Investment Rating - The report maintains a "Hold" rating for Rongchang Biologics with a target price of HKD 26.0 for the Hong Kong stock and RMB 35.0 for the A-share [11][18]. Core Insights - Rongchang Biologics' Q3 2024 revenue met expectations, with a significant improvement in net loss primarily due to effective control of R&D expenses. The company reported a revenue of RMB 470 million, a year-on-year increase of 34.6% and a quarter-on-quarter increase of 13.6% [11][12]. - The gross margin for Q3 2024 was 82.1%, showing a significant year-on-year and quarter-on-quarter improvement, attributed to the economic effect of increased revenue scale [11]. - The management indicated that the sales of Taitasip reached approximately RMB 270 million in Q3 2024, with a 43% year-on-year increase, driven by enhanced market access and recognition of product efficacy [12]. - R&D expenses for Q3 2024 were RMB 350 million, reflecting a 9.3% year-on-year increase but a 26.9% quarter-on-quarter decrease, indicating effective cost management [14]. Financial Summary - For 2024E, the company expects total revenue of RMB 1.769 billion, with a year-on-year growth of 64.4%. The net loss is projected to be RMB 1.34 billion [19]. - The report forecasts a gradual improvement in net loss over the next few years, with estimates of RMB 1.165 billion for 2025E and RMB 816 million for 2026E [18][19]. - The cash and cash equivalents as of September 30 were RMB 1.12 billion, with a loan credit line of RMB 2.8 billion, indicating a solid liquidity position [11].

荣昌生物制药（烟台）股份有限公司（以下简称"公司"）第二届监事会第 十三次会议，于 2024 年 10 月 29 日在公司会议室以现场方式召开，会议已于 2024 年 10 月 15 日以邮件方式发出会议通知。会议应出席监事 3 名，实际出席 监事 3 名，会议由任广科先生主持，会议的召集、召开、表决程序符合《中华人 民共和国公司法》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》"）的相关规定，所作决议合法有效。经与会监事表决，会议形成如下 决议： 二、监事会会议审议情况 1、审议通过《关于公司<2024 年第三季度报告>的议案》 监事会认为：公司《2024 年第三季度报告》的编制及审议程序均符合法律、 法规、规范性文件和《公司章程》的要求，格式和内容符合上海证券交易所的各 项规定，报告内容真实、准确、完整地反映了公司本报告期经营管理和财务状况， 不存在任何虚假记载、误导性陈述或者重大遗漏。也未发现参与公司 2024 年第 三季度报告编制和审议的人员有违反保密规定及损害公司利益的行为。 | 证券代码：688331 | 证券简称：荣昌生物 公告编号：2024-049 | | --- | - ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥467,117,500.34, representing a year-on-year increase of 34.60%[2] - The net profit attributable to shareholders was -¥290,966,871.21, with a year-to-date net profit of -¥1,071,426,638.90[2] - Total operating revenue for the first three quarters of 2024 reached ¥1,208,874,280.23, a significant increase from ¥769,470,314.65 in the same period of 2023, representing a growth of approximately 56.9%[14] - The net loss for the first three quarters of 2024 was ¥1,071,426,638.90, compared to a net loss of ¥1,030,585,859.60 in the same period of 2023, showing a slight increase in losses[16] - The basic and diluted earnings per share were both -¥0.54 for Q3 2024, with a year-to-date figure of -¥1.99[3] - The basic and diluted earnings per share for the first three quarters of 2024 were both -¥1.99, compared to -¥1.91 in 2023, indicating a slight deterioration in per-share performance[17] Research and Development - Research and development expenses totaled ¥347,174,784.03 in Q3 2024, accounting for 74.32% of operating revenue, a decrease of 17.17 percentage points compared to the same period last year[3] - Research and development expenses surged to ¥1,153,407,440.34 in the first three quarters of 2024, compared to ¥857,977,852.40 in 2023, reflecting a rise of approximately 34.4%[14] - The total equity attributable to shareholders decreased by 31.09% year-on-year, primarily due to increased losses from higher R&D expenditures[6] Assets and Liabilities - The total assets at the end of the reporting period were ¥5,712,713,413.00, an increase of 3.34% from the end of the previous year[3] - The total liabilities increased to ¥3,344,032,874.19 in 2024 from ¥2,090,972,550.70 in 2023, marking an increase of approximately 60.0%[13] - The total equity attributable to shareholders decreased to ¥2,368,680,538.81 in 2024 from ¥3,437,268,153.89 in 2023, a decline of about 30.9%[13] Cash Flow - The cash flow from operating activities was not applicable for the current period, with a year-to-date net cash flow of -¥835,103,066.88[2] - In the first three quarters of 2024, the company generated cash inflows from operating activities totaling approximately ¥1.22 billion, compared to ¥718.15 million in the same period of 2023, representing a year-over-year increase of 70%[18] - The net cash flow from operating activities for the first three quarters of 2024 was approximately -¥835.10 million, an improvement from -¥1.11 billion in the same period of 2023[18] - The total cash outflow from operating activities was approximately ¥2.06 billion in 2024, compared to ¥1.83 billion in 2023, indicating an increase of about 12%[18] Shareholder Information - The company reported a total of 7,618 shareholders, with 7,594 being A-share holders and 24 being H-share holders[9] - The top 10 shareholders include HKSCC NOMINEES LIMITED holding 189,566,728 shares, representing 34.83% of total shares[9] Government Support - The company received government subsidies amounting to ¥17,816,478.70 during the reporting period, contributing to its other income[4] Interest and Other Income - The company reported a significant increase in interest expenses, which rose to ¥55,598,761.08 in 2024 from ¥13,656,827.51 in 2023[16] - Other comprehensive income after tax for the first three quarters of 2024 was negative at -¥42,366,321.69, compared to -¥7,908,770.97 in 2023, indicating a worsening position[17] Product Development - The company reported a significant increase in sales revenue due to higher sales volumes of its injectable products, specifically TaiTasi and VidiXimab[6] - The company is actively involved in the development of new products and technologies, focusing on market expansion strategies[10]

