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11月30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 呈交日期: 2025年12月2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 | | | RMB | | 0 | | 本月底結存 | | | 208,581,239 | RMB | | 1 RMB | | 208,581,239 | | 2. 股份分類 | 普通股 | 股份類別 | A ...

Core Viewpoint - Rongchang Biopharmaceuticals has experienced significant stock price fluctuations and growth in revenue, while also facing challenges in net profit, indicating a mixed financial performance in the biopharmaceutical sector. Group 1: Stock Performance - On December 2, Rongchang Biopharmaceuticals' stock fell by 2.09%, trading at 93.25 CNY per share with a total market capitalization of 52.566 billion CNY [1] - The stock has increased by 209.70% year-to-date, with a 6.57% rise over the last five trading days, but has seen a decline of 3.61% over the last 20 days and 3.69% over the last 60 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 CNY [1] Group 2: Financial Performance - For the period from January to September 2025, Rongchang Biopharmaceuticals reported a revenue of 1.72 billion CNY, reflecting a year-on-year growth of 42.27% [3] - The net profit attributable to shareholders was -551 million CNY, showing a year-on-year increase of 48.60% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders increased by 18.33% to 15,300, while the average number of circulating shares per person decreased by 15.54% to 10,639 shares [3] - The second-largest shareholder is Hong Kong Central Clearing Limited, holding 8.8418 million shares, a decrease of 510,800 shares from the previous period [4] - New shareholders include Guangfa Medical Care Stock A, which holds 3.9875 million shares [4]

Market Overview - Hong Kong stocks experienced a volatile trend in November, with the index fluctuating between 25,178.63 and 27,188.81 points, failing to break the 27,000-point mark or drop below 25,000 points [1][2] - The market was initially buoyed by the anticipated end of the U.S. government shutdown and easing tensions between China and the U.S., but later faced declines due to concerns over potential interest rate cuts by the Federal Reserve and geopolitical tensions in the Taiwan Strait [1][2] Sector Performance - Bank stocks performed well, with several state-owned banks reaching historical highs, while innovative drug companies like BeiGene (06160) also saw significant gains [2] - Solid-state battery stocks showed strong performance, driven by trends in energy storage and price increases, with notable gains from companies like Longpan Technology (603906) and Weichai Power (000338) [2] Economic Indicators and Expectations - The Federal Reserve's December meeting is a key focus, with market expectations for a rate cut rising significantly, from about 30% to 80% following dovish comments from Fed officials [3] - Upcoming economic work meetings in December are expected to provide guidance on fiscal and monetary policies, with potential increases in deficit rates and special bond quotas [4] Currency and International Factors - The Chinese yuan continues to appreciate against the U.S. dollar, indicating strong domestic factors driving this trend, alongside positive sentiment from foreign investors towards Chinese assets [5] - The market is closely monitoring Japan's potential interest rate hike, which could lead to capital inflows into undervalued Hong Kong stocks [5] Investment Strategies - The investment strategy for December emphasizes following market expectations, particularly regarding policy changes and major events [7][8] - Key sectors to watch include technology, consumer goods, and innovative pharmaceuticals, with a focus on companies that are well-positioned to benefit from upcoming trends and events [8] Company Highlights - **Rongchang Bio (09995)**: Reported a revenue of 1.72 billion yuan for the first three quarters of 2025, a year-on-year increase of 42.3%, with a gross margin of 84.27% [11] - **Leap Motor (09863)**: Achieved a revenue of 19.45 billion yuan in Q3 2025, a year-on-year increase of 97.3%, with a net profit of 150 million yuan [14] - **TCL Electronics (01070)**: Reported a 8.7% increase in TV sales revenue for the first three quarters of 2025, with a significant rise in MiniLED TV sales [16][17] - **MGM China (02282)**: Announced a net income of 8.51 billion HKD in Q3 2025, a 17% year-on-year increase, driven by strong high-end demand [28][29] - **China Gold International (02099)**: Achieved a revenue of 925 million USD in the first three quarters of 2025, nearly doubling year-on-year, with a significant increase in gold and copper production [30][31]

Group 1 - BlackRock reduced its stake in Rongchang Biologics (09995) by 185,500 shares at a price of HKD 81.6411 per share, totaling approximately HKD 15.1444 million [1] - After the reduction, BlackRock's latest shareholding stands at approximately 10.411 million shares, representing a holding percentage of 4.99% [1]

Group 1 - BlackRock reduced its stake in Rongchang Biologics (09995) by 185,500 shares at a price of HKD 81.6411 per share, totaling approximately HKD 15.1444 million [1] - After the reduction, BlackRock's remaining shareholding is approximately 10.4111 million shares, representing a stake of 4.99% [1]

