1 证券代码：688331 证券简称：荣昌生物 荣昌生物制药（烟台）股份有限公司 投资者关系活动记录表 | --- | --- | --- | |----------------------------|------------------------------------------------|-----------------------------------------------------------------------------| | | | | | | □特定对象调研 | □分析师会议 | | 投资者关系活动 | □媒体采访 | 业绩说明会 | | 类别 | □新闻发布会 | □路演活动 | | | □现场参观 | □其他 | | 参与单位名称 | 2024 | 年半年度科创板制药及生物制品专场集体业绩说明会 | | 时间 | 2024 年 9 月 18 日下午 | 14:00-16:00 | | 地点 | 上海证券交易所上证路演中心 | | | | （网址： | http://roadshow.sseinfo.com/ ） | | | 王威东–董事长 | | | | 房健民 – 总 ...

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： 投资者可于 2024 年 9 月 13 日（星期五）16:00 前通过荣昌生物制药（烟 台）股份有限公司（以下简称"公司"）邮箱 rcsw@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。 公司已于 2024 年 8 月 17 日发布公司 2024 年半年度报告，为便于广大投资 者更全面深入地了解公司 2024 年半年度经营成果、财务状况，公司参与了由上 海证券交易所主办的 2024 年半年度科创板制药及生物制品专场集体业绩说明会， 此次活动将采用网络文字互动的方式举行，投资者可登录上海证券交易所上证路 演中心（http://roadshow.sseinfo.com/）参与线上互动交流。 一、 说明会类型 本次投资者说明会以网络文字互动形式召开，公司将针对 2024 年半年度的 经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允 许的范围内就投资者普遍关注的问题进行回答。 | 证券代码：688331 | 证券简 ...

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 年半年度持续督导跟踪报告 根据《中华人民共和国证券法》《证券发行上市保荐业务管理办法》和《上 海证券交易所科创板股票上市规则》（以下简称"《上市规则》"）等有关法律、 法规的规定，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"）首次公开发行股票的保荐机构，对荣昌生物进行持续督导， 并出具本持续督导跟踪报告： 一、保荐机构和保荐代表人发现的问题及整改情况 无。 二、重大风险事项 公司目前面临的风险因素主要如下： （一）尚未盈利的风险 由于药品审评审批环节多、周期长、不确定性大，公司在研产品的上市进程 可能受到较大程度的延迟或无法按计划获得上市批准。公司在研产品获得附条件 批准上市后，后续可能无法获得完全批准，可能在市场拓展、学术推广、医保覆 盖范围等方面的进展不达预期，或销售团队未能紧跟政策动向、把握市场竞争态 1 势都将影响公司未来的商业化能力，公司营业收入可能无法如期增长，公司亏损 可能进一步增加。 公司的泰它西普和维迪西妥单抗已于 ...

荣昌生物制药（烟台）股份有限公司 投资者关系活动记录表 | --- | --- | --- | |----------------|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | □ 特定对象调研 | 分析师会议 | | 投资者关系活动 | □ 媒体采访 | □ 业绩说明会 ...

