荣昌生物制药（烟台）股份有限公司 关于公司 2025 年度"提质增效重回报"行动方案的半 年度评估报告 为推动提升荣昌生物制药（烟台）股份有限公司（以下简称"公 司"）投资价值，践行以"投资者为本"的上市公司发展理念，维护公 司全体股东利益，增强投资者信心，促进公司长远健康可持续发展， 公司于 2025 年 3 月 28 日发布了《2025 年度"提质增效重回报"行动方 案》（以下简称"行动方案"）。2025 年上半年，公司根据行动方案内容， 积极开展和落实各项工作，现将报告期内的主要措施落实（进展）及 成效情况报告如下： 公司根据行动方案内容，积极开展和落实各项工作，新药研发管 线持续推进，多个创新药物处于关键试验研究阶段，同时泰它西普和 维迪西妥单抗销售快速增长，营业收入稳步提升。 2025 年上半年，公司实现营业收入 10.98 亿元，较去年增长 48%； 综合毛利率为 84.0%，较去年同期提高 5.8 个百分点；销售费用率为 47.9%，较去年同期下降了 4.6 个百分点，随着销售规模的扩大，销 售费用率呈下降趋势。一季度亏损 2.5 亿元，二季度亏损 1.9 亿元， 亏损环比下降 24.8%，上半 ...

| 证券代码：688331 | 证券简称：荣昌生物 | 公告编号：2025-039 | | --- | --- | --- | | 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 第二届董事会第二十八次会议决议公告 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、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 本议案已经公司第二届董事会审核委员会第十三次会议审议通过。 经与会董事表决，同意票：9 票，反对票：0 票，弃权票：0 票。同意票占 出席董事的 100％。 （二）审议通过《关于听取公司 2025 年中期股息派发计划的议案》 经考虑公司的整体财务状况、资本需求等多个因素，公司不建议宣派截至 2025 年 6 月 30 日止六个月的中期股息。 1 经与会董事表决，同意票：9 票，反对票：0 票，弃权票：0 票。同意票占 出席董事的 100％。 （三）审议通过《关于公司 2025 年半年度报告及其摘要的议案》 公司 2025 年半年度报告的编制和审议程序符合法律、法规和《公司章程》 等各项规定，内容与格式 ...

荣昌生物制药（烟台）股份有限公司2025 年半年度报告 二、 重大风险提示 公司致力于创新疗法的发现、开发和商业化。公司积极布局覆盖多项疾病治疗领域的在研产 品管线，未来仍将维持相应规模的研发投入用于在研产品进行临床前研究、全球范围内的临床试 验以及新药上市前准备等药物开发工作。同时，公司新药上市申请等注册工作、上市后的市场推 广等方面亦将带来高额费用，均可能导致短期内公司亏损进一步扩大，从而对公司日常经营、财 务状况等方面造成不利影响。报告期内，公司的主营业务、核心竞争力未发生重大不利变化。公 司已在本报告详细阐述在生产经营过程中可能面临的各种风险因素，敬请参阅"第三节管理层讨 论与分析"之"四、风险因素"相关内容。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人王威东、主管会计工作负责人童少靖及会计机构负责人（会计主管人员）魏建 良声明：保证半年度报告中财务报告的真实、准确、完整。 公司代码：688331 公司简称：荣昌生物 荣昌生物制药（烟台）股份有限公司 2025 年半年度报告 1 / 183 荣昌生物制药（烟台）股份有限公司2025 年半年度报告 重要提示 一、 ...

荣昌生物公告，2025年上半年营业收入10.98亿元，同比增长48.02%。归属于上市公司股东的净亏损4.5 亿元，上年同期净亏损7.8亿元。研发投入占营业收入的比例58.95%，减少49.74个百分点。 ...

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 74.71%, Green Power Environmental (01330) at 69.95%, and China Shenhua (01088) at 68.06% [1] - The largest increases in holdings over the last five trading days were seen in the following companies: Yingfu Fund (02800) with an increase of 134.21 billion, Hang Seng China Enterprises (02828) with an increase of 66.24 billion, and Southern Hang Seng Technology (03033) with an increase of 51.77 billion [1] - The largest decreases in holdings over the last five trading days were recorded for Anta Sports (02020) with a decrease of 10.21 billion, Geely Automobile (00175) with a decrease of 7.70 billion, and HSBC Holdings (00005) with a decrease of 7.40 billion [2] Group 1: Hong Kong Stock Connect Holding Ratios - China Telecom (00728) has a holding of 10.368 billion shares, representing 74.71% [1] - Green Power Environmental (01330) has a holding of 0.283 billion shares, representing 69.95% [1] - China Shenhua (01088) has a holding of 2.299 billion shares, representing 68.06% [1] Group 2: Recent Increases in Holdings - Yingfu Fund (02800) saw an increase of 134.21 billion in holdings, with a change of 52.386 million shares [1] - Hang Seng China Enterprises (02828) experienced an increase of 66.24 billion, with a change of 7.216 million shares [1] - Southern Hang Seng Technology (03033) had an increase of 51.77 billion, with a change of 95.870 million shares [1] Group 3: Recent Decreases in Holdings - Anta Sports (02020) had a decrease of 10.21 billion in holdings, with a change of -10.268 million shares [2] - Geely Automobile (00175) experienced a decrease of 7.70 billion, with a change of -38.819 million shares [2] - HSBC Holdings (00005) saw a decrease of 7.40 billion, with a change of -7.332 million shares [2]

每经AI快讯，8月21日，港股创新药概念午后走高，乐普生物(02157.HK)涨超9%，复宏汉霖(02696.HK) 涨超5%，君实生物(01877.HK)、荣昌生物(09995.HK)等个股跟涨。 （文章来源：每日经济新闻） ...

