Market Overview - The biopharmaceutical sector experienced a decline of 0.21% on September 25, with Nossland leading the drop [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Stock Performance - Notable gainers in the biopharmaceutical sector included: - Aopu Mai (688293) with a closing price of 62.85, up 7.42% and a trading volume of 30,600 [1] - Rongchang Biotech (688331) closed at 108.50, up 3.43% with a trading volume of 89,200 [1] - Baipusais (301080) closed at 62.16, up 3.43% with a trading volume of 43,500 [1] - Major decliners included: - Nossland (430047) closed at 22.99, down 3.69% with a trading volume of 57,000 [2] - Wufan Biotech (301393) closed at 53.12, down 3.42% with a trading volume of 24,600 [2] - Kexing Pharmaceutical (688136) closed at 38.75, down 3.34% with a trading volume of 53,500 [2] Capital Flow - The biopharmaceutical sector saw a net outflow of 207 million yuan from institutional investors, while retail investors contributed a net inflow of 45.07 million yuan [2] - Notable capital flows included: - Rongchang Biotech (688331) with a net inflow of 1.021 billion yuan from institutional investors [3] - Junshi Biosciences (688180) with a net inflow of 35.36 million yuan from institutional investors [3] - Aopu Mai (688293) with a net inflow of 9.41 million yuan from institutional investors [3]

