Core Viewpoint - Rongchang Biopharmaceuticals experienced a 5.21% decline in stock price, reaching 91.70 CNY per share, with a trading volume of 3.32 billion CNY and a turnover rate of 2.19%, resulting in a total market capitalization of 51.683 billion CNY [1] Company Overview - Rongchang Biopharmaceuticals, established on July 4, 2008, and listed on March 31, 2022, is located in the Yantai Free Trade Zone, Shandong, China. The company focuses on innovative biopharmaceuticals with a global perspective, specializing in antibody-drug conjugates (ADC), antibody fusion proteins, monoclonal antibodies, and bispecific antibodies [1] - The company aims to discover, develop, and commercialize innovative first-in-class and best-in-class biopharmaceuticals, targeting significant diseases such as autoimmune diseases, tumors, and ophthalmic diseases, providing safe, effective, and accessible clinical solutions to meet unmet clinical needs [1] - The revenue composition of the company is as follows: 99.46% from product sales, 0.38% from material sales, and 0.16% from leasing services [1] Fund Holdings - Allianz Fund has a significant holding in Rongchang Biopharmaceuticals, with the Allianz China Select Mixed A Fund (021981) holding 73,600 shares, accounting for 3.33% of the fund's net value, making it the sixth-largest holding. The estimated floating loss today is approximately 370,900 CNY [2] - The Allianz China Select Mixed A Fund was established on September 3, 2024, with a current size of 186 million CNY. Year-to-date returns are 51.55%, ranking 773 out of 8,150 in its category; the one-year return is 32.76%, ranking 2,096 out of 8,043; and since inception, the return is 79.13% [2]

Core Viewpoint - Rongchang Biopharmaceuticals experienced a decline of 5.21% on November 5, with a stock price of 91.70 CNY per share and a total market capitalization of 51.683 billion CNY [1] Company Overview - Rongchang Biopharmaceuticals, established on July 4, 2008, and listed on March 31, 2022, is located in the Yantai Free Trade Zone, Shandong, China. The company focuses on innovative biopharmaceuticals, particularly in the fields of antibody-drug conjugates (ADC), antibody fusion proteins, monoclonal antibodies, and bispecific antibodies [1] - The company aims to discover, develop, and commercialize innovative first-in-class and best-in-class biopharmaceuticals, targeting significant diseases such as autoimmune diseases, tumors, and ophthalmic diseases, to provide safe, effective, and accessible clinical solutions [1] - The revenue composition of the company is as follows: 99.46% from product sales, 0.38% from material sales, and 0.16% from leasing services [1] Fund Holdings - According to data, Huafu Fund has a significant holding in Rongchang Biopharmaceuticals, with its Huafu Health and Entertainment Flexible Allocation Mixed A Fund (001563) increasing its stake by 96,000 shares in the third quarter, bringing the total to 168,000 shares, which constitutes 9.1% of the fund's net value [2] - The fund has reported a floating loss of approximately 846,700 CNY as of the latest update [2] - The Huafu Health and Entertainment Flexible Allocation Mixed A Fund was established on August 4, 2015, with a current scale of 50.2705 million CNY. Year-to-date returns stand at 41.01%, ranking 1537 out of 8150 in its category, while the one-year return is 32.13%, ranking 2177 out of 8043 [2]

