Shanghai Junshi Biosciences : OVERSEAS REGULATORY ANNOUNCEMENT / INSIDE INFORMATION - SHANGHAI JUNSHI BIOSCIENCES CO., LTD. 2021 FIRST QUARTERLY REPORT

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

SHANGHAI JUNSHI BIOSCIENCES CO., LTD.*

上海君實生物醫藥科技股份有限公司

(a joint stock company incorporated in the People's Republic of China with limited liability)

(Stock code: 1877)

OVERSEAS REGULATORY ANNOUNCEMENT

INSIDE INFORMATION

This announcement is made pursuant to Rules 13.09(2)(a) and 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

Reference is made to the "Shanghai Junshi Biosciences Co., Ltd.* 2021 First Quarterly Report" published by Shanghai Junshi Biosciences Co., Ltd.* (the "Company") on the website of the Shanghai Stock Exchange, for reference purpose only. The following is a translation of the 2021 First Quarterly Report of the Company solely for the purpose of providing information. Should there be any discrepancies, the Chinese version will prevail.

The board of directors of the Company reminds shareholders and potential investors of the Company that the information and financial data set out in this announcement are unaudited, and have not been reviewed by the audit committee and the independent auditors of the Company. The unaudited financial data in the 2021 First Quarterly Report set out in this announcement is prepared in accordance with the accounting principles of the People's Republic of China instead of the International Financial Reporting Standards, and are prepared pursuant to the requirements of the STAR Market of the Shanghai Stock Exchange only.

Shareholders and potential investors are advised to exercise caution when dealing in securities of the Company.

By order of the Board

Shanghai Junshi Biosciences Co., Ltd.*

Mr. Xiong Jun

Chairman

Shanghai, the PRC, 29 April 2021

As at the date of this announcement, the board of directors of the Company comprises Mr. Xiong Jun, Dr. Li Ning, Dr. Feng Hui, Mr. Zhang Zhuobing and Dr. Yao Sheng as executive Directors; Dr. Wu Hai, Mr. Tang Yi, Mr. Li Cong, Mr. Yi Qingqing and Mr. Lin Lijun as non-executive Directors; and Dr. Chen Lieping, Mr. Qian Zhi, Mr. Zhang Chun, Dr. Jiang Hualiang and Dr. Roy Steven Herbst as independent non-executive Directors.

• For identification purposes only

2021 First Quarterly Report

Company code: 688180

Abbreviation: Junshi Bio

Shanghai Junshi Biosciences Co., Ltd.*

2021 First Quarterly Report

1 / 22

2021 First Quarterly Report

	Contents
I.	IMPORTANT NOTICE....................................................................................................	3
II.	BASIC CORPORATE INFORMATION ........................................................................	3
III.	SIGNIFICANT EVENTS .................................................................................................	8
IV.	APPENDIX ......................................................................................................................	12

2 / 22

2021 First Quarterly Report

1. IMPORTANT NOTICE

1. The Board of Directors (the "Board"), the Board of Supervisors and the Directors, Supervisors and senior management of the Company warrant that the contents in this quarterly report are true, accurate and complete and contain no false record, misleading statement or material omissions, and undertake several and joint liabilities of the contents herein.
2. All Directors of the Company have attended the Board meeting to review and consider this quarterly report.
3. Xiong Jun , person in charge of the Company, Xu Baohong , person in charge of accounting affairs, and Tang Yan, person in charge of the accounting office (head of accounting department), hereby warrant that the financial statements contained in this quarterly report are true, accurate and complete.
4. This first quarterly report of the Company is unaudited.

II. BASIC CORPORATE INFORMATION
2.1 Key financial data
		Unit: Yuan	Currency: RMB
			Increase/decrease at the end
	As at the end of the	As at the end of the	of the Reporting Period
	Reporting Period	previous year	compared with the end of
			the previous year (%)
Total assets	8,552,401,128.61	7,997,409,506.14		6.94
Net assets	6,258,509,280.39	5,827,808,532.40		7.39
attributable to
shareholders of
the Company
	From the beginning	From the beginning of the	Increase/decrease compared
	of the year to the end	previous year to the end of
	with corresponding period
	of the Reporting	the reporting period in the
	of the previous year (%)
	Period	previous year
Net cash flow	399,613,641.51	-353,500,138.36		N/A
from operating
activities
	From the beginning of	From the beginning of	Increase/decrease compared
	the year to the end of	the previous year to the end	with corresponding period
		3 / 22

