登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688331 证券简称：荣昌生物 公告编号：2026-004 荣昌生物制药（烟台）股份有限公司 关于首次回购股份暨回购股份方案实施完成的公告 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： ■ 一、回购审批情况和回购方案内容 荣昌生物制药（烟台）股份有限公司（以下简称"公司"）于2025年12月15日召开第二届董事会第三十二 次会议，审议通过了《关于以集中竞价交易方式回购公司股份方案的议案》。同意公司使用自有资金 和/或自筹资金以集中竞价交易方式回购公司已发行的部分人民币普通股（A股）股票，拟回购资金总额 不低于人民币2,000万元（含）且不超过人民币4,000万元（含），回购的股份将在未来合适的时机用于 员工持股计划或股权激励，回购价格不超过人民币95元/股（含），回购股份期限为自公司董事会审议 通过本次回购方案之日起12个月内。 具体内容详见公司于2025年12月16日、2025年12月23日在上海证券交易所网站（www.sse.com.cn）披露 ...

Core Viewpoint - Rongchang Biologics (688331) announced its first share buyback on January 20, 2023, indicating confidence in its stock value and commitment to returning capital to shareholders [1] Group 1: Share Buyback Details - The company repurchased 194,100 shares, which represents 0.0344% of its total share capital [1] - The highest price paid for the shares was 103.78 yuan per share, while the lowest price was 102.17 yuan per share [1] - The total amount spent on the buyback was 20.004 million yuan, excluding transaction fees [1] Group 2: Buyback Plan Status - The buyback has reached the lower limit of the planned total expenditure and has not exceeded the upper limit [1] - The implementation of the buyback plan is now complete [1]

荣昌生物制药（烟台）股份有限公司 证券代码：688331 证券简称：荣昌生物 公告编号：2026-004 荣昌生物制药（烟台）股份有限公司（以下简称"公司"）于 2025 年 12 月 15 日召开第二届董事会第三十二次会议，审议通过了《关于以集中竞价交易方式回 购公司股份方案的议案》。同意公司使用自有资金和/或自筹资金以集中竞价交易方 式回购公司已发行的部分人民币普通股（A 股）股票，拟回购资金总额不低于人 民币 2,000 万元（含）且不超过人民币 4,000 万元（含），回购的股份将在未来合 适的时机用于员工持股计划或股权激励，回购价格不超过人民币 95 元/股（含）， 回购股份期限为自公司董事会审议通过本次回购方案之日起 12 个月内。 具体内容详见公司于 2025 年 12 月 16 日、2025 年 12 月 23 日在上海证券交易 所网站（www.sse.com.cn）披露的《荣昌生物制药（烟台）股份有限公司关于以集 关于首次回购股份暨回购股份方案实施完成的公告 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 ...

Summary of Key Points Core Viewpoint - Rongchang Biologics (688331.SH) has completed its share repurchase program, acquiring a total of 194,144 shares, which represents 0.0344% of the company's total share capital, with a total expenditure of approximately RMB 20.004 million [1] Group 1: Share Repurchase Details - The share repurchase was conducted through the Shanghai Stock Exchange trading system using a centralized bidding method [1] - The highest price for the repurchased shares was RMB 103.78 per share, while the lowest price was RMB 102.17 per share [1] - The repurchase has reached the lower limit of the total repurchase funds and has not exceeded the upper limit [1]

Core Viewpoint - The company has successfully completed its share repurchase program, acquiring a total of 194,100 shares, which represents 0.0344% of its total share capital of 564 million shares [1] Group 1: Share Repurchase Details - The share repurchase was conducted on January 20, 2026, through the Shanghai Stock Exchange via a centralized bidding trading method [1] - The highest transaction price for the repurchased shares was 103.78 RMB per share, while the lowest was 102.17 RMB per share [1] - The total amount spent on the share repurchase was 20.004 million RMB, excluding transaction fees [1] Group 2: Completion of Repurchase Program - The company has reached the lower limit of the repurchase fund total and has not exceeded the upper limit, indicating that the repurchase plan has been fully implemented [1]

Core Viewpoint - Rongchang Biotech announced the completion of its first share buyback on January 20, 2026, through the Shanghai Stock Exchange, repurchasing 194,144 shares, which represents 0.0344% of the company's total share capital, at a price range of 102.17 to 103.78 yuan per share, totaling 20.004 million yuan excluding transaction fees [1] Summary by Categories Share Buyback Details - The company executed a share buyback of 194,144 shares, accounting for 0.0344% of its total share capital [1] - The buyback price ranged from 102.17 yuan to 103.78 yuan per share [1] - The total amount spent on the buyback was 20.004 million yuan, which is within the anticipated range of 20 million to 40 million yuan [1] Purpose and Impact - The repurchased shares will be used for employee stock ownership plans or equity incentives [1] - The buyback is not expected to have a significant impact on the company's operational activities, financial status, or shareholding structure [1]

