Group 1 - The core viewpoint of the article highlights the significant stock price increase of Rongchang Biologics, with both A-shares and H-shares experiencing substantial gains on September 9, 2025 [1] - Rongchang Biologics' A-shares rose over 13%, surpassing the 100 yuan mark, setting a new historical high [1] - The H-shares of Rongchang Biologics also saw a notable increase of over 11%, continuing to reach new highs for the year [1]

Core Viewpoint - Rongchang Biopharma (09995) experienced a significant stock price increase of nearly 14%, with a year-to-date gain of 600% [1] Group 1: Stock Performance - As of the report, the stock price reached 110.2 HKD, with a trading volume of 494 million HKD [1] Group 2: Product Development - The company announced that its self-developed innovative drug, Tai'aisip (泰它西普), targeting both BLyS and APRIL, has received formal acceptance for market application from the National Medical Products Administration (NMPA) for the treatment of Sjogren's syndrome [1] - This marks the first application for a biological drug in the global market for Sjogren's syndrome, as there are currently no approved targeted therapies for this condition [1] Group 3: Regulatory Approvals - Tai'aisip has been granted Fast Track designation by the U.S. FDA and is approved to conduct Phase III clinical trials in the U.S. [1] - The drug has also received approvals for treating systemic lupus erythematosus (SLE), rheumatoid arthritis (RA), and generalized myasthenia gravis (gMG) in China [1]

| 证券代码：688331 | 证券简称：荣昌生物 | 公告编号：2025-042 | | --- | --- | --- | | 港股代码：09995 | 港股简称：榮昌生物 | | 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 会议召开时间：2025 年 09 月 16 日(星期二)15:00-17:00 会议召开地点：上海证券交易所上证路演中心 （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 二、 说明会召开的时间、地点 （一） 会议召开时间：2025 年 09 月 16 日（星期二）15:00-17:00 荣昌生物制药（烟台）股份有限公司 关于参加 2025 年半年度科创板创新药行业 集体业绩说明会的公告 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： 投资者可于 2025 年 09 月 09 ...

Group 1 - The article emphasizes that macroeconomic factors and market trends have limited guidance for individual stock investments, except during critical turning points [1] - The upcoming Federal Reserve interest rate cuts and global geopolitical changes are identified as a key turning point, particularly benefiting the Hong Kong stock market [1] - The Hang Seng Index is expected to reach historical highs in the next three to five years, driven by the technology and innovative pharmaceutical sectors [1] Group 2 - Hong Kong stocks are highlighted as a mature market with significant growth potential, featuring competitive high-tech and innovative pharmaceutical companies such as Tencent, Alibaba, SMIC, Xiaomi, and others [1] - The decline in interest rates in Hong Kong, following the U.S. dollar's rate cuts, is anticipated to attract international capital back to the Hong Kong stock market [1] - The brokerage sector in Hong Kong is expected to benefit directly from the rising stock indices, making brokerage stocks worth noting in the short term [1]

Group 1 - The top three companies with the highest short positions as of August 29 are ZTE Corporation (00763) at 16.47%, COSCO Shipping Holdings (01919) at 13.94%, and CATL (03750) at 13.88% [1][2] - The company with the largest increase in short positions is Ganfeng Lithium (01772), which rose by 2.85% to 12.46% [2][3] - The companies with the largest decrease in short positions include Hisense Home Appliances (00921), which decreased by 3.57% to 4.72%, and WuXi AppTec (02359), which decreased by 2.44% to 11.64% [3][4] Group 2 - The latest short position data shows that the top ten companies with the highest short ratios include China Ping An (02318) at 12.58% and Zijin Mining (02899) at 11.91% [2] - The companies with the most significant increases in short positions also include Huahong Semiconductor (01347) with an increase of 2.56% to 9.73% and Meitu (01357) with an increase of 1.80% to 4.85% [2] - The companies with the most significant decreases in short positions also include Weimob (02013) with a decrease of 1.66% to 9.40% and Linklogis Technology (09959) with a decrease of 1.43% to 2.76% [3][4]

