Market Overview - The Hang Seng Index increased by 0.46%, gaining 119 points to reach 26,013 points, while the Hang Seng Tech Index rose by 0.51%. The morning trading volume in Hong Kong was HKD 114 billion [1]. Airline Sector - Airline stocks led the gains, with China Eastern Airlines (00670) rising over 6% due to improved oil cost dynamics benefiting airline performance [2]. Biotechnology Sector - The Hang Seng Biotechnology Index rose over 2%. Rongchang Biopharmaceutical (09995) increased by over 5%, and Kangfang Biotech (09926) rose over 4%. China Biopharmaceutical (01177) gained 2.59% following significant breakthroughs in its self-developed HER2 dual-target ADC for breast cancer. Junshi Biosciences (01877) also saw an increase of over 3% as its Toripalimab subcutaneous injection Phase III clinical trial met its primary endpoint, with plans for subsequent listing application [3]. Pharmaceutical Sector - Basilea Pharmaceutica (02616) rose over 6% after the European Commission approved a new indication for Sugliquide [4]. AI and Technology Sector - GDS Holdings (09698) increased nearly 4% as domestic AI chip supply improved, with Morgan Stanley projecting a surge in orders by the second half of next year [5]. - Changfei Optical Fiber (06869) rose nearly 7% due to increased interest in Google's TPU chips, with institutions optimistic about AI-driven growth. Smoore International (06969) gained over 4% after signing a long-term battery cell procurement agreement with EVE Energy to secure supply for its electronic cigarette products [6]. E-commerce Sector - Alibaba Group (09988) saw a decline of over 2% during trading, with its adjusted net profit for the second fiscal quarter dropping 72% year-on-year [7].

Group 1 - The Hong Kong pharmaceutical and biotechnology sector showed strong performance on November 26, with notable gains in several companies [1] - Rongchang Biopharmaceutical, CSPC Pharmaceutical Group, and 3SBio each saw their stock prices increase by over 6% [1] - Other companies such as Fuhong Hanlin, Cornerstone Pharmaceuticals, and China National Pharmaceutical Group also experienced significant price increases [1]

Core Viewpoint - The company, Rongchang Biopharmaceutical (Yantai) Co., Ltd., is set to hold a third-quarter earnings presentation on December 3, 2025, to discuss its operational results and financial status for Q3 2025, allowing investors to engage in a Q&A session [2][3][4]. Group 1: Meeting Details - The earnings presentation will take place on December 3, 2025, from 13:00 to 14:00 [2][4]. - The venue for the meeting is the Shanghai Stock Exchange Roadshow Center, and it will be conducted in an interactive online format [2][4][5]. - Investors can submit questions from November 26, 2025, to December 2, 2025, before 16:00, either through the Roadshow Center website or via the company's email [2][5]. Group 2: Company Representatives - Key representatives attending the meeting include the Chairman, Mr. Wang Weidong, and the General Manager, Mr. Fang Jianmin [4]. - The meeting will also feature the company’s Board Secretary, Mr. Wen Qingkai, and the Chief Financial Officer, Mr. Tong Shaojing [4]. Group 3: Investor Participation - Investors can participate in the earnings presentation by logging into the Shanghai Stock Exchange Roadshow Center [5]. - After the meeting, the main content and proceedings will be available for review on the Roadshow Center's website [5].

荣昌生物制药（烟台）股份有限公司 股东会会议资料 荣昌生物制药（烟台）股份有限公司 2025 年第三次临时股东会 会议资料 股票简称：荣昌生物 股票代码：688331 2025 年 12 月 荣昌生物制药（烟台）股份有限公司 股东会会议资料 荣昌生物制药（烟台）股份有限公司 会议资料目录 三、会议议案 2 一、会议须知 二、会议议程 1、议案一：《关于预计 2026-2028 年度日常关联交易的议案》 2、议案二：《关于修订公司部分治理制度的议案》 荣昌生物制药（烟台）股份有限公司 股东会会议资料 1 荣昌生物制药（烟台）股份有限公司 2025 年第三次临时股东会会议须知 为了维护全体股东的合法权益，确保股东会的正常秩序和议事效率，保证 会议的顺利进行，根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、中国证监 会《上市公司股东会规则》以及《荣昌生物制药（烟台）股份有限公司章程》、 《荣昌生物制药（烟台）股份有限公司股东会议事规则》的相关规定，特制定 本会议须知： 一、为确认出席会议的股东或其代理人或其他出席者的出席资格，会议工 作人员将对出席会议者 ...

| 证券代码：688331 | 证券简称：荣昌生物 | 公告编号：2025-052 | | --- | --- | --- | | 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 关于召开 2025 年第三季度业绩说明会的公告 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： 会议召开时间：2025 年 12 月 03 日 （星期三） 13:00-14:00 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 26 日（星期三）至 12 月 02 日（星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@remegen.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 荣昌生物制药(烟台)股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 12 ...