2021 First Quarterly Report

	the Reporting Period	of the reporting period in		of the previous year (%)
		the previous year
Operating	1,615,115,584.67	172,039,232.78			838.81
income
Net profit	377,321,280.11	-229,358,722.62			N/A
attributable to
shareholders of
the Company
Net profit	361,029,159.23	-219,573,958.03			N/A
attributable to
the shareholders
of the Company
after deducting
non-recurring
profit and loss
Weighted	6.24	-8.00			N/A
average return on
net assets (%)
Basic earnings	0.43	-0.29			N/A
per share
(yuan/share)
Diluted earnings	0.43	-0.29			N/A
per share
(yuan/share)
Research and	27.90	126.31			Decreased by 98.41
development					percentage points
investment as a
percentage of
operating income
(%)
Non-recurring gains and losses items and amounts
√ Applicable □ Not applicable	Unit: Yuan	Currency: RMB
	Items			Amount for the reporting
				period
Gains or losses from the disposal of non-current assets			111,558.38
Government grants that are recognized in profit or loss for the period			23,159,002.63
(other than government grants which are closely related to the Company's
normal business operations, which comply with national policies and
enjoyed continuously at fixed amount or quantity in accordance with a
certain standards)
Profit or loss from changes in fair value from holding of financial assets			97.26
held for trading, derivative financial assets, financial liabilities held for
trading and derivative financial liabilities, as well as investment income
from disposal of financial assets held for trading, derivative financial
		4 / 22

2021 First Quarterly Report

assets, financial liabilities held for trading, derivative financial liabilities
and other debt investments, except for effective hedging transactions
related to the Company's normal business operations
Other non-operating income and expenses apart from the aforesaid items	-6,735,465.90
Effect of income tax	-243,071.49
Total	16,292,120.88

2.2 Particulars of total number of Shareholders, shareholding of top ten Shareholders and top ten Shareholders not subject to trading restrictions as at the end of the Reporting Period

								Unit: Share
Total number of Shareholders							26,672
	Particulars of shareholdings of the top ten Shareholders
					Number of	Shares
			Number of	restricted	pledged or
	Number of		shares	frozen
Name of	Percent	shares held
shares held	including			Nature of
Shareholder	age	subject to	Statu	Num
as at the end	lending	Shareholders
(full name)	(%)	trading	s of	ber of
of the period	shares for
		restrictions	share	share
			securities
					s	s
					financing
HKSCC						Unkn
NOMINEES	182,743,430	20.94	0	0	-	Unknown
own
LIMITED
								Domestic
Xiong Jun	87,252,968	10.00	87,252,968	87,252,968	Nil	0	natural
								person
Shanghai
Tanying
Investment	76,590,000	8.78	76,590,000	76,590,000	Nil	0	Other
Partnership
(LP) *

5 / 22

2021 First Quarterly Report

Suzhou
Ruiyuan
Shengben
Biological
Medicine
Management	43,584,000	5.00	43,584,000	43,584,000		Nil		0	Other
Partnership
(LP)* (蘇州
瑞源盛本生
物醫藥管理
合夥企業(有
限合夥))
Xiong									Domestic
41,060,000	4.71	41,060,000	41,060,000		Nil		0	natural
Fengxiang
								person
Zhuhai
Gaoling
Tiancheng
Equity
Investment	25,200,000	2.89	25,200,000	25,200,000		Nil		0	Other
Fund (LP)*
(珠海高瓴天
成股權投資
基金(有限合
夥))
									Domestic
Huang Fei	22,590,036	2.59	22,590,036	22,590,036		Nil		0	natural
									person
									Domestic
Zhou Yuqing	21,680,800	2.48	21,680,800	21,680,800		Nil		0	natural
									person
									Domestic
Qiao Xiaohui	16,500,000	1.89	16,500,000	16,500,000		Nil		0	natural
									person
									Domestic
Wang Shujun	15,814,256	1.81	15,814,256	15,814,256		Nil		0	natural
									person
Particulars of shareholdings of the top ten Shareholders not subject to trading restrictions
		Number of tradable	Type and number of shares
Name of Shareholder	shares held not subject	Type				Number
		to trading restrictions
HKSCC NOMINEES		182,743,430	Overseas listed foreign		182,743,430
LIMITED			shares
			6 / 22

