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，(1)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，以及(2)審議批 准了關於使用閒置募集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140.0百萬元額度的部分閒置募集資金購買保本型銀行理財產品。 董事會宣佈，於2025年10月15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(1)以人民幣400.0百萬元的閒置自有資金向浦發銀 行煙台分行購買理財產品，以及(2)以人民幣100.0百萬元的閒置募集資金向浦發 銀 ...

Core Viewpoint - The innovative drug sector experienced a significant rally, with the innovative drug index rising by 2.35% as of the midday close on October 15, 2025, driven by strong performances from various companies [1][2]. Group 1: Market Performance - The innovative drug index (886015.TI) closed at 1366.835, reflecting a gain of 2.35%, equivalent to an increase of 31.422 points [2]. - Notable stock performances included Guangshentang, which surged by 20% to 122.65, and several other companies such as Shutaishen and Anglikang, which saw gains of 14.4% and 10.01%, respectively [2][3]. Group 2: Upcoming Events - The European Society for Medical Oncology (ESMO) conference is set to take place from October 17 to 21, 2025, in Berlin, Germany, where significant clinical research results and data are expected to be disclosed [3][4]. Group 3: Business Development Opportunities - There is growing market anticipation for the release of clinical data from domestic innovative drugs and business development (BD) collaborations, with 83 overseas BD transactions recorded in the first eight months of 2025, totaling 845 billion yuan, marking a 62.81% increase compared to the entire year of 2024 [4]. Group 4: Company Earnings Forecast - Several innovative drug companies are expected to report strong earnings for the third quarter of 2025, with Shengnuo Bio projecting a net profit of 114 million to 140 million yuan, representing a year-on-year increase of 100.53% to 145.10% [5]. - Boteng Co. anticipates a net profit of 73.2 million to 88.2 million yuan, indicating a turnaround from losses, driven by a 17% to 21% increase in revenue [5]. Group 5: Industry Outlook - Analysts express optimism regarding the innovative drug sector, anticipating stabilization and rebound due to upcoming catalysts such as BD and medical insurance negotiations [6]. - Long-term trends indicate that the Chinese pharmaceutical industry has transitioned to new growth drivers, particularly in innovative drugs, which are expected to significantly contribute to the growth of Chinese pharmaceutical companies over the next 5 to 10 years [7].

Group 1: Hong Kong Stocks - Lao Pu Gold (06181) rose over 5%, with Morgan Stanley reaffirming an "overweight" rating due to clear brand value enhancement trends [1] - Pop Mart (09992) increased over 3%, as Apple CEO received a special gift, and Labubu is expected to become a world-class cultural IP brand [1] - Jitu Express-W (01519) rose over 3%, reporting strong growth in parcel volume in Southeast Asia and new markets for Q3 2025 [1] - Guoquan (02517) surged over 10%, with improved restaurant sentiment and expectations for Q4 store openings [1] - Geely Automobile (00175) increased over 4%, with Geely Holding Group's quarterly sales surpassing 1 million units for the first time [1] - Rongchang Bio (09995) rose over 3%, as the application for the marketing of Tai Tasi Pi for IgA nephropathy treatment was accepted and prioritized for review [1] - Mixue Group (02097) rose over 6%, with Mixue Ice City beer trending on Weibo, and institutions optimistic about the company's brand expansion [1] - Jinli Permanent Magnet (06680) fell over 1%, despite a projected net profit increase of over 157% for the first three quarters [1] - Bilibili-W (09626) rose over 3%, officially launching a "Double 11" promotion and achieving deep data integration with Alibaba and JD [1] Group 2: US Stocks - Navitas Semiconductor (NVTS.US) surged 26.08%, with advancements in 800VDC GaN and SiC power devices [3] - Ericsson (ERIC.US) rose 20.56%, reporting a net profit of 11.15 billion SEK for Q3, nearly doubling year-on-year and exceeding analyst expectations [3] - Tesla (TSLA.US) fell 1.53%, as the NHTSA announced an investigation into approximately 2.88 million Tesla vehicles equipped with "full self-driving" systems [3] - PayPal (PYPL.US) rose 0.42%, but Goldman Sachs downgraded its rating to "sell" due to margin pressures and a slowing growth path for 2026 [3] - BP (BP.US) fell 1.75%, with expectations of increased profitability driven by upstream production growth and refining margins [3] - Intel (INTC.US) dropped 4.27%, as Bank of America downgraded its rating from "neutral" to "underperform," maintaining the target price at $34 [3] - Target (TGT.US) rose 1.85%, with D.A. Davidson lowering the target price from $115 to $108 while reiterating a "buy" rating [4] - Albertsons (ACI.US) surged 13.63%, reporting Q2 FY2025 revenue of $18.9158 billion and adjusted EPS of $0.44, exceeding expectations [4] - Arm (ARM.US) fell 2.20%, as OpenAI announced a strategic partnership with Broadcom to develop custom AI chips and network systems [4] - Walmart (WMT.US) rose 4.98%, collaborating with OpenAI to allow consumers to browse and purchase Walmart products directly through ChatGPT [4]