Core Insights - The report highlights a significant divergence in performance across various sectors within the public REITs market for Q3 2025, with utility, rental housing, and consumer sectors showing robust growth, while logistics and transportation sectors are underperforming [4][14] - The overall market experienced a V-shaped rebound in October, driven by the central bank's resumption of public bond trading, leading to a notable increase in trading volume and a recovery in valuations [5][14] Sector Performance Summary - **Utility Sector**: Demonstrated exceptional performance with EBITDA growth exceeding 10% year-on-year, indicating strong demand and operational efficiency [4][14] - **Rental Housing and Consumer Sectors**: Both sectors showed steady performance with positive year-on-year growth in revenue, EBITDA, and distributable amounts, reflecting resilience in consumer spending [4][14] - **Logistics and Transportation Sectors**: These sectors faced significant challenges, with over 80% of companies in the industrial park sector reporting declines in performance, and only a few companies in the transportation sector achieving growth [4][14] - **Energy Sector**: Overall performance declined, with most projects reporting significant year-on-year decreases in revenue and EBITDA, except for a few standout companies [4][14] Market Trends - **Dividend Yields**: The latest dividend yield for property REITs rose to 4.06%, with a spread of 2.27% over the 10-year government bond yield, indicating a favorable investment environment for income-seeking investors [5][14] - **Valuation Recovery**: Valuations for property and operating rights REITs have rebounded to the 66% and 72% percentiles, respectively, suggesting a recovery in investor confidence [5][14] - **New REITs Performance**: A significant disparity in the performance of newly established REITs was noted, with only 14% of those established in 2025 meeting their expected distributable amounts [4][14] Company-Specific Insights - **Ding Tai Gao Ke (301377)**: Reported a revenue of 1.457 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 29.13%, with a notable profit increase of 63.94% [13] - **Rongchang Bio (09995.HK)**: Achieved a revenue of 1.72 billion yuan in the first three quarters of 2025, a 42.3% increase year-on-year, with a significant reduction in net losses [15][16] - **Zhong Tung Gao Xin (000657)**: Announced plans for capacity expansion in response to high demand for PCB drill bits, with a projected increase in monthly production capacity [20][21]

Group 1: Market Overview - The Q3 2025 performance of public REITs shows significant differentiation, with utility sectors performing best, while warehousing, logistics, and transportation sectors are underperforming [2][3] - The market experienced a rebound in October, with leading assets showing significant gains and a widening interest margin, with valuations recovering to above the 60th percentile [3][10] - The latest dividend yield for property REITs has risen to 4.06%, with a spread of 2.27% over the 10Y government bond yield, indicating improved performance in utility and consumer sectors [3][10] Group 2: Sector Performance - Utility, affordable rental housing, and consumer sectors have shown positive year-on-year growth in revenue, EBITDA, and distributable amounts, with the utility sector's EBITDA growing over 10% [2][3][13] - The industrial park sector has seen the most significant decline, with over 80% of individual securities experiencing performance drops, and EBITDA and distributable amounts declining by over 10% [2][3][13] - The transportation sector has limited high-performing securities, with only Anhui Expressway and Hebei Expressway showing comprehensive growth [2][3][13] Group 3: Company-Specific Insights - Ding Tai Gao Ke reported a revenue of 1.457 billion yuan for Q1-Q3 2025, a year-on-year increase of 29.13%, with Q3 revenue reaching 553 million yuan, up 32.94% year-on-year [12] - The company has improved its gross margin to 40.62% for Q1-Q3 2025, benefiting from product structure optimization and price increases [15] - The PCB industry is experiencing strong demand, with the company planning to accelerate capacity expansion to meet the growing needs [15][19]

Core Viewpoint - The company announced the cancellation of 180,000 unvested restricted stocks from its 2022 A-share incentive plan due to the departure of five incentive recipients who no longer meet the eligibility criteria [8][9][40]. Group 1: Incentive Plan Approval and Implementation - The company held its first board meeting on October 16, 2022, to approve the draft of the 2022 A-share restricted stock incentive plan and its implementation management measures [22][31]. - The plan involves granting a total of 3.58 million restricted stocks, representing approximately 0.6578% of the company's total share capital at the time of the announcement [22][23]. - The initial grant includes 872,305 A-class stocks and 1,996,400 B-class stocks, with a grant price of 36.36 yuan per share [22][23]. Group 2: Cancellation of Restricted Stocks - The board of directors approved the cancellation of 180,000 restricted stocks that were granted but not vested due to the departure of five recipients [8][40]. - This cancellation will not significantly impact the company's operational status or the stability of its technical and management teams [9][40]. Group 3: Legal and Compliance Aspects - The company has fulfilled necessary approvals and disclosures in accordance with relevant laws and regulations regarding the cancellation of the restricted stocks [11][44]. - The legal opinion confirms that the cancellation and the overall incentive plan comply with the applicable laws and regulations [11][44].