Financial Performance - RemeGen Co., Ltd. reported a total revenue of RMB 3.62 billion for the year 2023, representing a year-over-year increase of 25%[1]. - The company reported a total revenue of 990,282 million RMB for the year 2023, with a slight increase from 857,240 million RMB in the previous year, indicating a growth of approximately 15.5%[4]. - The company has set a future revenue guidance of 1,048 million RMB for the upcoming quarter, which represents a projected growth of 5.5% compared to the previous quarter[4]. - RemeGen aims to achieve a revenue growth target of 30% for the upcoming fiscal year, driven by new product launches and market expansion strategies[1]. Research and Development - The company has allocated significant resources towards R&D, with an increase of 15% in R&D expenditure compared to the previous year[1]. - The company is investing in new technology development, with a budget allocation of 44.30 million RMB for R&D in the next fiscal year[4]. Market Expansion and Strategy - The company plans to expand its market presence and is focusing on new product development, particularly in the biopharmaceutical sector[1]. - Market expansion strategies include targeting new geographical regions, aiming for a 20% increase in market share by 2025[4]. - RemeGen is exploring potential mergers and acquisitions to enhance its product portfolio and market reach[1]. - The company is considering potential mergers and acquisitions to enhance its competitive position, with a focus on companies that align with its strategic goals[4]. Customer Engagement and Retention - The company plans to implement a new customer loyalty program, projected to increase customer retention rates by 15%[4]. - The executive team emphasized the importance of adapting to market trends, with a focus on digital transformation to improve customer engagement[4]. - The company reported a user base growth of 20% in its key therapeutic areas, indicating strong market demand for its products[1]. - The user data showed a significant increase, with 345,907 active users reported, compared to 352,202 in the previous period, reflecting a retention challenge[4]. Incentive Plans and Share Grants - The company has granted a total of 850,000 shares under the H-share incentive plan, with a weighted average price of HKD 27.06 per share[2]. - The company granted a total of 2,321,350 shares under the 2022 A-share incentive plan, with a weighted average fair value of RMB 36.36 per share[7]. - The total number of shares granted to the five highest-paid individuals, excluding three executive directors, is 24,200 shares[7]. - The company reported that 79,450 shares were granted to a key executive with a fair value of RMB 49.77 per share[8]. - The shares granted to employees under the incentive plan include 1,253,000 shares with a fair value of RMB 49.77 per share[8]. - The company aims to achieve performance targets based on both group-level and individual-level assessments for the incentive plan[9]. - The incentive plan includes a vesting period from December 28, 2023, to December 28, 2029, for certain granted shares[8]. - The total number of shares that have been granted and vested during the reporting period is 690,000 shares[7]. Performance Assessment - The performance assessment targets for the incentive plan include total revenue (excluding overseas licensing income) and the number of new clinical trials initiated, evaluated annually from 2022 to 2026[9]. - The performance assessment for the 2023 A-share incentive plan includes revenue targets excluding overseas licensing income from Taitasip and the total number of new clinical trials initiated, evaluated annually from 2024 to 2027[10]. - The company has outlined specific performance criteria that must be met for the vesting of restricted shares, including revenue growth and clinical trial initiation[9]. Sustainability and Compliance - The company is committed to maintaining a sustainable growth trajectory while ensuring compliance with regulatory standards in its operations[1]. - The management highlighted a commitment to sustainability initiatives, which are expected to reduce operational costs by 10% over the next three years[4]. Governance - The board of directors includes both executive and non-executive members, ensuring diverse oversight and governance[11].

[Table_Page] 中报点评|生物制品 证券研究报告 [Table_Title] 荣昌生物(688331.SH/09995.HK) 商业化产品快速放量，核心管线高效推进 [Table_Summary] 核心观点：*如无特别说明，报告使用货币均为人民币。 ⚫ 公司发布 2024 半年报：公司 24H1 实现收入 7.42 亿元(yoy +75.6%)， 归母净利润净亏损 7.80 亿元(同比扩大 0.77 亿元)，经营性现金流净流 出 8.20 亿元(yoy +15.9%)；Q2 单季度实现收入 4.11 亿元(yoy +61.8%)，归母净利润净亏损 4.32 亿元(同比扩大 0.52 亿元)，经营性 现金流净流出 3.94 亿元(yoy +10.1%)。公司两款商业化核心产品泰它 西普和维迪西妥单抗销售快速放量，利润端亏损扩大主要由于公司加 大研发投入推进在研管线，上半年研发费用 8.06 亿元(yoy +49.2%)。 ⚫ 高效拓展营销网络，销售快速放量带动费用率改善。公司持续提升商 业化能力，提高营销效率，24H1 销售费用 3.90 亿元，费用率 52.5%(yoy -30.4pct)；管理费用 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][10] Core Insights - The company experienced rapid revenue growth, achieving 742 million yuan in revenue for H1 2024, a 75.59% increase year-on-year, while the net profit attributable to the parent company was -780 million yuan, widening from -703 million yuan in the same period last year [9] - The company’s two core commercialized products, Taihexisip and Vidisizumab, continue to see increasing sales, aligning with expectations, although significant R&D expenditures have led to further losses [9] - The approval of new indications for Taihexisip and the active development of combination therapies for Vidisizumab are expected to enhance market opportunities [9] Financial Summary - The company reported a total revenue of 1,083 million yuan in 2023, with projections of 1,586 million yuan in 2024, 2,175 million yuan in 2025, and 2,952 million yuan in 2026, reflecting a growth rate of 46.4% in 2024 [11][12] - The net profit attributable to the parent company is projected to be -989 million yuan in 2025 and -358 million yuan in 2026, indicating a gradual improvement in profitability [11][12] - The company’s R&D expense ratio was 108.69% in H1 2024, reflecting a significant investment in product development [9]

