| 证券代码：688331 | 证券简称：荣昌生物 | 公告编号：2024-057 | | --- | --- | --- | | 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 关于公司 2022 年 A 股限制性股票激励计划之 B 类权益首次 授予第一个归属期符合归属条件的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 一、本次股权激励计划批准及实施情况 （一）本次股权激励计划主要内容 1、股权激励方式：第二类限制性股票。 2、授予数量：本激励计划向激励对象授予的限制性股票数量为 358.000 万 股，约占本激励计划草案公告时公司股本总额 54,426.30 万股的 0.6578%。其中， 首次授予 A 类权益 87.305 万股，B 类权益 199.64 万股，合计 286.945 万股，约 占本激励计划草案公告时公司股本总额 54,426.30 万股的 0.5272%，首次授予部 分占本次授予权益总额的 80.15%；预留 71.055 万股，约占本激 ...

| 证券代码：688331 | 证券简称：荣昌生物 | 公告编号：2024-051 | | --- | --- | --- | | 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 2024 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：2024 年 12 月 10 日(星期二) 上午 10:00-11:00 会议召开地点： 上海证券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 12 月 03 日(星期二) 至 12 月 09 日(星期一)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。 三、 参加人员 董事长：王威东先生 总经理：房健民先生 董事会秘书：温庆凯先生 荣昌生 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 23.95, indicating a potential upside of 40.7% from the current price [4]. Core Insights - The company has demonstrated significant revenue growth, achieving Q3 revenue of CNY 467 million, a year-on-year increase of 34.6% and a quarter-on-quarter increase of 13.6%. Cumulatively, revenue for the first three quarters grew by 57.1% [1]. - Cost control measures have led to a notable reduction in losses, with Q3 net loss narrowing by 32.6% to CNY 291 million. The gross margin for Q3 improved to 82.1%, up 4.1 percentage points from the previous quarter [1]. - The company is focusing resources on key pipelines, with several clinical trials progressing well, including the completion of patient enrollment for various Phase III trials [3]. Financial Performance - The company reported a cash and cash equivalents balance of CNY 1.12 billion as of September 30, with a loan credit line of CNY 2.8 billion [1]. - The sales revenue for the product 泰它西普 reached approximately CNY 270 million in Q3, reflecting a year-on-year growth of about 43% [2]. - The projected revenues for the company for the years 2024, 2025, and 2026 are CNY 1.624 billion, CNY 2.411 billion, and CNY 3.243 billion, respectively [4].

Investment Rating - The report initiates coverage with a "Buy" rating and sets a target price of HKD 21.80 [81][85]. Core Insights - Rongchang Biopharmaceutical (9995 HK) is a leading domestic manufacturer in the ADC and fusion protein sectors, with a strong R&D pipeline [6][15]. - The company's core products, including the first domestic ADC, Vadisizumab (爱地希), and the dual-target biological drug, Taisip (泰爱), are expected to see rapid revenue growth [7][21]. - The revenue forecast for Vadisizumab is projected to increase from RMB 530 million in 2023 to RMB 1.31 billion by 2026, with a CAGR of 35.3% [29][30]. - Taisip is anticipated to benefit from the strong demand for systemic lupus erythematosus treatments, with revenue expected to grow from RMB 520 million in 2023 to RMB 1.71 billion by 2026, reflecting a CAGR of 48.8% [41][53]. Summary by Sections Company Overview - Rongchang Biopharmaceutical was established in 2008 and went public in Hong Kong in 2020, focusing on R&D and production in oncology, autoimmune diseases, and ophthalmology [15][19]. - The company has established three major technology platforms: ADCs, fusion proteins, and bispecific antibodies, with six additional products in the pipeline [15][19]. Product Pipeline - The company has a robust pipeline with six investigational drugs in oncology and ophthalmology, including RC28 and RC88, which are expected to have significant market potential [2][67]. - RC28 is in Phase III clinical trials targeting age-related macular degeneration and diabetic macular edema, while RC88 is in Phase II trials for MSLN-positive solid tumors [2][67][71]. Financial Performance - Revenue is projected to grow from RMB 1.08 billion in 2023 to RMB 3.05 billion by 2026, with a CAGR of 41.5% [75]. - The company is expected to reduce shareholder net losses gradually, with a forecasted loss of RMB 432 million by 2026 [76]. Market Position and Competitive Advantage - Vadisizumab is the only approved domestic ADC in China, benefiting from increasing market demand for ADCs [29][30]. - Taisip's clinical data shows superior efficacy compared to its main competitor, Benlysta, which positions it favorably in the market for systemic lupus erythematosus [41][47]. Valuation and Investment Thesis - The report uses a DCF model to price the stock, indicating a target price of HKD 21.80, suggesting significant upside potential based on current valuations [86]. - The company’s current stock price reflects a lower valuation compared to peers, indicating room for growth as the market recognizes its product pipeline and revenue potential [81][85].

