Investment Rating - The report provides a positive outlook on the MASH non-invasive diagnosis technology, suggesting it could accelerate new drug development in the pharmaceutical and biotechnology sector [2]. Core Insights - The pharmaceutical and biotechnology sector experienced a decline of 0.65% from August 25 to August 29, underperforming compared to the Wind All A index (1.9%) and the CSI 300 index (2.71%). Only the medical research outsourcing (4.9%) and other biological products (0.14%) sectors saw gains, while in vitro diagnostics (-4.12%), raw materials (-3.34%), and vaccines (-0.59%) faced significant declines [2][7]. - The FDA has accepted the proposal for using VCTE-LSM as a reasonable alternative endpoint for clinical trials in adults with MASH and moderate to advanced fibrosis. This non-invasive method is expected to enhance patient compliance and could lead to a surge in drug development in the MASH area within the next two to three years [2][13]. - The report emphasizes the potential for domestic companies in China to leverage their cost advantages and forward-looking strategies in the field of non-invasive companion diagnostics, particularly in the MASH drug development competition [2]. Market Weekly Review - The pharmaceutical and biotechnology sector's performance was notably weaker than the broader market indices, with specific sub-sectors like medical research outsourcing and other biological products showing resilience [7][8]. - Individual stocks such as Tianchen Medical (30.1%), Ailis (25.6%), and Maiwei Biotech-U (22.4%) performed well, while stocks like Lifang Pharmaceutical (-13.9%), Yuekang Pharmaceutical (-11.9%), and Kanghua Biotech (-11.1%) faced significant losses [10][12]. Industry News and Key Company Announcements - On August 28, Kangfang Biotech announced that its drug AK112 received approval for treating advanced non-squamous non-small cell lung cancer, with promising clinical trial results expected to be presented at an international conference [12]. - The report highlights various companies' financial performances, with notable revenue changes and profit margins, indicating a mixed outlook across the sector [16][17].

Core Viewpoint - Rongchang Biologics (09995) has entered into an agreement with Pudong Development Bank Yantai Branch to invest RMB 300 million of its idle funds in a wealth management product [1] Group 1 - The company has committed to purchasing a wealth management product from Pudong Development Bank Yantai Branch [1] - The investment amount is set at RMB 300 million [1] - The agreement is scheduled to take effect on August 29, 2025 [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance continues to improve, with accelerated progress in overseas expansion [1] - Revenue growth remains strong, with a significant reduction in losses on the profit side [5] - The company is deepening its focus on core products and building a multi-layered pipeline [5] - The company has ongoing international collaborations and product approvals that enhance its market potential [5] - The investment recommendation reflects an upward revision of profit forecasts for 2025-2027, indicating expected revenue growth and a path to profitability by 2027 [5] Financial Performance Summary - For H1 2025, the company achieved total revenue of 1.098 billion yuan, a year-on-year increase of 48.02%, while the net profit attributable to the parent company was -450 million yuan, an improvement from -780 million yuan in the same period last year [5] - The gross profit margin for the reporting period was 84.06%, up by 5.79 percentage points year-on-year [5] - The R&D expense ratio was 58.95%, down by 49.74 percentage points year-on-year, indicating improved cost management [5] Product Pipeline and Market Expansion - The company is expanding its core product, Tai'ta Xip, into new indications, with recent approvals for myasthenia gravis and ongoing clinical trials for other conditions [5] - The company is also advancing its other key product, Vidi Xitomab, in various cancer treatment areas, with multiple applications submitted for market approval [5] - The international collaboration with Vor Biopharma for Tai'ta Xip has a total transaction value of 4.23 billion USD, positioning the company as a major stakeholder in global development [5] Future Projections - The company is projected to achieve revenues of 2.389 billion yuan in 2025, 3.174 billion yuan in 2026, and 4.127 billion yuan in 2027, with net profits expected to improve to -875 million yuan in 2025, -327 million yuan in 2026, and a profit of 89 million yuan in 2027 [5][6]

