Core Viewpoint - CICC maintains the profit forecast for Rongchang Biologics (09995) at a loss of 9.15 billion yuan for 2025 and a loss of 3.33 billion yuan for 2026, while raising the target price by 40.6% to 45 HKD, indicating a potential upside of 21.8% from the current stock price due to positive data from the gMG trial of Taitasip [1] Group 1 - The company's Q1 2025 performance met expectations, with revenue of 526 million yuan, a year-on-year increase of 59.17%, and a net profit loss of 254 million yuan, which is a nearly 1 billion yuan reduction in loss compared to the previous year [2] - Product revenue showed strong year-on-year growth, with operating cash flow improving significantly; the company reported a net cash outflow of 188 million yuan in Q1 2025, an improvement of 238 million yuan year-on-year, mainly due to increased sales collections [3] Group 2 - Taitasip's Phase III clinical trial data for treating generalized myasthenia gravis (gMG) showed excellent results, with 98.1% of patients improving their MG-ADL score by at least 3 points after 24 weeks, compared to 12% in the placebo group; the overall score decreased by 5.74 points [4] - The safety profile of Taitasip was comparable to the placebo group, with a lower incidence of infection-related adverse events (45.6% vs. 59.6%); the drug's market application for gMG is expected to be approved in the second quarter of this year [4]

证券代码：688331 证券简称：荣昌生物 公告编号：2025-020 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 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 276,160股。 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： 本次股票上市流通总数为276,160股。 本次股票上市流通日期为2025 年 5 月 8 日。 一、本次限制性股票归属的决策程序及相关信息披露 1、2022 年 10 月 16 日，公司召开第一届董事会第二十四次会议，会议审议通 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>的议案》以及《关于提请股东大会 授权董事会办理公司 2022 年 A 股限制性股票激励计划相关事宜的议案》。公司独 立 ...

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company has achieved continuous loss reduction for three consecutive quarters, driven by the commercialization of Tai'tasip and Vidi'sitom, with expectations for profitability improvement [1][2] - The company reported a revenue of 526 million yuan in Q1 2025, a year-on-year increase of 59.17%, primarily driven by the sales of Tai'tasip and Vidi'sitom [2] - The company is optimistic about the ongoing clinical trials and market potential of Tai'tasip for generalized Myasthenia Gravis (gMG) and other indications [3][4] Financial Performance - In Q1 2025, the company reported a net loss of 254 million yuan, a reduction of 95 million yuan year-on-year, indicating a trend of continuous loss reduction [2] - The R&D expense ratio decreased by 37.7 percentage points to 62.53%, while the sales and management expense ratios also saw significant declines, contributing to the loss reduction [2] - Revenue projections for 2025-2027 are estimated at 2.407 billion, 3.269 billion, and 4.185 billion yuan respectively, with expectations of continued loss reduction in 2025-2026 and profitability in 2027 [5][12] Pipeline and Market Potential - Tai'tasip has received breakthrough therapy designation in China and orphan drug status in the US, indicating strong market potential [3] - The company is advancing multiple products through clinical trials, with several indications expected to enter commercialization, supporting revenue growth [4] - The company is optimistic about the commercialization prospects of Tai'tasip in both domestic and international markets, particularly in the US [3][4]

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 60.01 CNY [4]. Core Insights - The company reported a revenue of 526 million CNY for Q1 2025, representing a year-on-year growth of 59.17%. However, it incurred a net loss of 254 million CNY during the same period [1]. - The clinical data for the drug Taitasip in treating Myasthenia Gravis (MG) is promising, with 98.1% of patients showing improvement in daily activity scores after 24 weeks of treatment. The overseas Phase 3 trials are currently in the enrollment stage [1][2]. - The company has multiple product approvals expected in 2025, including Taitasip for MG and IgA nephropathy, as well as Vedisizumab for HER2-positive breast cancer [2]. Financial Projections - Revenue projections for the company are estimated at 2.30 billion CNY in 2025, 3.29 billion CNY in 2026, and 4.23 billion CNY in 2027. Net profits are expected to be -1.03 billion CNY in 2025, -385 million CNY in 2026, and a profit of 263 million CNY in 2027 [2][10]. - The earnings per share (EPS) are projected to be -1.90 CNY in 2025, -0.71 CNY in 2026, and 0.48 CNY in 2027 [2][10]. Market Performance - The company's stock price was 55.98 CNY as of April 28, 2025, with a market capitalization of approximately 30.47 billion CNY [4]. - The stock has shown a relative return of 41.8% over the past month and 101.9% over the past three months [6].

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.4600 | -0.6500 | 29.23 | -0.6000 | | 每股净资产（元） | 3.25 | 5.66 | -42.58 | 8.6 | | 每股公积金(元) | 11.54 | 11.49 | 0.44 | 11.33 | | 每股未分配利润(元) | -8.41 | -5.88 | -43.03 | -3.06 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 5.26 | 3.3 | 59.39 | 1.68 | | 净利润(亿元) | -2.54 | -3.49 | 27.22 | -3.24 | | 净资产收益率(%) | -13.61 | -10.72 | -26.96 | -6.40 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 23806.06万股 ...

