Core Viewpoint - Jianyin International has raised the target price for Rongchang Biopharmaceutical (09995) by 9% from HKD 110 to HKD 120, maintaining an "outperform" investment rating [1] Revenue Forecast - Jianyin International has kept its revenue forecasts for Rongchang Biopharmaceutical for 2025, 2026, and 2027 unchanged at RMB 2.8 billion, RMB 3.4 billion, and RMB 4.6 billion respectively [1] Loss Adjustment - Due to improved operational efficiency, the ratio of operating expenses to sales has decreased, leading to a downward adjustment of the 2025 adjusted net loss forecast from RMB 347 million to RMB 68 million [1] - The 2026 adjusted net loss forecast has also been revised down from RMB 182 million to RMB 94 million [1] Profit Forecast - The adjusted profit forecast for 2027 has been increased from RMB 923 million to RMB 960 million [1]

Core Viewpoint - Rongchang Biopharmaceuticals has experienced significant stock price fluctuations and changes in shareholder composition, reflecting its ongoing developments in the biopharmaceutical sector and market dynamics [1][3][4]. Group 1: Stock Performance - As of November 17, Rongchang Biopharmaceuticals' stock price decreased by 2.01%, trading at 88.27 CNY per share, with a market capitalization of 49.759 billion CNY [1]. - The stock has increased by 193.16% year-to-date, with a slight increase of 0.02% over the last five trading days, a decrease of 6.59% over the last 20 days, and an increase of 14.65% over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" four times this year, with the most recent instance on June 26, where it recorded a net buy of -137 million CNY [1]. Group 2: Company Overview - Rongchang Biopharmaceuticals, established on July 4, 2008, and listed on March 31, 2022, is based in Yantai, Shandong, China, focusing on innovative biopharmaceuticals, particularly in antibody-drug conjugates (ADC) and therapeutic antibodies [2]. - The company aims to develop first-in-class and best-in-class biopharmaceuticals to address unmet clinical needs in autoimmune diseases, oncology, and ophthalmology [2]. - The revenue composition shows that 99.46% comes from product sales, with minimal contributions from material sales and leasing services [2]. Group 3: Financial Performance - For the period from January to September 2025, Rongchang Biopharmaceuticals reported a revenue of 1.72 billion CNY, representing a year-on-year growth of 42.27%, while the net profit attributable to shareholders was -551 million CNY, an increase of 48.60% year-on-year [3]. Group 4: Shareholder Composition - As of September 30, 2025, the number of shareholders increased by 18.33% to 15,300, with an average of 10,639 circulating shares per shareholder, a decrease of 15.54% [3]. - The second-largest shareholder is Hong Kong Central Clearing Limited, holding 8.8418 million shares, a decrease of 510,800 shares from the previous period [4]. - Other notable shareholders include Wanjiayou Selected (increased by 1.0755 million shares) and new entrant Guangfa Healthcare Stock A [4].

Core Viewpoint - Rongchang Biopharmaceuticals has experienced significant stock price fluctuations and is focusing on innovative biopharmaceuticals, particularly in the field of therapeutic antibodies [1][2][3]. Financial Performance - As of September 30, 2025, Rongchang Biopharmaceuticals reported a revenue of 1.72 billion yuan, representing a year-on-year growth of 42.27% [3]. - The company recorded a net profit attributable to shareholders of -551 million yuan, which is a 48.60% increase compared to the previous period [3]. Stock Market Activity - On November 14, 2025, the stock price of Rongchang Biopharmaceuticals fell by 2.04%, trading at 87.18 yuan per share with a market capitalization of 49.135 billion yuan [1]. - The stock has increased by 189.54% year-to-date, with a recent 5-day increase of 0.28% and a 20-day decline of 10.47% [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 18.33% to 15,300, while the average circulating shares per person decreased by 15.54% to 10,639 shares [3][4]. - Major shareholders include Hong Kong Central Clearing Limited and Wanjiayouxuan, with notable changes in their holdings [4].

Core Points - The company will hold its third extraordinary general meeting of shareholders on December 2, 2025 [2][23] - The meeting will utilize both on-site and online voting methods [4][7] - The company has proposed amendments to several governance systems, which require shareholder approval [20][21] Group 1: Meeting Details - The extraordinary general meeting is scheduled for December 2, 2025, at 14:00 [2] - Voting will be conducted through the Shanghai Stock Exchange's online voting system, with specific time slots for trading system voting [2][4] - Shareholders must register in advance to attend the meeting, with registration open on December 1, 2025 [11][12] Group 2: Voting Procedures - Shareholders can vote via the trading system or the internet voting platform, with identity verification required for first-time users [7][8] - Duplicate votes through different methods will be counted based on the first submission [8] - All proposals must be voted on before submission [9] Group 3: Governance Amendments - The board has approved amendments to several governance systems, including management of related transactions and external guarantees [20][21] - These amendments will be presented for shareholder approval at the upcoming meeting [21][26] - The board meeting that approved these amendments was held on November 13, 2025, with full attendance [20][22]

