Core Viewpoint - The company, Rongchang Biopharmaceutical (Yantai) Co., Ltd., is set to hold a third-quarter earnings presentation on December 3, 2025, to discuss its operational results and financial status for Q3 2025, allowing investors to engage in a Q&A session [2][3][4]. Group 1: Meeting Details - The earnings presentation will take place on December 3, 2025, from 13:00 to 14:00 [2][4]. - The venue for the meeting is the Shanghai Stock Exchange Roadshow Center, and it will be conducted in an interactive online format [2][4][5]. - Investors can submit questions from November 26, 2025, to December 2, 2025, before 16:00, either through the Roadshow Center website or via the company's email [2][5]. Group 2: Company Representatives - Key representatives attending the meeting include the Chairman, Mr. Wang Weidong, and the General Manager, Mr. Fang Jianmin [4]. - The meeting will also feature the company’s Board Secretary, Mr. Wen Qingkai, and the Chief Financial Officer, Mr. Tong Shaojing [4]. Group 3: Investor Participation - Investors can participate in the earnings presentation by logging into the Shanghai Stock Exchange Roadshow Center [5]. - After the meeting, the main content and proceedings will be available for review on the Roadshow Center's website [5].

荣昌生物制药（烟台）股份有限公司 股东会会议资料 荣昌生物制药（烟台）股份有限公司 2025 年第三次临时股东会 会议资料 股票简称：荣昌生物 股票代码：688331 2025 年 12 月 荣昌生物制药（烟台）股份有限公司 股东会会议资料 荣昌生物制药（烟台）股份有限公司 会议资料目录 三、会议议案 2 一、会议须知 二、会议议程 1、议案一：《关于预计 2026-2028 年度日常关联交易的议案》 2、议案二：《关于修订公司部分治理制度的议案》 荣昌生物制药（烟台）股份有限公司 股东会会议资料 1 荣昌生物制药（烟台）股份有限公司 2025 年第三次临时股东会会议须知 为了维护全体股东的合法权益，确保股东会的正常秩序和议事效率，保证 会议的顺利进行，根据《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》（以下简称"《证券法》"）、中国证监 会《上市公司股东会规则》以及《荣昌生物制药（烟台）股份有限公司章程》、 《荣昌生物制药（烟台）股份有限公司股东会议事规则》的相关规定，特制定 本会议须知： 一、为确认出席会议的股东或其代理人或其他出席者的出席资格，会议工 作人员将对出席会议者 ...

| 证券代码：688331 | 证券简称：荣昌生物 | 公告编号：2025-052 | | --- | --- | --- | | 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 关于召开 2025 年第三季度业绩说明会的公告 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： 会议召开时间：2025 年 12 月 03 日 （星期三） 13:00-14:00 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 26 日（星期三）至 12 月 02 日（星期二）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。 荣昌生物制药(烟台)股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 12 ...

Group 1 - The report highlights the "engineer dividend" period for China's innovative drug industry, indicating that local innovations have gained full recognition from multinational corporations (MNCs) [4][5][53] - The report emphasizes the strong performance of various Chinese biotech stocks, with notable price increases observed in companies like Rongchang Biopharmaceutical (+199%) and Mawei Biopharmaceutical (+124%) in the A-share market [4][16] - The report identifies a significant increase in the number of first-in-class (FIC) drugs entering clinical trials in China, from only 9 in 2015 to an expected 120 in 2024, with China's global share of FIC drugs exceeding 30% [4][22] Group 2 - The report discusses the leading position of Chinese companies in the antibody-drug conjugate (ADC) sector, with over 50% global pipeline share in key targets such as HER2 and TROP2 [25][32] - It notes that two Chinese ADC drugs have entered the top ten global upfront payment rankings, indicating strong valuation potential for local innovations [30][31] - The report highlights the anticipated growth in bispecific antibodies (bsAbs), with Chinese companies dominating the top five global upfront payments for related assets [37][41] Group 3 - The report recommends several companies with significant global single product potential, including Kolon Biotech and Innovent Biologics, while also highlighting others like 3SBio and BeiGene as companies to watch [6][52] - It emphasizes the potential for substantial global pricing power for assets, particularly for companies like Rongchang Biopharmaceutical and Zai Lab, which are expected to see continued clinical data readouts [6][52] - The report suggests that companies like Innovent Biologics and Rongchang Biopharmaceutical are likely to turn profitable, with expectations of improved financial performance in the coming years [6][52]