2021 First Quarterly Report

China Merchants Bank Co.,
Ltd. - Huaxia SSE STAR
Market 50 Constituent
Trading Open-end Index	2,772,849	RMB ordinary shares	2,772,849
Securities Investment Fund*
(華夏上證科創板 50 成份交
易型開放式指數證券投資基
金)
Shanghai Jiacai Investment
Management Co., Ltd.* (上海	2,115,829	RMB ordinary shares	2,115,829
加財投資管理有限公司)
Hong Kong Securities	2,078,768	RMB ordinary shares	2,078,768
Clearing Company Limited
Greenland Financial
Investment Holdings Group	1,314,989	RMB ordinary shares	1,314,989
Co., Ltd.* (綠地金融投資控
股集團有限公司)
Industrial and Commercial
Bank of China Limited - E
Funds SSE STAR Market 50
Constituent Trading	909,324	RMB ordinary shares	909,324
Open-end Index Securities
Investment Fund* (易方達上
證科創板 50 成份交易型開
放式指數證券投資基金)
Bank of China - Harvest
Theme Selected Hybrid	845,982	RMB ordinary shares	845,982
Securities Investment Fund*
(嘉實主題精選混合型證券
投資基金)
NSSF Portfolio #117 (全國社	700,000	RMB ordinary shares	700,000
保基金一一七組合)
China Construction Bank
Corporation -
Huatai-Pinebridge SSE
STAR Market 50 Constituent	597,446	RMB ordinary shares	597,446
Trading Open-end Index
Securities Investment Fund*
(華泰柏瑞上證科創板 50 成
份交易型開放式指數證券投
資基金)
Agricultural Bank of China
Limited - ICBCCS SSE
STAR Market 50 Constituent
Trading Open-end Index	562,800	RMB ordinary shares	562,800
Securities Investment Fund*
(工銀瑞信上證科創板 50 成
份交易型開放式指數證券投
資基金)
	7 / 22

		2021 First Quarterly Report
		Among the above top ten Shareholders, Xiong Fengxiang and Xiong
		Jun are father and son and are the controlling Shareholders and de facto
		controllers of the Company. Xiong Jun and Xiong Fengxiang are acting
	Explanation on the related	in concert with Suzhou Ruiyuan Shengben Biological Medicine
	party relationship or	Management Partnership (LP) ("Ruiyuan Shengben") and Zhou
	acting-in-concert arrangement	Yuqing. Xiong Jun holds 40% of the equity interest in Ruiyuan
	among the above	Shengben's managing partner Qianhai Yuanben. Zhou Yuqing holds a
	Shareholders	5.1% partnership share in Ruiyuan Shengben.
		Other than the above explanation, the Company is not aware of whether
		other Shareholders have related party relationship or whether other
		Shareholders are acting-in-concert parties under the regulations.
	Explanation on the holders of
	preference shares with voting	N/A
	right restored and their
	shareholdings

Note: HKSCC NOMINEES LIMITED is the HKSCC Nominees Limited, and the shares held by it are held on behalf of multiple customers.

2.3 Total number of Shareholders of preference shares, particulars of shareholdings of top ten Shareholders of preference shares and top ten Shareholders of preference shares not subject to

trading restrictions as at the end of the Reporting Period □ Applicable √ Not applicable

III. SIGNIFICANT EVENTS

3.1 Descriptions and reasons for significant changes in major accounting statement items, financial

indicators of the Company
√ Applicable	□ Not applicable
1) Assets and liabilities
						Unit: Yuan Currency: RMB
Items		31 March 2021	31	December	Changes	Analysis on changes
			2020	(%)
Notes		197,163,112.89		74,115,760.11	166.02	Increase in notes receivable mainly
receivable						due to an increase in settlement
						amount of notes
Prepayments		354,739,399.39	258,178,283.57	37.40	Increase in prepayments mainly due
						to an increase in prepayments for
						purchase of raw materials and prepaid
						service fees as a result of business
						growth
				8 / 22

2021 First Quarterly Report

Other

52,703,584.86

22,840,431.36

130.75

Increase in other receivables mainly

receivables

due to an additional shared amount of

cooperative

projects

receivable

from

collaborators in the Reporting Period

Other current

43,334,397.60

21,293,154.01

103.51

Increase in other current assets mainly

assets

due to the increase in VAT input tax

to be deducted in the Reporting

Period

Long-term

166,993,686.02

66,171,419.68

152.37

Increase

in

long-term

equity

equity

investments mainly due to the

investments

investments in associated companies

Right-of-use

78,063,054.19

55,169,735.03

41.50

Increase in right-of-use assets mainly

assets

due to new leases for office premises

Long-term

22,063,563.27

13,236,525.11

66.69

Increase in long-term prepaid

prepaid

expenses mainly due to the renovation

expenses

expenses incurred for new office

premises

Deferred tax

39,632,669.79

26,112,859.60

51.77

Increase in deferred tax assets mainly

assets

due to the increase in deductible

losses

Contract

84,262,426.66

43,142,036.14

95.31

Increase in contract liabilities mainly

liabilities

due to the increase in advance

payments from customers

Payroll

135,102,302.09

205,025,983.28

-34.10

Decrease in payroll payable mainly

payable

due to the payment of 2020 year-end

bonus during the Reporting Period

Lease

56,179,603.69

30,991,342.99

81.28

Increase in lease liabilities mainly due

liabilities

to new leases for office premises

2）Items under the income statement

Unit: Yuan

Currency: RMB

Items

First

quarter

of

First

quarter

of

Changes

Analysis on changes

2021

(January

-

2020

(January

-

(%)

