Shanghai Junshi Biosciences Co., Ltd. (Junshi Bio, 01877.HK; 688180.SH) released a series of board resolutions and regulatory filings dated 13–14 March 2026 that outline its 2025 results, capital-use arrangements and 2026 authorisations. Key points follow:

• 2025 earnings and dividend policy Audited net loss attributable to the parent was RMB875.17 million, leaving an accumulated deficit of RMB6.65 billion. The board therefore proposes no cash dividend or capital-reserve conversion for 2025; the plan will be tabled at the upcoming annual general meeting (AGM).

• Proceeds utilisation snapshot – IPO funds raised in 2020 (RMB4.50 billion net) are fully deployed. – Net proceeds from the 2022 private placement total RMB3.74 billion; RMB1.39 billion has been invested, leaving RMB1.35 billion in dedicated accounts as at 31 December 2025. – RMB1.31 billion of idle proceeds are parked in low-risk deposits/structured deposits. – The board authorised fresh use of idle proceeds up to RMB1.50 billion to temporarily replenish working capital for up to 12 months.

• Financing and mandate approvals – A general mandate to issue onshore/offshore debt instruments of up to RMB2.50 billion and an equity mandate equal to 20 % of issued share capital will be proposed to shareholders. – RSM China is re-appointed as onshore auditor and Deloitte Touche Tohmatsu as offshore auditor for 2026.

• External guarantees For 2026 the company seeks an aggregate guarantee ceiling of RMB5.00 billion for wholly- and majority-owned subsidiaries, adjustable within the group. Existing guarantees stand at RMB5.50 billion, equivalent to 91.20 % of net assets.

• Cash management and liquidity During 2025 Junshi Bio temporarily used RMB1.11 billion of idle proceeds for liquidity and fully repaid the amount. A further RMB1.94 billion was cycled in and out earlier in the year under the same mechanism.

• Corporate governance updates The board approved the 2025 annual report, internal-control evaluation, ESG report and a 2026 “quality-and-efficiency” action plan. Remuneration schemes for directors and senior management were endorsed, while Ms. Zou Jianjun—currently CEO—was added to the roster of core technical personnel. Securities affairs representative Ms. Wang Yuzhou resigned.

All resolutions requiring shareholder consent will be put to the 2025 AGM; the notice will be issued separately. Junshi Bio states that the above measures support ongoing R&D investment and operational funding needs without altering the intended use of fundraising proceeds.