Core Viewpoint - Rongchang Biologics (688331.SH) has experienced a significant decline in stock price, closing at 46.28 yuan with a drop of 6.92%, indicating a state of breaking the issue [1] Group 1: Company Overview - Rongchang Biologics was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on March 31, 2022, with an initial offering price of 48.00 yuan per share and a total issuance of 54.4263 million shares [2] - The total funds raised from the initial public offering amounted to 2.612 billion yuan, with a net amount of 2.506 billion yuan after expenses [2] Group 2: Financial Performance - The company reported net profits attributable to shareholders of -999.9 million yuan in 2022, -1.511 billion yuan in 2023, and -1.468 billion yuan in 2024 [3] - The revenue for 2024 was approximately 1.717 billion yuan, reflecting a year-on-year increase of 58.54% compared to 2023 [4] - The net cash flow from operating activities was -1.114 billion yuan in 2024, showing a decrease from -1.503 billion yuan in 2023 [4] Group 3: Future Plans - Rongchang Biologics plans to raise up to 1.952 billion yuan through a specific issuance of A-shares, with the net proceeds intended for new drug research and development projects [3]

Core Viewpoint - The company's Q1 2025 performance met expectations, maintaining a "Hold" rating and target prices of HKD 29 for Hong Kong shares and RMB 40 for A-shares [1][3]. Revenue Performance - Q1 2025 revenue reached RMB 526 million, representing a 59.2% year-over-year increase and a 4.9% quarter-over-quarter increase, primarily driven by revenues from products RC18 and RC48 [1]. - The Q1 2025 revenue accounted for approximately 24% of the company's full-year revenue guidance of 30% year-over-year growth, aligning with expectations [1]. Cost Management and Net Loss - R&D expenses for Q1 2025 were RMB 329 million, a decrease of 0.7% year-over-year and 14.9% quarter-over-quarter, representing 25% of the annual guidance of under RMB 1.3 billion [2]. - Sales expenses were RMB 251 million, up 33.7% year-over-year but down 23.1% quarter-over-quarter, with a sales expense ratio of 47.7%, consistent with the guidance of keeping it below 50% [2]. - Management expenses were RMB 90 million, increasing by 21.4% year-over-year but decreasing by 7.1% quarter-over-quarter, with a management expense ratio reduced to 17.1% [2]. - The net loss attributable to the parent company for Q1 2025 was RMB 254 million, a reduction of 27.2% year-over-year and 0.9% quarter-over-quarter, in line with expectations [2]. Cash Flow and Financial Strategy - As of March 31, the company had cash and cash equivalents of RMB 722 million, a slight decrease from RMB 762 million at the end of 2024, indicating that most cash outflows are covered by commercial revenues [3]. - The company plans to apply for a total credit facility of up to RMB 5.5 billion from banks and other financial institutions in 2025, suggesting a reliance on bank credit for cash flow supplementation [3]. Valuation and Future Outlook - The company maintains a "Hold" rating and target prices of HKD 29 for Hong Kong shares and RMB 40 for A-shares, with slight adjustments to net loss forecasts for 2025E/2026E/2027E due to minor revenue and gross margin adjustments [3]. - The current valuation is considered reasonable, with potential for stock price upgrades if the product Tai Tasi Pu successfully expands internationally [3].

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].