| 证券代码：688331 | 证券简称：荣昌生物 | 公告编号：2025-019 | | --- | --- | --- | | 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 第二届监事会第十六次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 荣昌生物制药（烟台）股份有限公司（以下简称"公司"）第二届监事会第 十六次会议，于 2025 年 4 月 28 日在公司会议室以现场方式召开，会议已于 2025 年 4 月 14 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<2025 年第一季度报告>的议案》 监事会认为：公司《2025 年第一季度报告》的编制及审议程序 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥525,968,624.06, representing a 59.17% increase compared to ¥330,434,802.62 in the same period last year[4] - The net profit attributable to shareholders was -¥254,144,470.06, an improvement from -¥348,921,696.49 year-over-year[4] - The basic and diluted earnings per share were both -¥0.46, an improvement from -¥0.65 in the same period last year[4] - Net loss for Q1 2025 was ¥254,144,470.06, an improvement from a net loss of ¥348,921,696.49 in Q1 2024[16] - The company recorded a comprehensive loss of ¥242,151,500.49 in Q1 2025, compared to a comprehensive loss of ¥372,204,285.59 in Q1 2024[16] - The total comprehensive income attributable to the parent company for Q1 2025 was -242.15 million RMB, compared to -372.20 million RMB in Q1 2024, showing an improvement of approximately 35%[17] Research and Development - Research and development (R&D) expenses totaled ¥328,884,698.70, accounting for 62.53% of revenue, a decrease of 37.70 percentage points from the previous year[5] - Research and development expenses for Q1 2025 were ¥328,884,698.70, nearly unchanged from ¥331,178,800.01 in Q1 2024[16] Cash Flow - The net cash flow from operating activities was -¥188,315,133.08, showing a significant improvement from -¥426,289,929.83 in the prior year[4] - Cash inflow from operating activities for Q1 2025 was 479.99 million RMB, up 66.2% from 289.13 million RMB in Q1 2024[17] - Net cash flow from operating activities for Q1 2025 was -188.32 million RMB, an improvement from -426.29 million RMB in Q1 2024[17] - Cash inflow from investing activities for Q1 2025 was 159.85 million RMB, significantly higher than 14.02 million RMB in Q1 2024[17] - Net cash flow from investing activities for Q1 2025 was -26.79 million RMB, compared to -81.36 million RMB in Q1 2024, reflecting a reduced outflow[17] - Cash inflow from financing activities for Q1 2025 was 530.70 million RMB, compared to 442.00 million RMB in Q1 2024, marking an increase of 20.1%[19] - The net cash flow from financing activities for Q1 2025 was 176.72 million RMB, down from 401.99 million RMB in Q1 2024[19] - The ending cash and cash equivalents balance for Q1 2025 was 718.78 million RMB, compared to 619.73 million RMB in Q1 2024, indicating a year-over-year increase of 16%[19] Assets and Liabilities - Total assets decreased by 3.48% to ¥5,307,345,048.02 from ¥5,498,518,168.82 at the end of the previous year[5] - Total assets as of March 31, 2025, amounted to ¥5,307,345,048.02, a decrease from ¥5,498,518,168.82 at the end of 2024[13] - Total liabilities increased slightly to ¥3,535,919,952.95 from ¥3,512,317,547.88 at the end of 2024[13] - Shareholders' equity attributable to the company decreased by 10.81% to ¥1,771,425,095.07 from ¥1,986,200,620.94[5] - The company’s total equity attributable to shareholders decreased to ¥1,771,425,095.07 from ¥1,986,200,620.94 at the end of 2024[13] Shareholder Information - The total number of common shareholders at the end of the reporting period was 6,766[9] - The company reported a total of 6,766 shareholders as of the end of the reporting period[11] Revenue Drivers - The increase in revenue was driven by higher sales of monoclonal antibodies, specifically TaiTasiPu and WeiDiXiTuo[8] Accounting Standards - The company did not apply new accounting standards for the first time in 2025[19]

Group 1 - The core point of the article is that Rongchang Bio reported a revenue of 526 million yuan in the first quarter of 2025, representing a year-on-year increase of 59.17% [1] - The company incurred a net loss of 254 million yuan, which is an improvement compared to a net loss of 349 million yuan in the same period last year [1]

经中国证券监督管理委员会《关于同意荣昌生物制药（烟台）股份有限公司 首次公开发行股票注册的批复》（证监许可〔2022〕62 号）批复，荣昌生物制药 （烟台）股份有限公司（以下简称"荣昌生物"、"上市公司"、"公司"）首次公 开发行人民币普通股（A 股）股票 54,426,301 股，每股面值人民币 1 元，每股发 行价格人民币 48.00 元，募集资金总额为人民币 2,612,462,448.00 元，扣除发行 费用后，实际募集资金净额为人民币 2,505,945,496.76 元。本次发行证券已于 2022 年 3 月 31 日在上海证券交易所上市。华泰联合证券有限责任公司（以下简称"华 泰联合"、"保荐机构"）担任其持续督导保荐机构，持续督导期间为 2022 年 3 月 31 日至 2025 年 12 月 31 日。 持续督导现场检查报告 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年度持续督导现场检查报告 上海证券交易所： 根据中国证监会《证券发行上市保荐业务管理办法》和《上海证券交易所科 创板上市公司自律监管指引第 1 号——规范运作》《上海证券交易所上市公司自 律监管指引 ...

| 证券代码：688331 | 证券简称：荣昌生物 | 公告编号：2025-018 | | --- | --- | --- | | 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 关于参加 2024 年度科创板创新药行业 集体业绩说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： 投资者可于 2025 年 4 月 28 日（星期一）至 5 月 7 日（星期三）16:00 前 登录上证路演中心网站首页，点击"提问预征集"栏目或通过荣昌生物制药（烟 台）股份有限公司（以下简称"公司"）邮箱 ir@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 2025 年 3 月 28 日发布公司 2024 年年度报告，为便于广大投资者 更全面深入地了解公司 2024 年度经营成果、财务状况，公司计划于 2025 年 05 月 08 日（星期四）15:00-17:00 参加由上海证券交易所主办的 2024 年度科创板 创新药行业集体业 ...