荣昌生物制药（烟台）股份有限公司 对外担保管理制度 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）对 外担保行为，有效控制风险，保护股东和其他利益相关者的合法权益，根据《中 华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所科创板股票上 市规则》《上市公司监管指引第 8 号——上市公司资金往来、对外担保的监管要 求》《香港联合交易所有限公司证券上市规则》（以下简称《联交所上市规则》）， 公司股票上市地监管规则等相关法律法规、规范性文件及《荣昌生物制药（烟台） 股份有限公司章程》（以下简称《公司章程》）的规定，并结合公司实际情况，制 订本制度。 第二条 本制度所称对外担保是指公司为他人提供的担保，包括公司对控 股子公司的担保。公司及其控股子公司的对外担保总额，是指包括公司对控股子 公司担保在内的公司对外担保总额与控股子公司对外担保总额之和。 第三条 本制度适用于公司及控股子公司。公司控股子公司的对外担保， 比照本制度执行。 第四条 公司对外担保应当遵循合法、审慎、互利、安全的原则，严格控 制担保风险。 第二章 对外担保对象的审查 第五条 被担保方应符合以下条件： （一）具 ...

荣昌生物制药（烟台）股份有限公司 对外投资管理制度 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）的对外投资 行为，加强公司对外投资管理，防范对外投资风险，保障对外投资安全，提高对外投资 效益，维护公司和股东的合法权益，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》《上海证券交易所科创板股票上市规则》《香港联 合交易所有限公司证券上市规则》（以下简称《联交所上市规则》）等法律、法规、规 章、规范性文件及《荣昌生物制药（烟台）股份有限公司章程》（以下简称《公司章程》） 的有关规定，制订本制度。 第二条 投资项目涉及对外担保和关联（连）交易的，应遵守公司《对外担保管理 制度》及《关联（连）交易管理制度》的相关规定。 第三条 纳入公司合并会计报表的企业发生的本制度所述对外投资决策事项，视同 公司发生的事项，适用本制度的规定。 第四条 公司投资决策必须符合国家法律法规、产业政策及《公司章程》等的规定， 符合公司发展战略和产业规划要求，有利于公司的可持续发展，有预期的投资回报，并 最终能提高公司价值和股东回报。 第五条 公司董事、高级管理人员应当忠实勤勉，按 ...

荣昌生物制药（烟台）股份有限公司 第二条 本制度规定了公司内部审计组织机构及职责与权限、内部审计管理及工作 规范、内部审计工作内容及程序、内部审计成果的运用、内部审计信息和资料的管理和 传递和罚则等规范，是公司开展内部审计管理工作的标准。 第三条 本制度所称内部审计，是指公司内部审计部门或人员，对公司内部控制和 风险管理的有效性、财务信息的真实性和完整性以及经营活动的效率和效果等开展的一 系列评价活动。 第四条 公司内部审计工作遵循以下基本原则： 内部审计管理制度 （一）统一领导原则。审计工作是一项重要的监督和评价工作，由公司审核委员会、 内部审计部门负责人领导； 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、内部控制和风险管理，确保实施独立、客观的监督、评价和建议，为决策层 提供决策依据，以促进公司合规性经营，完善公司治理和实现经营目标，根据《中华人 民共和国审计法》《审计署关于内部审计工作的规定》《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》）、《香港联合交易所有限公司证券上市规则》等 法律、行政法规、部门规章、规范性文件和《荣昌生物 ...

Core Viewpoint - Vor Biopharma's stock plummeted by 47.66% following a heavily discounted public offering, raising concerns about its financial stability and potential cash flow issues [1][2]. Group 1: Stock Performance and Market Reaction - Vor Biopharma's stock price fell from $18.80 to $9.84, resulting in a market capitalization drop of over $60 million, leaving it at $67.31 million [1]. - The company's announcement of a public offering at $10 per share, a 46.8% discount, triggered panic selling among investors, leading to a 26.6% drop in after-hours trading [1][2]. - The stock hit a 52-week low, reflecting investor fears regarding the company's financial health and liquidity [1]. Group 2: Financial and Strategic Implications - Vor Biopharma's cash reserves were reported at $201 million, raising concerns about its ability to sustain operations amid the recent stock decline [1]. - The company had previously laid off 95% of its workforce and halted all clinical trials, indicating severe operational challenges [3]. - The partnership with Rongchang Biopharma, involving a $4.23 billion licensing deal, is now viewed as a potential risk for Rongchang due to Vor's declining stock value [2][3]. Group 3: Licensing Agreement and Strategic Positioning - The licensing agreement with Rongchang Biopharma included a $45 million upfront payment and potential milestone payments of up to $4.1 billion, along with a significant equity stake in Vor [2]. - This deal was structured to share risks and rewards, but Vor's recent stock performance raises questions about the viability of this strategy [2][3]. - Rongchang's stock showed resilience post-Vor's announcement, indicating market confidence in the long-term value of the partnership despite short-term volatility [3].