请各位已经入会的参会者稍时等待我们的会议马上继续请各位已经入会的参会者稍时等待我们的会议马上继续 我现在讲话能听到吗现在可以了可以了可以了同老师要不我们已经介绍完了要不您先开始做这个业绩的介绍吧您直接开始吧同老师能听到吗 好像现在又没有声音了喂能听到我说话吗 可以可以可以然后可以好的好的这样吧就用就用这个手机来吧哎哎咱们开始吧哎哦好的好这样请这个童老师先介绍一下财务的情况现在就开始喂已经开始了是吗对的对的童老师开始了 好的不好意思因为这个系统出了一些问题让大家久等了我先介绍一下2024年上半年财务情况2024年上半年营业收入7.41亿元同比增长76%毛利率基本保持稳定在78%销售费用在3.89亿元销售费用率52%相较去年上半年有明显大幅的下降 主要原因是销售额的大幅增长带来的规模效应研发费用8.06亿元同比增长49%主要是由于国内及海外的临床开支的增长 ...

证券研究报告 | 2024年08月20日 荣昌生物（688331.SH） 优于大市 核心产品销售快速增长，新适应症持续开拓 核心产品销售持续增长，销售费用率下降。荣昌生物 2024 上半年实现营收 7.42 亿元（+75.6%），Q1/Q2 营收分别为 3.30/4.11 亿元，同比增长分别为 96.4%/61.8%，Q2 营收环比增长为 24.5%；销售增长主要由核心产品泰它西 普和维迪西妥单抗驱动，增长势头良好。上半年净亏损 7.80 亿元，同比扩 大 11.0%；研发费用为 8.06 亿元（+49.2%），管理费用为 1.48 亿元（-9.9%）， 销售费用为 3.90 亿元（+11.3%），销售费用率为 52.5%（-30.4pct），随着 公司的销售团队趋于成熟，我们预计销售费用率将呈现下降趋势。 泰它西普：新适应症获批上市，海外临床持续推进。泰它西普治疗 RA 的适 应症在今年 7 月获批，将拓展其可覆盖人群；gMG 适应症在中国的 3 期临床 已达到主要临床终点，pSS、IgAN 等适应症在中国的 3 期临床已完成患者入 组。泰它西普 SLE 适应症的 3 期国际多中心临床正在患者入组中，MG ...

Investment Rating - The report maintains a "Hold" rating for the company with a target price of HKD 26 for Hong Kong shares and RMB 35 for A-shares [1][2]. Core Insights - The company's revenue for Q2 2024 slightly exceeded expectations, primarily due to better-than-expected sales of Taihe Xip, but the net loss was significantly higher than anticipated due to increased R&D expenses and non-operating costs [1][2]. - The sales of Taihe Xip reached approximately RMB 380 million in the first half of the year, showing a growth of around 100% year-on-year, with significant contributions from rheumatology and nephrology departments [1][2]. - The company is expected to face challenges in maintaining R&D expenses at the same level as the first half of 2024, with predictions of an increase in the second half due to ongoing clinical trials and new patient enrollments [2][3]. Financial Performance Summary - For Q2 2024, the company reported revenues of RMB 409 million, a year-on-year increase of 63.1% and a quarter-on-quarter increase of 23.8% [1]. - The net loss for Q2 2024 was RMB 432 million, reflecting a year-on-year increase of 13.7% and a quarter-on-quarter increase of 23.7% [1]. - The gross margin for Q2 2024 was 76.8%, showing a slight decrease from the previous quarter but a significant increase compared to the same period last year [1][2]. Revenue and Profit Forecast - The projected revenue for 2024 is RMB 1.719 billion, representing a year-on-year growth of 59.8% [3][4]. - The forecasted net loss for 2024 is RMB 1.704 billion, with subsequent years showing a gradual decrease in losses [3][4]. - The company anticipates a significant increase in sales for Taihe Xip in the second half of 2024, potentially exceeding RMB 500 million [1][2]. Market Position and Future Catalysts - The company has expanded its commercial team to over 800 members, enhancing its market coverage and sales capabilities [1][2]. - Key upcoming catalysts include potential overseas licensing for RC18, regulatory submissions for various indications, and data readouts for ongoing clinical trials [2][3].