March)

March)

Operating

1,615,115,584.67

172,039,232.78

838.81

Increase

in

operating

income

income

mainly due to the income generated

from new royalty fee and

technology

licenses during

the

Reporting

Period

(including

the

upfront payment paid by Coherus

BioSciences, Inc. in respect of the

Toripalimab cooperative project)

Operating

280,491,327.58

18,194,776.33

1,441.60

Increase in operating costs mainly

costs

due to the income generated from

9 / 22

2021 First Quarterly Report

new royalty fee and technology

licenses

Sales

and

268,419,849.01

91,081,702.27

194.70

Increase in sales and distribution

distribution

expenses mainly due to the

expenses

increased expenses arising from the

greater

efforts

in

commercial

promotion, and the expansion of

frontline promoter team

Administrative

164,844,271.34

57,515,569.24

186.61

Increase in administrative expenses

expenses

mainly due to the increased

expenses

arising

from

the

expansion of business scale and

organizational structure

Research

and

450,649,443.76

217,301,553.90

107.38

Increase

in

research

and

development

development expenses mainly due

expenses

to the increased expenses arising

from the expansion of research and

development

pipelines,

advancement

of

research

and

development

progress

and

investment in cooperative research

and development projects

Finance

-10,394,953.69

-3,202,822.88

N/A

Decrease

in

finance

expenses

expenses

mainly due to the foreign exchange

gains from overseas transactions

Other income

22,477,472.48

370,208.48

5,971.57

Increase in other income mainly

due to the new government grants

Investment

-12,177,733.64

-3,878,490.25

N/A

Decrease

in

investment

income

income

mainly due to the corresponding

increase in accrued investment loss

relating to the huge early research

and development

investments

of

invested companies

Income

tax

83,995,189.81

6,816,327.21

1,132.26

Increase in income tax expenses

expenses

mainly due to the income tax

withheld in respect of income from

foreign technology licenses

3）Items under cash flow statement

Unit: Yuan

Currency: RMB

Items

First

quarter

of

First

quarter

of

Changes

Analysis on changes

2021

(January

-

2020

(January

-

(%)

March)

March)

Net cash

flow

399,613,641.51

-353,500,138.36

N/A

Increase in net cash flow from

10 / 22

2021 First Quarterly Report

from	operating				operating	activities	mainly due
activities					to the increased income of the
						Company during the Reporting
						Period
Net	cash	flow	-489,544,165.73	-116,985,844.92	N/A	Decrease in net cash flow from
from	investing				investing	activities	mainly due
activities					to the increase of cash paid for
						acquiring	or	constructing
						long-term assets and cash paid
						for investments
3.2 Analysis and explanation of progress of important events and their impacts and solutions
□ Applicable	√ Not applicable
3.3 Commitments that were overdue and not fulfilled in the Reporting Period
□ Applicable	√ Not applicable

3.4 Warning and reason for the forecast that the accumulated net profit from the beginning of the year to the end of the next reporting period may be a loss or a significant change from the same period of

the previous year

□ Applicable √ Not applicable

Company name	Shanghai Junshi Biosciences
Co., Ltd.*
Legal representative	Xiong Jun
Date	29 April 2021

11 / 22

2021 First Quarterly Report

IV. APPENDIX

4.1 Financial statement

CONSOLIDATED BALANCE SHEET

31 March 2021

Prepared by: Shanghai Junshi Biosciences Co., Ltd.*

Unit: Yuan Currency: RMB Audit type: Unaudited

Items	31 March 2021	31 December 2020
Current assets:
Cash and bank balances	3,282,286,048.21	3,384,997,561.89
Held-for-trading financial assets	17,199.31	17,102.05
Notes receivable	197,163,112.89	74,115,760.11
Accounts receivable	633,311,152.37	590,324,155.59
Prepayments	354,739,399.39	258,178,283.57
Other receivables	52,703,584.86	22,840,431.36
Including: Interests receivable
Dividends receivable
Inventories	366,940,211.15	343,425,428.27
Non-current assets due within one	2,168,173.65	3,524,807.19
year
Other current assets	43,334,397.60	21,293,154.01
Total current assets	4,932,663,279.43	4,698,716,684.04
Non-current assets:
Long-term equity investments	166,993,686.02	66,171,419.68
Other non-current financial assets	448,240,819.15	356,724,866.15
Fixed assets	1,919,014,189.29	1,905,914,113.97
Construction in progress	434,627,614.59	415,550,140.47
Right-of-use assets	78,063,054.19	55,169,735.03
Intangible assets	164,074,708.42	162,088,048.23
Long-term prepaid expenses	22,063,563.27	13,236,525.11
Deferred tax assets	39,632,669.79	26,112,859.60
Other non-current assets	347,027,544.46	297,725,113.86
Total non-current assets	3,619,737,849.18	3,298,692,822.10
Total assets	8,552,401,128.61	7,997,409,506.14
Current liabilities:
Short-term borrowings	21,234,648.19	21,234,648.29
Accounts payable	924,659,706.37	797,697,494.08
Contract liabilities	84,262,426.66	43,142,036.14
Payroll payable	135,102,302.09	205,025,983.28
Taxes payable	17,910,692.62	19,619,540.34
Other payables	123,680,077.49	129,413,494.77
	12 / 22

