致：香港交易及結算所有限公司 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10月31日 狀態: 新提交 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 688331 | 說明 | 在上海證券交易所上市 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 355,027,004 RMB | | | 1 RMB | | 355,027,004 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 355,027,004 RMB | | | 1 RMB | | 355,027,004 | 本月底法定/註冊股本總額： RMB 563,608,243 公司名稱: 榮昌生物製藥（煙台）股份有限公司 呈交日期: 2025年11月 ...

Company Summary - Rongchang Biopharmaceutical (SH 688331) held its 30th meeting of the second board on November 4, 2025, to discuss the proposal regarding the first vesting period of the 2022 A-share restricted stock incentive plan [1] - For the year 2024, the company's revenue composition is 99.61% from the pharmaceutical manufacturing industry and 0.39% from other businesses [1] - As of the report date, Rongchang Biopharmaceutical has a market capitalization of 54.5 billion yuan [1] Industry Summary - A significant increase in overseas orders by 246% has been reported, covering over 50 countries and regions [1] - Entrepreneurs have raised concerns about some companies selling products at a loss, warning of potential vicious competition extending to overseas markets [1]

Core Viewpoint - Rongchang Biotech (09995) has entered into an agreement with SPD Bank Yantai Branch to invest RMB 400 million of its idle funds in a wealth management product [1] Summary by Categories Company Actions - The company has agreed to purchase a wealth management product from SPD Bank Yantai Branch using RMB 400 million of its idle self-owned funds [1]

Core Viewpoint - Morgan Stanley has downgraded the product revenue forecasts for Rongchang Biologics (09995, 688331.SH) for 2025 and 2026, reflecting the latest performance, while raising the forecast for licensing revenue [1] Group 1: Financial Performance - The third-quarter performance of Rongchang Biologics was mixed, with product revenue lower than the bank's expectations, but profit margins and operating expenses were better controlled than anticipated, indicating ongoing cost optimization by the company [1] - The bank expects the net loss for 2025 and 2026 to narrow due to improved profit margins and reduced operating expenses [1] Group 2: Target Price and Ratings - The target price for H-shares has been raised from HKD 73 to HKD 77, with the rating upgraded to neutral; the target price for A-shares has been increased from RMB 86 to RMB 92, maintaining a "neutral" rating [1] Group 3: Cost Management - Following the signing of the RC18 licensing agreement with VorBio in June, the company's R&D expenses decreased by 30% year-on-year and 24% quarter-on-quarter; administrative expenses also fell by 23%, continuing the positive trend from previous quarters [1]

Core Viewpoint - Morgan Stanley has downgraded the product revenue forecasts for Rongchang Biologics (09995, 688331.SH) for 2025 and 2026, reflecting the latest performance, while raising the forecast for licensing revenue [1] Group 1: Financial Performance - The third-quarter performance of Rongchang Biologics was mixed, with product revenue falling below expectations, but profit margins and operating expenses were better controlled than anticipated, indicating ongoing cost optimization by the company [1] - The company’s net loss is expected to narrow in 2025 and 2026 due to improved profit margins and reduced operating expenses [1] Group 2: Revenue Forecasts - The target price for H-shares has been raised from HKD 73 to HKD 77, with the rating upgraded to neutral; the target price for A-shares has been increased from RMB 86 to RMB 92, maintaining a "neutral" rating [1] Group 3: Cost Management - Following the RC18 licensing agreement with VorBio in June, the company's R&D expenses decreased by 30% year-on-year and 24% quarter-on-quarter; administrative expenses also fell by 23%, continuing the positive trend from previous quarters [1]

Core Viewpoint - Morgan Stanley's research report indicates that Rongchang Bio's third-quarter performance was mixed, with product revenue falling short of expectations, but profit margins and operating expenses were better controlled than anticipated, reflecting the company's ongoing cost optimization efforts [1] Financial Performance - Product revenue for the third quarter was lower than Morgan Stanley's expectations [1] - Research and development expenses decreased by 30% year-on-year and 24% quarter-on-quarter following the RC18 licensing agreement with Vor Bio signed in June [1] - Administrative expenses also declined by 23%, continuing the positive trend from previous quarters [1] Revenue Forecast Adjustments - The bank has lowered its product revenue forecasts for 2025 and 2026 to reflect the latest performance [1] - Conversely, the forecast for licensing revenue has been increased [1] Profitability Outlook - With improved profit margins and reduced operating expenses, the bank expects the net loss for 2025 and 2026 to narrow [1] Target Price Adjustments - The target price for H-shares has been raised from HKD 73 to HKD 77, with a rating upgrade to "Neutral" [1] - The target price for A-shares has been increased from CNY 86 to CNY 92, maintaining a "Neutral" rating [1]