Financial Performance - Revenue for the six months ended June 30, 2025, reached RMB 1,091,976 thousand, a significant increase of 47.6% from RMB 739,656 thousand in the same period of 2024[9]. - Gross profit for the first half of 2025 was RMB 921,848 thousand, up 61.5% from RMB 570,385 thousand in the prior year[9]. - RemeGen's pre-tax loss for the first half of 2025 was RMB 449,568 thousand, an improvement from a loss of RMB 780,460 thousand in the same period of 2024[9]. - The net loss for the period was RMB 449,568 thousand, an improvement from a net loss of RMB 780,460 thousand in the prior year, showing a 42.4% reduction in losses[132]. - The basic loss per share improved to RMB (0.83) from RMB (1.45) year-over-year, indicating better performance on a per-share basis[132]. - The total comprehensive loss for the period was RMB 419,557 thousand, which includes other comprehensive income of RMB 29,011 thousand[138]. Assets and Liabilities - Total assets increased to RMB 5,850,358 thousand as of June 30, 2025, compared to RMB 5,498,519 thousand as of December 31, 2024, reflecting a growth of approximately 6.4%[9]. - The total liabilities as of June 30, 2025, were RMB 3,492,867 thousand, a slight decrease from RMB 3,512,318 thousand as of December 31, 2024[9]. - The total equity increased to RMB 2,357,491 thousand as of June 30, 2025, compared to RMB 1,986,201 thousand as of December 31, 2024, representing a growth of approximately 18.6%[9]. - Cash and cash equivalents increased significantly to RMB 1,271,002 thousand from RMB 759,530 thousand, representing a 67.3% increase[135]. - The group's debt-to-asset ratio improved from 63.9% as of December 31, 2024, to 59.7% as of June 30, 2025[58]. Research and Development - Research and development expenses decreased to RMB 647,216 thousand in the first half of 2025 from RMB 806,233 thousand in the same period of 2024, indicating a reduction of approximately 19.7%[9]. - The company has developed over ten drug candidates, with seven currently in clinical development targeting more than twenty indications[10]. - The company is developing a rich pipeline of candidates, including Taitasip for various autoimmune diseases and other indications[14]. - The company is actively exploring additional indications for Taitasip, planning to initiate multiple Phase II/III clinical trials domestically[19]. Clinical Trials and Product Development - The company initiated a Phase III clinical trial for Taitasip (RC18) in China for the treatment of generalized myasthenia gravis (gMG) in the first half of 2023, with the trial expected to reach its primary endpoint by August 2024[15]. - In the Phase III trial, Taitasip demonstrated a significant reduction in the Myasthenia Gravis Activities of Daily Living (MG-ADL) score by 5.74 points compared to a 0.91 point reduction in the placebo group, with 98.1% of patients showing improvement of ≥3 points[16]. - A licensing agreement was established with Vor Biopharma Inc. for the development and commercialization of Taitasip outside Greater China, with a total value of $125 million, including an upfront payment of $45 million[19]. - Vor Biopharma is conducting a global Phase III clinical trial for Taitasip in gMG patients, having received orphan drug designation from the FDA in October 2022[20]. - The company has developed Vidisicimab, a leading antibody-drug conjugate (ADC) candidate, which is the first domestically approved ADC in China for treating HER2-expressing solid tumors, including low-expressing types[22]. Market and Sales - The company has commercialized two products, RC18 (brand name: Tai'ai®) and RC48 (brand name: Aidiqi®), which are undergoing clinical trials in China and the United States for over twenty indications[10]. - The company aims to become a leading player in the global biopharmaceutical industry, focusing on innovative and differentiated biologics for unmet medical needs[10]. - Revenue increased from RMB 739.7 million for the six months ended June 30, 2024, to RMB 1,092.0 million for the six months ended June 30, 2025, driven by strong sales of the autoimmune product Taitasip and the oncology product Vidisizumab[42]. Shareholder and Equity Information - As of June 30, 2025, the company had a total of 563,608,243 shares, including 208,581,239 H-shares and 355,027,004 A-shares[75]. - Mr. Wang Weidong holds a 43.25% equity interest in A-shares through controlled entities, representing 27.24% of the total shares[71]. - The company has established a consortium agreement among key stakeholders to ensure unified action in management and decision-making[73]. - The company issued 54,426,301 new A-shares at RMB 48.00 per share, raising approximately RMB 2,612.4 million, with net proceeds of about RMB 2,505.9 million after deducting issuance costs[68]. Incentive Plans - The company has implemented the first H-share plan to enhance its compensation system and ensure a balance of interests among stakeholders[82]. - The second phase of the H-share plan allows for the purchase of up to 27,213,150 H-shares, representing approximately 13.05% of the total issued H-shares and about 4.83% of the total share capital as of the report date[96]. - The 2022 A-share plan aims to enhance the company's long-term incentive mechanism, attracting and retaining talent while aligning the interests of shareholders, the company, and core team members[105]. - The maximum number of shares that any incentive recipient can receive will not exceed 1% of the total shares as of the announcement date[105]. Corporate Governance - The company has complied with all applicable corporate governance codes as of June 30, 2025[122]. - The independent auditor has reviewed the interim financial information in accordance with the relevant standards, confirming compliance with applicable accounting standards and regulations[124].

每经AI快讯，9月25日，港股荣昌生物(09995.HK)早盘涨超5%，截至发稿，涨5.54%，报108.6港元，成 交额1.1亿港元。 （文章来源：每日经济新闻） ...

9月25日，荣昌生物涨5.02%，截至发稿，报110.17元/股，成交2.19亿元，换手率1.24%，总市值620.93 亿元。 资料显示，荣昌生物制药(烟台)股份有限公司位于中国(山东)自由贸易试验区烟台片区烟台开发区北京 中路58号，成立日期2008年7月4日，上市日期2022年3月31日，公司主营业务涉及公司是一家具有全球 化视野的创新型生物制药企业,自成立以来一直专注于抗体药物偶联物(ADC)、抗体融合蛋白、单抗及 双抗等治疗性抗体药物领域。公司致力于发现、开发与商业化创新、有特色的同类首创(first-in-class)与 同类最佳(best-in-class)生物药,以创造药物临床价值为导向,为自身免疫疾病、肿瘤疾病、眼科疾病等重 大疾病领域提供安全、有效、可及的临床解决方案,以满足大量尚未被满足的临床需求。主营业务收入 构成为：销售商品99.46%，出售材料0.38%，租赁服务0.16%。 从基金十大重仓股角度 数据显示，嘉合基金旗下1只基金重仓荣昌生物。嘉合锦鹏添利混合A（008905）二季度持有股数20万 股，占基金净值比例为1.69%，位居第八大重仓股。根据测算，今日浮盈赚取约105.4万 ...