Group 1 - The report highlights the "engineer dividend" period for China's innovative drug industry, indicating that local innovations have gained full recognition from multinational corporations (MNCs) [4][5][53] - The report emphasizes the strong performance of various Chinese biotech stocks, with notable price increases observed in companies like Rongchang Biopharmaceutical (+199%) and Mawei Biopharmaceutical (+124%) in the A-share market [4][16] - The report identifies a significant increase in the number of first-in-class (FIC) drugs entering clinical trials in China, from only 9 in 2015 to an expected 120 in 2024, with China's global share of FIC drugs exceeding 30% [4][22] Group 2 - The report discusses the leading position of Chinese companies in the antibody-drug conjugate (ADC) sector, with over 50% global pipeline share in key targets such as HER2 and TROP2 [25][32] - It notes that two Chinese ADC drugs have entered the top ten global upfront payment rankings, indicating strong valuation potential for local innovations [30][31] - The report highlights the anticipated growth in bispecific antibodies (bsAbs), with Chinese companies dominating the top five global upfront payments for related assets [37][41] Group 3 - The report recommends several companies with significant global single product potential, including Kolon Biotech and Innovent Biologics, while also highlighting others like 3SBio and BeiGene as companies to watch [6][52] - It emphasizes the potential for substantial global pricing power for assets, particularly for companies like Rongchang Biopharmaceutical and Zai Lab, which are expected to see continued clinical data readouts [6][52] - The report suggests that companies like Innovent Biologics and Rongchang Biopharmaceutical are likely to turn profitable, with expectations of improved financial performance in the coming years [6][52]

Group 1 - The core viewpoint of the article indicates a decline in innovative drug concept stocks, with significant drops in companies such as Heptares Therapeutics-B (down 9.15% to HKD 12.81), Tansheng Bo Pharmaceutical-B (down 7.56% to HKD 1.59), and others [1] - The report highlights a cooling trend in the business development (BD) of innovative drugs, with a total transaction amount of USD 60.8 billion in the first half of 2025, representing a year-on-year increase of 129%. However, the growth rate has started to decline since the third quarter of this year [1] - The U.S. employment report for September shows economic resilience, leading Morgan Stanley to abandon its previous prediction of a 25 basis point rate cut by the Federal Reserve in December. The new forecast suggests rate cuts in January, April, and June 2026, lowering the target policy rate to a range of 3%-3.25% [1] Group 2 - Analysts suggest that the cooling expectations for Federal Reserve rate cuts may impact the valuations of the innovative drug sector and overseas biopharmaceutical investment and financing [1]

Group 1 - The innovative drug concept stocks have experienced significant declines, with notable drops including: Heptares Therapeutics-B down 9.15% to HKD 12.81, Tiansheng Bo Pharmaceutical-B down 7.56% to HKD 1.59, Rongchang Biopharmaceutical down 5.83% to HKD 80, and Innovent Biologics down 6.18% to HKD 86.5 [1] - There are signs of cooling in the innovative drug business development (BD) sector, with data indicating that the total transaction amount in the first half of 2025 in China is projected to be USD 60.8 billion, a year-on-year increase of 129%. In the first three quarters of this year, the transaction amount reached USD 93.7 billion, reflecting a year-on-year growth of 64% [1] - The decline in growth rates for domestic innovative drug BD transactions began in the third quarter, indicating a potential slowdown in the sector [1] Group 2 - The U.S. September employment report shows economic resilience, leading Morgan Stanley to abandon its previous prediction of a 25 basis point rate cut by the Federal Reserve in December [1] - Morgan Stanley now forecasts that the Federal Reserve will lower interest rates in January, April, and June of 2026, bringing the target policy rate range down to 3%-3.25% [1] - Analysts suggest that the cooling expectations for Federal Reserve rate cuts may impact the valuations of the innovative drug sector and overseas biopharmaceutical investment and financing [1]

Core Viewpoint - Jianyin International has raised the target price for Rongchang Biologics (09995) by 9% from HKD 110 to HKD 120, maintaining an "outperform" investment rating [1] Revenue Forecast - Jianyin International has kept its revenue forecasts for Rongchang Biologics for 2025, 2026, and 2027 unchanged at RMB 2.8 billion, RMB 3.4 billion, and RMB 4.6 billion respectively [1] Loss Adjustments - Due to improved operational efficiency, the ratio of operating expenses to sales has decreased, leading to a downward adjustment of the 2025 adjusted net loss forecast from RMB 347 million to RMB 68 million [1] - The 2026 adjusted net loss forecast has also been revised down from RMB 182 million to RMB 94 million [1] Profit Forecast - The adjusted profit forecast for 2027 has been increased from RMB 923 million to RMB 960 million [1]

Core Viewpoint - Jianyin International has raised the target price for Rongchang Biopharmaceutical (09995) by 9% from HKD 110 to HKD 120, maintaining an "outperform" investment rating [1] Revenue Forecast - Jianyin International has kept its revenue forecasts for Rongchang Biopharmaceutical for 2025, 2026, and 2027 unchanged at RMB 2.8 billion, RMB 3.4 billion, and RMB 4.6 billion respectively [1] Loss Adjustment - Due to improved operational efficiency, the ratio of operating expenses to sales has decreased, leading to a downward adjustment of the 2025 adjusted net loss forecast from RMB 347 million to RMB 68 million [1] - The 2026 adjusted net loss forecast has also been revised down from RMB 182 million to RMB 94 million [1] Profit Forecast - The adjusted profit forecast for 2027 has been increased from RMB 923 million to RMB 960 million [1]