By Fineline Cube 
Shanghai Junshi Biosciences Co., Ltd. (HKG: 1877, SHA: 688180) released its interim financials for the first half of 2025, highlighting a 49 % year‑on‑year increase in total revenue and a 36 % reduction in loss attributable to owners.
Key Highlights
| Metric | H1 2025 | YoY Change |
|---|---|---|
| Total revenue | RMB 1,168 m | +49 % |
| Loss attributable to owners | RMB 413 m | –36 % |
| R&D expenses | RMB 745 m | +36 % |
| Cash & financial assets (30 Jun 2025) | RMB 3,490 m | – |
The strong revenue growth was largely driven by toripalimab (TUOYI/LOQTORZI), a PD‑1 antibody that achieved RMB 954 m in domestic sales—a 42 % jump from the same period in 2024.
Toripalimab: Core Driver of Growth
- 12 approved indications in mainland China; 10 included in the 2025 NRDL.
- Expanded marketing approvals in multiple countries have sustained international sales momentum.
- Domestic sales accounted for 82 % of total revenue in H1 2025.
“Our flagship product continues to deliver solid, repeatable demand across China’s oncology market,” said Mr. Wang Yong, CEO of Junshi Biosciences.
Pipeline & R&D Investment
Junshi’s R&D spend of RMB 745 m supports a diversified portfolio of next‑generation immunotherapies and targeted agents, including:
| Category | Candidate | Target |
|---|---|---|
| Bispecifics | JS207 (PD‑1/VEGF) | Oncology |
| JS212 (EGFR/HER3 ADC) | Solid tumours | |
| Monoclonals | JS004 (tifcemalimab) | BTLA‑mediated cancers |
| JS015 (anti‑DKK1) | Bone‑metastatic disease | |
| Fusion Proteins | JS213 (PD‑1/IL‑2) | Tumour microenvironment |
| ADC | JS107 (Claudin‑18.2) | GI cancers |
| Small‑Molecule | JS105 (PI3K‑α inhibitor) | Targeted therapy |
| Bispecific | JS214 (VEGF/TGF‑β) | Angiogenesis block |
These assets aim to deepen Junshi’s therapeutic reach and bolster the company’s long‑term growth trajectory.
Cash Position & Strategic Outlook
With RMB 3.49 b in liquid assets, Junshi maintains a solid cash runway to fund ongoing trials, commercialization, and potential acquisitions. The company remains focused on scaling toripalimab, accelerating pipeline candidates, and exploring international partnership opportunities.-Fineline Info & Tech