消息上，中共中央政治局常委、国务院总理李强8月20日在北京调研生物医药产业发展情况。他强调， 要加大高质量科技供给和政策支持，充分发挥企业创新主体作用，着力推动生物医药产业提质升级，研 发生产更多优质高效的好药新药，不断增进人民健康福祉。 有分析指出，国务院总理李强再次强调并部署了对生物医药产业的支持，预示着国家层面将持续并加大 对该行业的政策扶持和资源投入。这并非李强总理首次提及此事，但持续的高层发声，尤其是在当前经 济背景下，传递出了非常强烈和积极的信号。(格隆汇) 港股生物医药股普遍上涨，其中，复宏汉霖涨5%，金斯瑞生物医药涨3.6%，药明合联涨超3%，康方生 物、荣昌生物、君实生物、百济神州均涨约3%。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 02696 | 复宏汉霖 | 83.000 | 5.06% | | 01548 | 金斯瑞生物科技 | 17.940 | 3.64% | | 02268 | 药明合联 | 59.600 | 3.38% | | 06990 | 科伦博泰生物-B | 445.200 | 3.29% | | 0992 ...

Group 1 - The core viewpoint of the news is that Rongchang Biopharmaceutical has received a breakthrough therapy designation from the China National Medical Products Administration (NMPA) for its innovative bispecific antibody RC148, aimed at treating non-small cell lung cancer (NSCLC) [1][2] - RC148 is specifically indicated for use in combination with docetaxel for patients with locally advanced or metastatic NSCLC who have failed prior treatment with PD-1/PD-L1 inhibitors and platinum-based chemotherapy [1] - The designation is based on a multicenter, open-label Phase I/II clinical study (RC148-C001) conducted in China, which demonstrated superior efficacy and manageable safety of RC148 combined with docetaxel compared to similar drugs or standard treatments in patients with advanced NSCLC [1] Group 2 - Breakthrough therapy drugs are defined as innovative or modified drugs that are used to treat serious life-threatening diseases with no effective treatment options or those that show significant clinical advantages over existing therapies [2] - The inclusion of RC148 in the breakthrough therapy category highlights its substantial clinical value and development potential, which will facilitate faster clinical development and quicker access for patients [2]

Core Viewpoint - Rongchang Biopharmaceutical has received a breakthrough therapy designation from the China National Medical Products Administration (NMPA) for its innovative bispecific antibody RC148, aimed at treating non-small cell lung cancer (NSCLC) [1][2]. Group 1: Breakthrough Therapy Designation - The bispecific antibody RC148 has been officially included in the list of breakthrough therapies by the NMPA, targeting the indication of RC148 in combination with docetaxel for patients who have previously failed PD-1/PD-L1 inhibitors [2]. - The designation is based on a multicenter, open-label Phase I/II clinical study (RC148-C001) conducted in China, which demonstrated superior efficacy of RC148 combined with docetaxel compared to similar drugs or standard treatments in advanced NSCLC patients who failed prior treatments [2]. Group 2: Clinical Value and Development Potential - The breakthrough therapy designation signifies the significant clinical value and development potential of RC148, which will facilitate accelerated clinical development and resource allocation by the NMPA [2]. - Breakthrough therapies are defined as innovative drugs or modified drugs that provide substantial clinical advantages over existing treatment methods for serious or life-threatening diseases, where no effective treatment options are available [2].

Core Viewpoint - Rongchang Biopharmaceuticals has signed a licensing agreement with Santen Pharmaceutical's subsidiary, which is expected to generate over 1.2 billion yuan in milestone payments and sales revenue sharing, alleviating the company's financial losses [2][3][4]. Financial Impact - The agreement includes a non-refundable upfront payment of 250 million yuan, potential milestone payments of up to 520 million yuan for development and regulatory achievements, and up to 525 million yuan for sales milestones [3]. - Rongchang Biopharmaceuticals has reported cumulative net losses of approximately 3.95 billion yuan from 2022 to 2024, but showed a revenue increase of 59.17% year-on-year in Q1 2025, reaching 526 million yuan [5]. Product Development - The RC28-E injection is a dual-target fusion protein drug developed by Rongchang Biopharmaceuticals for treating ocular neovascular diseases, with promising results in clinical trials for diabetic macular edema [3][4]. - The company has initiated Phase III clinical trials for RC28-E targeting wet age-related macular degeneration and diabetic macular edema in 2023 [3]. Company Background - Rongchang Biopharmaceuticals focuses on innovative biopharmaceuticals, particularly in antibody-drug conjugates and therapeutic antibodies, with key products including Tai'aisip and Vidisizumab [4]. - The company went public in Hong Kong in 2020 and achieved profitability only in 2021, with a revenue of 1.426 billion yuan and a net profit of 276 million yuan [4]. Challenges and Costs - Sales and management expenses have been rising, with total sales expenses reaching 2.441 billion yuan from 2022 to 2024, contributing to cash flow pressure [6]. - The company faces significant challenges in drug approval processes, market competition, and commercialization capabilities, which could impact future revenue growth [5][6].

