Breaking Down Shanghai Junshi Biosciences Co., Ltd. Financial Health: Key Insights for Investors

Founded in December 2012, Shanghai Junshi Biosciences Co., Ltd. has built an innovation-driven platform pursuing a clear mission to deliver world-class, trustworthy and affordable therapies through original innovation-supporting a diversified R&D pipeline of more than 50 drug candidates across 5 therapeutic areas (cancer, autoimmune, metabolic, neurological and infectious diseases), achieving milestones such as the approval of toripalimab in over 35 countries and regions, operating R&D centers in China and the United States with production bases in Shanghai, Suzhou and Wujiang, being listed as 1877.HK (HKEX) and 688180 (SSE STAR Market), and employing approximately 3,000 people globally as of late 2025-anchoring a vision to scale macromolecule fermentation, expand a whole-industry-chain layout, and live core values of quality, integrity, innovation and a global perspective.

Shanghai Junshi Biosciences Co., Ltd. (1877.HK) - Intro

• Founded: December 2012
• Headquarters: Shanghai, China
• Global workforce: ~3,000 employees (as of late 2025)
• Public listings: Hong Kong Stock Exchange (HKEX: 1877) and Shanghai STAR Market (SSE: 688180)

• To discover, develop and deliver innovative biologics and therapies that transform patient care worldwide.
• To build sustainable, scalable capabilities from early discovery through global commercialization.

• To be a leading global biopharmaceutical company recognized for scientific excellence, rapid development, and broad patient access to cutting-edge therapies.

• Science-led innovation - rigorous, data-driven discovery and development.
• Patient-centricity - prioritizing safety, efficacy and access for patients.
• Collaboration - partnerships across industry, academia and global regulators.
• Integrity & compliance - high ethical standards in R&D, manufacturing and commercialization.
• Operational excellence - efficient pipelines, scalable manufacturing and disciplined capital allocation.

• Pipeline scale: over 50 drug candidates spanning discovery, preclinical and clinical stages.
• Five strategic therapeutic areas: oncology, autoimmune, metabolic, neurological and infectious diseases.
• Flagship approved asset: toripalimab - marketed as China's first domestically developed anti‑PD‑1 monoclonal antibody, approved in over 35 countries/regions.

• Advance multiple registrational programs in oncology and autoimmune diseases with accelerated development timelines and global trial footprints.
• Expand manufacturing capacity across Shanghai, Suzhou and Wujiang to support global commercialization and biologics supply resilience.
• Pursue strategic collaborations and licensing to broaden geographic access and co-develop assets, including U.S. and global partnerships.
• Invest in next-generation biologics platforms (bispecifics, ADCs, cell and gene modalities) to diversify long-term value drivers.

• Toripalimab: first-in-class domestic anti‑PD‑1; approvals and label expansions across multiple indications and regions.
• Pipeline progression: multiple phase II/III starts in oncology and autoimmune indications, supporting potential near-term commercialization candidates.

• Dual-listing provides diversified capital market access via HKEX (1877) and SSE STAR Market (688180).
• Financial strategy focuses on leveraging milestone-driven partnerships, commercialization revenue from approved products, and disciplined R&D investment to support growth.

Shanghai Junshi Biosciences Co., Ltd. (1877.HK) Overview

• Provide patients with world-class, trustworthy, affordable, and innovative drugs.
• Focus on developing first‑in‑class and best‑in‑class medicines through original innovation.
• Act as a pioneer in translational medicine to accelerate bench-to-bedside solutions.
• Fulfill unmet medical needs by delivering effective, cost‑effective therapies that enhance patient access to quality care.
• Maintain a patient‑centric approach that balances innovation with affordability.

• To be a global biopharmaceutical leader recognized for converting cutting‑edge science into accessible therapies.
• To expand patient access regionally and globally by scaling manufacturing, pricing strategies, and strategic partnerships.
• To lead in translational platforms that shorten development timelines and increase the probability of clinical success.

• Scientific excellence - rigorous discovery and clinical development standards.
• Patient first - prioritizing safety, efficacy, and affordability in decision making.
• Integrity & trust - transparent governance, compliance, and ethical commercialization.
• Collaboration - partnering with academia, industry, and payers to broaden impact.
• Continuous innovation - sustained investment in novel modalities and biomarkers.