Core Viewpoint - The report from CMB International indicates an increase in the target price for Rongchang Biologics (09995) from HKD 109 to HKD 112, maintaining a "Buy" rating [1] Financial Performance - Rongchang Biologics reported a 33% year-on-year revenue growth in Q3, reaching RMB 620 million [1] - Sales revenue from Taitasip was RMB 380 million, reflecting a 41% year-on-year increase and a 13% quarter-on-quarter increase [1] - Sales revenue from Vidisizumab was RMB 240 million [1] - The company recorded a net loss of RMB 100 million in Q3, continuing a trend of decreasing losses [1] Cash Position and Credit Facilities - As of the end of the quarter, the company had cash reserves of RMB 1.45 billion and approximately RMB 3.5 billion in available credit facilities [1] Management Outlook - Management expressed confidence in achieving a sales revenue growth target of over 30% for the year, driven by Taitasip and RC28 [1]

Core Viewpoint - The report from CMB International indicates an increase in the target price for Rongchang Biologics (09995) from HKD 109 to HKD 112, maintaining a "Buy" rating, highlighting significant growth potential in upcoming clinical developments and product sales [1] Financial Performance - Rongchang Biologics reported a 33% year-on-year revenue increase to RMB 620 million in Q3, with sales from Taitasip reaching RMB 380 million, reflecting a 41% year-on-year and 13% quarter-on-quarter growth [1] - Sales from Vidisizumab amounted to RMB 240 million, showing a 21% year-on-year and 3.5% quarter-on-quarter increase [1] - The gross margin improved by 2.5 percentage points, while the SG&A expense ratio decreased by 9.6 percentage points, and R&D expenses saw a significant reduction of 30% [1] Loss and Cash Position - The company reported a net loss of RMB 100 million in Q3, continuing a trend of decreasing losses quarter by quarter [1] - As of the end of the quarter, the company had cash reserves of RMB 1.45 billion and approximately RMB 3.5 billion in available credit lines [1] Future Outlook - Management expressed confidence in achieving over 30% growth in annual product sales revenue, with expected revenue recognition from upfront payments for Taitasip and RC28's business development transactions in Q4 [1]

Core Viewpoint - The report from CMB International indicates an increase in the target price for Rongchang Biologics (09995) from HKD 109 to HKD 112, maintaining a "Buy" rating, highlighting significant growth potential in upcoming clinical developments and product sales [1] Financial Performance - Rongchang Biologics reported a 33% year-on-year increase in revenue for Q3, reaching RMB 620 million, with sales from Taitasip contributing RMB 380 million, reflecting a 41% year-on-year and 13% quarter-on-quarter growth [1] - Sales from Vidisizumab amounted to RMB 240 million, showing a 21% year-on-year and 3.5% quarter-on-quarter increase [1] - The gross margin improved by 2.5 percentage points, while the SG&A expense ratio decreased by 9.6 percentage points, and R&D expenses saw a significant reduction of 30% [1] Loss and Cash Position - The net loss for Q3 was RMB 100 million, continuing a trend of sequential reduction [1] - The company ended the quarter with cash reserves of RMB 1.45 billion and approximately RMB 3.5 billion in available credit lines [1] Future Outlook - Management expressed confidence in achieving over 30% growth in annual product sales revenue, with expected recognition of upfront revenue from BD licensing deals for Taitasip and RC28 in Q4 [1]

Core Viewpoint - Rongchang Biopharmaceutical (688331) has engaged in a financial product agreement with SPD Bank, utilizing idle funds for investment, which is expected to yield a modest return [1] Group 1: Stock Performance - As of November 3, 2025, Rongchang Biopharmaceutical's stock closed at 97.9 yuan, down 1.23% from the previous trading day [1] - The stock opened at 99.26 yuan, reached a high of 99.99 yuan, and a low of 93.91 yuan, with a trading volume of 9.88 billion yuan and a turnover rate of 6.27% [1] Group 2: Financial Product Agreement - On November 3, 2025, the company signed an agreement with SPD Bank Yantai Branch to invest 400 million yuan in a principal-protected floating income financial product [1] - The product has a term of 25 days and an expected annualized return rate of 0.7%, 1.65%, or 1.85%, linked to the euro to US dollar exchange rate [1] - This transaction follows a similar agreement made on October 15, 2025, for 100 million yuan, necessitating combined disclosure due to the nature and timing of the transactions [1] Group 3: Compliance and Governance - The board of directors considers the terms of the transaction to be fair and in the overall interest of the company and its shareholders [1] - The transaction falls under the disclosure requirements of the listing rules, as one of the combined transactions exceeds 5% but is below 25% [1]