一、本次限制性股票归属的决策程序及相关信息披露 证券代码：688331 证券简称：荣昌生物 公告编号：2025-048 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 2022 年 A 股限制性股票激励计划之 B 类权益预留授予 第一个归属期第一次归属结果暨股份上市公告 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。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 102,000股。 本次股票上市流通总数为102,000股。 本次股票上市流通日期为2025 年 11 月 17 日。 4、2022 年 12 月 28 日，公司召开 2022 年第二次临时股东大会、2022 年第一 次 A 股类别股东大会及 2022 年第一次 H 股类别股东大会，审议并通过了《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（草案）> 及其摘要的议案》《关于<荣昌生物制药（烟台）股份有限公司 2022 年 A 股限制性 股票激励计划实施考核管理办法>的 ...

Core Insights - The article discusses the recent financial performance of a company, highlighting significant revenue growth and strategic initiatives that have contributed to its success [1] Financial Performance - The company reported a revenue increase of 25% year-over-year, reaching $1.5 billion in the last quarter [1] - Net income rose to $300 million, reflecting a 15% increase compared to the previous year [1] Strategic Initiatives - The company has launched a new product line that is expected to capture a larger market share, contributing to future revenue growth [1] - Investments in technology and innovation have been prioritized, with a budget allocation of $200 million for R&D in the upcoming fiscal year [1] Market Position - The company has strengthened its position in the industry, now holding a 20% market share, up from 15% last year [1] - Competitive analysis indicates that the company is well-positioned against its main rivals, with a focus on customer satisfaction and service quality [1]

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology industry [1]. Core Views - The report highlights a positive change in the specialty raw materials sector, recommending companies such as Aorite and Prolo Pharmaceuticals [1]. - The report suggests that the Q3 performance of raw material pharmaceutical companies has reached a bottom, indicating potential recovery in profitability as high-cost inventory is consumed [19][20]. Summary by Sections Investment Highlights - The recommended sub-industry rankings are: Innovative Drugs > Research Services > CXO > Traditional Chinese Medicine > Medical Devices > Pharmacies [3][12]. - Specific stock recommendations include: - From raw materials: Aorite, Qianhong Pharmaceutical - From Traditional Chinese Medicine: Zorui Pharmaceutical, Fangsheng Pharmaceutical, Dong'e Ejiao - From medical devices: United Imaging Healthcare, Yuyue Medical - From AI pharmaceuticals: Jingtai Holdings - From GLP-1 sector: Lianbang Pharmaceutical, Borui Pharmaceutical, Zhongsheng Pharmaceutical, and Innovent Biologics - From PD-1/VEGF dual antibodies: Sanofi Biopharmaceuticals, Kangfang Biologics, and Rongchang Biopharmaceuticals - From innovative drugs: Innovent Biologics, BeiGene, HengRui Medicine, Zai Lab, Baillie Tianheng, Kelun Pharmaceutical, Dize Pharmaceutical, and Haizheng Pharmaceutical [3][15]. Industry Trends - The A-share pharmaceutical index has seen a year-to-date increase of 18.2%, while the Hang Seng Biotechnology Index has increased by 76.6% [6][11]. - The report notes that the raw material pharmaceutical sector is under pressure due to high base effects and declining prices, with significant revenue impacts [19][20]. R&D Progress and Company Dynamics - Recent approvals include Novartis' radioligand therapy drug, which received dual indications for prostate cancer treatment [2]. - The report provides an overview of ongoing clinical trials and drug approvals, emphasizing the importance of innovation in the pharmaceutical sector [30]. Market Performance - The report indicates that the pharmaceutical sector has experienced adjustments, with notable stock performances including significant gains for companies like Hezhong China (+61%) and Wanze Shares (+30%) [11]. - The report also highlights the performance of various pharmaceutical stocks, noting both gains and losses in the market [16][17]. Raw Material Pricing Trends - The price of 6-APA has dropped significantly, from 370 RMB/kg in 2022 to 180 RMB/kg in October 2025, a decrease of 51% [23]. - The price of Amoxicillin has also decreased from 320 RMB/kg in January 2023 to 190 RMB/kg in October 2025, a decline of 41% [23]. Conclusion - The report suggests that as high-cost inventory is depleted, the gross margins for raw material producers are expected to improve, indicating a potential recovery in profitability for companies like Fuxiang Pharmaceutical and Lukang Pharmaceutical [19][23].