• Translational focus: integrated discovery-to-clinic platforms that prioritize biomarkers and adaptive trial designs to shorten development timelines.
• Patient access initiatives: tiered pricing, local manufacturing/partnerships, and assistance programs to increase affordability in emerging markets.
• Collaborations: multiple strategic alliances with global pharma, regional distributors, and research institutions to broaden reach and share risk.

• Number of patients reached through approved indications and access programs (scaled annually).
• Pipeline progression rates (IND submissions, Phase I→II→III transition ratios).
• Percentage of revenue reinvested in R&D to sustain innovation.
• Affordability metrics: average treatment cost per indication vs. regional benchmarks, and program uptake in low‑income regions.
• Regulatory and reimbursement wins that improve payer coverage and reduce out‑of‑pocket burden for patients.

• Board oversight of clinical strategy, pricing policy, and global partnership approvals.
• Independent scientific and ethics committees guiding translational priorities and patient safety.
• Transparent investor reporting on R&D spending, clinical milestones, and market access outcomes.

Shanghai Junshi Biosciences Co., Ltd. (1877.HK) - Mission Statement

• Global ambition: expand market presence beyond China through registration, licensing, and partnerships across Asia, Europe, and the Americas.
• Pipeline growth: accelerate clinical progression and commercialization of existing drug candidates to increase treatment options for oncology, autoimmune, infectious disease, and metabolic indications.
• Manufacturing scale-up: expand macromolecule fermentation capacity to reduce per-unit production costs and improve supply resilience.
• Whole-industry-chain control: integrate discovery, CMC (chemistry, manufacturing and controls), clinical development, regulatory, and commercial functions to shorten time-to-market and enhance margin capture.
• Patient-first economics: deliver therapies that demonstrate superior efficacy and safety while reducing societal and out-of-pocket costs where possible.

• Advance late-stage clinical programs to regulatory approval and reimbursement negotiations to ensure patient access.
• Invest in bioprocess optimization, single-use bioreactors, and fermentation scale-up to reduce cost-of-goods by targeting double-digit percentage reductions over current baselines.
• Build an end-to-end commercialization engine-pricing, payer engagement, and distribution channels-to capture value created by R&D.
• Leverage cross-border alliances and licensing to de-risk development timelines and secure international registrations.
• Measure success by accessible patient reach, cost-per-treatment reductions, and sustainable gross margins improving over time.

Shanghai Junshi Biosciences Co., Ltd. (1877.HK) - Vision Statement

• Quality First: uncompromising quality across R&D, manufacturing, regulatory filing and commercialization - from raw materials to finished biologics.
• Truth Seeking: evidence-driven decision making, transparent scientific communication, and reproducible data as the basis for progress.
• Integrity Compliance: strict adherence to domestic and international regulatory frameworks (NMPA, FDA, EMA guidance) and internal compliance systems.
• Excellence Pursuit: continuous optimization of processes, clinical development strategies, and patient-centric outcomes to achieve superior therapeutic impact.
• Innovation: focus on original discovery and translation - advancing immuno-oncology, autoimmune disease, and other high-unmet-need areas via novel biologics.
• Global Perspective: building cross-border alliances, multi-region clinical trials, and export-ready manufacturing to make therapies available beyond China.

• Accelerated clinical development: prioritizing indications with clear unmet need and robust regulatory pathways for earlier patient access.
• Manufacturing scale-up and quality systems: investing in GMP facilities and quality management to support global launches.
• Partnerships and out‑licensing: selective collaborations to expand geographic reach and co-development capabilities.
• Data integrity and ethical conduct: governance and compliance programs to safeguard patient data, trial integrity, and regulatory interactions.

• R&D: Innovation and truth seeking drive target selection, rigorous preclinical validation and biomarker strategies to improve clinical success probability.
• Regulatory & Compliance: Integrity compliance informs interactions with NMPA and other regulators, prioritizing complete datasets and patient safety.
• Manufacturing: Quality first underpins process validation, batch release criteria and supplier control to meet export requirements.
• Commercial: Global perspective steers market entry sequencing, pricing and access strategies that balance patient need and sustainable growth.

• Board oversight with risk and compliance committees to monitor ethical, financial and regulatory risks.
• Standard operating procedures and quality management systems aligned to international GMP standards.
• Clinical data transparency policies and pharmacovigilance systems to ensure ongoing patient safety monitoring post‑launch.