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 二十四次会议通知于 2025 年 5 月 23 日以邮件等方式送达公司全体董事，会议于 2025 年 5 月 26 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。 二、董事会会议审议情况 （一）审议通过《关于变更公司注册资本、取消监事会、修订<公司章程> 的议案》 根据《中华人民共和国公司法》和《上市公司章程指引》的最新相关规定， 结合公司实际情况，公司将不再设置监事会，监事会的职权由董事会审核委员会 行使，《荣昌生物制药（烟台）股份有限公司监事会议事规则》等监事会相关制 度相应废止。同时，公司 2022 年 A 股限制性股票激励计划 A 类权益第二个及 B 类权益首次授予第一个归属期第一次归属股票 276,160 股已完成归属并于上海证 券交易所上市流通，公司注 ...

Group 1 - The company announced a placement of 19 million new H shares at a price of HKD 42.44 per share, raising approximately HKD 796 million to support pipeline expansion and operations [1] - The placement price represents a discount of about 3.49% compared to the average closing price of HKD 41.01 over the previous ten trading days, and the shares represent approximately 10.02% of existing H shares [1] - Post-placement, the company's cash reserves are expected to be nearly RMB 1.5 billion, sufficient to support R&D and operations until breakeven, effectively reducing operational risks [1] Group 2 - In Q1 2025, the company achieved revenue of RMB 526 million, a year-on-year increase of 59.2% and a quarter-on-quarter increase of 3.5%, driven by increased sales of Tai Tasi Pu and Vidi Si Tuo Monoclonal Antibody [2] - The company continued to optimize its cost structure, with sales, R&D, and management expense ratios decreasing by 9.1, 37.7, and 5.3 percentage points year-on-year, respectively [2] - The company maintained a trend of reduced losses, with net losses narrowing by 27.2% year-on-year, and is expected to continue this trend into 2025-2026, reaching breakeven in 2027 [2] Group 3 - The target price for the company has been raised to HKD 66 from HKD 35.2, reflecting an over 60% increase in net profit forecasts for 2027 and beyond, driven by optimistic projections for Tai Tasi Pu in overseas markets [3] - The peak sales forecast for Tai Tasi Pu in the U.S. has been increased to USD 1.5 billion, based on assumptions of a 60% success rate, 30% peak market share, and a treatment cost of USD 6,000 per week [3] - The company’s sales forecast for Tai Tasi Pu is considered reasonable, with potential for further upward adjustments as global Phase III studies progress [3]

Core Viewpoint - Rongchang Biopharmaceutical (9995.HK) has announced a H-share placement plan to raise approximately HKD 796 million, reflecting the company's ongoing financial challenges despite a significant revenue increase in 2024 [2][4]. Financial Performance - In 2024, Rongchang Biopharmaceutical reported a revenue of approximately CNY 1.72 billion, a year-on-year increase of 58.54%, but still faced a net loss of CNY 1.468 billion [3][4]. - The company has experienced losses in six out of the seven years since its establishment, with a peak loss of CNY 1.511 billion in 2023 [4][5]. - In Q1 2025, the company achieved a revenue of CNY 526 million, representing a 59.17% year-on-year growth, but continued to incur a net loss of CNY 254 million [4][7]. Product Development and Market Position - Rongchang Biopharmaceutical focuses on innovative biopharmaceuticals, particularly in antibody drug conjugates and therapeutic antibodies [4][6]. - The company has two commercialized products: RC18 (Taitasip) and RC48 (Vidisizumab), which have contributed to its revenue growth since their market approval [6][8]. - Despite the growth in sales, the company faces challenges with slowing growth rates for its core products, indicating potential market saturation or increased competition [6][8]. Funding and Financial Strategy - The recent H-share placement is a critical move to address the company's cash flow pressures and support ongoing research and development efforts [2][8]. - The company has faced difficulties in previous fundraising attempts, including a failed private placement in 2024, highlighting ongoing financial strain [9][10]. - As of Q1 2025, the company's cash reserves decreased to CNY 722 million, while short-term borrowings reached CNY 1.131 billion, indicating significant debt pressure [8][9]. Industry Context - The biopharmaceutical industry is characterized by high research and development costs and long commercialization timelines, leading to widespread financial challenges among similar companies [8]. - Experts suggest that companies need to optimize cost structures and enhance collaboration to achieve profitability in a competitive market [8].