2021 First Quarterly Report

Including: Interests payable
Dividends payable
Non-current liabilities due within		256,824,249.21		256,331,193.26
one year
Other current liabilities		10,225,337.24		-
Total current liabilities		1,573,899,439.87		1,472,464,390.16
Non-current liabilities:
Long-term borrowings		542,222,222.23		542,222,222.23
Lease liabilities		56,179,603.69		30,991,342.99
Expected liabilities		1,280,411.10		1,280,411.10
Deferred income		103,541,035.54		103,808,732.94
Other non-current liabilities		16,772,849.78		18,837,294.77
Total non-current liabilities		719,996,122.34		697,140,004.03
Total liabilities		2,293,895,562.21		2,169,604,394.19
Owners' equity (or shareholders'
equity):
Paid-in capital (or share capital)		872,496,000.00		872,496,000.00
Capital reserve		8,683,658,085.59		8,632,380,276.66
Other comprehensive income		-7,290,812.20		-9,392,471.15
Retained earnings		-3,290,353,993.00	-3,667,675,273.11
Total owners' equity (or		6,258,509,280.39		5,827,808,532.40
shareholders' equity) attributable to
equity holders of the Company
Minority interests		-3,713.99		-3,420.45
Total owners' equity (or		6,258,505,566.40		5,827,805,111.95
shareholders' equity)
Total liabilities and equity		8,552,401,128.61		7,997,409,506.14
Person in charge of the Company: Xiong Jun	Chief Financial Officer: Xu Baohong	Head of
Accounting Department: Tang Yan

PARENT COMPANY'S BALANCE SHEET

31 March 2021

Prepared by: Shanghai Junshi Biosciences Co., Ltd.*

Unit: Yuan Currency: RMB Audit type: Unaudited

Items	31 March 2021	31 December 2020
Current assets:
Cash and bank balances	2,944,645,042.81	2,641,559,948.67
Notes receivable	183,974,990.64	65,443,319.16
Accounts receivable	622,069,241.21	532,067,968.78
Prepayments	252,581,380.65	201,114,972.62
Other receivables	885,808,950.80	796,131,114.84
	13 / 22

2021 First Quarterly Report

Including: Interests receivable
Dividends receivable
Inventories	30,321,655.36	41,040,891.99
Non-current assets due within one	2,168,173.65	2,897,677.53
year
Other current assets	39,210,292.31	18,522,797.97
Total current assets	4,960,779,727.43	4,298,778,691.56
Non-current assets:
Long-term equity investments	2,087,020,174.61	1,941,571,358.09
Other non-current financial assets	434,996,405.66	343,480,452.66
Fixed assets	170,589,539.63	171,414,137.13
Construction in progress	37,799,664.91	38,550,159.74
Right-of-use assets	59,429,761.77	34,659,940.51
Intangible assets	30,600,435.78	27,962,357.75
Long-term prepaid expenses	14,374,377.03	10,677,594.27
Other non-current assets	119,850,606.64	42,494,135.78
Total non-current assets	2,954,660,966.03	2,610,810,135.93
Total assets	7,915,440,693.46	6,909,588,827.49
Current liabilities:
Notes payable	20,000,000.00	20,000,000.00
Accounts payable	924,501,404.98	736,589,342.20
Contract liabilities	78,688,819.85	39,074,036.14
Payroll payable	94,342,777.35	144,914,090.75
Taxes payable	14,292,167.82	13,197,590.71
Other payables	236,967,367.91	143,353,841.49
Including: Interests payable
Dividends payable
Non-current liabilities due within	19,575,953.96	18,076,739.34
one year
Other current liabilities	10,225,337.24	-
Total current liabilities	1,398,593,829.11	1,115,205,640.63
Non-current liabilities:
Lease liabilities	43,876,437.75	18,599,805.23
Deferred income	30,960,586.75	30,960,586.75
Other non-current liabilities	16,772,849.78	18,837,294.77
Total non-current liabilities	91,609,874.28	68,397,686.75
Total liabilities	1,490,203,703.39	1,183,603,327.38
Owners' equity (or shareholders'
equity):
Paid-in capital (or share capital)	872,496,000.00	872,496,000.00
Capital reserve	8,671,152,319.64	8,619,874,510.71
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2021 First Quarterly Report