Core Insights - The biopharmaceutical sector experienced a slight increase of 0.09% on November 28, with Rongchang Biopharmaceutical leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Biopharmaceutical Sector Performance - Rongchang Biopharmaceutical (688331) closed at 99.70, with a rise of 3.85% and a trading volume of 71,200 shares, amounting to a transaction value of 708 million yuan [1] - Wanzhe Co., Ltd. (000534) saw a closing price of 20.53, increasing by 2.80% with a trading volume of 121,900 shares, totaling 248 million yuan [1] - Kanghua Biopharmaceutical (300841) closed at 81.81, up 2.10%, with a trading volume of 25,700 shares and a transaction value of 208 million yuan [1] - Other notable performers included Nearshore Protein (688137) at 42.25 (+1.81%), and Wofoo Biopharmaceutical (300357) at 31.49 (+1.68%) [1] Capital Flow Analysis - The biopharmaceutical sector saw a net outflow of 533 million yuan from institutional investors, while retail investors contributed a net inflow of 300 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Kanghong Pharmaceutical (002773) experienced a net inflow of 4.21 million yuan from institutional investors, while it faced a net outflow of 4.38 million yuan from speculative funds [3] - Notable net inflows from retail investors were observed in stocks like Nuozhilan (920047) with 2.51 million yuan, while stocks like Baik Biopharmaceutical (688276) faced net outflows from retail investors [3]

Core Viewpoint - Rongchang Biopharmaceutical's H-shares have seen a significant increase, with a rise of 5.05% on the previous trading day and an additional 6.68% increase today, reaching 91 HKD [1] Industry Summary - The current wave of innovative drugs is being driven by Chinese companies, particularly in areas such as ADC (Antibody-Drug Conjugates), dual antibodies, second-generation IO (Immuno-Oncology), and GLP-1 [1] - Chinese innovative drug research and development is leading in these fields, with numerous innovative products beginning to "read out" data [1] - The continuous emergence of new technologies and targets, along with ongoing business development (BD) transactions, is expected to further uncover and price the value of early innovation pipelines in Chinese pharmaceutical companies [1]

Core Viewpoint - Rongchang Biologics (09995) experienced a significant stock increase, rising over 7% in the afternoon trading session, with a current price of 90.75 HKD and a trading volume of 319 million HKD, indicating strong market interest and potential investor confidence [1]. Group 1: Clinical Research and Product Development - At the 2025 ESMO annual meeting, clinical research results were published showing that Vidisicimab combined with Toripalimab outperformed chemotherapy as a first-line treatment for HER2-expressing locally advanced or metastatic urothelial carcinoma [1]. - Yongxing Securities reported that the combination therapy of Vidisicimab demonstrates excellent efficacy, marking a significant change in the treatment landscape for urothelial carcinoma [1]. - CITIC Construction Investment noted that in 2025, the core product Taitasip will rapidly expand after receiving approval for new indications, and the data for the combination treatment with Vidisicimab is promising [1]. Group 2: Pipeline and Market Position - The application for the DME indication of RC28 has been accepted, indicating progress in the company's pipeline [1]. - Among the pipeline products, RC148 has received breakthrough therapy designation, with continuous validation of its clinical data [1]. - Overall, the company is accelerating its commercialization process and has a well-structured pipeline, suggesting a positive outlook for future development [1].

Core Viewpoint - Rongchang Biopharmaceutical (09995) experienced a significant stock increase, rising over 7% in the afternoon trading session, with a current price of 90.75 HKD and a trading volume of 319 million HKD, indicating strong market interest and confidence in the company's future prospects [1] Group 1: Clinical Research and Product Development - The 2025 ESMO annual meeting presented clinical research results showing that Vidisicimab combined with Toripalimab outperforms chemotherapy as a first-line treatment for HER2-expressing locally advanced or metastatic urothelial carcinoma [1] - Yongxing Securities reported that the combination therapy of Vidisicimab demonstrates excellent immunotherapy efficacy, marking a significant change in the treatment landscape for urothelial carcinoma [1] - CITIC Securities highlighted that in 2025, the core product Taitasip will rapidly expand after receiving approval for new indications, and the data for the combination treatment of Vidisicimab is outstanding [1] Group 2: Pipeline and Market Position - The application for the DME indication of RC28 has been accepted, indicating progress in the company's pipeline [1] - The investigational drug RC148 has received breakthrough therapy designation, with continuous validation of its clinical data, suggesting strong potential for future market success [1] - Overall, the company is accelerating its commercialization process and has a well-structured pipeline, which bodes well for its future development [1]

Core Viewpoint - Rongchang Biologics (09995) experienced a significant stock increase, rising over 7% in the afternoon trading session, with a current price of 90.75 HKD and a trading volume of 319 million HKD, driven by positive clinical research news regarding its product candidates [1] Group 1: Clinical Research Developments - At the 2025 ESMO annual meeting, the clinical study results for Vidisicimab combined with Toripalimab versus chemotherapy for first-line treatment of HER2-expressing locally advanced or metastatic urothelial carcinoma were released, indicating a major shift in the treatment landscape for urothelial carcinoma [1] - Yongxing Securities reported that the combination therapy of Vidisicimab shows excellent immunotherapy efficacy, marking a significant change in the treatment paradigm for urothelial carcinoma [1] Group 2: Product Pipeline and Market Potential - CITIC Construction Investment (601066) highlighted that in 2025, the core product Taitasip will rapidly expand after receiving approval for new indications, and the data for the combination treatment of Vidisicimab is promising [1] - The application for the market approval of RC28 for DME indication has been accepted, and the investigational pipeline includes RC148, which has received breakthrough therapy designation, with continuous validation of its clinical data [1] - Overall, the company is accelerating its commercialization process and has a well-structured pipeline, indicating a positive outlook for future development [1]