荣昌生物制药（烟台）股份有限公司 第二条 本制度规定了公司内部审计组织机构及职责与权限、内部审计管理及工作 规范、内部审计工作内容及程序、内部审计成果的运用、内部审计信息和资料的管理和 传递和罚则等规范，是公司开展内部审计管理工作的标准。 第三条 本制度所称内部审计，是指公司内部审计部门或人员，对公司内部控制和 风险管理的有效性、财务信息的真实性和完整性以及经营活动的效率和效果等开展的一 系列评价活动。 第四条 公司内部审计工作遵循以下基本原则： 内部审计管理制度 （一）统一领导原则。审计工作是一项重要的监督和评价工作，由公司审核委员会、 内部审计部门负责人领导； 第一章 总则 第一条 为规范荣昌生物制药（烟台）股份有限公司（以下简称公司）财务收支、 经营活动、内部控制和风险管理，确保实施独立、客观的监督、评价和建议，为决策层 提供决策依据，以促进公司合规性经营，完善公司治理和实现经营目标，根据《中华人 民共和国审计法》《审计署关于内部审计工作的规定》《上海证券交易所科创板股票上市 规则》（以下简称《科创板上市规则》）、《香港联合交易所有限公司证券上市规则》等 法律、行政法规、部门规章、规范性文件和《荣昌生物 ...

Core Viewpoint - Vor Biopharma's stock plummeted by 47.66% following a heavily discounted public offering, raising concerns about its financial stability and potential cash flow issues [1][2]. Group 1: Stock Performance and Market Reaction - Vor Biopharma's stock price fell from $18.80 to $9.84, resulting in a market capitalization drop of over $60 million, leaving it at $67.31 million [1]. - The company's announcement of a public offering at $10 per share, a 46.8% discount, triggered panic selling among investors, leading to a 26.6% drop in after-hours trading [1][2]. - The stock hit a 52-week low, reflecting investor fears regarding the company's financial health and liquidity [1]. Group 2: Financial and Strategic Implications - Vor Biopharma's cash reserves were reported at $201 million, raising concerns about its ability to sustain operations amid the recent stock decline [1]. - The company had previously laid off 95% of its workforce and halted all clinical trials, indicating severe operational challenges [3]. - The partnership with Rongchang Biopharma, involving a $4.23 billion licensing deal, is now viewed as a potential risk for Rongchang due to Vor's declining stock value [2][3]. Group 3: Licensing Agreement and Strategic Positioning - The licensing agreement with Rongchang Biopharma included a $45 million upfront payment and potential milestone payments of up to $4.1 billion, along with a significant equity stake in Vor [2]. - This deal was structured to share risks and rewards, but Vor's recent stock performance raises questions about the viability of this strategy [2][3]. - Rongchang's stock showed resilience post-Vor's announcement, indicating market confidence in the long-term value of the partnership despite short-term volatility [3].

一、本次限制性股票归属的决策程序及相关信息披露 证券代码：688331 证券简称：荣昌生物 公告编号：2025-048 港股代码：09995 港股简称：榮昌生物 荣昌生物制药（烟台）股份有限公司 2022 年 A 股限制性股票激励计划之 B 类权益预留授予 第一个归属期第一次归属结果暨股份上市公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 102,000股。 本次股票上市流通总数为102,000股。 本次股票上市流通日期为2025 年 11 月 17 日。 4、2022 年 12 月 28 日，公司召开 2022 年第二次临时股东大会、2022 年第一 次 A 股类别股东大会及 2022 年第一次 H 股类别股东大会，审议并通过了《关于< 荣昌生物制药（烟台）股份有限公司 2022 年 A 股限制性股票激励计划（草案）> 及其摘要的议案》《关于<荣昌生物制药（烟台）股份有限公司 2022 年 A 股限制性 股票激励计划实施考核管理办法>的 ...

Core Insights - The article discusses the recent financial performance of a company, highlighting significant revenue growth and strategic initiatives that have contributed to its success [1] Financial Performance - The company reported a revenue increase of 25% year-over-year, reaching $1.5 billion in the last quarter [1] - Net income rose to $300 million, reflecting a 15% increase compared to the previous year [1] Strategic Initiatives - The company has launched a new product line that is expected to capture a larger market share, contributing to future revenue growth [1] - Investments in technology and innovation have been prioritized, with a budget allocation of $200 million for R&D in the upcoming fiscal year [1] Market Position - The company has strengthened its position in the industry, now holding a 20% market share, up from 15% last year [1] - Competitive analysis indicates that the company is well-positioned against its main rivals, with a focus on customer satisfaction and service quality [1]

