根据协议，荣昌生物将从参天中国取得2.5亿元的不可退还且不可抵扣的首付款，以及最高可达5.2亿元 的开发及监管里程碑付款和最高可达5.25亿元的销售里程碑付款。此外，荣昌生物还将根据授权地区的 产品销售额收取高个位数至双位数百分比的梯度销售分成。 北京商报讯（记者 丁宁）8月19日早间，荣昌生物（688331）发布公告称，公司与日本参天制药株式会 社全资子公司参天制药（中国）有限公司（以下简称"参天中国"）达成协议，将公司具有自主知识产权 的RC28-E注射液有偿许可给参天中国，参天中国将获得RC28-E在大中华区及韩国、泰国、越南、新加 坡、菲律宾、印度尼西亚及马来西亚的独家开发、生产和商业化权利，而荣昌生物将保留RC28-E在上 述区域以外的全球独家权益。 ...

Market Overview - On August 19, the innovative drug sector experienced a significant surge, with multiple companies including Shenyuan Biological and Xintian Pharmaceutical hitting the daily limit increase [1] Key Events - On August 19, Rongchang Biopharmaceutical announced a licensing agreement for its RC28-E injection with Santen China, receiving an upfront payment of 250 million RMB and potential milestone payments totaling up to 12.45 billion RMB [4] - On August 7, Buchang Pharmaceutical's subsidiary signed an exclusive supply agreement with GOODFELLOW for the registration and sales of Efparepoetinalfa in the Philippines [4] - On July 28, Hengrui Medicine announced a deal with GSK for global exclusive rights to the HRS-9821 project, with an upfront payment of 500 million USD and potential total payments of approximately 12 billion USD [4] - Prior to these announcements, companies like CSPC Pharmaceutical, 3SBio, and China National Pharmaceutical Group also secured significant overseas contracts [5] Institutional Insights - According to data from Toubao, the U.S. pharmaceutical market was valued at 600.3 billion USD in 2022, with innovative drugs accounting for over 70%, approximately 420 billion USD. In contrast, China's pharmaceutical market was valued at 250.8 billion USD, with innovative drugs making up less than 20%, around 50 billion USD [6] - The trend of Chinese pharmaceutical companies collaborating with international giants is increasing, with record-high upfront payments and total transaction amounts. The potential market for domestic innovative drugs could rise from 50 billion USD domestically to over 420 billion USD in the U.S. market alone [6] - Recent catalysts in the innovative drug sector are emerging, with upcoming industry conferences expected to showcase promising data from companies like Diligent Pharma and Fuhong Hanlin [6] - The domestic innovative drug industry is transitioning from a capital-driven model to a profit-driven model, with expectations for performance and valuation recovery opportunities in the sector by 2025 [7]

消息面上，荣昌生物公告，公司与日本参天制药株式会社全资子公司参天中国达成协议，将公司具有自 主知识产权的RC28-E注射液有偿许可给参天中国，参天中国将获得RC28-E在大中华区及韩国、泰国、 越南、新加坡、菲律宾、印度尼西亚及马来西亚的独家开发、生产和商业化权利，而荣昌生物将保留 RC28-E在上述区域以外的全球独家权益。 根据协议，荣昌生物将从参天中国取得2.5亿元人民币的不可退还且不可抵扣的首付款，以及最高可达 5.2亿元人民币的开发及监管里程碑付款和最高可达5.25亿元人民币的销售里程碑付款。此外，荣昌生物 还将根据授权地区的产品销售额收取高个位数至双位数百分比的梯度销售分成。据悉，RC28-E注射液 是由荣昌生物自主研发的针对眼部新生血管性疾病的VEGF/FGF双靶标融合蛋白药物。 智通财经APP获悉，荣昌生物(09995)高开逾4%，截至发稿，涨4.42%，报83.95港元，成交额936.04万港 元。 ...

