| 证券代码：688331 | 证券简称：荣昌生物 | 公告编号：2025-047 | | --- | --- | --- | | 港股代码：09995 | 港股简称：榮昌生物 | | 2、2022 年 11 月 18 日至 2022 年 11 月 27 日，公司对本次激励计划拟首次 授予激励对象的姓名和职务在公司内部进行了公示。在公示期内，公司监事会未 收到与本次激励计划激励对象有关的任何异议。2022 年 12 月 13 日，公司于上 海证券交易所网站（www.sse.com.cn）披露了《监事会关于公司 2022 年 A 股限 制性股票激励计划首次授予激励对象名单的公示情况说明及核查意见》（公告编 号：2022-032）。 3、2022 年 12 月 13 日，公司于上海证券交易所网站（www.sse.com.cn）披 露了《荣昌生物制药（烟台）股份有限公司关于独立董事公开征集委托投票权的 公告》（公告编号：2022-031），根据公司其他独立董事的委托，独立董事陈云 金先生作为征集人就公司 2022 年第二次临时股东大会、2022 年第一次 A 股类别 股东大会审议的本次激励计划相关议案向公司全体 A ...

法律意见书 北京海润天睿律师事务所 关于荣昌生物制药（烟台）股份有限公司 2022 年 A 股限制性股票激励计划之 B 类权益预留授予 第一个归属期符合归属条件及作废部分已授予尚未归属的 限制性股票之法律意见书 中国·北京 朝阳区建外大街甲 14 号广播大厦 5/9/10/13/17 层 二〇二五年十一月 法律意见书 北京海润天睿律师事务所 关于荣昌生物制药（烟台）股份有限公司 2022 年 A 股限制性股票激励计划之 B 类权益预留授予 第一个归属期符合归属条件及作废部分已授予尚未归属的 限制性股票之法律意见书 致：荣昌生物制药（烟台）股份有限公司 北京海润天睿律师事务所(以下简称"本所")接受荣昌生物制药（烟台） 股份有限公司（以下简称"荣昌生物"、"公司"）委托，为公司 2022 年 A 股 限制性股票激励计划（以下简称"本次激励计划"、"本激励计划"）出具法 律意见书。本所根据《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《科创板上市规则》）、《科 ...

| 证券代码：688331 | 证券简称：荣昌生物 公告编号：2025-045 | | --- | --- | | 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 第二届董事会第三十次会议决议公告 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。 一、董事会会议召开情况 荣昌生物制药（烟台）股份有限公司（以下简称"公司"）第二届董事会第 三十次会议通知于 2025 年 10 月 31 日以邮件等方式送达公司全体董事，会议于 2025 年 11 月 4 日在公司会议室以现场结合通讯方式召开。本次会议由董事长王 威东先生主持，应出席董事 9 人，实际出席董事 9 人，本次会议的召集和召开程 序符合《中华人民共和国公司法》（以下简称"《公司法》"）等法律法规、规 范性文件以及《荣昌生物制药（烟台）股份有限公司章程》（以下简称"《公司 章程》"）的相关规定，会议形成的决议合法、有效。 关联董事王威东、房健民、林健、温庆凯、王荔强对本议案回避表决。 经与会董事表决，同意票：4 票，反对票：0 票，弃 ...

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，符合本次激励计划规定的激励对象范围， 其作为公司本次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 股票的归属条件已成就。 荣昌生物制药（烟台）股份有限公司 董事会薪酬与考核委员会 2025 年 11 月 4 日 荣昌生物制药（烟台）股份有限公司 董事会薪酬与考核委员会 关于公司 2022 年限制性股票激励计划之 B 类权益预 留授予部分第一个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"）董事会薪酬与考核 委员会依据《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 年限制性股票激励计划（以 下简称 ...

致：香港交易及結算所有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 688331 | 說明 | 在上海證券交易所上市 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 355,027,004 RMB | | | 1 RMB | | 355,027,004 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 355,027,004 RMB | | | 1 RMB | | 355,027,004 | 本月底法定/註冊股本總額： RMB 563,608,243 公司名稱: 榮昌生物製藥（煙台）股份有限公司 呈交日期: 2025年11月 ...

Company Summary - Rongchang Biopharmaceutical (SH 688331) held its 30th meeting of the second board on November 4, 2025, to discuss the proposal regarding the first vesting period of the 2022 A-share restricted stock incentive plan [1] - For the year 2024, the company's revenue composition is 99.61% from the pharmaceutical manufacturing industry and 0.39% from other businesses [1] - As of the report date, Rongchang Biopharmaceutical has a market capitalization of 54.5 billion yuan [1] Industry Summary - A significant increase in overseas orders by 246% has been reported, covering over 50 countries and regions [1] - Entrepreneurs have raised concerns about some companies selling products at a loss, warning of potential vicious competition extending to overseas markets [1]

Core Viewpoint - Rongchang Biotech (09995) has entered into an agreement with SPD Bank Yantai Branch to invest RMB 400 million of its idle funds in a wealth management product [1] Summary by Categories Company Actions - The company has agreed to purchase a wealth management product from SPD Bank Yantai Branch using RMB 400 million of its idle self-owned funds [1]

