北京商报讯（记者 丁宁）1月30日晚间，荣昌生物（688331）发布2025年业绩预告显示，经公司财务部 门初步测算，预计2025年营业收入约32.5亿元，同比增加约89%。预计2025年实现归属净利润约7.16亿 元，与上年同期相比，实现扭亏为盈。 荣昌生物表示，报告期内，公司核心产品泰它西普、维迪西妥单抗国内销售收入实现快速增长，成为业 绩核心增长引擎；同时，公司成功达成重磅合作，授予Vor BiopharmaInc泰它西普除大中华区以外全球 范围内的独家开发与商业化权利，技术授权收入大幅增加，部分海外研发投入由授权方承担。此外，公 司通过优化管理、迭代生产工艺等举措，降低了产品单位生产成本，提升了产品毛利率，另外，销售费 用率明显下降。综合多方面积极因素，公司盈利效率大幅改善，预计2025年度净利润将实现扭亏为盈。 ...

南财智讯1月30日电，荣昌生物发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润约为 71,600万元，实现扭亏为盈；预计2025年全年归属于上市公司股东的扣除非经常性损益的净利润约为 7,850万元，实现扭亏为盈。本期业绩变化的主要原因：（一）主营业务的影响：本年度，公司核心产 品泰它西普、维迪西妥单抗国内销售收入实现快速增长，成为业绩核心增长引擎；同时，公司成功达成 重磅合作，授予VorBiopharmaInc泰它西普除大中华区以外全球范围内的独家开发与商业化权利，技术 授权收入大幅增加，部分海外研发投入由授权方承担。此外，公司通过优化管理、迭代生产工艺等举 措，降低了产品单位生产成本，提升了产品毛利率，另外，销售费用率明显下降。综合多方面积极因 素，公司盈利效率大幅改善，预计2025年度净利润将实现扭亏为盈。（二）非经常性损益的影响：本年 度自上述授权交易取得的认股权证公允价值变动属于非经常性损益，在扣除非经常性损益的影响后，预 计公司2025年度归属于上市公司股东的扣除非经常性损益后的净利润实现扭亏为盈。 ...

证券代码：688331 证券简称：荣昌生物 公告编号：2026-006 港股代码：09995 港股简称：榮昌生物 （2）公司预计 2025 年度实现归属于母公司所有者的净利润约 71,600 万元， 与上年同期相比，实现扭亏为盈。 （3）公司预计 2025 年度归属于母公司所有者扣除非经常性损益后的净利润 约 7,850 万元，与上年同期相比，实现扭亏为盈。 （三）本期业绩预告相关的财务数据未经注册会计师预审计。 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、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 （1）经荣昌生物制药（烟台）股份有限公司（以下简称"公司"）财务部 门初步测算，预计 2025 年度营业收入约 325,000 万元，与上年同期相比，将增 加收入约 153,314 万元，同比增加约 89%。 荣昌生物制药（烟台）股份有限公司 2025 年年度业绩预告 二、上年同期业绩情况 2024 年度营业收入 171,686.17 万 ...

Market Performance - The market showed mixed performance from January 19 to January 23, with the Shanghai Composite Index rising by 0.84% and the Shenzhen Component Index increasing by 1.11%[5] - The average daily trading volume was 2.80 trillion yuan, a decrease compared to the previous week[5] Healthcare Sector - At the JPM 2026 conference, over 20 Chinese innovative pharmaceutical companies showcased their products, with significant business development (BD) transactions announced[16] - In 2025, the value of China's innovative drug patent licensing transactions reached approximately $135.7 billion, a 143% increase year-on-year, with 157 total transactions[20] Consumer Sector - The Qianwen APP integrated with Alibaba's ecosystem, achieving over 100 million monthly active users within two months of launch, marking its entry into the "billion-level club"[25] - This integration allows for a seamless process from search to decision-making and payment, establishing a comprehensive AI application ecosystem[26] Hard Technology Sector - The supply of storage and logic chips remains tight, leading to widespread price increases across the industry[32] - The price of enterprise SSDs continues to rise, with a projected increase of 33-38% for NAND Flash products due to supply constraints[36] High-end Manufacturing - The State Grid announced a total fixed asset investment of 4 trillion yuan for the 14th Five-Year Plan period (2026-2030), a 40% increase from the previous period, averaging 800 billion yuan annually[42] - The goal is to achieve a 30% share of renewable energy in total power generation by 2030, indicating significant growth potential for the solar and wind energy sectors[46]