格隆汇8月19日丨荣昌生物(688331.SH)发布公告，公司与日本参天制药株式会社(以下简称"参天制药") 全资子公司参天制药(中国)有限公司(以下简称"参天中国")达成协议，将公司具有自主知识产权的RC28- E注射液有偿许可给参天中国，参天中国将获得RC28-E在大中华区及韩国、泰国、越南、新加坡、菲律 宾、印度尼西亚及马来西亚的独家开发、生产和商业化权利，而荣昌生物将保留RC28-E在上述区域以 外的全球独家权益。根据协议，荣昌生物将从参天中国取得2.5亿元人民币的不可退还且不可抵扣的首 付款，以及最高可达5.2亿元人民币的开发及监管里程碑付款和最高可达5.25亿元人民币的销售里程碑付 款。此外，荣昌生物还将根据授权地区的产品销售额收取高个位数至双位数百分比的梯度销售分成。 参天中国是参天制药的全资子公司，主要负责参天制药在中国市场的业务拓展。参天制药是一家拥有 130余年历史的日本眼科领域专业企业，总部位于日本大阪，于1964年6月在东京证券交易所上市，专注 于眼科药品的研发、生产和销售，是全球眼科市场的领导者之一，主营领域包括眼科处方药、非处方产 品、医疗器械及创新服务模式，产品覆盖青光眼、干眼症 ...

从资金流向上来看，当日生物制品板块主力资金净流出8.57亿元，游资资金净流入2.95亿元，散户资金净 流入5.62亿元。生物制品板块个股资金流向见下表： 证券之星消息，8月20日生物制品板块较上一交易日下跌0.42%，荣昌生物领跌。当日上证指数报收于 3766.21，上涨1.04%。深证成指报收于11926.74，上涨0.89%。生物制品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 688319 | 欧林生物 | 33.11 | 6.09% | 17.16万 | 5.59亿 | | 000534 | 万泽股份 | 17.55 | 4.84% | 34.99万 | 6.03亿 | | 000518 | *ST四环 | 2.30 | 2.68% | 18.92万 | 4320.70万 | | 300601 | 康泰生物 | 17.74 | 2.54% | 1 36.24万 | 6.38亿 | | 688443 | 智翔全泰 | 33.61 | 1.69% | 5.48万 | ...

Group 1: Photovoltaic Industry - The Ministry of Industry and Information Technology (MIIT) is actively coordinating between power generation companies and local industries to enhance price transmission from manufacturing to power stations, emphasizing a market-oriented and legal approach to eliminate outdated production capacity [1] - The average bidding price for components from China Resources and China Huadian has increased by 5-8% month-on-month, while silicon material companies have proactively limited production, leading to a 10% decrease in silicon wafer inventory over two weeks [1] - The investment sequence indicates a tight supply of silicon materials in Q3, a premium for BC battery technology in Q4, and a simultaneous increase in both volume and price of auxiliary materials such as glass and adhesive films [1][2] Group 2: Solid-State Battery Technology - A breakthrough in solid-state battery technology has been achieved with the introduction of 5μm vapor-deposited lithium anodes, significantly reducing dendrite risk and achieving over 500 cycles with a capacity retention rate above 90% [3] - The cost of 5μm vapor-deposited lithium is projected to drop to 2 million yuan per GWh, compared to 4 million yuan for 20μm rolled lithium foil, indicating a substantial cost reduction in the industry [3] - The solid-state battery market could reach 50-100 billion yuan by 2030, driven by the demand for 100GWh of global solid-state battery production [3] Group 3: Robotics Industry - The T-Link Gen3 technology is reshaping the supply chain with a focus on lightweight materials, energy efficiency, and sensor integration, leading to a re-tendering of motors, reducers, and lead screws [4] - The use of PEEK materials has reduced costs by 30% compared to imports, and the new harmonic magnetic field motors have achieved a 50% reduction in size while doubling power density [5] - The 3D vision solution from Orbbec has a single machine value of 200 USD, and the company has passed factory audits [6] Group 4: Semiconductor and AI Models - The DeepSeek model has been upgraded to V3.1, expanding the context length from 64K to 128K, which is expected to increase demand for GPU memory and HBM [7] - The need for larger training clusters is anticipated to rise by 30%, benefiting semiconductor and storage manufacturers such as Cambricon, Haiguang, and Lanke [7] Group 5: Pharmaceutical Industry - Rongchang Biotech has licensed its ophthalmic drug RC28-E to Japan's Santen Pharmaceutical, marking a shift in domestic innovative drug licensing from popular fields like oncology to specialized areas with differentiated advantages [8] - This collaboration model provides a clear path for value realization in less popular biotech sectors through upfront payments, milestones, and sales sharing, enhancing cash flow and leveraging established commercialization channels [8] Group 6: High-Speed Rail Industry - The China National Railway Group has initiated its second batch of high-speed train tenders for the year, with 210 sets, marking a recent high and exceeding market expectations [9] - This move reinforces the trend of sustained railway investment recovery, with new construction and maintenance peaks positively impacting the performance certainty of core companies in the industry [9]