Company Overview - Rongchang Biopharmaceuticals is an innovative biopharmaceutical company focused on antibody-drug conjugates (ADC), antibody fusion proteins, monoclonal antibodies, and bispecific antibodies [2] - The company aims to discover, develop, and commercialize innovative and best-in-class biopharmaceuticals to address unmet clinical needs in autoimmune diseases, oncology, and ophthalmology [2] - Main business revenue composition: 99.46% from product sales, 0.38% from material sales, and 0.16% from leasing services [2] Financial Performance - As of June 30, 2025, Rongchang Biopharmaceuticals reported a revenue of 1.098 billion yuan, a year-on-year increase of 48.02% [3] - The net profit attributable to shareholders was -450 million yuan, reflecting a year-on-year growth of 42.40% [3] Shareholder and Market Activity - As of June 30, 2025, the number of shareholders increased to 12,900, up by 90.69%, while the average circulating shares per person decreased by 47.56% [3] - The stock price of Rongchang Biopharmaceuticals has increased by 187.28% year-to-date, with a recent decline of 4.82% over the last five trading days [1] - The company has appeared on the "Dragon and Tiger List" four times this year, with the most recent appearance on June 26, where it recorded a net buy of -137 million yuan [1] Institutional Holdings - As of June 30, 2025, notable new institutional shareholders include Hong Kong Central Clearing Limited, Wanjiayouxuan, and ICBC Frontier Medical Stock A [4] - The top ten circulating shareholders include various funds, with some showing significant changes in holdings compared to the previous period [4]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 榮昌生物製藥（煙台）股份有限公司 本月底法定/註冊股本總額： RMB 563,608,243 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09995 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 208,581,239 | RMB | | 1 | RMB | | 208,581,239 | | 增加 / 減少 (-) | | | 0 | | | | RM ...

Investment Rating - The report maintains a "Hold" rating for the company, with an increased target price of HKD 65 for the Hong Kong stock and RMB 85 for the A-share [1][10]. Core Insights - The company is expected to achieve a significant reduction in losses, with an estimated 50% year-over-year decrease in losses for the full year [2][10]. - Revenue for Q2 2025 was approximately RMB 566 million, representing a 38.3% year-over-year increase, driven primarily by the sales of core products RC18 and RC48 [2][3]. - The gross margin improved to 85.5%, up 9.3 percentage points year-over-year, indicating better-than-expected performance [2][10]. Financial Performance - The company reported a net loss of RMB 195 million for Q2 2025, which is a 54.7% reduction year-over-year [2]. - Research and development expenses decreased by 33.0% year-over-year to RMB 318 million, contributing to the improved financial performance [2][10]. - The company’s cash position improved significantly, reaching RMB 1.271 billion as of June 30, 2025, following an HKD 800 million placement [4][10]. Product Development and Commercialization - The commercialization progress of two core products, TaiTasi and VidiXimab, is in line with expectations, with sales of RMB 650 million and RMB 440 million respectively for the first half of the year [3][10]. - The company plans to enhance its early-stage research and development efforts, anticipating a significant increase in IND submissions next year [4][10]. Future Catalysts - Key upcoming catalysts include data readouts for various clinical trials, including the long-term data for TaiTasi in MG expected in October 2025 and the data for other indications in late 2025 and early 2026 [10].

Group 1 - The stock price of Rongchang Bio reached a historical high, increasing by 6.24% to 96.55 yuan, with a trading volume of 4.63 billion yuan and a turnover rate of 3.07% [1] - The total market capitalization of Rongchang Bio in A-shares is 34.278 billion yuan, with a circulating market value of 15.663 billion yuan [1] - The pharmaceutical and biotechnology industry, to which Rongchang Bio belongs, has an overall increase of 1.84%, with 388 stocks rising and 4 stocks hitting the daily limit [1] Group 2 - The latest margin trading data shows that as of August 29, the margin balance for Rongchang Bio is 654 million yuan, with a financing balance of 651 million yuan, reflecting a slight increase of 0.01% over the past 10 days [1] - In the past 10 days, 2 institutions have rated the stock, with Huatai Securities setting a target price of 107.37 yuan on August 25 [1] - The company's semi-annual report indicates that it achieved an operating income of 1.098 billion yuan in the first half of the year, a year-on-year increase of 48.02%, and a net profit of -450 million yuan, a year-on-year increase of 42.40% [1]

公司发布的半年报数据显示，上半年公司共实现营业收入10.98亿元，同比增长48.02%，实现净利润-4.50亿元，同比增长42.40%，基本每股收益为-0.8300元。（数据宝） 荣昌生物股价创出历史新高，截至9:50，该股上涨6.24%，股价报96.55元，成交量498.80万股，成交金额4.63亿元，换手率3.07%，该股最新A股总市值达342.78亿元，该股A股流通市值 证券时报•数据宝统计显示，荣昌生物所属的医药生物行业，目前整体涨幅为1.84%，行业内，目前股价上涨的有388只，涨停的有迈威生物、百花医药等4只。股价下跌的有95只，跌幅居前的有 两融数据显示，该股最新（8月29日）两融余额为6.54亿元，其中，融资余额为6.51亿元，近10日增加5.49万元，环比增长0.01%。 机构评级来看，近10日共有2家机构对该股进行评级，8月25日华泰证券发布的研报给予公司目标价为107.37元。 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎 ...