荣昌生物(09995)发布公告，截至2025年12月31日，公司尚未开始股份回购。公司将在回购期限内根据 市场情况择机实施回购，并根据回购股份事项进展情况及时履行信息披露义务，上述回购进展符合法律 法规的规定及公司回购方案的要求。 ...

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 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。 王威東先生 中國煙台 2026年1月5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 证券代码：688331 证券简称：荣昌生物 公告编号：2026-001 荣昌生物制药（烟台）股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 二、回购股份的进 ...

证券代码：688331 证券简称：荣昌生物 公告编号：2026-001 荣昌生物制药（烟台）股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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： 特此公告。 一、回购股份的基本情况 荣昌生物制药（烟台）股份有限公司（以下简称"公司"）于 2025 年 12 月 15 日召开第二届董事会第三十二次会议，审议通过了《关于以集中竞价交易方式回 购公司股份方案的议案》。同意公司使用自有资金和/或自筹资金以集中竞价交易 方式回购公司已发行的部分人民币普通股（A 股）股票，拟回购资金总额不低于人 民币 2,000 万元（含）且不超过人民币 4,000 万元（含），回购的股份将在未来合 适的时机用于员工持股计划或股权激励，回购价格不超过人民币 95 元/股（含）， 回购股份期限为自公司董事会审议通过本次回购方案之日起 12 个月内。 具体内容详见公司于 2025 年 12 月 16 日、2025 年 12 月 23 日在上海证券交易 所网站（www.sse.com.cn） ...

格隆汇1月5日丨荣昌生物(688331.SH)公布，截至2025年12月31日，公司尚未开始股份回购。公司将在 回购期限内根据市场情况择机实施回购。 ...

每经AI快讯，荣昌生物(09995.HK)午后涨近8%，截至发稿涨7.67%，报79.3港元，成交额4.05亿港元。 （文章来源：每日经济新闻） ...

Core Viewpoint - Rongchang Biopharma (09995) experienced a nearly 8% increase in stock price, reaching 79.3 HKD, with a trading volume of 405 million HKD, following news of potential new indications for its drug, Vidisicimab [1] Group 1: Drug Development and Clinical Trials - As of December 31, 2025, the CDE website indicates that Vidisicimab is proposed to be included as a breakthrough therapy for the first-line treatment of HER2-positive advanced gastric/gastroesophageal junction adenocarcinoma, in combination with Trastuzumab and Toripalimab [1] - Vidisicimab has previously been recognized as a breakthrough therapy three times, and if this new indication is approved, it will mark the fourth recognition for the drug [1] - The company announced promising I/II phase clinical trial data for its self-developed PD-1/VEGF bispecific antibody RC148, showing significant clinical efficacy and manageable safety in both monotherapy and combination therapy for non-small cell lung cancer [1]

Core Viewpoint - Rongchang Biopharma (09995) experienced a nearly 8% increase in stock price, reaching 79.3 HKD, with a trading volume of 405 million HKD, following news of potential new indications for its drug, Vidisicimab [1] Group 1: Drug Development and Clinical Trials - As of December 31, 2025, the CDE website indicates that Vidisicimab is proposed to be included as a breakthrough therapy for the first-line treatment of HER2-positive advanced gastric/gastroesophageal junction adenocarcinoma, in combination with Trastuzumab and Toripalimab [1] - Vidisicimab has previously been recognized as a breakthrough therapy three times, and if this new indication is approved, it will mark the fourth breakthrough therapy designation for this drug [1] - The company announced promising clinical trial data for its self-developed PD-1/VEGF bispecific antibody RC148, showing significant clinical efficacy and manageable safety in both monotherapy and combination therapy for non-small cell lung cancer in Phase I/II studies [1]

Core Insights - The innovative drug sector is experiencing a significant bull market, with the entry threshold for top-performing stocks raised considerably [1] - In 2024, the median stock price increase for the top 10 innovative drug companies was 57.9%, while in 2025, this surged to a median increase of 495.41%, with the highest increase reaching 1824% [2] Group 1: Top Performing Companies - The top-performing stock in 2025 was Beihai Kangcheng, with an astonishing annual increase of 1824%, surprising many in the market [4] - Following Beihai Kangcheng, the second highest was Sanleaf Biotech, which saw an increase of 870%, despite facing significant operational challenges [10] - Yaojie Ankang ranked third with a 773% increase, although its valuation raised concerns due to its limited clinical progress [12] - Heber Pharmaceuticals achieved a 553% increase, driven by its dual-engine model of R&D and business development [16] - Xuan Bamboo Biotech, a newly listed company, experienced a 507% increase, attributed to its new stock status and positive clinical data [20] Group 2: Market Dynamics and Trends - The market has seen a trend of speculative trading, with some companies experiencing price surges not necessarily backed by fundamental improvements [4] - The rise of companies like Heber Pharmaceuticals and Rongchang Biotech illustrates that long-term undervalued firms can achieve significant valuation recovery through continuous R&D and commercialization breakthroughs [4][30] - The innovative drug sector's growth is heavily influenced by liquidity and market sentiment, with many price increases based on speculative expectations rather than solid fundamentals [39] Group 3: Company-Specific Developments - Beihai Kangcheng's stock price recovery was linked to strategic capital injections, resolving its cash flow crisis [7] - Sanleaf Biotech's stock price rebound was primarily driven by its RSV vaccine pipeline, despite facing significant financial pressures [10][11] - Yaojie Ankang's rapid valuation increase raised questions about its sustainability, given its limited clinical advancements [13][14] - Heber Pharmaceuticals' growth was supported by strategic partnerships and a robust technology platform, enhancing investor confidence [18][19] - Rongchang Biotech's stock performance was bolstered by successful product approvals and strategic financing, improving its market outlook [31]