Core Insights - Rongchang Biologics announced that its self-developed dual-target fusion protein innovative drug, Tai'axi, has received acceptance for its marketing application for the treatment of primary immunoglobulin A (IgA) nephropathy by the National Medical Products Administration (NMPA) and is included in the priority review process [1] - The application is based on positive results from the Phase III clinical study (Stage A) of Tai'axi for treating IgA nephropathy, which involved 318 adult patients receiving standard treatment [1] Group 1 - The Phase III clinical trial was a multi-center, randomized, double-blind, placebo-controlled study, where patients received a dosage of 240mg of Tai'axi via subcutaneous injection once a week [1] - The primary endpoint was achieved, showing that the Tai'axi group had a 55% reduction in the 24-hour urine protein-to-creatinine ratio (UPCR) compared to the placebo group after 39 weeks of treatment (P<0.0001) [1] - The drug demonstrated good tolerability and safety, with detailed data to be presented at an upcoming major international academic conference [1] Group 2 - IgA nephropathy is one of the most common primary glomerular diseases globally, with an estimated 10.16 million patients by 2030, including 2.37 million in China [2] - In China, IgA nephropathy patients account for approximately 54.3% of all renal biopsy cases, with 30% to 40% of these patients progressing to end-stage renal disease (ESRD), severely impacting their quality of life [2] - There is a significant unmet clinical need for effective treatments for IgA nephropathy, as current therapeutic options are very limited [2] - Besides IgA nephropathy, Tai'axi is also undergoing Phase II/III clinical studies for lupus nephritis and membranous nephropathy in China [2]

Core Viewpoint - The A-share market is experiencing a rebound, particularly in the innovative drug sector, with significant inflows into the ETF focused on this area, indicating growing investor interest and confidence in the sector [1][5]. Group 1: Market Performance - As of 10:23 on October 15, the Kexin Innovative Drug ETF (589120) saw a rise of nearly 3%, currently up over 2% [1]. - The ETF recorded a net inflow of over 6 million yuan for the day, with a cumulative inflow of over 56 million yuan in the past 10 days [1]. Group 2: Stock Performance - Most component stocks of the Kexin Innovative Drug ETF experienced gains, with Rongchang Bio rising over 6%, Maiwei Bio over 5%, and several others including Ailis and Borui Pharma rising over 3% [3]. - The top-performing stocks by estimated weight include Baiji Shenzhou (9.89%), Ailis (8.60%), and Baili Tianheng (8.16%) [4]. Group 3: Industry Developments - Rongchang Bio announced that its innovative drug, Tai Tasi Pi, for treating primary immunoglobulin A nephropathy, has received acceptance for market application from the National Medical Products Administration (NMPA) [5]. - The upcoming European Society for Medical Oncology (ESMO) conference from October 17 to 21 in Berlin is anticipated to showcase new data on domestic innovative drugs, which could create new business development (BD) opportunities [5][6]. Group 4: Regulatory and Market Insights - Analysts suggest that the impact of tariff policies on China's pharmaceutical industry is limited, with the market having already priced in the effects of drug tariffs [5]. - The number of overseas BD transactions by Chinese innovative drug companies is expected to continue growing, with significant increases in both the number and total transaction value from 2022 to 2025 [6].

Core Viewpoint - Rongchang Biologics (09995) has seen a nearly 5% increase in stock price following the acceptance of its innovative drug, Taitasip, for the treatment of primary immunoglobulin A (IgA) nephropathy by the National Medical Products Administration (NMPA) of China, marking it as the first domestically developed new drug in this field [1] Group 1 - Rongchang Biologics' stock price rose by 4.75% to HKD 93.75, with a trading volume of HKD 226 million [1] - The drug Taitasip, a dual-target fusion protein, has been accepted for priority review by the NMPA, making it the first domestic original new drug submitted for IgA nephropathy [1] - VorBio, the overseas partner of Rongchang Biologics, appointed Dr. Navid Z.Khan as CMO, who has extensive experience in global drug development in the neurology and autoimmune fields [1] Group 2 - Huatai Securities expressed optimism about Taitasip's global development prospects, citing its strong competitive edge and potential in treating MG and being the first innovative drug reported in the pSS field [1] - The combination of Taitasip's innovative profile and Dr. Khan's experience is expected to enhance its global competitiveness [1]