Core Viewpoint - Morgan Stanley has downgraded the product revenue forecasts for Rongchang Biologics (09995, 688331.SH) for 2025 and 2026, reflecting the latest performance, while raising the forecast for licensing revenue [1] Group 1: Financial Performance - The third-quarter performance of Rongchang Biologics was mixed, with product revenue lower than the bank's expectations, but profit margins and operating expenses were better controlled than anticipated, indicating ongoing cost optimization by the company [1] - The bank expects the net loss for 2025 and 2026 to narrow due to improved profit margins and reduced operating expenses [1] Group 2: Target Price and Ratings - The target price for H-shares has been raised from HKD 73 to HKD 77, with the rating upgraded to neutral; the target price for A-shares has been increased from RMB 86 to RMB 92, maintaining a "neutral" rating [1] Group 3: Cost Management - Following the signing of the RC18 licensing agreement with VorBio in June, the company's R&D expenses decreased by 30% year-on-year and 24% quarter-on-quarter; administrative expenses also fell by 23%, continuing the positive trend from previous quarters [1]

Core Viewpoint - Morgan Stanley has downgraded the product revenue forecasts for Rongchang Biologics (09995, 688331.SH) for 2025 and 2026, reflecting the latest performance, while raising the forecast for licensing revenue [1] Group 1: Financial Performance - The third-quarter performance of Rongchang Biologics was mixed, with product revenue falling below expectations, but profit margins and operating expenses were better controlled than anticipated, indicating ongoing cost optimization by the company [1] - The company’s net loss is expected to narrow in 2025 and 2026 due to improved profit margins and reduced operating expenses [1] Group 2: Revenue Forecasts - The target price for H-shares has been raised from HKD 73 to HKD 77, with the rating upgraded to neutral; the target price for A-shares has been increased from RMB 86 to RMB 92, maintaining a "neutral" rating [1] Group 3: Cost Management - Following the RC18 licensing agreement with VorBio in June, the company's R&D expenses decreased by 30% year-on-year and 24% quarter-on-quarter; administrative expenses also fell by 23%, continuing the positive trend from previous quarters [1]

Group 1: Chemical Sector Insights - The chemical sector reported a slight increase in profitability in the first three quarters of 2025, with overall revenue up by 2.6% year-on-year and net profit up by 9.4% [6][7] - Notable profit growth was observed in sub-sectors such as pesticides (201%), fluorochemicals (124.6%), adhesives and tapes (91.7%), and potassium fertilizers (62.2%), while significant declines were seen in organic silicon (-73.0%), soda ash (-68.7%), nylon (-52.3%), and titanium dioxide (-46.3%) [6][7] - The report suggests a long-term optimistic outlook for the chemical sector due to supply-side improvements and low inventory levels, while short-term caution is advised due to falling oil prices and potential price declines in chemical products [6] Group 2: Qingdao Beer Company Analysis - Qingdao Beer Company reported a revenue of 29.367 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 1.41%, with a net profit of 5.274 billion yuan, up by 5.70% [11][12] - The company experienced a slight decline in Q3 revenue, attributed to a generally weak market demand, with a total sales volume of 6.894 million kiloliters, up by 1.61% year-on-year [12][13] - The company is expected to achieve stable growth for the full year, supported by product structure upgrades and cost reductions, with a projected net profit of 4.653 billion yuan for 2025 [14] Group 3: Zhejiang Dingli Company Overview - Zhejiang Dingli reported a revenue of 6.675 billion yuan for the first three quarters of 2025, an increase of 8.82% year-on-year, with a net profit of 1.595 billion yuan, up by 9.18% [16][17] - The company faced challenges in export sales, with a 13.7% decline in high-altitude work platform exports, which accounted for 61.21% of total sales [19] - The company is focusing on R&D and innovation to maintain its competitive edge, launching new products and exploring electric and digital technologies [18] Group 4: Kaili Medical Company Insights - Kaili Medical achieved a revenue of 1.459 billion yuan in the first three quarters of 2025, a year-on-year increase of 4.37%, but reported a net profit decline of 69.25% [21][22] - The company’s Q3 revenue was 495 million yuan, reflecting a significant year-on-year increase of 28.41%, driven by a recovery in hospital procurement [22][23] - Despite the revenue growth, the company faced pressure on profit margins due to increased costs and competitive pricing in the medical device sector [23] Group 5: Zhuosheng Microelectronics Performance - Zhuosheng Microelectronics reported a revenue of 2.769 billion yuan for the first three quarters of 2025, a decrease of 17.77% year-on-year, with a net loss of 171 million yuan [26][27] - The company’s Q3 revenue showed a slight year-on-year decline of 1.62%, but a quarter-on-quarter increase of 12.36%, indicating a potential recovery trend [28] - The company is focusing on improving production capacity and product mix, particularly in high-end RF modules, to enhance profitability in the upcoming quarters [28][29] Group 6: Non-Bank Financial Sector Performance - The non-bank financial sector saw a 0.5% decline in the index, with significant growth in net profits for listed brokerages, which increased by 62% year-on-year in the first three quarters of 2025 [32][33] - The financial market is expected to remain active, driven by improved brokerage revenues from trading and margin financing activities [33] - Regulatory developments are anticipated to enhance investor protection and market stability, which could positively impact the sector's performance [33] Group 7: North American Cloud Providers and AI Chip Market - North American cloud providers reported a 75% year-on-year increase in capital expenditures in Q3 2025, focusing heavily on AI infrastructure [36][37] - Qualcomm announced its entry into the AI chip market with the launch of AI200 and AI250 chips, aiming to compete with Nvidia in the high-end AI data center segment [38] - The overall electronic industry is experiencing a recovery in demand, with rising prices for storage chips and increased domestic production efforts [36][39] Group 8: Rongchang Bio's Financial Performance - Rongchang Bio achieved a revenue of 1.720 billion yuan in the first three quarters of 2025, a year-on-year increase of 42.27%, while net losses narrowed by 48.60% [41] - The company reported a Q3 revenue of 622 million yuan, reflecting a 33.13% increase year-on-year, indicating strong commercial performance [41] - The improvement in financial performance is attributed to the successful commercialization of core products and effective cost management strategies [41]