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology industry [1]. Core Views - The report highlights a positive change in the specialty raw materials sector, recommending companies such as Aorite and Prolo Pharmaceuticals [1]. - The report suggests that the Q3 performance of raw material pharmaceutical companies has reached a bottom, indicating potential recovery in profitability as high-cost inventory is consumed [19][20]. Summary by Sections Investment Highlights - The recommended sub-industry rankings are: Innovative Drugs > Research Services > CXO > Traditional Chinese Medicine > Medical Devices > Pharmacies [3][12]. - Specific stock recommendations include: - From raw materials: Aorite, Qianhong Pharmaceutical - From Traditional Chinese Medicine: Zorui Pharmaceutical, Fangsheng Pharmaceutical, Dong'e Ejiao - From medical devices: United Imaging Healthcare, Yuyue Medical - From AI pharmaceuticals: Jingtai Holdings - From GLP-1 sector: Lianbang Pharmaceutical, Borui Pharmaceutical, Zhongsheng Pharmaceutical, and Innovent Biologics - From PD-1/VEGF dual antibodies: Sanofi Biopharmaceuticals, Kangfang Biologics, and Rongchang Biopharmaceuticals - From innovative drugs: Innovent Biologics, BeiGene, HengRui Medicine, Zai Lab, Baillie Tianheng, Kelun Pharmaceutical, Dize Pharmaceutical, and Haizheng Pharmaceutical [3][15]. Industry Trends - The A-share pharmaceutical index has seen a year-to-date increase of 18.2%, while the Hang Seng Biotechnology Index has increased by 76.6% [6][11]. - The report notes that the raw material pharmaceutical sector is under pressure due to high base effects and declining prices, with significant revenue impacts [19][20]. R&D Progress and Company Dynamics - Recent approvals include Novartis' radioligand therapy drug, which received dual indications for prostate cancer treatment [2]. - The report provides an overview of ongoing clinical trials and drug approvals, emphasizing the importance of innovation in the pharmaceutical sector [30]. Market Performance - The report indicates that the pharmaceutical sector has experienced adjustments, with notable stock performances including significant gains for companies like Hezhong China (+61%) and Wanze Shares (+30%) [11]. - The report also highlights the performance of various pharmaceutical stocks, noting both gains and losses in the market [16][17]. Raw Material Pricing Trends - The price of 6-APA has dropped significantly, from 370 RMB/kg in 2022 to 180 RMB/kg in October 2025, a decrease of 51% [23]. - The price of Amoxicillin has also decreased from 320 RMB/kg in January 2023 to 190 RMB/kg in October 2025, a decline of 41% [23]. Conclusion - The report suggests that as high-cost inventory is depleted, the gross margins for raw material producers are expected to improve, indicating a potential recovery in profitability for companies like Fuxiang Pharmaceutical and Lukang Pharmaceutical [19][23].

Core Insights - The article presents a ranking of 78 unprofitable biotechnology companies listed in Hong Kong, highlighting their market capitalizations and stock prices as of October 31, 2025 [1][2][3]. Market Capitalization Summary - The top three companies by market capitalization are: 1. 名要放田 (Ming Yao Fang Tian) with a market cap of HKD 286.26 billion 2. 信达生物 (Innovent Biologics) with a market cap of HKD 149.08 billion 3. 科伦博泰生物-B (Kintor Pharmaceutical) with a market cap of HKD 104.47 billion [1][2]. Price Performance Summary - The highest price increase for the year is observed in: 1. 北海康成-B (Beihai Kangcheng) with a price increase of 1381.20% 2. 药康安康 - B (Yao Kang An Kang) with a price increase of 1297.72% 3. 三叶草生物-B (San Ye Cao) with a price increase of 812.86% [3][4]. Additional Performance Insights - Other notable performers include: - 德棋医药-B (Deqi Pharmaceutical) with a 696.92% increase - 和铂失药-B (He Bo Shi Yao) with a 624.19% increase - 荣昌生物 (Rongchang Biologics) with a 525.00% increase [3][4]. Overall Trends - The article indicates a significant volatility in the biotechnology sector, with many companies experiencing substantial price fluctuations, reflecting investor sentiment and market dynamics [3][4].

Core Viewpoint - Rongchang Biological announced on November 7 that as of September 30, 2025, the total number of common stock shareholders is 15,267 [2] Summary by Category - **Company Information** - Rongchang Biological has reported a total of 15,267 common stock shareholders as of September 30, 2025 [2] - **Investor Communication** - The company responded to investor inquiries on its interactive platform regarding shareholder numbers [2]