Core Viewpoint - Rongchang Biopharma (09995) saw a nearly 5% increase in stock price, currently trading at 93.75 HKD, following the acceptance of its innovative drug Tai'aisip for the treatment of primary immunoglobulin A (IgA) nephropathy by the National Medical Products Administration (NMPA) [1] Company Developments - The drug Tai'aisip, a dual-target fusion protein targeting BLyS/APRIL, is the first domestically developed innovative drug submitted for market approval in the IgA nephropathy field [1] - The company has entered a priority review process for Tai'aisip, indicating a faster evaluation timeline by regulatory authorities [1] Strategic Partnerships - VorBio, the overseas partner of Rongchang Biopharma, appointed Dr. Navid Z. Khan as Chief Medical Officer (CMO) on September 23 [1] - Dr. Khan has extensive experience in global development of innovative drugs, having previously led the development of drugs like Efigatuzumab in the neurology and autoimmune fields [1] Market Outlook - Huatai Securities expresses optimism regarding the global development prospects of Tai'aisip, citing its strong competitive position and potential in treating myasthenia gravis (MG) and being the first innovative drug reported in the primary Sjögren's syndrome (pSS) field [1] - The firm maintains a "buy" rating for both A-shares and H-shares of Rongchang Biopharma [1]

Group 1 - The company has sold its stake in Rongchang Biopharmaceutical [2] - The company provided information regarding the net profit generated from Rongchang Biopharmaceutical [2]

Group 1 - Rongchang Biopharmaceuticals has seen a stock price increase of 1.61% on October 13, with a trading volume of 852 million yuan [1] - The company recorded a financing purchase amount of 110 million yuan and a net financing purchase of 18.79 million yuan on the same day, with a total financing and securities balance of 871 million yuan [1] - The current financing balance of 869 million yuan accounts for 5.71% of the circulating market value, indicating a high level compared to the past year [1] Group 2 - Rongchang Biopharmaceuticals, established on July 4, 2008, focuses on innovative biopharmaceuticals, particularly in the field of therapeutic antibodies [2] - The company reported a revenue of 1.098 billion yuan for the first half of 2025, representing a year-on-year growth of 48.02%, while the net profit attributable to shareholders was -450 million yuan, a 42.40% increase year-on-year [2] - The main business revenue composition is 99.46% from product sales, 0.38% from material sales, and 0.16% from leasing services [2] Group 3 - As of June 30, 2025, Hong Kong Central Clearing Limited is the second-largest circulating shareholder with 9.3526 million shares, while several new institutional investors have entered the top ten shareholders [3] - Notable new shareholders include Wanjia Preferred and ICBC Frontier Medical Stock A, indicating increased institutional interest in the company [3] - Some existing shareholders, such as Penghua Medical Technology Stock A, have reduced their holdings, reflecting a shift in investor sentiment [3]

Core Insights - The Chinese innovative pharmaceutical industry is experiencing a "double hit" in performance and valuation due to policy support, R&D breakthroughs, and value reassessment [1] - Many innovative drug stocks have doubled in price this year, with pharmaceutical-themed funds averaging a nearly 40% increase in net value over the past year [1] - The industry is entering a long-term growth trajectory, with current valuations still considered attractive by both domestic and foreign institutions [1] Group 1: Stock Performance - Several innovative drug companies have seen significant stock price increases, with companies like Shuyou Shen, Rongchang Bio, and Anglikang all experiencing over 100% growth year-to-date as of October 9 [1] - Pharmaceutical-themed funds have also shown strong performance, with the average net value increasing nearly 40% over the past year, and some funds, such as Penghua Innovation Upgrade Mixed A, seeing gains exceeding 100% [1] Group 2: Institutional Interest - There has been a surge in institutional research on Chinese innovative drug companies, with companies like Baiji Shenzhou and Baili Tianheng receiving attention from 213 and 186 institutions respectively [2] - Notable foreign institutions, including State Street Bank and BlackRock, have participated in the research of these companies, indicating growing international interest [2] Group 3: Industry Trends - The innovative drug sector is transitioning from "burning cash on R&D" to "product volume expansion," marking the beginning of a profit harvest period [3] - Chinese innovative drug companies have significantly improved their R&D capabilities and gained international recognition, positioning themselves in the global first tier in terms of pipeline quantity [3] - The industry is expected to achieve a systematic value reassessment, driven by comprehensive policy support and high levels of R&D and clinical efficiency [2][3]