Core Viewpoint - The public fund industry achieved impressive performance in Q1 2025, driven by a structural market led by AI and robotics themes [1][2]. Group 1: Fund Performance - The fund performance leaderboard for Q1 2025 was dominated by robotics-themed funds, Beijing Stock Exchange funds, and Hong Kong stock funds [2]. - The top-performing fund, Penghua Carbon Neutral Theme A, managed by Yan Siqian, achieved a return of 60.26%, heavily investing in several robotics stocks [3][5]. - Other notable funds include Ping An Advanced Manufacturing Theme A and Yongying Advanced Manufacturing Smart Selection A, both exceeding 50% returns, also focusing on robotics [6]. Group 2: Robotics Theme Funds - Penghua Carbon Neutral Theme A's significant holdings included stocks like Beite Technology and Hechuan Technology, with Double Forest Co. seeing a year-to-date increase of 118.16% [3][6]. - Fund managers expressed optimism about the rapid production of humanoid robots and the investment opportunities in new materials and technologies [7]. - The focus on core components and AI perception in humanoid robots indicates a growing market potential, with significant room for technological advancement [7][8]. Group 3: Beijing Stock Exchange Funds - Beijing Stock Exchange funds also performed well, with notable returns from funds like CITIC Construction Investment and Huaxia, achieving returns of 38.98% and 37.45% respectively [9]. - These funds have successfully identified high-performing stocks within the Beijing Stock Exchange, such as Kelaite, which saw a remarkable increase of 136.01% [9]. Group 4: Hong Kong Stock Funds - Hong Kong stock funds regained attention, with funds like Huatai Hong Kong Advantage Selection and Zhongyin Hong Kong Medical achieving returns of 38.9% and 32.25% respectively [12]. - The performance of these funds was bolstered by significant gains in pharmaceutical stocks, with companies like Kelun Pharmaceutical and Rongchang Biological seeing increases of 78.08% and 64.58% [12]. - The manager of Huatai Hong Kong Advantage Selection highlighted the growing competitiveness of Chinese innovative drugs in the global market, projecting a significant increase in overseas licensing deals [12][13].

Market Overview - The Hong Kong stock market showed positive movement in the morning, with the Hang Seng Index rising by 0.38% to close at 23,206.84 points, with a total turnover of 250.23 billion HKD [1] - Global uncertainties are increasing, leading to a cautious approach in the Hong Kong market, with upcoming data on consumption and real estate being key focus areas [1] Blue-Chip Stocks Performance - Xiaomi Group-W (01810) experienced a significant drop of 5.49%, closing at 46.5 HKD, impacting the Hang Seng Index negatively by 78.78 points [2] - Other blue-chip stocks showed mixed results, with CSPC Pharmaceutical Group (01093) rising by 10.93% and contributing 7.33 points to the index, while China Overseas Development (00688) fell by 4.46% [2] Sector Performance Pharmaceutical Sector - The pharmaceutical sector saw strong performance, with stocks like Yiming Pharmaceutical-B (01541) rising by 19.86% and Kangfang Biotech (09926) increasing by 12.86% [3] - The market anticipates policy optimizations in drug procurement, which is expected to benefit domestic pharmaceutical innovation [3] Oil Sector - Oil stocks generally rose, with CNOOC (00883) increasing by 2.7% and PetroChina (00857) up by 2.07% [4] - Concerns over geopolitical tensions have led to a rise in international oil prices, with projections for Brent crude oil prices to reach 70-75 USD per barrel by 2025 [4] Real Estate Sector - The real estate sector showed mixed results, with companies like Midea Real Estate (03990) rising by 12.04%, while China Overseas Development (00688) fell by 4.46% [6] - Data indicates a decline in sales for major real estate firms, with a 9.8% year-on-year drop in sales for the first quarter [6] Company Earnings Reports - Midea Real Estate reported a revenue of 3.73 billion HKD, a 33% increase, and a core net profit of 500 million HKD, up 25% [7] - China Overseas Development's revenue decreased by 8.58% to 185.15 billion HKD, with a profit drop of 38.95% [7] Notable Stock Movements - Lao Pu Gold (06181) reached a new high, closing up 19.07% at 868 HKD, with a significant increase in sales and net profit [8] - Haijia Medical (06078) rose by 9.97% after its founder increased shareholding, indicating confidence in the company's future [9] - XPeng Motors-W (09868) reported a 268% year-on-year increase in vehicle deliveries, reaching 33,205 units in March 2025 [10] - Pop Mart (09992) saw a 4.98% increase, with a reported revenue growth of 106.9% and a target to exceed 20 billion RMB in revenue this year [11]