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 ...

[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 ...

丨证券研究报告丨 公司研究丨点评报告丨荣昌生物（688331.SH） [Table_Title] 营收同比增加 76%，核心产品商业化顺利 报告要点 [Table_Summary] 2024 年 8 月 17 日，荣昌生物发布 2024 年中期业绩报告：公司 2024 上半年实现营业收入 7.42 亿元，同比增加 75.59%，归母净利润为净亏损 7.80 亿元（去年同期亏损 7.03 亿元），扣非净 利润为净亏损 7.94 亿元（去年同期亏损 7.28 亿元）。 分析师及联系人 [Table_Author] 彭英骐 刘长洪 SAC：S0490524030005 SFC：BUZ392 %% %% research.95579.com 请阅读最后评级说明和重要声明 %% %% 1 荣昌生物（688331.SH） cjzqdt11111 [Table_Title2] 营收同比增加 76%，核心产品商业化顺利 公司研究丨点评报告 [Table_Summary2] 事件描述 2024 年 8 月 17 日，荣昌生物发布 2024 年中期业绩报告：公司 2024 上半年实现营业收入 7.42 亿元，同比增加 75.59 ...

公 司 研 究 [Table_Reportdate] 2024年08月21日 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 伍可心 S0630522120001 wkx@longone.com.cn 联系人 付婷 futing@longone.com.cn | --- | --- | |-------------------------|-------------| | 数据日期 Table_cominfo] | 2024/08/20 | | 收盘价 | 25.93 | | 总股本(万股) | 54,433 | | 流通A股/B股(万股) | 16,195/0 | | 资产负债率(%) | 53.70% | | 市净率(倍) | 5.30 | | 净资产收益率(加权) | -25.62 | | 12个月内最高/最低价 | 71.80/24.04 | [Table_QuotePic] -74% -59% -44% -28% -13% 2% 17% 32% 23-0 ...