荣昌生物（688331）3月24日主力资金净流入 1386.20万元 金融界消息 截至2025年3月24日收盘，荣昌生物（688331）报收于36.66元，上涨4.59%，换手率3.6%， 成交量5.82万手，成交金额2.11亿元。 资金流向方面，今日主力资金净流入1386.20万元，占比成交额6.57%。其中，超大单净流入390.13万 元、占成交额1.85%，大单净流入996.07万元、占成交额4.72%，中单净流出流入747.09万元、占成交额 3.54%，小单净流出2133.28万元、占成交额10.11%。 荣昌生物最新一期业绩显示，截至2024三季报，公司营业总收入12.09亿元、同比增长57.10%，归属净 利润107142.66万元，同比减少3.96%，扣非净利润109739.38万元，同比减少3.45%，流动比率1.356、速 动比率0.956、资产负债率58.54%。 天眼查商业履历信息显示，荣昌生物制药(烟台)股份有限公司，成立于2008年，位于烟台市，是一家以 从事医药制造业为主的企业。企业注册资本54433.2083万人民币，实缴资本40181.9202万人民币。公司 法定代表人为王威 ...

Financial Performance - The company achieved total operating revenue of 171,540.42 million yuan, a year-on-year increase of 58.40%[3] - The net profit attributable to the parent company was -146,786.25 million yuan, with a decrease in net profit excluding non-recurring gains and losses of -150,039.33 million yuan[5] - The basic earnings per share were -2.73 yuan, showing a slight improvement from -2.80 yuan in the previous year[3] - The weighted average return on net assets decreased to -54.06%, compared to -35.52% in the previous year[3] - The company expects a net loss for 2024, but with a trend towards reduced losses compared to the previous year[5] Assets and Equity - Total assets at the end of the reporting period were 549,914.78 million yuan, a decrease of 0.53% from the beginning of the period[4] - The equity attributable to the parent company decreased by 42.21% to 198,638.60 million yuan[4] Sales and Revenue Growth - The company reported a significant increase in sales revenue from innovative drugs, particularly from Tai Tasi Pi and Vidi Xi Tuo Monoclonal Antibody[7] - The gross profit margin of products continued to grow, while the sales expense ratio significantly decreased[5] Research and Development - The company is in the process of advancing multiple innovative drug candidates in critical trial phases, leading to increased R&D investment[5]

Investment Rating - The report maintains a "Buy" rating for Rongchang Biologics with a target price adjusted to HKD 19.00 from HKD 21.80 [4][5][14]. Core Insights - The company is expected to see a significant increase in revenue, with a forecasted sales revenue of approximately RMB 1.715 billion for 2024, representing a year-on-year growth of nearly 60% [1]. - Shareholder net losses are projected to decrease by about RMB 410 million to approximately RMB 1.47 billion compared to the previous year [1]. - The main product, Taitasip, is anticipated to drive high revenue growth in 2024, particularly in indications such as lupus [1][2]. Revenue and Loss Forecast - Revenue forecasts for 2024-2026 have been raised by 6.1%, 2.6%, and 1.1% respectively, reflecting the company's strong sales performance [3]. - Despite an increase in sales expense forecasts, shareholder net losses are still expected to narrow year-on-year [3]. Product Development and Approvals - The company is making progress in the approval and development of new indications for its main products, Taitasip and Vidisizumab, with potential approvals expected in 2025 for several new indications [2]. - New product applications are anticipated to be submitted within the year, aligning with the company's development timeline [2]. Financial Data Summary - The financial data indicates a significant recovery trajectory, with total revenue expected to grow from RMB 768 million in 2022 to RMB 3.084 billion by 2026 [12]. - Shareholder net losses are projected to decrease from RMB 999 million in 2022 to RMB 438 million by 2026, indicating a substantial improvement in financial health [12].

Revenue Projections - The company expects a revenue of approximately CNY 1,715 million for 2024, an increase of about CNY 632 million or 58% compared to the previous year[3]. - In 2023, the company reported a revenue of CNY 1,083 million and a total loss of CNY 1,511 million[6]. Net Loss Forecast - The projected net loss attributable to the parent company for 2024 is approximately CNY 1,470 million, a decrease of about CNY 41 million or 3% compared to the previous year[3]. - The expected net loss attributable to the parent company, excluding non-recurring gains and losses, is approximately CNY 1,498 million, a decrease of about CNY 45 million or 3% compared to the previous year[3]. Research and Development - The company is advancing its new drug research pipeline, with multiple innovative drugs in critical trial stages, leading to increased R&D investment[8]. Sales Performance - Sales revenue from Taitasip and Vidisitamab is growing rapidly, contributing to an increase in product gross margin[8]. - The sales expense ratio has significantly decreased, indicating improved operational efficiency[8]. Financial Reporting and Uncertainties - The total amount of non-recurring gains and losses for the year has not changed significantly[9]. - As of the announcement date, the company has not identified any major uncertainties affecting the accuracy of the performance forecast[10]. - The forecast data is preliminary and subject to change pending the audited financial report for 2024[11].

荣昌生物制药（烟台）股份有限公司监事会 2024 年 12 月 30 日 1 权益及 B 类权益对应归属期归属名单的核查意见 荣昌生物制药（烟台）股份有限公司（以下简称"公司"）监事会根据《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》"）、《上市公司股权激励管理办法》（以下简称"《管理办法》"）、 《上海证券交易所科创板股票上市规则》（以下简称"《上市规则》"）等相关法律、 法规及规范性文件和《荣昌生物制药（烟台）股份有限公司章程》（以下简称"《公 司章程》"）的有关规定，对公司 2022 年 A 股限制性股票激励计划（以下简称"本 激励计划"）之 A 类权益第二个归属期及 B 类权益首次授予第一个归属期符合归 属条件的激励对象名单进行审核，发表核查意见如下： 本次拟归属的激励对象符合《公司法》《证券法》等法律、法规和规范性文 件以及《公司章程》规定的任职资格，符合《管理办法》《上市规则》等法律、 法规和规范性文件规定的激励对象条件，符合本激励计划规定的激励对象范围， 其作为公司本激励计划激励对象的主体资格合法、有效，激励对象获授限制性股 票的归属条件已 ...

| 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]