Core Viewpoint - The Audit Committee of Rongchang Biopharmaceutical (Yantai) Co., Ltd. has diligently fulfilled its supervisory responsibilities for the year 2024, ensuring compliance with relevant regulations and maintaining effective internal controls [1][4]. Group 1: Audit Committee Overview - The Audit Committee consists of three members, including independent director Ma Lan and director Wang Liqiang, with accounting professional Hao Xianjing serving as the chairperson [1]. - During the reporting period, the Audit Committee held five meetings, with full attendance from all members [1]. Group 2: Key Activities of the Audit Committee - The committee supervised and evaluated the external audit firm, Ernst & Young, ensuring that it adhered to independent and objective auditing standards [1][3]. - The committee guided the internal audit work, reviewing the internal audit plan and confirming its feasibility, while ensuring compliance with the audit plan [2][3]. - The committee reviewed the company's financial reports, concluding that they were true, accurate, and complete, with no significant fraud or misstatements detected [3]. - The committee monitored and assessed the effectiveness of the company's risk management and internal control systems, confirming that there were no major deficiencies [3][4]. - The committee facilitated communication between management, internal audit, and external auditors, enhancing the efficiency of the audit process [4]. Group 3: Overall Evaluation - The Audit Committee has effectively fulfilled its responsibilities in accordance with relevant laws, regulations, and the company's articles of association, promoting sound operations and safeguarding the rights of shareholders [4].

Core Viewpoint - The company intends to reappoint Ernst & Young Hua Ming as the A-share audit firm and Ernst & Young as the Hong Kong audit firm for the year 2025, highlighting their compliance with legal and ethical standards in previous audits [1][2][6]. Group 1: A-share Audit Firm Information - Ernst & Young Hua Ming was established in September 1992 and transitioned to a special partnership in August 2012, with its headquarters in Beijing [2]. - The firm reported a total audited business revenue of RMB 5.955 billion for 2023, with audit service revenue of RMB 5.585 billion and securities service revenue of RMB 2.438 billion [2]. - Ernst & Young Hua Ming has audited 137 A-share listed companies in 2023, generating a total fee of RMB 905 million [2]. Group 2: Audit Firm's Compliance and Performance - The firm has a strong investor protection capability, with a cumulative compensation limit exceeding RMB 200 million from its professional risk fund and insurance [3]. - Over the past three years, Ernst & Young Hua Ming has not faced any civil lawsuits or criminal penalties related to its auditing practices [3][5]. - The project partner, Yang Jing, has been a registered accountant since 2015 and has experience in auditing listed companies in the specialized equipment manufacturing and pharmaceutical manufacturing sectors [4]. Group 3: Hong Kong Audit Firm Information - Ernst & Young Hong Kong is a partnership firm providing audit, tax, and consulting services to numerous Hong Kong-listed companies, including financial institutions [5][6]. - The firm has been engaged by the company since 2019 to provide audit services for financial statements submitted to the Hong Kong Stock Exchange [6]. Group 4: Approval Process for Reappointment - The Audit Committee approved the reappointment of the audit firms during its meeting on March 27, 2025, citing their adherence to legal and ethical standards [6][7]. - The Board of Directors also approved the reappointment and agreed to submit the proposal for shareholder approval [7].

证券代码：688331 证券简称：荣昌生物 公告编号：2025-011 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 2024 年度利润分配方案的公告 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： ? 荣昌生物制药（烟台）股份有限公司（以下简称"公司"）2024 年度利 润分配方案为：不派发现金股利，不送红股，不进行资本公积金转增股本。 ? 本次利润分配预案的实施不会触及《上海证券交易所科创板股票上市 规则（2024 年 4 月修订）》第 12.9.1 条第一款第（八）项规定的可能被实施其他 风险警示的情形。 ? 2024 年年度利润分配预案已经公司第二届董事会第二十一次会议和 第二届监事会第十五次会议审议通过，尚需提交公司 2024 年年度股东大会审议。 一、利润分配方案内容 公司于 2025 年 3 月 27 日召开第二届董事会第二十一次会议，审议通过了 《关于公司<2024 年度利润分配预案>的议案》，同意公司 2024 年度不进行利润 分配，也不进行资本公积金 ...

