| 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]

| 证券代码：688331 | 证券简称：荣昌生物 | 公告编号：2025-025 | | --- | --- | --- | | 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 关于根据一般授权发行 H 股的公告 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。 释义 | 除非文义另有所指外，下列词汇具有以下涵义： | | --- | | A股 | 指 | 本公司股本中每股面值人民币1.00元之人民币普 | | --- | --- | --- | | | | 通股，于上海证券交易所科创板上市 | | 年度股东大会 | 指 | 本公司于2024年6月28日举行的年度股东大会 | | 联系人 | 指 | 具有《上市规则》所赋予的涵义 | | 董事会 | 指 | 本公司董事会 | | | | 持牌银行于香港一般开放营业及联交所于香港一 | | 营业日 | 指 | 般开放买卖证券的任何日子（周六、周日及香港公 | | | | 众假期除外） | | | | 中华人民共和国（仅就本公告而言，不包括香 ...

| 证券代码：688331 | 证券简称：荣昌生物 公告编号：2025-024 | | --- | --- | | 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 第二届董事会第二十三次会议决议公告 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。 一、董事会会议召开情况 荣昌生物制药（烟台）股份有限公司（以下简称"公司"）第二届董事会第 二十三次会议于 2025 年 5 月 21 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《关于根据一般授权发行 H 股的议案》 2. 特此批准、确认并授权每份整体协调人聘用函的形式和内容，并授权任 何一位董事代表本公司签署、执行和交付 ...

Market Overview - A-shares experienced a broad rally on May 20, with overall market activity increasing and trading volume expanding, as both A-shares and Hong Kong stocks rose over 1% [1] - The three major A-share indices saw significant gains, with the Shanghai Composite Index closing up 0.38% at 3380.48 points, the Shenzhen Component Index up 0.77% at 10249.17 points, and the ChiNext Index up 0.77% at 2048.46 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 12.114 trillion yuan, an increase of 923 billion yuan compared to the previous day [1] Pet Economy Concept - The pet economy concept surged, with over 3800 stocks in the market showing gains, including Tianyuan Pet (301335) hitting a 20% limit up and reaching a new high, and Lusi Co. (832419) also hitting a limit up [2][4] - The pet market has been maintaining high growth rates, benefiting from domestic brand replacement effects and continuous improvements in product and brand strength, leading to significant year-on-year sales increases [4][6] - Analysts expect the pet sector's performance to continue reaching new highs in 2024 and the first quarter of 2025, driven by stable overseas orders and the growth of domestic pet food brands [6] Innovative Drug Concept - The innovative drug concept saw a strong performance, with significant gains in stocks such as Sangfor Biopharma (01530) which rose over 32%, and other companies like Rongchang Biopharma (688331) and Yifang Biopharma (688382) also experiencing substantial increases [8][10] - Sangfor Biopharma announced a collaboration with Pfizer for the exclusive global development rights of a dual-target antibody, SSGJ-707, which has shown promising results in clinical trials for non-small cell lung cancer [8][10] - The innovative drug sector is expected to benefit from potential changes in international drug pricing strategies, which may position China as a low-cost research and production center [13] Shipping Concept - The shipping sector experienced a significant pullback, with stocks like Guohang Ocean (833171) dropping nearly 18%, and several others hitting the daily limit down [15][16] - Despite the recent downturn, companies like Lianyungang (601008) and Ningbo Ocean (601022) have reassured investors that their operations remain normal and that there are no significant changes in industry policies [17]

Market Overview - A-shares experienced a broad rally on May 20, with the Shanghai Composite Index closing up 0.38% at 3380.48 points, the Shenzhen Component up 0.77% at 10249.17 points, and the ChiNext Index up 0.77% at 2048.46 points. The total trading volume across the three exchanges reached 121.14 billion yuan, an increase of 9.23 billion yuan from the previous day [1][2]. Pet Economy - The pet economy concept saw significant gains, with Tianyuan Pet (301335) hitting a 20% limit up and reaching a new high. Lusi Co. (832419) also hit a limit up, marking a new high. Other companies in this sector, such as Bei Yin Mei (002570) and Yi Yi Co. (001206), also experienced limit up [4][5][6]. - Analysts noted that the pet market has maintained high growth rates in recent years, benefiting from domestic brand replacement effects and improvements in product and brand strength. This has led to significant year-on-year sales growth and price increases for domestic brands [7]. Innovative Drug Sector - The innovative drug sector showed strong performance, with Yipin Hong (300723) and San Sheng Guo Jian (688336) both hitting the 20% limit up. Other companies like Rongchang Bio (688331) and Yifang Bio (688382) saw increases of approximately 16% [8][9]. - San Sheng Guo Jian announced a collaboration with Pfizer for the exclusive global development and commercialization rights of a dual-target antibody, SSGJ-707, which has shown promising results in clinical trials for non-small cell lung cancer [10][11]. Shipping Sector - The shipping sector experienced a significant pullback, with companies like Guo Hang Yuan Yang (833171) dropping nearly 18%, and others such as Fenghuang Shipping (000520) and Lianyungang (601008) hitting their daily limit down [16][17]. - Lianyungang, which had seen five consecutive limit up days, reported a 48.01% year-on-year decline in net profit for the first quarter of 2025, raising concerns among investors [18][19].