香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 RemeGen Co., Ltd.* 榮 昌 生 物 製 藥（ 煙 台 ）股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9995） 有關調整A股回購價格上限的公告 茲提述(i)榮昌生物製藥（煙台）股份有限公司（「本公司」）日期為2025年12月25日 的公告（「公告」）。除另有界定者外，本公告所用詞彙與公告、價格上限調整決議 案及股份回購計劃中所界定者具有相同涵義。 I. 有關股份回購計劃的資料 本公司於2025年12月15日召開第二屆董事會第三十二次會議，審議並通過《關於 以集中競價交易方式回購本公司股份計劃的議案》，同意本公司以集中競價交易方 式使用其自有資金及╱或自籌資金回購部分本公司已發行以人民幣計值的普通股 （A股）。擬回購總金額不低於人民幣2,000萬元（包括人民幣2,000萬元）且不超過 人民幣4,000萬元（包括人民幣4,000萬元）。回購股份將用於日後 ...

北京商报讯1月15日晚间，荣昌生物（688331）发布公告称，拟将回购价格上限由95元/股（含）调整为 116元/股（含）。 荣昌生物表示，鉴于近期公司股票价格持续超出回购股份方案拟定的回购价格上限95元/股 （含），基 于对公司未来持续稳定发展的信心和对公司价值的认可，同时为了保障本次回购股份方案的顺利实施， 公司拟将回购价格上限调整为116元/股（含） 。 （文章来源：北京商报） ...

（文章来源：证券日报） 证券日报网讯 1月15日，荣昌生物发布公告称，拟将回购价格上限由人民币 95元/股（含）调整为人民 币 116 元/股（含）。 ...

人民财讯1月15日电，荣昌生物(688331)1月15日公告，为保障回购股份方案顺利实施，拟将回购公司股 份的价格上限由95元/股(含)调整为116元/股(含)。 ...

Core Insights - The Chinese biopharmaceutical industry is witnessing a significant transformation, moving from a focus on generic drugs to innovative drug development, as evidenced by recent high-value licensing deals involving local biotech firms and multinational corporations [1][4][18] - Multinational pharmaceutical companies are increasingly engaging with local biotech innovations at earlier stages, utilizing open innovation models and partnerships with local incubators to integrate into China's biotech ecosystem [1][2][10] Industry Transformation - The shift in China's biopharmaceutical landscape began around 2015 with government reforms aimed at enhancing drug innovation, leading to a substantial increase in the approval of innovative drugs [4][5] - Data from the National Healthcare Security Administration indicates that the number of approved innovative drugs is expected to rise significantly, with 48 new drugs projected for approval in 2024, more than five times the number in 2018 [4] - China's clinical trial costs are approximately one-third of those in the U.S., and the speed of patient recruitment is notably faster, contributing to the surge in licensing agreements for innovative drugs [5][10] Collaboration Models - The collaboration between AbbVie and local incubators like ATLATL aims to address common challenges faced by local biotech firms, such as regulatory alignment and commercialization readiness [3][6] - The "China Innovation Award" launched by AbbVie emphasizes a "running alongside" approach, providing not just funding but also comprehensive support throughout the R&D process [8][10] - This new collaboration model promotes mutual empowerment, allowing multinational companies to become co-builders of the innovation ecosystem rather than just technology outputters [10][17] Project Selection Criteria - Multinational companies like AbbVie prioritize projects with significant sales potential, focusing on unmet clinical needs and innovative therapeutic candidates [11][12] - The selection process emphasizes the importance of safety and efficacy, with a keen eye on the global intellectual property strategy of projects to enhance their attractiveness for international markets [13][15] Early Engagement and Global Integration - AbbVie’s approach includes early involvement in projects to ensure alignment in clinical design, regulatory compliance, and commercialization strategies, which can significantly reduce integration costs later on [15][16] - The collaboration is designed to enhance the global competitiveness of local biotech firms by integrating international standards and practices into their development processes [9][10] Future Outlook - The success of this collaborative model hinges on the commitment of multinational companies to long-term investment strategies and the willingness of local biotech firms to leverage global resources while maintaining their innovative edge [17] - The ultimate goal is to create a more resilient and vibrant Chinese biopharmaceutical innovation ecosystem that aligns closely with international standards and practices [17][18]

荣昌生物制药（烟台）股份有限公司 关于调整回购股份价格上限的公告 证券代码：688331 证券简称：荣昌生物 公告编号：2026-003 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、准确性和完整性承担法律责任。 重要内容提示： ● 为保障回购股份方案顺利实施，荣昌生物制药（烟台）股份有限公司（以 下简称"公司"）于 2026 年 1 月 15 日召开第二届董事会第三十五次会议，审议 通过了《关于调整回购股份价格上限的议案》，拟将回购价格上限由人民币 95 元/股（含）调整为人民币 116 元/股（含）。 本次回购股份方案调整符合《公司法》、《上市公司股份回购规则》、《上海证 券交易所上市公司自律监管指引第 7 号——回购股份》及《公司章程》等相关规 定，公司综合考虑证券市场变化以及股份回购进展等因素，拟将股份回购价格上 限调整为 116 元/股（含）。调整后的回购股份价格上限不高于董事会审议通过《关 于调整回购股份价格上限的议案》决议前 30 个交易日公司股票交易均价的 150%。 一、回购股份的基本情况 公司于 2025 年 12 月 15 日召开第 ...