Market Performance - The market showed mixed performance from January 19 to January 23, with the Shanghai Composite Index rising by 0.84% and the Shenzhen Component Index increasing by 1.11%[5] - The average daily trading volume was 2.80 trillion yuan, a decrease compared to the previous week[5] Healthcare Sector - At the JPM 2026 conference, over 20 Chinese innovative pharmaceutical companies showcased their advancements, with significant business development (BD) transactions reported[16] - In 2025, the value of China's innovative drug patent licensing transactions reached approximately $135.7 billion, a 143% year-on-year increase, with 157 total transactions[20] Consumer Sector - The Qianwen APP integrated with Alibaba's ecosystem, achieving over 100 million monthly active users within two months of launch, marking its entry into the "billion-level club"[25] - This integration allows for a seamless process from search to decision-making and payment, establishing a comprehensive AI application ecosystem[26] Hard Technology Sector - The supply of storage and logic chips remains tight, leading to widespread price increases across the industry[32] - The price of enterprise SSDs continues to rise due to increased demand from AI servers, with NAND Flash supply expected to decrease by 41.7% in 2026[35] High-end Manufacturing - The State Grid announced a total fixed asset investment of 4 trillion yuan for the 14th Five-Year Plan period (2026-2030), a 40% increase from the previous period, averaging 800 billion yuan annually[42] - By 2030, renewable energy generation is expected to account for approximately 30% of total power generation, indicating significant growth potential in the solar and wind sectors[46]

Group 1 - The pharmaceutical and biotechnology industry is experiencing active consolidation and collaboration, with significant acquisitions and partnerships announced recently [1] - China National Pharmaceutical Group announced a full acquisition of Hejiya Biotech for 1.2 billion RMB, gaining access to its leading technology platform and diverse product pipeline [1] - Rongchang Biotech entered an exclusive licensing agreement with AbbVie for the bispecific antibody RC148, receiving an upfront payment of 650 million USD and potential milestone payments [1] Group 2 - WuXi AppTec announced plans to acquire all issued shares of Dongyao Pharmaceutical for approximately 2.79 billion HKD [1] - The Ministry of Commerce and nine other departments released guidelines to promote high-quality development in the pharmaceutical retail industry, focusing on transformation, payment, supply, and integration [1] - The policy encourages mergers and acquisitions, aiming to shift the industry from a "single drug sales" model to a "health service" model, which is expected to accelerate the clearing of individual pharmacies and increase industry concentration [1]

Group 1 - The core viewpoint of the news highlights the performance of the China Medical and Medical Device Innovation Index, with notable stock movements, including a leading increase of 8.29% by Sangfor Technologies [1] - The Medical Innovation ETF has seen continuous net inflows over the past week, with a maximum single-day net inflow of 40.537 million yuan, totaling 114 million yuan [1] - A significant research breakthrough was reported regarding the oral nucleoside drug VV116, which shows promising antiviral activity against the Nipah virus, providing a potential treatment option for high-risk populations [1] Group 2 - Guosen Securities noted that the innovative drug sector exhibited significant excess returns in 2025, driven by international business development, continuous positive clinical data, and supportive policies [2] - The Medical Innovation ETF closely tracks the China Medical and Medical Device Innovation Index, which selects 30 profitable and growth-oriented companies to reflect the overall performance of the sector [2] - As of December 31, 2025, the top ten weighted stocks in the index include WuXi AppTec, Heng Rui Medicine, and Mindray Medical, collectively accounting for 63.75% of the index [2]

Core Viewpoint - The pharmaceutical sector is experiencing significant capital inflow, driven by the emergence of Nipah virus cases in India, which has heightened interest in vaccines and innovative drugs, alongside the continuous expansion of Chinese pharmaceutical companies in overseas markets [1] Group 1: Market Dynamics - On January 26, the pharmaceutical sector saw a notable increase in capital inflow, with market sentiment becoming more active due to multiple factors, including marginal improvements in industry fundamentals and supportive policies [1] - The emergence of overseas pandemic events, such as Nipah virus infections, has reignited market focus on vaccines, antiviral drugs, and public health defense systems, reinforcing long-term investment confidence in the pharmaceutical sector, particularly in innovative drugs, vaccines, and diagnostics [1] Group 2: Structural Opportunities - Recent institutional insights indicate that structural opportunities within the pharmaceutical sector are becoming clearer, with the strong momentum of innovative drugs continuing to be a core driver of the sector [1] - By January 2026, several companies, including Yilian Biotech and Rongchang Biotech, have achieved licensing agreements, validating the global competitiveness of Chinese innovative drugs, especially in cutting-edge technology areas like ADC, bispecific antibodies, and small nucleic acids [1] Group 3: Sector Developments - Progress in specific subfields is enhancing confidence in the sector, with small nucleic acid drugs showing positive clinical data in chronic hepatitis B and metabolic diseases, attracting accelerated investments from leading domestic and international companies [2] - Breakthroughs in oral immunomodulatory drugs targeting new pathways provide new treatment options for difficult diseases such as psoriasis and ulcerative colitis, warranting ongoing monitoring of related domestic companies' clinical advancements [2] - The GLP-1 class products maintain high demand in the weight loss and diabetes markets, with a gradually forming domestic pricing system and rapid overseas market expansion opening up further growth opportunities [2] Group 4: Investment Strategies - Institutions suggest investors focus on the following main lines for pharmaceutical sector investments: - Concentrate on cutting-edge areas of innovative drugs, particularly in the accelerating overseas expansion of bispecific antibodies, ADC, and small nucleic acids, such as YK Pharma and Sunlight Novo [3] - Capitalize on innovative breakthroughs in tumor therapeutic vaccines [3] - Invest in the CXO and research service industry chain that supports innovative research and development, such as Yinos and Zhaoyan New Drug [3] - Pay attention to traditional Chinese medicine and pharmacy sectors with overseas potential or high dividend defensive attributes, such as Zoli Pharmaceutical, Dong'e Ejiao, and Yifeng Pharmacy [3]