Retained earnings		-3,118,411,329.57		-3,766,385,010.60
Total owners' equity (or		6,425,236,990.07		5,725,985,500.11
shareholders' equity)
Total liabilities and equity		7,915,440,693.46		6,909,588,827.49
Person in charge of the Company: Xiong Jun	Chief Financial Officer: Xu Baohong Head of
Accounting Department: Tang Yan
CONSOLIDATED INCOME STATEMENT
	January to March 2021
Prepared by: Shanghai Junshi Biosciences Co., Ltd.*
		Unit: Yuan Currency: RMB Audit type: Unaudited
Items	First quarter of 2021	First quarter of 2020
1. Total operating income	1,615,115,584.67	172,039,232.78
Including: Operating income	1,615,115,584.67	172,039,232.78
2. Total operating costs	1,154,773,625.99	382,442,864.30
Including: Operating costs	280,491,327.58	18,194,776.33
Taxes and surcharges	763,687.99	1,552,085.44
Sales and distribution expenses	268,419,849.01	91,081,702.27
Administrative expenses	164,844,271.34	57,515,569.24
Research and development expenses	450,649,443.76	217,301,553.90
Finance expenses	-10,394,953.69	-3,202,822.88
Including: Interest expenses	10,101,666.57	843,227.66
Interest income	10,265,630.74	4,842,319.32
Add: Other income	22,477,472.48	370,208.48
Investment income (Loss is indicated	-12,177,733.64	-3,878,490.25
by "-")
Including: Income from investments	-12,177,733.64	-1,431,566.25
in associates and joint ventures
Income from changes in fair value	97.26	106.52
(Loss is indicated by "-")
Impairment loss of credit (Loss is	716,971.85	-979,603.45
indicated by "-")
Impairment loss of assets (Loss is	-4,100,212.87	-
indicated by "-")
Income from disposal of assets (Loss	126,721.53	-
is indicated by "-")
3. Operating profit (Loss is indicated by "-")	467,385,275.29	-214,891,410.22
Add: Non-operating income	718,015.31	275,048.48
Less: Non-operating expenses	6,787,114.21	7,926,425.59
		15 / 22

2021 First Quarterly Report

4. Total profit (Total loss is indicated by "-")		461,316,176.39	-222,542,787.33
Less: Income tax expenses		83,995,189.81	6,816,327.21
5. Net profit (Net loss is indicated by "-")		377,320,986.58	-229,359,114.54
(I) Categorized by the nature of continuing operation
1. Net profit from continuing operations		377,320,986.58	-229,359,114.54
(Net loss is indicated by "-")
2. Net profit from discontinued
operations (Net loss is indicated by "-")
(II) Categorized by ownership
1. Net profit attributable to the		377,321,280.11	-229,358,722.62
shareholders of the Company (Net loss is
indicated by "-")
2. Profit or loss attributable to minority		-293.53	-391.92
interests (Net loss is indicated by "-")
6. Other comprehensive income, net of tax		2,101,658.95	5,144,278.40
(I) Other comprehensive income		2,101,658.95	5,144,278.40
attributable to the owners of the Company,
net of tax
1. Other comprehensive income that
cannot be subsequently reclassified to profit
or loss
2. Other comprehensive income that		2,101,658.95	5,144,278.40
will be reclassified to profit or loss
(1) Other comprehensive income that will
be transferred to profit or loss under the
equity method
(2) Changes in fair value of other debt
investments
(3) Amount of financial assets that are
reclassified to other comprehensive income
(4) Impairment provision for credit of
other debt investments
(5) Cash flow hedge reserves
(6) Translation differences of financial		2,101,658.95	5,144,278.40
statements denominated in foreign
currencies
(7) Others
(II) Other comprehensive income
attributable to minority interests, net of tax
7. Total comprehensive income		379,422,645.53	-224,214,836.14
16 / 22

2021 First Quarterly Report

(I) Total comprehensive income	379,422,939.06	-224,214,444.22
attributable to owners of the Company
(II) Total comprehensive income	-293.53	-391.92
attributable to minority interests
8. Earnings per share:
(I) Basic earnings per share (yuan/share)	0.43	-0.29
(II) Diluted earnings per share	0.43	-0.29
(yuan/share)

For the business consolidation under common control occurs during the current period, net profit of the consolidated parties realized before business consolidation was nil. Net profit of the consolidated parties realized during the last period was nil.