Group 1 - The Hong Kong Innovation Drug ETF (159570) has experienced a 2.5% decline for three consecutive days, with a trading volume exceeding 800 million yuan, and has attracted over 1 billion yuan in the last five days [1][3] - As of January 16, the latest scale of the Hong Kong Innovation Drug ETF (159570) has surpassed 26.2 billion yuan, leading its peers in the same category [1] - The majority of the weighted stocks in the ETF's index have shown negative performance, with notable declines including Kelun-Bio down over 5%, Innovent Biologics and Hansoh Pharmaceutical down over 4%, and others down over 3% [3][4] Group 2 - The 44th JPMorgan Healthcare Conference took place from January 12 to 15, featuring several Chinese innovative pharmaceutical companies, including WuXi AppTec and BeiGene, among others [5] - Huatai Securities noted that the JPM conference and the upcoming annual report cycle in February could serve as catalysts for the market, which is currently at a relative bottom, with expectations for new highs in the innovative drug sector [5] - Zhongtai Securities highlighted multiple catalysts in the pharmaceutical sector, including significant data disclosures from multinational corporations and various business development deals, indicating a positive outlook for the innovative drug industry [5][6] Group 3 - The 2026 JPMorgan Conference is expected to showcase Chinese innovative drugs as a global highlight, with over 20 Chinese pharmaceutical companies participating [7] - Companies like HengRui are projected to see a 25%+ growth in innovative drug revenue by 2026, with several key drugs and indications expected to be approved in the next two years [7] - Notable developments include RC148's licensing deal worth up to 5.6 billion USD between Rongchang Bio and AbbVie, and various clinical trial advancements from companies like Summit Therapeutics and Eifang Bio [8]

Core Viewpoint - The recent exclusive licensing agreement between Rongchang Biologics and AbbVie for the dual-specific antibody drug RC148, targeting PD-1/VEGF, highlights the competitive landscape in the oncology drug market, with significant financial implications for both companies [1][5]. Group 1: Licensing Agreement Details - Rongchang Biologics has entered into an exclusive licensing agreement with AbbVie for RC148, which is currently in Phase II clinical trials [1]. - The deal includes an upfront payment of $650 million and potential milestone payments up to $4.95 billion, along with tiered royalties on net sales, bringing the total potential value of the agreement to $5.5 billion [1]. - Following the announcement, Rongchang Biologics' stock surged, with a 20% increase in A-shares and a 7.87% increase in Hong Kong shares [1]. Group 2: Market Context and Comparisons - The PD-1/VEGF target has seen multiple drugs developed, with over five similar drugs already in the market, leading to skepticism about the market share for later entrants [1][4]. - Other Chinese biotech firms have also engaged in significant licensing deals for PD-1/VEGF drugs, with notable transactions including a $500 million upfront payment from Summit to Kanyos Biologics and a $1.25 billion upfront payment from a partnership involving 3SBio and Pfizer [4]. - Despite being ranked lower in the market, Rongchang Biologics' deal value is comparable to that of Kanyos Biologics, raising questions about the valuation of later-stage products [5]. Group 3: Future Prospects and Trends - There is an expectation for continued licensing transactions in the PD-1/VEGF space, driven by efficacy, different indications, and combination therapies [8]. - Companies with PD-1/VEGF candidates that have not yet been licensed are actively seeking opportunities, with the potential for significant deals depending on product data and market conditions [8]. - Major multinational pharmaceutical companies, including Eli Lilly, Novartis, and AstraZeneca, have not yet announced new PD-1/VEGF acquisitions, indicating potential future market activity [9].

Group 1 - The company Rongchang Biotech (688331) announced a share repurchase plan, intending to buy back shares worth between 20 million to 40 million yuan [1] - The maximum repurchase price is set at 116 yuan per share [1]

Core Viewpoint - Rongchang Biologics (09995) has seen a stock increase of over 5%, currently trading at 98.1 HKD with a transaction volume of 137 million HKD, following the announcement of an exclusive licensing agreement with AbbVie for RC148, which includes an upfront payment of 650 million USD and potential milestone payments of up to 4.95 billion USD, along with a double-digit percentage sales royalty [1] Group 1 - Rongchang Biologics has entered into an exclusive licensing agreement with AbbVie for RC148, granting AbbVie exclusive rights for development, production, and commercialization outside Greater China [1] - The upfront payment from AbbVie is 650 million USD, with potential milestone payments reaching up to 4.95 billion USD [1] - The agreement includes a tiered sales royalty, which is expected to contribute to Rongchang's revenue [1] Group 2 - According to the report from CMB International, the immediate impact of this transaction on similar target products is considered limited due to the first-mover advantage of companies like Kangfang Biologics and 3SBio in clinical progress [1] - CMB International is optimistic about the overseas registration progress of TaiTasiP and VidiCimab by 2026, as well as the advancement of early-stage products in more indications [1] - The revenue forecast for Rongchang Biologics for 2026 to 2027 has been raised, with the target price increased to 136 HKD [1]