Core Insights - The innovative drug sector is experiencing a significant bull market, with the entry threshold for top-performing stocks raised considerably [1] - In 2024, the median increase for the top 10 innovative drug companies was 57.9%, with the highest increase reaching 132.6%. In 2025, this trend intensified, with the median increase for the top 10 soaring to 495.41% and the highest increase hitting 1824% [2] Group 1: Top Performing Companies - Beihai Kangcheng-B achieved the highest increase in 2025, with a staggering 1824% rise, surprising many in the market [5] - Sanleaf Biotech-B followed with an impressive 870% increase, despite facing significant operational challenges, including a cash flow crisis and a major refund demand from GAVI [10][11] - Yaojie Ankang-B, despite being controversial, saw its stock price rise nearly ninefold in a short period, reaching a market cap close to 270 billion HKD [12][13] - Heptagon Pharmaceuticals-B ranked fourth with a 553% increase, driven by its dual-engine model of R&D and business development [14][15] - Xuan Bamboo Biotech-B, a newly listed company, achieved a 507% increase, benefiting from positive clinical trial results and inclusion in national insurance directories [17][18] - Deqi Pharmaceuticals-B saw a 483% increase, attributed to its innovative AI-driven T-cell connector platform [19][20] - Jike Si-B experienced a 401% increase, driven by its advancements in KRAS-targeted therapies [22][23] - Rongchang Biotech achieved a 400% increase, with its product Taite Xip demonstrating significant potential across multiple indications [24][25] - Paige Biotech saw a 342% increase, largely due to its GLP-1 pipeline's market momentum [27] - Baiaosaitu-B rounded out the top ten with a 315% increase, supported by strong revenue growth and positive market expectations for its upcoming H+A listing [28][30] Group 2: Market Dynamics - The surge in stock prices for many companies is not solely based on fundamental improvements but also reflects speculative trading behaviors [4] - The innovative drug sector's long-term health relies on the emergence of stocks driven by genuine innovation rather than short-term speculation [4] - The market's focus on liquidity and sentiment has led to significant price increases, but these may not be sustainable as market conditions change [31]

Core Viewpoint - The article highlights the unprecedented surge in business development (BD) activities in China's biotech sector, with the total amount of domestic innovative drug licensing exceeding $100 billion by November 18, 2025, marking a doubling compared to 2024. This trend reflects the increasing global competitiveness and value of Chinese pharmaceutical assets, while also prompting a deeper examination of transaction quality and product value realization post-agreement [1][2]. Summary by Sections BD Market Dynamics - The BD market in China is experiencing a significant boom, with a projected compound annual growth rate (CAGR) for external BD activities expected to remain in double digits over the next five years, despite a forecasted decline in growth rate [2]. - Key characteristics of future transactions include an increase in late-stage pipeline contributions and a shift from pure technology transfer to models involving "licensing + co-development + commercialization" [2]. Major Transactions - Notable transactions in 2025 include: - Hengrui Medicine's collaboration with GSK, involving a total potential amount of approximately $120 billion, with an upfront payment of $500 million [3]. - Innovent Biologics' agreement with Takeda, with a potential total of $114 billion and an upfront payment of $1.2 billion [3]. - A record-setting deal between 3SBio and Pfizer, with an upfront payment of $12.5 billion and potential milestone payments reaching $48 billion [5][6]. Global Interest in Chinese Biotech - Chinese innovative drugs are gaining significant traction in global markets, with multinational corporations increasingly sourcing early-stage innovation pipelines from China due to cost-effectiveness and potential efficacy [7][8]. - The trend indicates a shift where Chinese biotech firms are evolving from technology providers to value co-creators in the global pharmaceutical landscape [7]. Transaction Models - The dominant transaction model remains "License-out," which accounted for 91% of upfront payments and 99% of total amounts in related transactions in the first half of the year [10]. - NewCo models are gaining popularity, allowing companies to inject parts of their product pipelines into newly formed entities with foreign capital, reflecting a flexible asset operation strategy [10][11]. Future Outlook - The BD market is expected to continue thriving, driven by the need for multinational companies to replenish their pipelines as many blockbuster drugs face patent expirations, creating a significant market opportunity [15]. - Emerging technologies, particularly in ADCs and bispecific antibodies, are anticipated to dominate future BD transactions, with a notable interest in metabolic and autoimmune products [16][17]. Challenges and Considerations - Despite the growth, challenges remain in ensuring compliance with international standards and protecting intellectual property during global collaborations [13]. - The market is expected to stabilize, with a rational return to expectations regarding BD transactions, as the industry matures and the focus shifts from explosive growth to sustainable value creation [17].