Group 1 - The company held its 21st meeting of the second board of directors, with all 8 directors present, ensuring compliance with relevant laws and regulations [1][2] - The board approved the 2024 General Manager's Work Report, emphasizing the importance of scientific decision-making and operational compliance [2][3] - The board also approved the 2024 Board of Directors' Work Report, focusing on maintaining company interests and enhancing governance [2][3] Group 2 - The board approved the 2024 Independent Directors' Work Report, highlighting the independent directors' commitment to their duties and company governance [2][3] - A special opinion on the independence assessment of independent directors was approved, confirming their compliance with relevant regulations [3][4] - The 2024 Financial Settlement Report was approved, with financial statements audited by Ernst & Young, showing no reservations [4][5] Group 3 - The board approved the 2024 Annual Report and its summary, ensuring compliance with stock exchange regulations [4][5] - The 2024 Internal Control Evaluation Report was approved, indicating no significant deficiencies in the internal control system [5][6] - The board decided not to distribute profits for 2024, reporting a net loss of 146.84 million yuan [6][7] Group 4 - The board confirmed the remuneration of senior management for 2024 and proposed adjustments for 2025 based on various factors [6][7] - The board approved the remuneration of directors for 2024, with proposals for 2025 to be based on similar considerations [7][8] - An ESG report for 2024 was approved, reflecting the company's commitment to social responsibility [8][9] Group 5 - The board approved the annual performance report of the Audit Committee, confirming its effective operation [8][9] - A general authorization for share issuance was proposed, allowing the board to issue up to 20% of the total shares [9][10] - The board approved the 2025 "Quality Improvement and Efficiency Enhancement" action plan, aimed at optimizing operations and governance [10][11] Group 6 - The board approved a report on the use of raised funds, ensuring compliance with relevant regulations [11][12] - The board agreed to renew the appointment of Ernst & Young as the auditing firm for 2025 [12][13] - A proposal for a comprehensive credit facility of up to 5.5 billion yuan was approved [13][14] Group 7 - The company plans to use up to 500 million yuan for cash management through safe and liquid financial products [14][15] - The board approved the use of idle raised funds for cash management, with a limit of 140 million yuan [15][16] - The board reviewed the risk management and internal control systems for 2024, confirming their effectiveness [16][17] Group 8 - The board confirmed compliance with the Corporate Governance Code and related rules [17][18] - The board approved the evaluation report on the performance of the auditing firm for 2024, affirming its adherence to auditing standards [18]