Core Viewpoint - The trend of Chinese innovative drugs going global continues to gain momentum in 2026, with local pharmaceutical companies like Rongchang Biologics achieving significant overseas licensing agreements, marking a shift from simple product output and price competition to a new phase of value competition based on systematic R&D and original innovation [1][2][3] Group 1: Collaboration Models - Multiple local pharmaceutical companies, including Rongchang Biologics, have recently signed significant overseas licensing agreements, indicating a diversification in collaboration models [2] - Rongchang Biologics signed an exclusive licensing agreement with AbbVie for its PD-1/VEGF bispecific antibody drug RC148, receiving an upfront payment of $650 million and potential milestone payments up to $4.95 billion, along with double-digit royalties on net sales outside Greater China [2] - The collaboration aims to accelerate the global development and commercialization of RC148, enhancing Rongchang Biologics' brand value and international influence [2] Group 2: Market Trends and Characteristics - The overseas licensing of Chinese innovative drugs has shown significant characteristics, including a shift towards diverse collaboration models and a focus on the clinical value of drugs rather than just price advantages [3] - Oncology drugs are the primary focus for overseas licensing, with a few endocrine and autoimmune drugs also achieving international collaborations [3] - The total value of overseas licensing transactions for Chinese innovative drugs exceeded $130 billion in 2025, with over 150 transactions, marking a historical high [4] Group 3: Policy and Support - The National Medical Insurance Administration is actively supporting the "going global" strategy for Chinese pharmaceuticals, aiming to enhance the internationalization of the Chinese pharmaceutical industry [5] - The Ministry of Industry and Information Technology is planning to develop a pharmaceutical industry cooperation platform, facilitating the transition of Chinese pharmaceutical companies from exporting raw materials to innovative drugs and high-end medical devices [6] Group 4: Future Outlook - The overall trend of Chinese innovative drugs going global is expected to remain strong in 2026, driven by improved core capabilities and the global demand for innovation [7] - The oncology sector will continue to be the main battlefield, while metabolic and cardiovascular drug fields are anticipated to see increased international transactions [7] - The industry is shifting from a general explosion to a layered prosperity, with only assets that demonstrate global differentiation and clinical certainty likely to secure high-quality orders [7]

2026年开年以来，中国创新药出海热潮持续升温，荣昌生物等本土药企接连达成重磅海外授权合作，延 续了2025年的高光表现。与此同时，国家医保局、国家药监局等多部门协同发力，为药械"走出去"筑牢 政策与平台支撑。业内人士认为，中国创新药出海已告别单一的"单品输出"与"价格竞争"模式，正式迈 入以体系化研发能力、源头创新能力为核心的价值竞争新阶段。中外药企合作也从简单技术转让，升级 为全球协同开发、风险共担、利益绑定的深度共创模式。中国创新药正以平等的技术输出方身份，深度 参与全球医药产业竞争，实现从量的积累到质的飞跃。 ● 本报记者 傅苏颖 启明创投合伙人、医疗创新行业共同负责人陈侃日前在接受中国证券报记者采访时认为，近几年中国创 新药海外授权呈现出显著特点，核心是合作模式多元化发展，且全程以创新药自身价值为导向。其一， 合作模式打破单一局限，企业可结合自身产品管线布局及发展需求，灵活选择适配的合作路径。其二， 授权逻辑实现根本性转变，从过去依靠价格优势吸引合作，转向聚焦药物临床价值。其三，授权的靶点 与领域更趋聚焦，尽管热门靶点竞争激烈，但能够成功出海的产品均具备鲜明差异化优势。 止于至善投资总经理何理对中国 ...