Group 1 - The core viewpoint of the report is that Rongchang Bio (688331.SH) is rated as "Hold" due to better-than-expected product revenue and net loss in Q3 2025 [1] - The commercialization performance of Taitasip in Q3 was slightly better than expected, while the performance of Vidisizumab met expectations [1] - The report suggests paying attention to the results of medical insurance negotiations for two drugs [1] Group 2 - The ongoing development of RC148 (PD-1/VEGF) is prioritized for 1L and 2L NSCLC [1] - There is a significant increase in overseas orders for a certain industry, with a 246% growth covering over 50 countries and regions [1] - Entrepreneurs have warned about the risk of malicious competition due to some companies selling at a loss [1]

Group 1 - The company announced the decision to annul part of the 2022 A-share restricted stock incentive plan that had been granted but not yet vested [2] - The resolution was passed during the 30th meeting of the second board of directors held on November 4, 2025 [2] - This action reflects the company's strategic adjustments regarding its employee incentive programs [2] Group 2 - The announcement was made public through a formal notice, indicating transparency in corporate governance [2] - The decision may impact the company's future employee retention and motivation strategies [2] - The move is part of broader trends in the industry regarding stock-based compensation adjustments [2]

海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條由榮昌生物製藥 （煙台）股份有限公司（「本公司」）作出。 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的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並表明概不就因本公告全部或任何部份內容而產生或因依賴該等 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） 茲載列本公司於上海證券交易所網站刊登公告如下，僅供參閱。 承董事會命 榮昌生物製藥（煙台）股份有限公司 董事長兼執行董事 王威東先生 中國煙台 2025年11月4日 於本公告日期，董事會成員包括執行董事王威東先生、房健民博士、林健先生及 溫慶凱先生；非執行董事王荔強博士及蘇曉迪博士；及獨立非執行董事郝先經先 生、陳雲金先生及黃國濱先生。 * 僅供識別 法律意见书 北京海润天睿律师事务所 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之 B 类权益预留授予 第一个归属期符合归属条件及作废 ...

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的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並表明概不就因本公告全部或任何部份內容而產生或因依賴該等 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） 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條由榮昌生物製藥 （煙台）股份有限公司（「本公司」）作出。 茲載列本公司於上海證券交易所網站刊登公告如下，僅供參閱。 承董事會命 榮昌生物製藥（煙台）股份有限公司 董事長兼執行董事 王威東先生 中國煙台 2025年11月4日 海外監管公告 关于公司 2022 年限制性股票激励计划之 B 类权益预 留授予部分第一个归属期归属名单的核查意见 荣昌生物制药（烟台）股份有限公司（以下简称"公司"）董事会薪酬与考核 委员会依据《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民共和 国证券法》（以下简称"《证券法》"）《上市公司股权激励管理办法》（以下简称 "《管理办法》"）《上海证券交易 ...

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的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並表明概不就因本公告全部或任何部份內容而產生或因依賴該等 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） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條由榮昌生物製藥 （煙台）股份有限公司（「本公司」）作出。 茲載列本公司於上海證券交易所網站刊登公告如下，僅供參閱。 承董事會命 榮昌生物製藥（煙台）股份有限公司 董事長兼執行董事 王威東先生 中國煙台 2025年11月4日 | 证券代码：688331 | 证券简称：荣昌生物 | 公告编号：2025-047 | | --- | --- | --- | | 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 关于作废部分 2022 年 A 股限制性股票激励计划已授予尚未 归属的限制性股票的公告 本公司董事会及全体董事保证本公告内容不存在任何 ...