根据贵所《关于荣昌生物制药（烟台）股份有限公司 2024 年年度报告的信 息披露监管问询函》（上证科创公函【2025】0077 号）（以下简称"问询函"）的 要求，华泰联合证券有限责任公司（以下简称"持续督导机构"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"）首 次公开发行股票并上市的保荐机构及持续督导机构，对贵所问询函所列问题进行 了逐项核查，并出具专项意见如下： 问题 1 关于主营业务 核查意见 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 年年度报告的信息披露监管问询函回复的核查意见 上海证券交易所： 年报显示，2024 年公司实现营业收入 17.17 亿元，同比增加 58.54%，其中 生物药收入 16.99 亿元，技术服务收入 0.11 亿元，主要是公司泰它西普和维迪 西妥单抗销量增加；公司归母净亏损 14.68 亿元，主要是研发支出 15.40 亿元。 请公司：（1）分产品列示公司 2 款商业化产品的销售收入、成本、毛利率， 并分析变动情况及原因，以及毛利率水平是否与同行业存在较大差异，如是，请 说明原因。（2）说明公司与辉瑞就 ...

| 证券代码：688331 | 证券简称：荣昌生物 | 公告编号： 2025-026 | | --- | --- | --- | | 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（以下简称"公司"）于 2025 年 4 月 29 日收到上海证券交易所出具的《监管问询函》（上证科创公函【2025】0077 号）。现将相关回复内容公告如下： 依据《公开发行证券的公司信息披露内容与格式准则第 2 号——年度报告的 内容与格式》等规则的要求，经对你公司 2024 年年度报告事后审核，根据《上 海证券交易所科创板股票上市规则》第 14.1.1 条的规定，请你公司补充说明以 下问题。 问题 1 关于主营业务 年报显示，2024 年公司实现营业收入 17.17 亿元，同比增加 58.54%，其中 生物药收入 16.99 亿元，技术服务收入 0.11 亿元，主要是公司泰它西普和维迪 西妥单抗销量增加；公司归母净亏损 14.68 亿元，主要是研发支出 15.40 亿元。 请公司：（1）分产品列示公司 2 款商业化产品的销售收入、成本、毛利率， 并分析变动情况及原因，以及毛利率水平是否与 ...

单位：万元，% | 分产品 | 营业收入 | 营业成本 | 毛利率 | 营业收入 | 营业成本 | 毛利率同比变化 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 同比变化 | 同比变化 | | | 泰它西普 | 97,725.04 | 25,487.23 | 73.92 | 88.46 | 40.40 | 增加 8.93 个百分点 | | 维迪西妥单抗 | 72,189.24 | 7,442.18 | 89.69 | 36.04 | 27.62 | 增加 0.68 个百分点 | | 合计 | 169,914.28 | 32,929.41 | 80.62 | 61.95 | 37.29 | 增加 3.48 个百分点 | 问题 1.关于主营业务。年报显示，2024 年公司实现营业收入 17.17 亿元，同比增加 58.54%，其中生物药收入 16.99 亿元，技术服务收入 0.11 亿元，主要是公司泰它西普和维 迪西妥单抗销量增加；公司归母净亏损 14.68 亿元，主要是研发支出 15.40 亿元。 请公司：（1）分产品列示公司 2 款商业化产品的 ...

野村：荣昌生物新H股发行改善财务状况 升目标价190.8% 金十数据5月23日讯，野村发研报指，荣昌生物(09995.HK)配售新H股利好集团财务状况。该行相信， 目前市场对生物科技公司的强烈情绪，为集团提供了良好的发行时机，同时，8亿港元配售所得，将加 强集团有限的现金状况。该行认为，资产外授许可的前景亦变得更光明，因此上调集团目标价 190.8%，由16.37港元升至47.6港元。暂维持"中性"评级。 ...

