significant decrease in loss of about RMB 482.94 million or 37.70% compared to the previous year.
• Net loss after deducting non-recurring gains and losses and excluding share-based payments was approximately RMB 912.46 million, down by RMB 377.43 million or 29.26% year-on-year.

Operational and Strategic Highlights

• Toripalimab (TUOYI®) Drives Revenue Growth:
  • Domestic sales revenue of Toripalimab Injection increased by 37.72% year-on-year.
  • TUOYI® now has 12 indications approved for marketing in mainland China, all included in the National Reimbursement Drug List (NRDL).
  • TUOYI® is the only anti-PD-1 monoclonal antibody on the NRDL for renal carcinoma, triple-negative breast cancer, and melanoma.
• Global Expansion:
  • Toripalimab has received marketing approval in over 40 countries and regions, including the US, EU, UK, India, Australia, Singapore, and more.
  • Further regulatory reviews for Toripalimab are ongoing in additional markets worldwide.
• Pipeline and R&D Progress:
  • Ongoing efficient advancement of the company’s core pipeline while controlling expenses.
  • Accelerated development of innovative candidates, including:
    • PD-1/VEGF bispecific antibody (JS207) – phase II trials ongoing, exploring combinations with chemotherapy, monoclonal antibodies, ADCs, and more.
    • EGFR/HER3 ADC (JS212) – phase II trial in combination with JS207 is in progress.
    • PD-1/IL-2 fusion protein (JS213) – rapid advancement.
  • Active exploration of combination regimens to maximize synergy across the pipeline and acceleration of registrational clinical trials for more products and indications.
• Expense Management and Profitability Focus:
  • Implementation of the “Enhancing Quality and Efficiency with a Focus on Returns” action plan.
  • Strengthened control over expenses and efficient resource allocation.
  • Significant narrowing of losses, despite increased share-based payment expenses from new share option incentive schemes in 2025.
  • Reduced unit production cost and improved sales efficiency contributed to the improved financial performance.

Factors Potentially Affecting Share Value

• The significant growth in operating income and substantial improvement in loss reduction are highly positive signals for the company’s ongoing commercialization, execution, and future profitability.
• Toripalimab’s market expansion—both domestically and internationally—and its unique position as the only anti-PD-1 monoclonal antibody in the NRDL for several cancer indications are likely to further drive revenue and enhance the company’s competitive advantage.
• Advancements in the pipeline and ongoing global commercialization efforts position Junshi Biosciences for further growth, with potential for more product launches and market share gains.
• The improved cost management and focus on returns could signal to investors that the company is on a path toward profitability, which is typically share price accretive.
• The results disclosed are preliminary and unaudited; final audited results will be released in the 2025 annual report. Investors should exercise caution and await the audited results for confirmation.

Board and Management

The announcement was authorized by Mr. Xiong Jun, Chairman of Shanghai Junshi Biosciences Co., Ltd., and details the current board composition, including executive, non-executive, and independent non-executive directors.

Disclaimer

This article is based on preliminary unaudited results for the year ended 31 December 2025, as disclosed by Shanghai Junshi Biosciences Co., Ltd. Final audited financial data will be published in the company’s 2025 annual report. Investors are advised to consider investment risks and await the release of audited results before making investment decisions. The information provided herein does not constitute investment advice.

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