Core Viewpoint - The Hong Kong biopharmaceutical stocks experienced a general increase, driven by government support for the industry, particularly emphasized by Premier Li Qiang during his recent visit to Beijing [1] Industry Summary - The biopharmaceutical sector in Hong Kong saw significant stock price increases, with notable gains including 5% for Fuhong Hanlin, 3.6% for King’s Ray Biopharmaceutical, and over 3% for WuXi AppTec [1] - Premier Li Qiang highlighted the need for enhanced high-quality technological supply and policy support to promote the development of the biopharmaceutical industry, aiming to produce more high-quality and efficient new drugs [1] - Continuous high-level endorsements from the government signal a strong commitment to supporting the biopharmaceutical industry, especially in the current economic context [1] Company Summary - Fuhong Hanlin (02696) latest price: 83.000, change: +5.06% [1] - King’s Ray Biopharmaceutical (01548) latest price: 17.940, change: +3.64% [1] - WuXi AppTec (02268) latest price: 59.600, change: +3.38% [1] - Other companies with notable increases include: - Keren Biotechnology (06990) +3.29% - Kangfang Biopharmaceutical (09926) +2.83% - Rongchang Biopharmaceutical (09995) +2.87% - Junshi Biosciences (01877) +2.69% - BeiGene (06160) +2.60% [1]

Group 1 - The core viewpoint of the news is that Rongchang Biopharmaceutical has received a breakthrough therapy designation from the China National Medical Products Administration (NMPA) for its innovative bispecific antibody RC148, aimed at treating non-small cell lung cancer (NSCLC) [1][2] - RC148 is specifically indicated for use in combination with docetaxel for patients with locally advanced or metastatic NSCLC who have failed prior treatment with PD-1/PD-L1 inhibitors and platinum-based chemotherapy [1] - The designation is based on a multicenter, open-label Phase I/II clinical study (RC148-C001) conducted in China, which demonstrated superior efficacy and manageable safety of RC148 combined with docetaxel compared to similar drugs or standard treatments in patients with advanced NSCLC [1] Group 2 - Breakthrough therapy drugs are defined as innovative or modified drugs that are used to treat serious life-threatening diseases with no effective treatment options or those that show significant clinical advantages over existing therapies [2] - The inclusion of RC148 in the breakthrough therapy category highlights its substantial clinical value and development potential, which will facilitate faster clinical development and quicker access for patients [2]

Core Viewpoint - Rongchang Biopharmaceutical has received a breakthrough therapy designation from the China National Medical Products Administration (NMPA) for its innovative bispecific antibody RC148, aimed at treating non-small cell lung cancer (NSCLC) [1][2]. Group 1: Breakthrough Therapy Designation - The bispecific antibody RC148 has been officially included in the list of breakthrough therapies by the NMPA, targeting the indication of RC148 in combination with docetaxel for patients who have previously failed PD-1/PD-L1 inhibitors [2]. - The designation is based on a multicenter, open-label Phase I/II clinical study (RC148-C001) conducted in China, which demonstrated superior efficacy of RC148 combined with docetaxel compared to similar drugs or standard treatments in advanced NSCLC patients who failed prior treatments [2]. Group 2: Clinical Value and Development Potential - The breakthrough therapy designation signifies the significant clinical value and development potential of RC148, which will facilitate accelerated clinical development and resource allocation by the NMPA [2]. - Breakthrough therapies are defined as innovative drugs or modified drugs that provide substantial clinical advantages over existing treatment methods for serious or life-threatening diseases, where no effective treatment options are available [2].

Core Viewpoint - Rongchang Biopharmaceuticals has signed a licensing agreement with Santen Pharmaceutical's subsidiary, which is expected to generate over 1.2 billion yuan in milestone payments and sales revenue sharing, alleviating the company's financial losses [2][3][4]. Financial Impact - The agreement includes a non-refundable upfront payment of 250 million yuan, potential milestone payments of up to 520 million yuan for development and regulatory achievements, and up to 525 million yuan for sales milestones [3]. - Rongchang Biopharmaceuticals has reported cumulative net losses of approximately 3.95 billion yuan from 2022 to 2024, but showed a revenue increase of 59.17% year-on-year in Q1 2025, reaching 526 million yuan [5]. Product Development - The RC28-E injection is a dual-target fusion protein drug developed by Rongchang Biopharmaceuticals for treating ocular neovascular diseases, with promising results in clinical trials for diabetic macular edema [3][4]. - The company has initiated Phase III clinical trials for RC28-E targeting wet age-related macular degeneration and diabetic macular edema in 2023 [3]. Company Background - Rongchang Biopharmaceuticals focuses on innovative biopharmaceuticals, particularly in antibody-drug conjugates and therapeutic antibodies, with key products including Tai'aisip and Vidisizumab [4]. - The company went public in Hong Kong in 2020 and achieved profitability only in 2021, with a revenue of 1.426 billion yuan and a net profit of 276 million yuan [4]. Challenges and Costs - Sales and management expenses have been rising, with total sales expenses reaching 2.441 billion yuan from 2022 to 2024, contributing to cash flow pressure [6]. - The company faces significant challenges in drug approval processes, market competition, and commercialization capabilities, which could impact future revenue growth [5][6].