Financial Performance - For the fiscal year ending December 31, 2024, the company's product sales revenue was approximately RMB 1,699.1 million, representing a 61.9% increase from RMB 1,049.2 million in the same period last year[4]. - The total revenue for the fiscal year was RMB 1,710.2 million, with a gross profit of RMB 1,367.4 million[9]. - Revenue increased from RMB 1,076.1 million in 2023 to RMB 1,710.2 million in 2024, driven by strong sales of the autoimmune product TaiTasi and the oncology product VidiSita[38]. - For the year ended December 31, 2024, the company's revenue increased to RMB 1,710,152 thousand, up from RMB 1,076,130 thousand in 2023, representing a growth of approximately 58.8%[63]. - The company reported a net loss of RMB 1,468,362,000 for the year ended December 31, 2024, compared to a net loss of RMB 1,511,229,000 in 2023, indicating a reduction in losses of approximately 2.8%[64]. - Total comprehensive loss for the year was RMB 1,499,240,000, down from RMB 1,570,147,000 in the previous year, reflecting a decrease of about 4.5%[64]. - The net loss for the year decreased to RMB 1,468.36 million in 2024 from RMB 1,511.23 million in 2023, showing a slight improvement in financial performance[48]. Research and Development - Research and development expenses increased by RMB 233.5 million or 17.9% to RMB 1,539.8 million for the fiscal year[9]. - The company has a comprehensive pipeline with over ten candidate drugs, seven of which are in clinical development targeting more than twenty indications[10]. - The company is actively exploring Taisai for other autoimmune diseases, including plans for a Phase III clinical study for membranous nephropathy[20]. - The company is conducting a Phase II clinical trial for RC148 in advanced lung cancer, progressing smoothly as of December 31, 2024[34]. - The company is focused on drug development and has received approval for the comprehensive marketing application of its drug, TaiTasiPu, in November 2023[69]. - The company is committed to adhering to corporate governance codes as outlined in the listing rules[106]. Clinical Trials and Approvals - The company received FDA Fast Track Designation for its product RC18 (Taitai) for the treatment of primary Sjögren's syndrome in March 2024[5]. - RC48 (Widi) showed positive results in a Phase III clinical trial for HER2-positive metastatic breast cancer, achieving the primary endpoint[6]. - Taisai (RC18) received full NMPA approval in China in November 2023 and was successfully included in the national medical insurance drug catalog by the end of 2023[14]. - The company initiated a Phase III clinical trial for Taisai in China for the treatment of IgA nephropathy in the first half of 2023, with patient recruitment completed by May 2024[16]. - The company submitted a Biologics License Application (BLA) for Taisai for rheumatoid arthritis in August 2023, with approval from NMPA expected in July 2024[15]. - The company has completed a Phase II clinical trial for Vidisicimab in HER2-overexpressing urinary tract cancer patients, leading to a multi-center Phase II registration trial[21]. - A Phase III clinical trial comparing Vidisicimab combined with chemotherapy for HER2-expressing locally advanced or metastatic urothelial carcinoma (la/mUC) is ongoing in China, with patient enrollment completed in August 2024[23]. Financial Position and Liabilities - The company's total liabilities to assets ratio increased to 63.9% as of December 31, 2024, compared to 37.8% in 2023, indicating a higher leverage position[51]. - The company's total liabilities increased significantly to RMB 3,512,318,000 in 2024 from RMB 2,091,074,000 in 2023, marking an increase of approximately 68%[66]. - The net asset value decreased to RMB 1,986,201,000 in 2024 from RMB 3,437,269,000 in 2023, a decline of about 42.3%[66]. - The company has cumulative losses of RMB 4,321,871,000 as of December 31, 2024, indicating ongoing financial challenges[69]. - The company maintains that its available funds and unused bank credit are sufficient to support its normal operations, research, and production activities for at least the next 12 months[69]. Market and Strategic Focus - The company aims to become a leading player in the global biopharmaceutical industry, focusing on unmet medical needs in autoimmune, oncology, and ophthalmology diseases[10]. - The company is one of the few Chinese biotech firms that have commercialized two products, RC18 and RC48[10]. - The company is actively pursuing new drug applications and clinical trials to expand its product pipeline[108]. - The core products include RC18 (brand name: 泰愛®), RC48 (brand name: 愛地希®), and RC28-E[107]. - The company is focused on developing antibody-drug conjugates (ADCs) for targeted cancer therapies[106]. Governance and Compliance - The company is subject to regulatory oversight by the National Medical Products Administration (NMPA) in China[108]. - The board of directors includes both executive and non-executive members, ensuring a diverse governance structure[109]. - The group has adopted revised international financial reporting standards, including IFRS 16 and IAS 1, with no impact on its financial position or performance[73]. - The company emphasizes the uncertainty in successfully developing and selling its core products, advising shareholders to act cautiously[105].

募集资金年度存放和使用情况专项核查报告 华泰联合证券有限责任公司 关于荣昌生物制药（烟台）股份有限公司 2024 年度募集资 金存放和使用情况专项核查报告 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐机构"） 作为荣昌生物制药（烟台）股份有限公司（以下简称"荣昌生物"、"公司"或 "发行人"）首次公开发行股票并在科创板上市的保荐机构，根据《证券发行上 市保荐业务管理办法》《上市公司监管指引第 2 号——上市公司募集资金管理和 使用的监管要求（2022 年修订）》《上海证券交易所科创板股票上市规则》《上 海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等法律法规的 规定，对荣昌生物在 2024 年度募集资金存放与使用情况进行了核查，核查情况 如下： 一、募集资金的基本情况 （一）实际募集资金金额及资金到账情况 经中国证券监督管理委员会《关于同意荣昌生物制药（烟台）股份有限公司 首次公开发行股票注册的批复》（证监许可[2022]62 号）核准，公司于 2022 年 3 月 31 日首次公开发行普通股（A 股）5,442.6301 万股，每股面值 1 元，每股发 行价格人民币 48.00 ...