Core Viewpoint - The company plans to issue 19 million new H-shares to enhance its capital strength and support business expansion, with a focus on research and development in the biopharmaceutical sector [2][13][14]. Group 1: Share Placement Details - The company has entered into a placement agreement on May 22, 2025, to issue 19,000,000 new H-shares, representing approximately 10.02% of the existing H-shares and 3.49% of the total issued shares as of the announcement date [2][12]. - The placement price is set at HKD 42.44 per share, which reflects a discount of approximately 9.51% compared to the last trading day's closing price of HKD 46.90 [5][6]. - The net proceeds from the placement are expected to be around HKD 796 million after deducting commissions and estimated expenses [6][14]. Group 2: Use of Proceeds - The funds raised from the share placement will be utilized to enhance the company's research and development capabilities and support business expansion plans, particularly for its core product, RC18, in treating conditions such as myasthenia gravis and membranous nephropathy [14]. Group 3: Corporate Governance and Compliance - The share placement is authorized under the general mandate granted at the annual general meeting, allowing the board to issue up to 108,866,416 shares without further shareholder approval [12]. - The company will apply for the listing and trading approval of the new shares on the Hong Kong Stock Exchange [17]. - The company will comply with the regulations of the China Securities Regulatory Commission and complete the necessary filing procedures [18].

Core Viewpoint - The Hong Kong stock market has seen a rise in discounted placements, with Rongchang Biopharmaceutical (09995.HK) announcing a placement of 19 million shares to raise approximately HKD 796 million, indicating strong market interest despite the company's ongoing losses [1][2][3]. Group 1: Placement Details - Rongchang Biopharmaceutical plans to place up to 19 million H-shares, representing about 10.02% of existing H-shares and 3.49% of total shares as of the announcement date [2]. - The placement price is set at HKD 42.44 per share, reflecting a discount of approximately 9.51% from the closing price on May 21 [2]. - The net proceeds from the placement are expected to be around HKD 796 million, aimed at enhancing research capabilities and business expansion [2]. Group 2: Financial Performance - Despite a revenue increase of 59% to RMB 1.71 billion in 2024, Rongchang Biopharmaceutical continues to operate at a loss, with a net loss of RMB 254 million in Q1 2025, which is a 27% increase in losses year-on-year [6][7]. - The company has only recorded a profit in 2021, primarily due to a licensing agreement with Seattle Genetics, which generated a net profit of RMB 276 million [6][5]. - As of Q1 2025, the company had cash and cash equivalents of RMB 719 million, indicating some liquidity but ongoing pressure on cash flow due to continuous losses [7]. Group 3: Product Pipeline and Market Potential - Rongchang Biopharmaceutical has developed over ten candidate drugs, with seven in clinical development targeting more than twenty indications [3]. - The company’s marketed products, including RC18 and RC48, are undergoing clinical trials for various indications, with RC48 being the first ADC drug in China to receive dual breakthrough therapy designation from both the FDA and the Chinese regulatory authority [4][3]. - The company is focusing on expanding the indications for its core product RC18, which has already received approvals for systemic lupus erythematosus and is expected to gain further approvals in the near future [4]. Group 4: Market Sentiment and Stock Performance - Since the beginning of 2025, Rongchang Biopharmaceutical's stock has surged over 240%, reflecting strong market sentiment and positioning for the placement [8]. - The stock's performance on May 22, where both A and H shares opened low but closed higher, suggests a positive market reaction to the placement announcement [8].

Group 1 - The company, Rongchang Biopharma (09995.HK), has entered into a placement agreement with Morgan Stanley and Huatai International to issue 19 million new H-shares at a placement price of HKD 42.44, which represents a discount of approximately 9.51% compared to the closing price of HKD 46.90 on May 21 [1] - The placement shares will account for about 10.02% of the existing issued H-shares and approximately 3.49% of the total issued shares as of the announcement date [1] - Assuming no other changes in the issued share capital, the placement shares will represent about 9.11% of the enlarged issued H-shares and approximately 3.37% of the total issued shares after the placement [1] Group 2 - The total estimated proceeds from the placement are approximately HKD 806 million, with net proceeds expected to be around HKD 796 million after deducting commissions and estimated expenses [2] - The company plans to use the net proceeds for the expansion of its core product, RC18, into key indications such as myasthenia gravis, membranous nephropathy, and for general corporate purposes [2]