Person in charge of the Company: Xiong Jun Chief Financial Officer: Xu Baohong Head of

Accounting Department: Tang Yan

PARENT COMPANY'S INCOME STATEMENT

January to March 2021

Prepared by: Shanghai Junshi Biosciences Co., Ltd.*

Unit: Yuan Currency: RMB Audit type: Unaudited

Items	First quarter of 2021	First quarter of 2020
1. Operating income	1,633,210,276.93	173,048,707.89
Less: Operating costs	317,858,604.06	64,666,543.94
Taxes and surcharges	463,768.05	149,285.30
Sales and distribution expenses	224,434,956.53	67,990,005.36
Administrative expenses	76,770,916.66	33,110,325.96
Research and development expenses	290,094,126.31	182,778,680.83
Finance expenses	-20,675,850.15	-2,852,134.68
Including: Interest expenses	-	843,227.66
Interest income	9,975,232.94	4,379,354.52
Add: Other income	21,249,749.77	191,400.00
Investment income (Loss is indicated	-12,177,733.64	-3,812,387.31
by "-")
Including: Income from investments	-12,177,733.64	-1,365,463.31
in associates and joint ventures
Impairment loss of credit (Loss is	642,182.79	-723,963.42
indicated by "-")
Impairment loss of assets (Loss is	-675,667.01	-
indicated by "-")
2. Operating profit (Loss is indicated by "-")	753,302,287.38	-177,138,949.55
Add: Non-operating income	-	7,398.25
Less: Non-operating expenses	7,813,606.35	13,211,485.58
3. Total profit (Total loss is indicated by "-")	745,488,681.03	-190,343,036.88
	17 / 22

2021 First Quarterly Report

Less: Income tax expenses	97,515,000.00		-
4. Net profit (Net loss is indicated by "-")	647,973,681.03		-190,343,036.88
(1) Net profit from continuing operations	647,973,681.03		-190,343,036.88
(Net loss is indicated by "-")
(2) Net profit from discontinued
operations (Net loss is indicated by "-")
5. Other comprehensive income, net of tax
(1) Other comprehensive income that
cannot be subsequently reclassified to profit
or loss
(2) Other comprehensive income that will
be reclassified to profit or loss
1.	Other comprehensive income that
will be transferred to profit or loss under the
equity method
2.	Changes in fair value of other debt
investments
3.	Amount of financial assets that are
reclassified to other comprehensive income
4.	Impairment provision for credit of
other debt investments
5.	Cash flow hedge reserves
6.	Translation differences of financial
statements denominated in foreign
currencies
7.	Others
6. Total comprehensive income	647,973,681.03		-190,343,036.88
7. Earnings per share:
(I) Basic earnings per share
(yuan/share)
(II) Diluted earnings per share
(yuan/share)
Person in charge of the Company: Xiong Jun	Chief Financial Officer: Xu Baohong	Head of
Accounting Department: Tang Yan

CONSOLIDATED STATEMENT OF CASH FLOWS

January to March 2021

Prepared by: Shanghai Junshi Biosciences Co., Ltd.*

Unit: Yuan Currency: RMB Audit type: Unaudited

Items

First quarter of 2021

First quarter of 2020

18 / 22

2021 First Quarterly Report

I. Cash flow from operating activities:
Cash receipts from the sale of goods	1,470,641,874.82	178,166,515.98
and the rendering of services
Receipts of tax refunds	59,950,526.63	-
Other cash receipts relating to	42,205,846.20	6,883,667.82
operating activities
Sub-total of cash inflow from	1,572,798,247.65	185,050,183.80
operating activities
Cash payments for goods purchased	741,167,953.59	334,611,174.75
and services received
Cash payments to and on behalf of	355,620,260.27	165,595,846.91
employees
Payments of various types of taxes	5,610,153.42	9,391,832.71
Other cash payments relating to	70,786,238.86	28,951,467.79
operating activities
Sub-total of cash outflow from	1,173,184,606.14	538,550,322.16
operating activities
Net cash flow from operating	399,613,641.51	-353,500,138.36
activities
II. Cash flow from investing activities:
Other cash receipts relating to investing	10,265,630.74	4,842,319.32
activities
Sub-total of cash inflow from	10,265,630.74	4,842,319.32
investing activities
Cash payments to acquire or construct	225,932,614.93	111,828,164.24
fixed assets, intangible assets and other
long-term assets
Cash payments to acquire investments	272,714,795.02	10,000,000.00
Other cash payments relating to	1,162,386.52	-
investing activities
Sub-total of cash outflow from	499,809,796.47	121,828,164.24
investing activities
Net cash flow from investing	-489,544,165.73	-116,985,844.92
activities
III. Cash flow from financing
activities:
Cash receipts from borrowings	-	37,850,720.61
Sub-total of cash inflow from	-	37,850,720.61
financing activities
Cash repayments of borrowings	-	38,605,840.00
	19 / 22