Core Viewpoint - Rongchang Biotech announced a plan to repurchase shares between 20 million to 40 million yuan at a price not exceeding 95 yuan per share, intended for employee stock ownership plans or equity incentives, with the implementation still pending as of the announcement date [1] Group 1 - The company plans to hold a board meeting on January 15, 2026, to review a proposal to raise the repurchase price ceiling from 95 yuan per share to 116 yuan per share, while keeping other terms unchanged [1] - The adjustment to the repurchase price is due to the recent stock price consistently exceeding the previous upper limit [1] - There is a risk that the repurchase plan may not be implemented if the stock price exceeds the new upper limit during the repurchase period [1]

每经AI快讯，1月15日，荣昌生物公告称，公司拟将回购价格上限由95元/股调整为116元/股，以保障回 购股份方案顺利实施。除此调整外，回购方案其他内容不变。本次调整无需提交股东会审议。公司于 2025年12月15日已审议通过以集中竞价交易方式回购部分A股股票，拟回购资金总额不低于2000万元且 不超过4000万元，回购股份用于员工持股计划或股权激励。截至公告披露日，公司尚未开始实施回购。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation of stock price appreciation exceeding 15% over the next six months [5]. Core Insights - The company has signed an exclusive licensing agreement with AbbVie for the PD-1/VEGF dual antibody drug RC148, receiving an upfront payment of $650 million, with potential milestone payments up to $4.95 billion, and double-digit royalties on net sales outside Greater China [1][2]. - RC148 shows promising efficacy and safety data, with a reported overall response rate (ORR) of 61.9% in a Phase 1 trial and 66.7% in a Phase 2 trial for non-small cell lung cancer (NSCLC) [1]. - The company has successfully executed multiple business development (BD) transactions, enhancing its cash flow and validating its research capabilities [2]. Financial Summary - The company’s projected revenues for 2025-2027 are $250.8 million, $319.6 million, and $428.5 million, respectively, reflecting growth rates of 46.1%, 27.4%, and 34.1% [4]. - The net profit attributable to the parent company is expected to improve from a loss of $885 million in 2025 to a profit of $373 million in 2027 [4]. - Earnings per share (EPS) are projected to transition from -1.57 yuan in 2025 to 0.66 yuan in 2027, indicating a significant turnaround [4].

Core Viewpoint - The article discusses the potential for PD-1/VEGF drugs to generate external licensing deals, highlighting recent significant transactions in this sector and the competitive landscape among pharmaceutical companies [1][3]. Group 1: Recent Transactions - Rongchang Biopharma announced an exclusive licensing agreement with AbbVie for its dual-specific antibody drug RC148, targeting PD-1/VEGF, currently in Phase II clinical trials. The deal includes an upfront payment of $650 million and potential milestone payments up to $4.95 billion, with a total deal value of $5.5 billion [2][6]. - Other notable transactions include: - Canfite BioPharma licensed its PD-1/VEGF dual antibody to Summit Therapeutics for an upfront payment of $500 million, with a total deal value exceeding $5 billion [5][6]. - Three other companies have also secured deals for PD-1/VEGF drugs, with upfront payments ranging from $50 million to $1.25 billion and total deal values reaching up to $6.05 billion [5][6]. Group 2: Market Dynamics - The PD-(L)1/VEGF target is considered one of the most promising in oncology, combining immunotherapy and targeted therapy, with expectations of significant therapeutic benefits [5][9]. - Despite the presence of multiple drugs targeting the same pathway, there is still potential for new licensing agreements based on efficacy, different indications, and combination therapies [11][12]. - The competitive landscape is characterized by a trend where companies are looking to acquire PD-1/VEGF assets to strengthen their oncology portfolios, especially those that missed earlier opportunities in the PD-1 market [8][12]. Group 3: Future Outlook - There is an expectation for continued licensing transactions in the PD-1/VEGF space, as companies seek to leverage unique data and therapeutic advantages of their products [10][11]. - Companies like Zai Lab, Junshi Biosciences, and others are in various stages of developing PD-(L)1/VEGF pipelines, indicating ongoing interest and investment in this therapeutic area [11][12].