Investment Rating - The investment rating for Rongchang Biologics is "Accumulate" (maintained) [1] Core Views - The company's revenue for the third quarter reached 4.7 billion yuan, representing a year-on-year growth of 34.6% [1] - The total revenue for the first nine months of 2024 was 12.1 billion yuan, with a year-on-year increase of 57.1% [1] - The net loss for the third quarter was 2.9 billion yuan, which is a decrease in loss by 32.6% compared to the previous quarter [1] - The company continues to see robust growth in revenue, aligning with expectations, and maintains strong profitability [1] Financial Summary - **Revenue Forecasts**: - 2022A: 772 million yuan - 2023A: 1,083 million yuan - 2024E: 1,608 million yuan - 2025E: 2,167 million yuan - 2026E: 2,880 million yuan - Year-on-year growth rates: 2023A: 40%, 2024E: 48%, 2025E: 35%, 2026E: 33% [1][2] - **Net Profit Forecasts**: - 2022A: -999 million yuan - 2023A: -1,511 million yuan - 2024E: -1,025 million yuan - 2025E: -776 million yuan - 2026E: -587 million yuan - Year-on-year growth rates: 2023A: -51%, 2024E: 32%, 2025E: 24%, 2026E: 24% [1][2] - **Earnings Per Share (EPS)**: - 2022A: -1.83 yuan - 2023A: -2.78 yuan - 2024E: -1.88 yuan - 2025E: -1.43 yuan - 2026E: -1.08 yuan [1][2] - **Cash Flow**: - Operating cash flow for 2023A: -1,502 million yuan - Net profit for 2023A: -1,511 million yuan [3] Research and Development - The company is advancing its international research and development efforts, with significant clinical trials ongoing for key products such as Taitasip and Vidisizumab [1] - The early pipeline aligns with industry development trends and demonstrates differentiation [1]

Investment Rating - The report maintains a rating of "Buy" for Rongchang Biopharmaceuticals [2][4]. Core Views - The company achieved a revenue of 470 million RMB in Q3 2024, representing a year-on-year growth of 34.6%, with a net loss of 290 million RMB, which is a reduction of 40 million RMB compared to the previous year [3][4]. - The gross margin improved to 82.1%, an increase of 5.8 percentage points, due to enhanced product processes and increased sales scale [4]. - The company is focusing on late-stage pipelines and controlling R&D expenses, with an R&D expense ratio of 74.3%, down by 17.2 percentage points [4]. - Revenue forecasts for 2024-2026 are maintained at 1.647 billion, 2.504 billion, and 3.319 billion RMB respectively [4]. Financial Summary - Revenue for 2022A was not provided, but for 2023A it is projected at 1,083 million RMB, with a significant increase to 1,647 million RMB in 2024E, and further growth to 2,504 million RMB in 2025E and 3,319 million RMB in 2026E [1]. - The net profit figures indicate a loss of 999 million RMB in 2024E, with losses decreasing to 856 million RMB in 2025E and 299 million RMB in 2026E [1]. - The PE ratio is projected to improve from -28.33 in 2024E to -6.68 in 2026E, while the PB ratio is expected to rise from 5.82 in 2024E to 11.81 in 2026E [1].

Investment Rating - The report maintains a "Buy" rating for Rongchang Biopharma (9995 HK) with a target price of HKD 24.00, indicating a potential upside of 45.6% from the current price of HKD 16.48 [1][3][5]. Core Insights - The company's 3Q24 core product sales continue to grow, with significant progress in overseas clinical registrations. The financial forecast for 2024 has been adjusted upwards based on better-than-expected performance in 3Q24 [1][3]. - The report highlights that the sales of the core products, Taitasip and Vidisizumab, are expected to expand further in the domestic market and continue steady progress in overseas clinical trials [1][3]. - The company has sufficient cash reserves of approximately RMB 1.12 billion and a credit line of RMB 2.8 billion to support its operations without needing to secure business development (BD) transactions in the near term [1][2]. Financial Performance Summary - In 3Q24, Rongchang Biopharma reported a revenue of RMB 470 million, a year-on-year increase of 34.6%. The sales of Taitasip reached RMB 270 million, up 43% year-on-year, while Vidisizumab sales were around RMB 200 million, up 25% year-on-year [2][3]. - The net loss for 3Q24 was RMB 290 million, a significant reduction from RMB 430 million in 2Q24. The gross margin improved to 82.1%, an increase of 5.8 percentage points year-on-year [2][3]. - The report projects a 6% increase in the 2024 revenue forecast to RMB 1.74 billion, with Taitasip and Vidisizumab expected to generate sales of RMB 960 million and RMB 760 million, respectively [3][4]. Future Outlook - Key upcoming milestones include the initiation of the second phase of the overseas SLE III trial for Taitasip in 4Q24, with data readout expected in 1H25. The report also notes ongoing registration and critical clinical trials for various indications in China [3][4]. - The report emphasizes the importance of monitoring the registration progress of Vidisizumab for breast cancer and the timeline for overseas submissions based on the progress of the first-line UC III trial [3][4].