据介绍，本次大会上，荣昌生物的多项重磅研究成果将集中亮相。其中，维迪西妥单抗联合治疗一线尿 路上皮癌的RC48-C016Ⅲ期临床研究入选"最新突破摘要(Late-Breaking Abstracts，LBA)"，展现了该研 究的重要学术价值。此外，公司还将展示10项多个瘤种及相关治疗策略的最新数据，呈现形式包括2项 简短口头报告和8项壁报展示，覆盖尿路上皮癌、胃癌、妇科肿瘤等领域，全面体现荣昌生物在ADC药 物联合治疗中的领先实力。 消息面上，据荣昌生物官微消息，2025年欧洲肿瘤内科学会(ESMO)年会将于当地时间10月17日至21日 在德国柏林召开，荣昌生物11项原创研究成果成功入选，其中多项临床研究数据为首次在国际公布。 荣昌生物(09995)早盘涨超5%，截至发稿，涨5.54%，报108.6港元，成交额1.1亿港元。 ...

智通财经APP获悉，荣昌生物(09995)早盘涨超5%，截至发稿，涨5.54%，报108.6港元，成交额1.1亿港 元。 据介绍，本次大会上，荣昌生物的多项重磅研究成果将集中亮相。其中，维迪西妥单抗联合治疗一线尿 路上皮癌的RC48-C016Ⅲ期临床研究入选"最新突破摘要(Late-Breaking Abstracts，LBA)"，展现了该研 究的重要学术价值。此外，公司还将展示10项多个瘤种及相关治疗策略的最新数据，呈现形式包括2项 简短口头报告和8项壁报展示，覆盖尿路上皮癌、胃癌、妇科肿瘤等领域，全面体现荣昌生物在ADC药 物联合治疗中的领先实力。 消息面上，据荣昌生物官微消息，2025年欧洲肿瘤内科学会(ESMO)年会将于当地时间10月17日至21日 在德国柏林召开，荣昌生物11项原创研究成果成功入选，其中多项临床研究数据为首次在国际公布。 ...

Core Viewpoint - The A-share market is experiencing a significant rebound, particularly in the Sci-Tech Innovation Board, with the ETF Huatai-PineBridge (589120) showing a notable increase of 1.59% as of 13:54 on September 24, and attracting over 20 million yuan in net subscriptions within three trading days [1][3]. Group 1: ETF Performance - The Huatai-PineBridge Sci-Tech Innovation Drug ETF (589120) has seen strong performance, with most of its constituent stocks rising, including Teva Biopharma up over 3%, and several others like Zai Lab and Eucure Biopharma rising over 2% [3]. - The top ten constituent stocks of the ETF include notable companies such as RYSE Pharmaceuticals (688235) with a weight of 9.92% and a rise of 1.93%, and Eucure Biopharma (688578) with a weight of 8.03% and a rise of 2.27% [4]. Group 2: Market Dynamics - The National Healthcare Security Administration is set to hold a communication meeting in Beijing to discuss negotiations and pricing with companies, marking a significant innovation in this year's healthcare directory adjustments [5]. - The current innovation drug market is driven by the trend of "local innovation - global monetization," which is seen as a key support for the industry's growth [6]. - Analysts from Xinda Securities believe that the trend of innovation in the drug sector is not over, with expectations for continued growth in innovative drugs, medical devices, and AI healthcare [7]. Group 3: Industry Outlook - Tianfeng Securities highlights that the Chinese innovative drug industry has achieved significant results and is now globally competitive, entering a phase of self-sustainability through commercialization [8]. - The industry is supported by favorable policies, a well-structured talent pool, and a collaborative approach between academia and industry, which enhances the efficiency of drug development [9]. - The future outlook suggests that increasing innovation will further unlock commercial value, with China becoming one of the most efficient countries in the drug development process [10].