Core Viewpoint - Rongchang Biopharmaceutical (Yantai) Co., Ltd. is revising 13 core governance systems to enhance its governance structure, with 4 of these requiring shareholder approval at an upcoming meeting on December 2, 2025 [1][3][4] Group 1: Board Meeting Details - The board meeting was held on November 13, 2025, with all 9 directors present, confirming compliance with legal and regulatory requirements [2] - The meeting was conducted in a "hybrid" format, combining in-person and remote participation [2] Group 2: Governance System Revisions - The proposed revisions include updates to the following systems: - Related Party Transaction Management - External Guarantee Management - External Investment Management - Fundraising Management - Internal Audit Management - Management of Funds with Related Parties - Market Value Management - Information Disclosure Management - Major Information Internal Reporting - Insider Information Knowledge Person Registration - Management of Shareholding Changes for Directors and Senior Management - Investor Relations Management - Accountability for Major Errors in Annual Report Disclosure [3] - The revisions aim to align with the latest regulatory requirements and improve governance standards, ensuring compliance and protecting shareholder rights [3] Group 3: Upcoming Shareholder Meeting - The third extraordinary general meeting of shareholders is scheduled for December 2, 2025, to discuss the governance system revisions that require shareholder approval [4] - The proposal to hold this meeting received unanimous support from the board [4] - Market analysts view these governance revisions as a significant step towards enhancing internal control systems and meeting capital market regulatory demands [4]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並表明概不就因本公告全部或任何部份內容而產生或因依賴該等 內容而引致的任何損失承擔任何責任。 RemeGen Co., Ltd.* 榮 昌 生 物 製 藥（ 煙 台 ）股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9995） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條由榮昌生物製藥 （煙台）股份有限公司（「本公司」）作出。 茲載列本公司於上海證券交易所網站刊登公告如下，僅供參閱。 承董事會命 榮昌生物製藥（煙台）股份有限公司 董事長兼執行董事 王威東先生 * 僅供識別 荣昌生物制药（烟台）股份有限公司 董事和高级管理人员持股变动管理办法 中國煙台 2025年11月13日 於本公告日期，董事會成員包括執行董事王威東先生、房健民博士、林健先生及 溫慶凱先生；非執行董事王荔強博士及蘇曉迪博士；及獨立非執行董事郝先經先 生、陳雲金先生及黃國濱先生。 公司董事和高级管理人员从事融资融券交易的，其所持本公司股份还包括记 载在其信用账户内的本公司股 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並表明概不就因本公告全部或任何部份內容而產生或因依賴該等 內容而引致的任何損失承擔任何責任。 RemeGen Co., Ltd.* 榮 昌 生 物 製 藥（ 煙 台 ）股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9995） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條由榮昌生物製藥 （煙台）股份有限公司（「本公司」）作出。 茲載列本公司於上海證券交易所網站刊登公告如下，僅供參閱。 承董事會命 榮昌生物製藥（煙台）股份有限公司 董事長兼執行董事 王威東先生 中國煙台 2025年11月13日 於本公告日期，董事會成員包括執行董事王威東先生、房健民博士、林健先生及 溫慶凱先生；非執行董事王荔強博士及蘇曉迪博士；及獨立非執行董事郝先經先 生、陳雲金先生及黃國濱先生。 * 僅供識別 荣昌生物制药（烟台）股份有限公司 信息披露管理制度 第一章 总 则 第一条 为规范荣昌生物制药（烟台）股份有限公司（以下简称公司）的信息披 露行为，建立健全信息披露 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並表明概不就因本公告全部或任何部份內容而產生或因依賴該等 內容而引致的任何損失承擔任何責任。 RemeGen Co., Ltd.* 榮 昌 生 物 製 藥（ 煙 台 ）股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9995） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條由榮昌生物製藥 （煙台）股份有限公司（「本公司」）作出。 榮昌生物製藥（煙台）股份有限公司 董事長兼執行董事 王威東先生 中國煙台 2025年11月13日 於本公告日期，董事會成員包括執行董事王威東先生、房健民博士、林健先生及 溫慶凱先生；非執行董事王荔強博士及蘇曉迪博士；及獨立非執行董事郝先經先 生、陳雲金先生及黃國濱先生。 茲載列本公司於上海證券交易所網站刊登公告如下，僅供參閱。 承董事會命 * 僅供識別 荣昌生物制药（烟台）股份有限公司 内部审计管理制度 第一章 总则 第一条 为规范荣昌生物制药（烟台）股份有限公司（以下简称公司）财务收支、 经营活动、内部控制和风险 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並表明概不就因本公告全部或任何部份內容而產生或因依賴該等 內容而引致的任何損失承擔任何責任。 榮昌生物製藥（煙台）股份有限公司 RemeGen Co., Ltd.* 榮 昌 生 物 製 藥（ 煙 台 ）股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） 海外監管公告 （股份代號：9995） 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條由榮昌生物製藥 （煙台）股份有限公司（「本公司」）作出。 茲載列本公司於上海證券交易所網站刊登公告如下，僅供參閱。 承董事會命 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。 荣昌生物制药（烟台）股份有限公司（以下简称"公司"或"荣昌生物"） 于 2025 年 11 月 13 日召开了第二届董事会第三十一次会议，审议通过了《关于 修订公司部分治理制度的议案》等议案，现将具体情况公告如下： 为进一步加强公司规范运作及内控管理水平，完善公司治理结构，根据《中 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並表明概不就因本公告全部或任何部份內容而產生或因依賴該等 內容而引致的任何損失承擔任何責任。 RemeGen Co., Ltd.* 榮 昌 生 物 製 藥（ 煙 台 ）股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） 榮昌生物製藥（煙台）股份有限公司 董事長兼執行董事 王威東先生 中國煙台 2025年11月13日 於本公告日期，董事會成員包括執行董事王威東先生、房健民博士、林健先生及 溫慶凱先生；非執行董事王荔強博士及蘇曉迪博士；及獨立非執行董事郝先經先 生、陳雲金先生及黃國濱先生。 * 僅供識別 （股份代號：9995） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條由榮昌生物製藥 （煙台）股份有限公司（「本公司」）作出。 茲載列本公司於上海證券交易所網站刊登公告如下，僅供參閱。 承董事會命 二、董事会会议审议情况 （一）审议通过《关于修订公司部分治理制度的议案》 根据《公司法》《中华人民共和国证券法》《上市公司章程指引》《上海证 券交易所科创板股票上市 ...