Core Viewpoint - The A-share market experienced fluctuations with the Sci-Tech Innovation Drug sector continuing to weaken, as evidenced by the Huatai-PineBridge Sci-Tech Innovation Drug ETF (589120) declining by 1.5% for four consecutive days, while still attracting over 13 million yuan in investments over the last two days [1][3][5]. Group 1: Market Performance - The Huatai-PineBridge Sci-Tech Innovation Drug ETF (589120) has seen a significant drop in its component stocks, with major companies like Rongchang Bio and Borui Pharma falling over 2%, while TeBao Bio and HaoYuan Pharma showed gains [3][4]. - The index for the Sci-Tech Innovation Drug ETF has had a remarkable year, with a peak increase of 98.84% as of September 5, reflecting the transformation of China's innovative drug industry over the past decade [5][6]. Group 2: Investment Trends - Despite the recent downturn, the ETF has managed to attract substantial capital, indicating ongoing investor interest in the sector [1][5]. - The market is currently in a performance vacuum following the earnings season, with rapid rotations observed, suggesting a trading-driven rather than a fundamental-driven adjustment in the innovative drug sector [5][8]. Group 3: Financial Performance - The innovative drug sector reported a revenue of 48.83 billion yuan for the first three quarters of 2025, marking a 22.1% increase, while the net profit showed a significant turnaround with a 147.1% increase in Q3 alone [8][10]. - The growth in revenue is attributed to the rapid commercialization of innovative drug products, increased sales, and milestone payments from licensing agreements [10]. Group 4: Future Outlook - The domestic innovative drug sector is witnessing a surge in overseas licensing deals, with 175 transactions amounting to over 104.2 billion USD, indicating a robust pipeline for future growth [7][8]. - The combination of policy support, innovation upgrades, and the normalization of overseas business development (BD) is expected to sustain high growth in the innovative drug sector [10].

Core Insights - The biopharmaceutical sector experienced a decline of 0.98% on November 18, with He Yuan Bio leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Stock Performance Summary - Notable gainers included: - Aopu Mai (688293) with a closing price of 58.80, up 3.38% on a trading volume of 15,900 shares and a transaction value of 93.39 million [1] - Jin Hu Ke (688670) at 26.80, up 2.88% with a volume of 116,300 shares and a transaction value of 319 million [1] - Te Bao Bio (688278) at 77.08, up 1.22% with a volume of 10,800 shares and a transaction value of 82.57 million [1] - Notable decliners included: - Bu Yuan Bio (688765) at 79.95, down 3.89% with a volume of 56,800 shares and a transaction value of 458 million [2] - San Sheng Guo Jian (688336) at 67.60, down 3.87% with a volume of 68,100 shares and a transaction value of 469 million [2] - Wo Wu Bio (300357) at 31.77, down 3.23% with a volume of 77,900 shares and a transaction value of 250 million [2] Capital Flow Analysis - The biopharmaceutical sector saw a net outflow of 981 million from institutional investors, while retail investors contributed a net inflow of 819 million [2] - Key stocks with significant capital flow included: - Hua Lan Vaccine (301207) with a net inflow of 48.51 million from institutional investors [3] - Rong Chang Bio (688331) with a net inflow of 23.62 million from institutional investors [3] - Jin Ke (688670) with a net inflow of 5.53 million from institutional investors [3]

Core Viewpoint - Jianyin International has raised the target price for Rongchang Biologics (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 Biologics for 2025, 2026, and 2027 unchanged at RMB 2.8 billion, RMB 3.4 billion, and RMB 4.6 billion respectively [1] Loss Adjustments - 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 - 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].