Investment Rating - The report maintains a "BUY" rating for RemeGen, indicating a potential return of over 15% over the next 12 months [12]. Core Insights - RemeGen achieved record product sales in Q3 2024, with revenue of RMB467 million, reflecting a 14% quarter-over-quarter and 35% year-over-year increase, driven by strong sales of RC18 and RC48 [1]. - The company narrowed its net loss to RMB291 million in Q3 2024 from RMB432 million in Q2 2024, indicating improved financial performance [1]. - The gross profit margin improved to 82.1% in Q3 2024, up from 78.3% in the first half of 2024, while the SG&A expense ratio decreased to 68.5% [1]. - RemeGen's total revenue for the first nine months of 2024 reached RMB1,209 million, representing a 57% year-over-year growth and aligning with expectations [1]. - The report anticipates continued strong sales momentum into Q4 2024 and beyond, supporting the company's FY24 sales target of over 50% year-over-year growth [1]. Financial Summary - Revenue projections for FY24 are estimated at RMB1,740 million, with a year-over-year growth of 61.7% [2]. - The net profit for FY24 is projected to be a loss of RMB1,268 million, improving to a loss of RMB967 million in FY25 and further narrowing to RMB275 million in FY26 [2]. - R&D expenses are expected to be RMB1,450 million for FY24, remaining stable in FY25, and slightly increasing to RMB1,502 million in FY26 [2]. - The gross profit margin is projected to be 80.31% for FY24, improving to 81.15% in FY25 and 80.81% in FY26 [7]. Valuation - The report revises the DCF-based target price from HK$19.59 to HK$21.09, reflecting a 28% upside from the current price of HK$16.48 [3][4]. - The DCF per share is calculated at HK$21.09, based on a WACC of 12.93% and a terminal growth rate of 2.0% [4][5]. - The market capitalization of RemeGen is approximately HK$8,970.6 million, with an average three-month turnover of HK$42.5 million [3].

Revenue and Profitability - Revenue for Q3 2024 reached ¥467,117,500.34, representing a year-on-year increase of 34.60%[3] - Net profit attributable to shareholders was -¥290,966,871.21, with a cumulative net profit of -¥1,071,426,638.90 year-to-date[3] - Total operating revenue for the first three quarters of 2024 reached ¥1,208,874,280.23, a significant increase from ¥769,470,314.65 in the same period of 2023, representing a growth of approximately 56.9%[16] - Net profit for the third quarter of 2024 was a loss of ¥1,071,426,638.90, slightly worse than the loss of ¥1,030,585,859.60 in the same quarter of 2023[19] - The company reported a basic and diluted earnings per share of ¥-1.99 for the third quarter of 2024, compared to ¥-1.91 in the same quarter of 2023[19] Research and Development - Research and development expenses totaled ¥347,174,784.03, accounting for 74.32% of revenue, a decrease of 17.17 percentage points compared to the previous year[4] - Research and development expenses for the first three quarters of 2024 amounted to ¥1,153,407,440.34, up from ¥857,977,852.40 in 2023, reflecting a growth of approximately 34.4%[18] - The company experienced a decline in equity attributable to shareholders, down 31.09% due to increased losses from R&D investments[7] - Future outlook includes continued focus on research and development of new products and technologies to drive growth[12] Assets and Liabilities - Total assets at the end of the reporting period were ¥5,712,713,413.00, an increase of 3.34% from the previous year[4] - The company's current assets totaled RMB 2,524,007,322.36, up from RMB 2,228,931,955.16 at the end of 2023, indicating a growth of approximately 13.2%[13] - Total liabilities as of the end of the third quarter of 2024 were ¥3,344,032,874.19, compared to ¥2,090,972,550.70 in 2023, showing an increase of about 60.0%[18] - The total equity attributable to shareholders of the parent company was ¥2,368,680,538.81, down from ¥3,437,268,153.89 in the previous year, indicating a decrease of approximately 30.9%[18] Cash Flow - Cash flow from operating activities was not applicable for the current period, with a cumulative negative cash flow of -¥835,103,066.88 year-to-date[3] - Cash inflow from operating activities totaled ¥1,222,172,614.37 for the first three quarters of 2024, compared to ¥718,145,797.69 in 2023, marking an increase of about 70.0%[20] - Cash flow from operating activities for the first three quarters of 2024 was negative at ¥-835,103,066.88, an improvement compared to ¥-1,114,762,180.68 in the same period of 2023[20] - Net cash flow from investment activities was -¥425.81 million, an improvement from -¥920.37 million year-over-year[21] - Total cash inflow from financing activities reached ¥1,316.63 million, up from ¥659.28 million, representing a 99.5% increase[21] - Net cash flow from financing activities was ¥1,202.06 million, compared to ¥511.63 million in the previous period, showing a significant increase of 134%[21] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 7,618[8] - The company reported a total of 7,594 A-share common stockholders and 24 H-share common stockholders as of the report date[11] - The top 10 shareholders held a total of 189,566,728 shares, representing 34.83% of the total shares outstanding[9] Market Position and Strategy - The company reported a significant increase in sales of injectable drugs, specifically TaiTasi and VidiXimab, contributing to revenue growth[7] - The company has engaged in strategic partnerships and investments to enhance its market position and expand its product offerings[12] Government Support - Government subsidies recognized in the current period amounted to ¥17,816,478.70, impacting the overall financial performance positively[5]