根据协议，荣昌生物将从参天中国取得2.5亿元人民币的不可退还且不可抵扣的首付款，以及最高可达 5.2亿元人民币的开发及监管里程碑付款和最高可达5.25亿元人民币的销售里程碑付款。此外，荣昌生物 还将根据授权地区的产品销售额收取高个位数至双位数百分比的梯度销售分成。据悉，RC28-E注射液 是由荣昌生物自主研发的针对眼部新生血管性疾病的VEGF/FGF双靶标融合蛋白药物。 荣昌生物(09995)高开逾4%，截至发稿，涨4.42%，报83.95港元，成交额936.04万港元。 消息面上，荣昌生物公告，公司与日本参天制药株式会社全资子公司参天中国达成协议，将公司具有自 主知识产权的RC28-E注射液有偿许可给参天中国，参天中国将获得RC28-E在大中华区及韩国、泰国、 越南、新加坡、菲律宾、印度尼西亚及马来西亚的独家开发、生产和商业化权利，而荣昌生物将保留 RC28-E在上述区域以外的全球独家权益。 ...

Core Viewpoint - Rongchang Biopharmaceutical (09995) has made significant strides in its stock performance and strategic partnerships, indicating strong growth potential and market interest [1] Group 1: Stock Performance - As of August 18, 2023, shareholders transferred shares worth HKD 784 million from the Hong Kong Stock Connect (Shanghai) to HSBC Hong Kong, representing 4.87% of the company's market value [1] - The company's stock price has surged over 458% year-to-date [1] Group 2: Strategic Partnership - On August 19, 2023, Rongchang Biopharmaceutical announced an agreement with Santen Pharmaceutical Co., Ltd.'s wholly-owned subsidiary, Santen (China) Co., Ltd., to license its proprietary RC28-E injection [1] - Santen China will gain exclusive rights for the development, production, and commercialization of RC28-E in Greater China, South Korea, Thailand, Vietnam, Singapore, the Philippines, Indonesia, and Malaysia, while Rongchang retains global exclusive rights outside these regions [1] Group 3: Financial Terms of the Agreement - Rongchang Biopharmaceutical will receive a non-refundable and non-offsettable upfront payment of RMB 250 million from Santen China, along with potential milestone payments of up to RMB 520 million for development and regulatory achievements, and up to RMB 525 million for sales milestones [1] - Additionally, Rongchang will earn a tiered sales royalty ranging from high single-digit to double-digit percentages based on product sales in the licensed regions [1]

Core Viewpoint - Rongchang Biopharmaceutical (09995) has made significant strides in its stock performance and strategic partnerships, indicating strong growth potential and market interest [1] Group 1: Stock Performance - As of August 18, 2023, shareholders transferred shares worth HKD 784 million from the Hong Kong Stock Connect (Shanghai) to HSBC Hong Kong, representing 4.87% of the company's market value [1] - The company's stock price has surged over 458% year-to-date [1] Group 2: Strategic Partnership - On August 19, 2023, Rongchang Biopharmaceutical announced an agreement with Santen Pharmaceutical Co., Ltd.'s wholly-owned subsidiary, Santen (China) Co., Ltd., to license its proprietary RC28-E injection [1] - Santen China will gain exclusive rights for the development, production, and commercialization of RC28-E in Greater China, South Korea, Thailand, Vietnam, Singapore, the Philippines, Indonesia, and Malaysia, while Rongchang retains global exclusive rights outside these regions [1] Group 3: Financial Terms of the Agreement - Rongchang Biopharmaceutical will receive a non-refundable and non-offsettable upfront payment of RMB 250 million from Santen China, along with potential milestone payments of up to RMB 520 million for development and regulatory achievements, and up to RMB 525 million for sales milestones [1] - Additionally, Rongchang will earn a tiered sales royalty ranging from high single-digit to double-digit percentages based on product sales in the licensed regions [1]

Core Viewpoint - Rongchang Biologics (09995) has entered into a licensing agreement with Santen Pharmaceutical (China) Co., Ltd. for the RC28-E injection, granting Santen exclusive rights for development, production, and commercialization in Greater China and several Southeast Asian countries, while retaining global rights outside this region [1][2] Group 1: Licensing Agreement Details - The licensing agreement will commence on August 18, 2025, and will remain effective unless terminated early according to its terms [1] - Rongchang will receive a non-refundable upfront payment of 250 million RMB, up to 520 million RMB in development and regulatory milestone payments, and up to 525 million RMB in sales milestone payments [1] - Additionally, the company will earn a tiered sales royalty based on product sales in the licensed territories, ranging from high single-digit to double-digit percentages [1] Group 2: Product Information and Clinical Trials - RC28-E injection is a self-developed drug targeting VEGF/FGF dual pathways for treating ocular neovascular diseases [2] - The Phase II clinical trial results for RC28-E in treating diabetic macular edema (DME) were presented at the ARVO 2025 conference, showing significant improvements in best-corrected visual acuity (BCVA), reduction in central subfield thickness (CST), and effective alleviation of macular edema [2] - In 2023, the company initiated Phase III clinical trials for RC28-E in treating wet age-related macular degeneration (wAMD) and diabetic macular edema [2]