Group 1 - The cell immunotherapy sector experienced a decline of 2.75%, ranking among the top losers in the concept sector, with ST Zhongzhu hitting the daily limit down [1] - Major stocks within the cell immunotherapy sector that saw significant declines include Zhaoyan New Drug, Jimin Health, and Boteng Co., with respective drops of 6.04%, 5.45%, and 5.34% [1][2] - The sector faced a net outflow of 1.61 billion yuan from main funds, with 48 stocks experiencing outflows, and six stocks seeing outflows exceeding 100 million yuan, led by Hengrui Medicine with a net outflow of 293 million yuan [2] Group 2 - The top gainers in today's concept sectors included the SMIC concept with a rise of 1.22% and the National Big Fund holding with an increase of 1.08% [2] - The main inflows were observed in stocks such as Betta Pharmaceuticals, Chutian Technology, and Rongchang Bio, with net inflows of 35.97 million yuan, 21.30 million yuan, and 14.08 million yuan respectively [4] - The overall market sentiment reflected a mixed performance across various sectors, with notable declines in the Huawei Pangu and MLOps concepts, down 3.69% and 3.31% respectively [2]

Company Overview - Rongchang Biopharmaceuticals is an innovative biopharmaceutical company based in Yantai, Shandong, China, established on July 4, 2008, and listed on March 31, 2022. The company focuses on antibody-drug conjugates (ADC), antibody fusion proteins, monoclonal antibodies, and bispecific antibodies [1] - The company aims to discover, develop, and commercialize innovative first-in-class and best-in-class biopharmaceuticals to address significant unmet clinical needs in autoimmune diseases, oncology, and ophthalmology [1] - The main revenue sources for the company are product sales (99.46%), material sales (0.38%), and leasing services (0.16%) [1] Market Performance - On September 19, Rongchang Biopharmaceuticals' stock fell by 5.02%, trading at 99.35 CNY per share, with a total transaction volume of 659 million CNY and a turnover rate of 3.98%. The company's total market capitalization is approximately 55.994 billion CNY [1] Fund Holdings - According to data, one fund under Jiashi Fund holds a significant position in Rongchang Biopharmaceuticals. Jiashi Xinhe One-Year Holding Period Mixed A (008664) held 14,900 shares in the second quarter, accounting for 0.38% of the fund's net value, ranking as the eighth-largest holding [2] - The fund has experienced a floating loss of approximately 78,200 CNY today [2] Fund Manager Profile - The fund manager of Jiashi Xinhe One-Year Holding Period Mixed A is Yang Yechao, who has been in the position for 9 years and 300 days. The total asset size of the fund is 1.878 billion CNY, with the best fund return during his tenure being 40.38% and the worst being -4.07% [3]

消息面上，9月18日，荣昌生物宣布，由公司自主研发的全球首创BLyS/APRIL双靶点融合蛋白创新药泰 它西普（RC18，商品名：泰爱 ）用于治疗全身型重症肌无力（gMG）中国Ⅲ期临床研究数据，即其用 以验证长期疗效的48周开放标签延长研究（OLE）数据，成功入选2025年美国神经肌肉和电生理诊断医 学协会年会（AANEM）口头报告，该年会将于当地时间10月29日至11月1日在美国加利福尼亚州旧金 山联合广场希尔顿酒店举行。 此外，荣昌生物日前在业绩说明会上表示，2021年8月，公司与美国西雅图基因公司（现被美国辉瑞公 司收购，Pfizer Inc.）达成一项全球独家许可协议，公司授权维迪西妥单抗（代号：RC48）在荣昌生物 区域（即除日本、新加坡以外的其他亚洲地区）以外地区的全球开发和商业化权益。目前，RC48在海 外的临床试验正在由Pfizer按计划推进中。 荣昌生物(09995)涨超8%，截至发稿，涨8.29%，报115港元，成交额2.22亿港元。 ...