2021 First Quarterly Report

Cash payments for distribution of		10,101,666.67	10,734,251.57
dividends, or profits or settlement of
interest expenses
Including: Dividends or profits		-	-
distributed by subsidiaries to minority
interests
Other cash payments relating to		8,737,437.82	5,532,663.26
financing activities
Sub-total of cash outflow from		18,839,104.49	54,872,754.83
financing activities
Net cash flow from financing		-18,839,104.49	-17,022,034.22
activities
IV. Effect of foreign exchange rate		6,058,115.03	6,208,363.35
changes on cash and cash equivalents
V. Net increase in cash and cash		-102,711,513.68	-481,299,654.15
equivalents
Add: Balance of cash and cash		3,384,997,561.89	1,214,025,879.93
equivalents at the beginning of the
period
VI. Balance of cash and cash		3,282,286,048.21	732,726,225.78
equivalents at the end of the period
Person in charge of the Company: Xiong Jun	Chief Financial Officer: Xu Baohong Head of
Accounting Department: Tang Yan
STATEMENT OF CASH FLOWS OF THE PARENT COMPANY
January to March 2021
Prepared by: Shanghai Junshi Biosciences Co., Ltd.*
		Unit: Yuan Currency: RMB Audit type: Unaudited
Items		First quarter of 2021	First quarter of 2020
I. Cash flow from operating activities:
Cash receipts from the sale of goods		1,541,280,193.43	186,955,031.87
and the rendering of services
Other cash receipts relating to		182,338,263.78	6,774,312.95
operating activities
Sub-total of cash inflow from		1,723,618,457.21	193,729,344.82
operating activities
Cash payments for goods purchased		671,972,304.87	199,779,673.37
and services received
Cash payments to and on behalf of		224,714,446.26	124,175,170.10
employees
Payments of various types of taxes		1,776,283.30	149,285.30
		20 / 22

2021 First Quarterly Report

Other cash payments relating to	163,532,768.95	200,951,346.06
operating activities
Sub-total of cash outflow from	1,061,995,803.38	525,055,474.83
operating activities
Net cash flow from operating	661,622,653.83	-331,326,130.01
activities
II. Cash flow from investing activities:
Cash receipts from disposal and	10,000,000.00	-
recovery of investments
Net cash receipts from disposal of	2,780,620.94	-
fixed assets, intangible assets and other
long-term assets
Other cash receipts relating to	9,975,232.94	4,379,345.52
investing activities
Sub-total of cash inflow from	22,755,853.88	4,379,345.52
investing activities
Cash payments to acquire or construct	89,299,115.96	24,355,928.92
fixed assets, intangible assets and other
long-term assets
Cash payments to acquire investments	288,706,795.04	43,750,000.00
Other cash payments relating to	32,530.63
investing activities
Sub-total of cash outflow from	378,038,441.63	68,105,928.92
investing activities
Net cash flow from investing	-355,282,587.75	-63,726,583.40
activities
III. Cash flow from financing
activities:
Cash receipts from borrowings	-	32,746,828.86
Sub-total of cash inflow from	-	32,746,828.86
financing activities
Cash repayments of borrowings	-	38,605,840.00
Cash payments for distribution of	-	848,523.29
dividends, or profits or settlement of
interest expenses
Other cash payments relating to	7,399,699.64	4,601,312.12
financing activities
Sub-total of cash outflow from	7,399,699.64	44,055,675.41
financing activities
Net cash flow from financing	-7,399,699.64	-11,308,846.55
activities
IV. Effect of foreign exchange rate	4,144,727.70	1,064,084.95
changes on cash and cash equivalents
	21 / 22

2021 First Quarterly Report

V. Net increase in cash and cash		303,085,094.14		-405,297,475.01
equivalents
Add: Balance of cash and cash		2,641,559,948.67		944,648,339.21
equivalents at the beginning of the
period
VI. Balance of cash and cash		2,944,645,042.81		539,350,864.20
equivalents at the end of the period
Person in charge of the Company: Xiong Jun	Chief Financial Officer: Xu Baohong	Head of
Accounting Department: Tang Yan

4.2	Particulars in relation to adjustments made to relevant items of the financial statements as at the
	beginning of the year of the initial adoption of new lease standard in 2021
□ Applicable	√ Not applicable
4.3	Retrospective adjustment of the comparative data in the previous period by initial adoption of new
	lease standard since 2021
□ Applicable	√ Not applicable
4.4	Audit report
□ Applicable	√ Not applicable

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