Financial Performance - RemeGen reported a significant increase in revenue, reaching approximately $150 million, representing a year-over-year growth of 25%[14]. - The company’s operating revenue for 2024 reached ¥1,716,861,688.03, a year-on-year increase of 58.54% compared to ¥1,082,953,432.23 in 2023[21]. - The net profit attributable to shareholders of the listed company for 2024 was -¥1,468,360,802.55, showing a reduction in losses compared to -¥1,511,229,176.70 in 2023[21]. - The company reported a net profit margin of 20%, reflecting strong operational efficiency and cost management strategies[14]. - The company achieved a revenue of 1.717 billion RMB in 2024, a 58.54% increase from 1.083 billion RMB in the same period last year, driven by strong sales of core products Tai'ai® and Aidiqi®[32]. - The company reported a quarterly operating revenue of ¥507,987,407.80 in Q4 2024, with a net profit attributable to shareholders of -¥396,934,163.65[25]. - The company reported a significant increase in long-term borrowings by 42.27% to RMB 1,195,878,046.86, reflecting a strategy to leverage financing for growth[149]. - The company reported a gross margin of 60%, up from 55% in the previous quarter[198]. Research and Development - The company is committed to maintaining a significant scale of R&D investment for ongoing clinical research and global clinical trials[3]. - RemeGen's total R&D investment for the year reached ¥1,539,777,961.92, an increase of 17.87% compared to ¥1,306,306,793.92 in the previous year[105]. - Research and development expenses accounted for 89.69% of operating revenue in 2024, a decrease of 30.93 percentage points from 120.62% in 2023[22]. - The company has a pipeline of products covering multiple disease treatment areas under development[3]. - The company is actively developing new products, with three new drug candidates expected to enter clinical trials by the end of the year[14]. - The company has established three R&D centers in Yantai, Shanghai, and California, focusing on preclinical development and clinical trials of innovative biopharmaceutical products[74]. - The company has a comprehensive, end-to-end R&D and industrialization system for innovative biopharmaceuticals, covering all key stages from drug discovery to large-scale production[115]. - The company has implemented a comprehensive procurement management system to ensure the quality of materials and services required for R&D and production[77]. Market Expansion and Strategy - The company is focusing on expanding its market presence in Europe and North America, targeting a 15% market share in these regions within the next three years[14]. - RemeGen anticipates continued growth, projecting revenue to exceed $200 million in the next fiscal year, indicating a growth rate of 33%[14]. - The company is actively pursuing international clinical trials for its products, including Tai'asi'pu for SLE, indicating a strategy for global market expansion[47]. - The company aims to become a leading biopharmaceutical company in China and a world-class player by focusing on the discovery, development, and commercialization of innovative biopharmaceuticals for major diseases[178]. - The company plans to commercialize and clinically develop its product RC18 (Taitasip) for various indications, having completed a Phase III trial for systemic lupus erythematosus in 2022[180]. - The company is advancing the clinical development of RC28, a dual-target candidate drug for various eye diseases, which is the first of its kind to enter clinical trials globally[181]. - The company is actively promoting global multi-center clinical trials for its core products, aiming for early market approval and international expansion[182]. Corporate Governance and Compliance - The company received a standard unqualified audit report from Ernst & Young Hua Ming[4]. - The company has no violations of decision-making procedures for external guarantees[7]. - The company has established an international clinical and registration system to ensure global registration and commercialization of products[183]. - The board of directors consists of 9 members, including 3 independent directors, ensuring effective governance and decision-making[189]. - The company adheres to strict information disclosure management, ensuring timely and accurate communication with investors[190]. Risks and Challenges - The company faces potential short-term losses due to high expenses related to new drug applications and market promotion[3]. - The company emphasizes the risks associated with forward-looking statements regarding future plans and strategies[6]. - The company faces risks related to regulatory approvals and market competition, which could impact future revenue and profitability[123]. Human Resources and Management - The management team consists of experts with over 20 years of experience in the pharmaceutical industry, focusing on innovative drug development and commercialization strategies[119]. - The company has a total of 926 R&D personnel, accounting for 30.88% of the total workforce, down from 36.18% in the previous period[112]. - The average salary of R&D personnel is ¥48.52 thousand, an increase from ¥34.91 thousand in the previous period[112]. - The total pre-tax compensation for directors, supervisors, and senior management during the reporting period amounted to CNY 2,693.88 million[196].

Financial Performance - The company reported a basic earnings per share of -2.73 yuan for 2024, an improvement of 2.5% compared to -2.80 yuan in 2023 [1] - The net profit for 2024 was -1.468 billion yuan, showing a slight improvement of 2.85% from -1.511 billion yuan in 2023 [1] - The operating revenue increased significantly by 58.54% to 1.717 billion yuan in 2024, compared to 1.083 billion yuan in 2023 [1] - The return on equity was -54.07% in 2024, worsening from -35.52% in 2023 [1] - The net asset per share decreased by 42.25% to 3.65 yuan in 2024 from 6.32 yuan in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 24.03406 million shares, accounting for 68.36% of the circulating shares, with a change of 914,400 shares from the previous period [2] - HKSCC NOMINEES LIMITED remains the largest shareholder with 18.95667 million shares, representing 53.93% of the total share capital [3] - New entrants to the top ten shareholders include China Minsheng Bank's fund and a new investment fund from China Bank, while E Fund's healthcare fund and Shanghai Liyi Investment Management have exited the top ten [3] Dividend Distribution - The company has announced no dividend distribution or capital increase for the current period [4]