Financial Performance - The company's operating revenue for Q3 2024 was ¥467,117,500.34, representing a year-on-year increase of 34.60%[2] - The net profit attributable to shareholders was -¥290,966,871.21, with a year-to-date net profit of -¥1,071,426,638.90[2] - Total operating revenue for the first three quarters of 2024 reached ¥1,208,874,280.23, a significant increase from ¥769,470,314.65 in the same period of 2023, representing a growth of approximately 56.9%[14] - The net loss for the first three quarters of 2024 was ¥1,071,426,638.90, compared to a net loss of ¥1,030,585,859.60 in the same period of 2023, showing a slight increase in losses[16] - The basic and diluted earnings per share were both -¥0.54 for Q3 2024, with a year-to-date figure of -¥1.99[3] - The basic and diluted earnings per share for the first three quarters of 2024 were both -¥1.99, compared to -¥1.91 in 2023, indicating a slight deterioration in per-share performance[17] Research and Development - Research and development expenses totaled ¥347,174,784.03 in Q3 2024, accounting for 74.32% of operating revenue, a decrease of 17.17 percentage points compared to the same period last year[3] - Research and development expenses surged to ¥1,153,407,440.34 in the first three quarters of 2024, compared to ¥857,977,852.40 in 2023, reflecting a rise of approximately 34.4%[14] - The total equity attributable to shareholders decreased by 31.09% year-on-year, primarily due to increased losses from higher R&D expenditures[6] Assets and Liabilities - The total assets at the end of the reporting period were ¥5,712,713,413.00, an increase of 3.34% from the end of the previous year[3] - The total liabilities increased to ¥3,344,032,874.19 in 2024 from ¥2,090,972,550.70 in 2023, marking an increase of approximately 60.0%[13] - The total equity attributable to shareholders decreased to ¥2,368,680,538.81 in 2024 from ¥3,437,268,153.89 in 2023, a decline of about 30.9%[13] Cash Flow - The cash flow from operating activities was not applicable for the current period, with a year-to-date net cash flow of -¥835,103,066.88[2] - In the first three quarters of 2024, the company generated cash inflows from operating activities totaling approximately ¥1.22 billion, compared to ¥718.15 million in the same period of 2023, representing a year-over-year increase of 70%[18] - The net cash flow from operating activities for the first three quarters of 2024 was approximately -¥835.10 million, an improvement from -¥1.11 billion in the same period of 2023[18] - The total cash outflow from operating activities was approximately ¥2.06 billion in 2024, compared to ¥1.83 billion in 2023, indicating an increase of about 12%[18] Shareholder Information - The company reported a total of 7,618 shareholders, with 7,594 being A-share holders and 24 being H-share holders[9] - The top 10 shareholders include HKSCC NOMINEES LIMITED holding 189,566,728 shares, representing 34.83% of total shares[9] Government Support - The company received government subsidies amounting to ¥17,816,478.70 during the reporting period, contributing to its other income[4] Interest and Other Income - The company reported a significant increase in interest expenses, which rose to ¥55,598,761.08 in 2024 from ¥13,656,827.51 in 2023[16] - Other comprehensive income after tax for the first three quarters of 2024 was negative at -¥42,366,321.69, compared to -¥7,908,770.97 in 2023, indicating a worsening position[17] Product Development - The company reported a significant increase in sales revenue due to higher sales volumes of its injectable products, specifically TaiTasi and VidiXimab[6] - The company is actively involved in the development of new products and technologies, focusing on market expansion strategies[10]