Core Insights - The report highlights significant changes in the Hong Kong Stock Connect holdings, with notable increases and decreases in ownership percentages for various companies [1][2]. Group 1: Increased Holdings - 京城机电股份 (00187) saw the largest increase in holdings, up by 2.42%, bringing its total to 49.96% [2]. - 一脉阳光 (02522) experienced a 1.76% increase, resulting in a holding of 35.32% [2]. - 微盟集团 (02013) had a 1.13% increase, with a current holding of 33.76% [2]. - In the last five trading days, 长飞光纤光缆 (06869) had the highest increase at 4.25%, now holding 55.68% [4]. - FORTIOR TECHNOLOGY (SHENZHEN) CO., LTD. (01304) increased by 3.12%, reaching 6.02% [4]. Group 2: Decreased Holdings - 荣昌生物 (09995) experienced the largest decrease in holdings, down by 3.69%, now at 51.39% [2]. - 东阳光药 (06887) saw a reduction of 0.92%, with a holding of 47.90% [2]. - 山东墨龙 (00568) decreased by 0.88%, now at 56.49% [2]. - Over the last five trading days, 东阳光药 (06887) had the most significant drop at 5.14%, bringing its holding to 47.90% [4]. - 凯莱英 (06821) decreased by 4.46%, now holding 46.14% [4].

智通财经APP获悉，根据2025年8月18日披露数据，中国电信（00728）、绿色动力环保（01330）、中 国神华（01088）位居港股通持股比例前3位，分别为74.69%、69.88%、68.38%。此外，中国人寿 （02628）、南方恆生科技（03033）、信达生物（01801）在最近有统计数据的5个交易日内，持股额增 幅最大，分别为+24.16亿元、+12.98亿元、+9.84亿元;快手-W（01024）、盈富基金（02800）、安踏体 育（02020）在最近有统计数据的5个交易日内，持股额减幅最大，分别为-27.47亿元、-25.56亿 元、-16.11亿元。 具体数据如下（交易所数据根据T+2日结算）： 1、港股通最新持股比例排行（前20名） 3、港股通最近5个交易日减持榜（前10名） | 公司名称 | 持股额变动 | 持股数变动 | | --- | --- | --- | | 快手-W(01024) | -27.47亿元 | -3727.86万股 | | 盈富基金(02800) | -25.56亿元 | -9961.30万股 | | 安踏体育(02020) | -16.11亿元 | -1728. ...

Core Viewpoint - Rongchang Biologics (688331.SH) has entered into an agreement with Santen Pharmaceutical Co., Ltd.'s wholly-owned subsidiary, Santen (China) Co., Ltd., granting exclusive rights for the development, production, and commercialization of the RC28-E injection in several Asian markets, while retaining global rights outside these regions [1][2]. Group 1: Agreement Details - Rongchang Biologics will receive a non-refundable and non-offsettable upfront payment of 250 million RMB from Santen China [1]. - The agreement includes potential milestone payments of up to 520 million RMB for development and regulatory achievements, and up to 525 million RMB for sales milestones [1]. - Additionally, Rongchang Biologics will earn a tiered sales royalty based on product sales in the authorized regions, ranging from high single-digit to double-digit percentages [1]. Group 2: Product and Market Impact - RC28-E injection is a dual-target fusion protein drug developed by Rongchang Biologics for treating ocular neovascular diseases [2]. - The collaboration is expected to accelerate market access and patient coverage for RC28-E, significantly shortening the commercialization cycle [2]. - This partnership aims to provide innovative and efficient solutions for the treatment of retinal diseases [2].