JUNSHI BIO (01877) rose more than 5%, with the stock up 4.81% to HK$21.8 at the time of writing, generating a turnover of HK$39.91 million. The increase follows a recent company announcement projecting its 2025 annual revenue to reach approximately RMB 2.5 billion, representing a year-on-year increase of about 28.32%. Research and development expenses for 2025 are expected to be around RMB 1.353 billion, up roughly 6.10% compared to the previous year. The company anticipates a net loss attributable to owners of approximately RMB 873 million for 2025, which would be a reduction of about 31.85% from the prior year. Excluding share-based payment effects, the net loss attributable to owners is forecast to be about RMB 799 million, a decrease of approximately 37.62% year-on-year. After adjusting for non-recurring gains and losses, the net loss attributable to owners is projected to be around RMB 985 million, narrowing by about 23.64% compared to 2024. While the company expects to report a net loss for 2025, the amount is significantly smaller than the previous year. This improvement is attributed to the ongoing implementation of its "enhancing quality, efficiency, and shareholder returns" initiative, which has strengthened commercial capabilities while improving cost control and resource allocation. The revenue growth during the period was primarily driven by increased sales of commercialized drugs. The company's core product, toripalimab injection (marketed as TUOYI®), recorded a substantial rise in domestic sales revenue. To date, all 12 approved indications for TUOYI® in mainland China have been included in the National Reimbursement Drug List, making it the only anti-PD-1 monoclonal antibody therapy in the list for treating renal cell carcinoma, triple-negative breast cancer, and melanoma.