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） 須予披露交易 購買理財產品 購買理財產品 本公司第二屆董事會第二十一次會議已於2025年3月27日審議批准了關於使用 自有資金進行現金管理的決議，根據該決議本公司可使用不超過人民幣500.0百 萬元額度的部分閒置自有資金購買保本型銀行理財產品。 浦發銀行理財產品協議 董事會宣佈，於2025年8月29日，本公司與浦發銀行煙台分行訂立浦發銀行理 財產品協議，據此本公司同意以人民幣300.0百萬元的閒置自有資金向浦發銀行 煙台分行購買理財產品。 上市規則的涵義 由於本公司在2025年7月與浦發銀行訂立了另外兩份其他理財產品協議且仍然 持有該等協議項下的理財產品，因此該等理財產品協議及浦發銀行理財產品協 議項下擬進行的各項交易均在12個月內與同一家銀行進 ...

荣昌生物(09995.HK)购买3亿元理财产品 荣昌生物(688331)2025年半年报点评：核心产品销售显著放量 在研药品临床进展加速 格隆汇8月29日丨荣昌生物(09995.HK)公告，于2025年8月29日，公司与浦发银行烟台分行订立浦发银行 理财产品协议，据此公司同意以人民币3亿元的闲置自有资金向浦发银行烟台分行购买理财产品。 相关事件 ...

Market Performance - The Hong Kong stock market indices continued to rise, with the Hang Seng Index up 1.23% to 25,077.62 points, the Tech Index up 4.06% to 5,674.31 points, and the China Enterprises Index up 0.73% to 8,947.79 points [2] - The Hang Seng Index has seen a cumulative increase of over 13% since its rise began in May, despite a volatile performance in August [3] Reasons for Underperformance - Compared to A-shares, the Hang Seng Index's performance has lagged, with the Shanghai Composite and ChiNext rising 7.97% and 15.32% respectively [5] - Key reasons for the underperformance include: - Liquidity issues, with the Hibor rate rising sharply from near zero to nearly 3%, tightening liquidity in the Hong Kong banking sector [5] - Continuous downward revisions in earnings forecasts, with the 2025 earnings expectation for the Hang Seng Index down to -1.4% and nearly 60% of constituent stocks facing earnings downgrades [5] - A decline in the AH premium below 125%, reducing the attractiveness of Hong Kong stocks for dividend-seeking investors [5] Notable Stock Performances - Dongfeng Motor Group (00489.HK) led the market with an 88.04% increase, attributed to its subsidiary Lantu Motors' upcoming listing and the company's privatization [6] - LiJin Technology (00558.HK) rose 69.94% after signing strategic cooperation agreements for a magnesium alloy humanoid robot project [6] - Rongchang Bio (09995.HK) increased by 62.77% following positive clinical trial results for its core product [6] - Gold stocks like Lingbao Gold (03330.HK) and China Gold International (02099.HK) saw increases of 15.46% and 61.48% respectively, benefiting from rising international gold prices [6] Sector Highlights - Cryptocurrency stocks performed well, with notable increases in Guotai Junan International (01788.HK) and Huajian Medical (01931.HK) [8][9] - Pharmaceutical stocks gained attention, with WuXi Biologics (02269.HK) and WuXi AppTec (02359.HK) rising 6.96% and 6.52% respectively [10][11] - Gold stocks were boosted by favorable market conditions, with Lingbao Gold and others seeing significant gains [12][13] - Lithium battery stocks benefited from supply concerns and industry signals aimed at reducing competition, with TianNeng Power (00819.HK) rising 10.79% [14][15] Weak Performances - The film and entertainment sector saw declines, with major players like DaMai Entertainment (01060.HK) and Huayi Brothers (5.48.HK) experiencing significant drops [18][19] - Shipping stocks also performed poorly, with COSCO Shipping Holdings (01919.HK) reporting a decrease in profits amid weak demand [20] Individual Stock Movements - ZhiZi Cheng Technology (09911.HK) surged nearly 20% after reporting a 40% increase in revenue for the first half of the year [22][23] - China Nonferrous Mining (01258.HK) rose 8.37% with a 20.2% increase in net profit despite a revenue decline [24]