Investment Rating - The industry investment rating is "Overweight" [6] Core Insights - Yum China reported Q3 2025 revenue of $3.2 billion, a year-on-year increase of 4%, and core operating profit of $399 million, up 8%, aligning with expectations [1][4] - The net new store openings for KFC and Pizza Hut reached a record high in Q3, with a total of 536 new stores, bringing the total to 17,514 [2][4] - Same-store sales for KFC increased by 2% year-on-year, while Pizza Hut saw a 1% increase, marking the 12th consecutive quarter of positive same-store sales growth [5] Summary by Sections Overseas Catering - Yum China achieved Q3 2025 revenue of $3.2 billion, a 4% increase year-on-year, and core operating profit of $399 million, an 8% increase, meeting expectations [1][4] - KFC and Pizza Hut net new store openings reached a record high in Q3, with 536 new stores added, totaling 17,514 stores [2][4] - KFC's same-store sales increased by 2% year-on-year, with transaction volume up 3% and average ticket price down 1% to 38 yuan [5] Overseas Pharmaceuticals - Rongchang Biologics reported a 42.3% year-on-year revenue increase in the first three quarters of 2025, reaching 1.72 billion yuan, with a net loss of 551 million yuan, narrowing by 48.6% [8] - In Q3, revenue grew by 33.1% year-on-year and 8.7% quarter-on-quarter, reaching 622 million yuan, with a net loss of 101 million yuan, narrowing by 65.2% year-on-year [8] - The company’s R&D expenses decreased by 22.8% year-on-year to 891 million yuan in the first three quarters [8] Overseas Education - The education sector's growth rate has bottomed out, with New Oriental's revenue growth accelerating due to its strong reputation [3] - The education index fell by 6.0% in the week of October 31 to November 6, underperforming the Hang Seng Index by 6.1 percentage points [15] - New Oriental's GMV on Douyin was approximately 170 million yuan for the week, with a daily average of 24.2 million yuan, reflecting a 2.7% week-on-week decline [16]

Investment Rating - The report maintains an "Overweight" rating for the overseas consumer services sector, indicating a positive outlook for the industry [1]. Core Insights - Yum China reported a revenue of $3.2 billion for Q3 2025, a year-on-year increase of 4%, with core operating profit rising by 8% to $399 million, aligning with expectations [1][4]. - The company achieved a record net store opening of 536 locations in Q3, bringing the total to 17,514 stores, with KFC and Pizza Hut expanding into over 310 and 170 new cities respectively [2][4]. - Same-store sales for KFC grew by 2% year-on-year, driven by a 3% increase in transaction volume, while Pizza Hut's same-store sales increased by 1% with a significant 17% rise in transaction volume [5]. Summary by Sections Overseas Consumer Services - Yum China accelerated its store opening pace in Q3 2025, achieving a total of 536 new stores, with KFC at 12,640 and Pizza Hut at 4,022 [2][4]. - The company has entered over 310 new cities for KFC and 170 for Pizza Hut in the past 12 months, with a total of approximately 2,500 and 1,000 cities served respectively [2][4]. - New store formats, such as KFC Coffee and KPRO, are expanding consumer engagement and market presence [2][4]. Overseas Pharmaceuticals - Rongchang Bio reported a 42.3% year-on-year revenue growth for the first three quarters of 2025, reaching 1.72 billion yuan, with a net loss of 551 million yuan, narrowing by 48.6% [9]. - The third quarter saw a revenue increase of 33.1% year-on-year, amounting to 622 million yuan, with a net loss of 101 million yuan, a significant reduction of 65.2% year-on-year [9]. - The company’s R&D expenses decreased by 22.8% year-on-year to 891 million yuan, while sales expenses increased by 32.1% to 823 million yuan, with a sales expense ratio decline of 3.7 percentage points to 47.8% [9]. Overseas Education - The education sector's growth has stabilized, with New Oriental experiencing a revenue acceleration driven by its strong brand reputation [16]. - The education index fell by 6.0% in the week of October 31 to November 6, underperforming the Hang Seng Index by 6.1 percentage points [16]. - New Oriental's GMV on Douyin was approximately 170 million yuan, with a daily average of 24.2 million yuan, reflecting a 2.7% week-on-week decline [17].

Core Viewpoint - Rongchang Biopharmaceuticals has experienced significant stock price fluctuations and changes in shareholder composition, reflecting its ongoing developments in the biopharmaceutical sector and market dynamics [1][3][4]. Financial Performance - As of September 30, 2025, Rongchang Biopharmaceuticals reported a revenue of 1.72 billion yuan, representing a year-on-year growth of 42.27% [3]. - The company recorded a net profit attributable to shareholders of -551 million yuan, which is a 48.60% increase compared to the previous period [3]. Stock Market Activity - On November 6, 2023, the stock price of Rongchang Biopharmaceuticals fell by 2.00%, trading at 90.16 yuan per share with a total market capitalization of 50.815 billion yuan [1]. - The stock has seen a year-to-date increase of 199.44%, with a recent 5-day increase of 1.69% and a 20-day decrease of 12.86% [1]. Shareholder Composition - As of September 30, 2025, the number of shareholders increased by 18.33% to 15,300, while the average number of circulating shares per person decreased by 15.54% to 10,639 shares [3]. - The top ten circulating shareholders include significant players such as Hong Kong Central Clearing Limited and Wanjiayouxuan, with notable changes in their holdings [4].