Core Insights - Telitacicept achieved a 55% reduction in 24-hour urine protein-to-creatinine ratio (24h-UPCR) at 39 weeks compared to placebo, demonstrating significant clinical benefits in treating IgA nephropathy (IgAN) [1][3] - The Phase 3 clinical study in China met its primary endpoint and showed statistically significant improvements across all key secondary endpoints, indicating telitacicept's potential as a foundational therapy for B-cell mediated diseases [2][4] Group 1: Clinical Study Results - The Phase 3 study was a multicenter, randomized, double-blind, placebo-controlled trial involving 318 adult patients with IgAN at high risk of progression [2][5] - Telitacicept demonstrated a significant reduction in 24h-UPCR (-58.9% vs. -8.8%, p<0.0001) and stabilized kidney function, with a change in estimated glomerular filtration rate (eGFR) showing a decline in the placebo group (-0.77) compared to stabilization in the telitacicept group (-0.10) [3][5] - 61% of patients on telitacicept achieved 24h-UPCR <0.8 g/g compared to 19.5% on placebo, indicating a lower risk of disease progression [5] Group 2: Safety Profile - Telitacicept exhibited a favorable safety profile, with treatment-emergent adverse events occurring in 89.3% of patients compared to 78.6% in the placebo group; however, serious adverse events were less frequent with telitacicept (2.5% vs. 8.2%) [6] Group 3: Regulatory and Market Potential - RemeGen has submitted a Biologics License Application (BLA) to the National Medical Products Administration (NMPA) in China for telitacicept in treating IgAN, which could mark its fifth approved indication in the country [7][10] - Vor Bio is focused on advancing telitacicept through Phase 3 clinical development to address serious autoantibody-driven conditions globally [8][9]

Core Viewpoint - Rongchang Biological announced on November 7 that as of September 30, 2025, the total number of common stock shareholders is 15,267 [2] Summary by Category - **Company Information** - Rongchang Biological has reported a total of 15,267 common stock shareholders as of September 30, 2025 [2] - **Investor Communication** - The company responded to investor inquiries on its interactive platform regarding shareholder numbers [2]

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical and biotechnology industry [1] Core Insights - The pharmaceutical industry is experiencing significant differentiation, with innovative drugs, raw materials, and CXO/research upstream sectors performing well, while overall domestic demand remains under pressure [2][3] - In 2024, 453 pharmaceutical companies achieved revenue of CNY 2.46 trillion, a year-on-year decline of 0.55%, and a net profit of CNY 148.65 billion, down 8.8% [2][3] - For the first three quarters of 2025, revenue reached CNY 1.80 trillion, a decrease of 2.9%, with net profit at CNY 143.7 billion, down 1.2% [2][3] Summary by Sections Overall Industry Performance - The pharmaceutical sector's performance is notably varied, with innovative drugs showing a positive trend, while traditional sectors face challenges [2][3] - The medical device sector showed a revenue of CNY 161.1 billion in Q3 2025, a year-on-year increase of 1.93%, although net profit decreased by 4.79% [3] Innovative Drugs - In Q1-Q3 2025, innovative drug companies reported revenue of CNY 16.144 billion, a growth of 4.24% year-on-year, indicating a shift towards profitability as core products enter a commercialization phase [2][3] Chemical Drugs - Chemical drug companies generated revenue of CNY 292.91 billion in Q1-Q3 2025, down 3.33%, with net profit declining by 1.67% [2][3] Medical Devices - The medical device sector's revenue in Q1-Q3 2025 was CNY 161.1 billion, a decline of 2.99%, with a net profit of CNY 250.36 billion, down 14.52% [3] Biological Products - Blood products revenue in 2024 was CNY 24.18 billion, down 1.4%, while net profit increased by 14.47% [3] Traditional Chinese Medicine - Traditional Chinese medicine companies reported revenue of CNY 252.84 billion in Q1-Q3 2025, a decrease of 3.46%, with net profit down 0.60% [3] Raw Materials - Raw materials achieved revenue of CNY 88.56 billion in Q1-Q3 2025, a decline of 4.64%, but net profit increased by 3.77% [3] Pharmaceutical Commerce - Pharmaceutical commerce companies reported revenue of CNY 777.67 billion in Q1-Q3 2025, a slight increase of 0.5%, with net profit rising by 4.7% [3] CXO & Research Services - The CXO and research service sector achieved revenue of CNY 78.58 billion in Q1-Q3 2025, a year-on-year increase of 12.6%, with net profit growing by 58.07% [3]