根据2025年8月19日披露数据，中国电信（00728）、绿色动力环保（01330）、中国神华（01088）位居 港股通持股比例前3位，分别为74.77%、69.93%、68.28%。此外，盈富基金（02800）、中国人寿 （02628）、南方恆生科技（03033）在最近有统计数据的5个交易日内，持股额增幅最大，分别为 +61.40亿元、+35.18亿元、+29.82亿元;安踏体育（02020）、荣昌生物（09995）、快手-W（01024）在 最近有统计数据的5个交易日内，持股额减幅最大，分别为-16.58亿元、-6.35亿元、-6.23亿元。 具体数据如下（交易所数据根据T+2日结算）： | 理想汽车-W(02015) | +10.78亿元 | +1152.60万股 | | --- | --- | --- | | 石药集团(01093) | +7.76亿元 | +7296.34万股 | | FIT HON TENG LIMITED(06088) | +7.11亿元 | +12860.43万股 | 3、港股通最近5个交易日减持榜（前10名） | 公司名称 | 持股额变动 | 持股数变动 | | --- | ...

Core Viewpoint - Rongchang Biopharmaceutical (Yantai) Co., Ltd. has signed a licensing agreement with Santen Pharmaceutical Co., Ltd.'s wholly-owned subsidiary, Santen China, granting exclusive rights for the development, production, and commercialization of the RC28-E injection in several Asian markets, while retaining global rights outside these regions [2][5]. Group 1: Licensing Agreement Details - The agreement allows Santen China to exclusively develop, produce, and commercialize the RC28-E injection in Greater China, South Korea, Thailand, Vietnam, Singapore, the Philippines, Indonesia, and Malaysia [2][5]. - Rongchang Biopharmaceutical will receive an upfront payment of 250 million RMB, along with potential milestone payments totaling up to 520 million RMB for development and regulatory achievements, and up to 525 million RMB for sales milestones [2][6]. - Additionally, the company will earn a tiered sales commission based on product sales in the licensed regions, ranging from high single-digit to double-digit percentages [6]. Group 2: Product Information - The RC28-E injection is a dual-target fusion protein drug developed by Rongchang Biopharmaceutical for treating ocular neovascular diseases [3]. - The drug has shown promising results in a Phase II clinical trial for diabetic macular edema (DME), demonstrating improvements in best-corrected visual acuity and reductions in central retinal thickness [3]. Group 3: Impact on the Company - This transaction is expected to accelerate market access and patient coverage for RC28-E, significantly shortening the commercialization cycle and providing innovative treatment solutions for retinal diseases [7]. - The agreement does not affect the company's operational independence and does not harm the interests of the company or its shareholders [7].

证券代码：688331 证券简称：荣昌生物 公告编号：2025-038 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 关于签署授权许可协议的公告 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 日本参天制药株式会社（以下简称"参天制药"）全资子公司参天制药（中国） 有限公司（以下简称"参天中国"）达成协议，将公司具有自主知识产权的 RC28-E 注射液有偿许可给参天中国，参天中国将获得 RC28-E 在大中华区及韩国、泰 国、越南、新加坡、菲律宾、印度尼西亚及马来西亚的独家开发、生产和商业 化权利，而荣昌生物将保留 RC28-E 在上述区域以外的全球独家权益。根据协 议，荣昌生物将从参天中国取得 2.5 亿元人民币的不可退还且不可抵扣的首付 款，以及最高可达 5.2 亿元人民币的开发及监管里程碑付款和最高可达 5.25 亿元人民币的销售里程碑付款。此外，荣昌生物还将根据授权地区的产品销售 额收取高个位数至双位数百分比的梯度销售分成。 次交易事项已经董事会审议通过，无须提交股东会审 ...