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） 董事會宣佈，於2025年8月29日，本公司與浦發銀行煙台分行訂立浦發銀行理 財產品協議，據此本公司同意以人民幣300.0百萬元的閒置自有資金向浦發銀行 煙台分行購買理財產品。 上市規則的涵義 由於本公司在2025年7月與浦發銀行訂立了另外兩份其他理財產品協議且仍然 持有該等協議項下的理財產品，因此該等理財產品協議及浦發銀行理財產品協 議項下擬進行的各項交易均在12個月內與同一家銀行進行且性質相似，就根據 上市規則第14.22條計算相關百分比率而言，該等交易在各情況下將合併處理， 猶如該等交易為與該銀行進行的一次交易。 根據上市規則第14.07條（按與前述兩份其他理財產品協議合併基準）計算的浦發 銀行理財產品協議之適用百分比率有一項超過5%，但所有 ...

Group 1 - Pharmaceutical stocks showed strong performance today, with notable increases in share prices for companies such as Heptares Therapeutics-B (up 16.3% to HKD 14.77), Rongchang Biopharmaceutical (up 12.5% to HKD 99), and Kintor Pharmaceutical-B (up 11.92% to HKD 22.34) [1] - Upcoming major events include the World Lung Cancer Conference (WCLC) in September and the European Society for Medical Oncology (ESMO) in October, where several innovative domestic drug research results will be presented, including AK112 from Kangfang Biopharmaceutical and DB-1311 from Ying'en Biopharmaceutical [1] - Several Chinese pharmaceutical companies have announced significant patent licensing transactions since August, including Rongchang Biopharmaceutical's agreement with Santen Pharmaceutical for RC28-E injection, involving an upfront payment of CNY 250 million, potential milestone payments of up to CNY 520 million, and sales milestone payments of up to CNY 525 million [1] Group 2 - Guoyuan Securities noted that as the mid-year report season concludes, the market is shifting focus towards new directions, particularly in innovative drugs, overseas expansion, and the clearing of centralized procurement [2] - The innovative drug sector in China is entering a stage of result realization, with many research and development catalysts expected to drive growth, unaffected by trade wars, making it a key investment theme for the pharmaceutical sector in 2025 [2] - Some innovative drug stocks have seen significant price increases, and it is recommended to pay attention to those with research and development catalysts that have previously lagged in stock performance [2]

Group 1 - Pharmaceutical stocks showed strong performance today, with notable increases in share prices for companies such as Heptares Therapeutics-B (up 16.3% to HKD 14.77), Rongchang Biopharmaceutical (up 12.5% to HKD 99), and Kintor Pharmaceutical-B (up 11.92% to HKD 22.34) [1] - Upcoming major conferences, including the 2025 World Lung Cancer Conference (WCLC) and the European Society for Medical Oncology (ESMO) annual meeting, will showcase research results from various domestic innovative drugs, such as AK112 from Kangfang Biopharmaceutical and DB-1311 from Ying'en Biopharmaceutical [1] - Several Chinese pharmaceutical companies have announced significant patent licensing transactions since August, including Rongchang Biopharmaceutical's agreement with Santen Pharmaceutical regarding RC28-E injection, which involves an upfront payment of CNY 250 million, potential milestone payments of up to CNY 520 million, and sales milestone payments of up to CNY 525 million [1] Group 2 - Guoyuan Securities noted that as the interim report season comes to a close, the market is shifting focus towards new directions, particularly in innovative drugs, overseas expansion, and the clearing of centralized procurement [2] - The innovative drug sector in China is entering a stage of result realization, with many research advancements expected to catalyze growth, unaffected by trade wars, making it a key investment theme for the pharmaceutical sector in 2025 [2] - Some innovative drug stocks have seen significant price increases, and it is recommended to monitor stocks with research catalysts that have previously lagged in price performance [2]

Group 1 - The A-share biopharmaceutical sector experienced a significant surge in the afternoon of August 29, with Rongchang Biopharmaceutical rising over 12% [2] - Maiwei Biopharmaceutical saw a sharp increase of 9% [2] - Kangchen Pharmaceutical previously hit the daily limit, while Sanofi and Wanzhe shares, as well as Sanyuan Gene, all rose over 6% [2]