Financial Performance - The company's revenue for Q1 2025 reached ¥525,968,624.06, representing a year-on-year increase of 59.17% compared to ¥330,434,802.62 in the same period last year[8] - The net profit attributable to shareholders was a loss of ¥254,144,470.06, an improvement from a loss of ¥348,921,696.49 in the previous year[8] - The net cash flow from operating activities was a negative ¥188,315,133.08, showing an improvement from a negative ¥426,289,929.83 in the same period last year[8] - Total operating costs for Q1 2025 were ¥783,824,467.59, up from ¥682,453,542.19 in Q1 2024, reflecting a 15% increase[20] - Net loss for Q1 2025 was ¥254,144,470.06, an improvement from a net loss of ¥348,921,696.49 in Q1 2024[20] - Cash flow from operating activities for Q1 2025 was negative at ¥-188,315,133.08, compared to ¥-426,289,929.83 in Q1 2024, indicating a reduction in cash burn[22] - The company reported a gross profit margin decline, with gross profit for Q1 2025 at ¥-257,855,843.53, compared to a gross profit of ¥-352,018,739.57 in Q1 2024[20] Research and Development - Research and development expenses totaled ¥328,884,698.70, accounting for 62.53% of revenue, down from 100.23% in the previous year, a decrease of 37.70 percentage points[9] - Research and development expenses for Q1 2025 were ¥328,884,698.70, slightly down from ¥331,178,800.01 in Q1 2024[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥5,307,345,048.02, a decrease of 3.48% from ¥5,498,518,168.82 at the end of the previous year[9] - Total liabilities as of the end of the reporting period were ¥3,535,919,952.95, compared to ¥3,512,317,547.88 in the previous year[18] - The equity attributable to shareholders decreased by 10.81% to ¥1,771,425,095.07 from ¥1,986,200,620.94 at the end of the previous year[9] - The company's cash and cash equivalents as of March 31, 2025, amount to ¥721,718,278.96, a decrease from ¥762,492,395.54 at the end of 2024[17] - Accounts receivable decreased to ¥331,962,831.52 from ¥383,388,743.02, indicating improved collection efficiency[17] - Inventory levels are reported at ¥638,250,683.99, down from ¥659,368,730.71, suggesting better inventory management[17] - Total current assets decreased to ¥2,160,787,697.47 from ¥2,289,796,373.31, reflecting a tighter liquidity position[17] - The total non-current assets include fixed assets valued at ¥2,415,481,681.93, slightly down from ¥2,457,180,322.07[17] - The company has a long-term equity investment of ¥8,724,070.05, indicating strategic investments in other entities[17] Shareholder Information - Total number of common shareholders at the end of the reporting period is 6,766[14] - The largest shareholder, HKSCC NOMINEES LIMITED, holds 189,566,728 shares, representing a significant portion of the equity[15] - The total number of A-share common shareholders is 6,742, while H-share common shareholders total 24[15] Future Outlook - The company plans to continue focusing on market expansion and new product development to drive future growth[23] - The increase in revenue was primarily driven by higher sales volumes of the products TaiTasi and VidiXimab[12] - The company emphasizes the importance of careful consideration by shareholders and potential investors when trading its securities[4]

Financial Performance - The company reported a basic earnings per share of -0.4600 yuan for Q1 2025, an improvement of 29.23% compared to -0.6500 yuan in Q1 2024 [1] - The total revenue for Q1 2025 was 5.26 billion yuan, representing a significant increase of 59.39% from 3.3 billion yuan in Q1 2024 [1] - The net profit for Q1 2025 was -2.54 billion yuan, which is a 27.22% improvement from -3.49 billion yuan in Q1 2024 [1] - The company's net asset return rate was -13.61% in Q1 2025, a decline from -10.72% in Q1 2024 [1] Shareholder Information - The top ten unrestricted shareholders collectively hold 23,806.06 million shares, accounting for 67.72% of the circulating shares, with a decrease of 2.28 million shares compared to the previous period [2] - HKSCC NOMINEES LIMITED remains the largest shareholder with 18,956.67 million shares, representing 53.93% of the total share capital, unchanged from the previous period [3] - The company has seen a new entry in the top ten shareholders with Shanghai Liyi Investment Management Partnership holding 3,062.2 thousand shares [3] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [4]

| 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 ...

Sales and Market Expansion - RemeGen's sales of Taitasip for systemic lupus erythematosus (SLE) saw significant growth in 2024, benefiting from its inclusion in the national medical insurance catalog and being approved in over 1,000 hospitals in China[10]. - The commercialization team for Taitasip has over 800 professionals, and the company plans to expand market coverage in 2025[10]. - The sales of VidiSita for treating locally advanced or metastatic gastric cancer (GC) also increased significantly in 2024, with approval in over 1,000 hospitals in China[11]. - RemeGen's oncology commercialization team consists of approximately 600 professionals, aiming to improve market penetration in 2025[11]. - The company has established independent sales teams for autoimmune and oncology products, with over 1,000 hospitals approved for the sale of Taizhisip and Vidisicimab as of December 31, 2024[42]. Clinical Development and Trials - The company is conducting Phase III clinical trials for VidiSita in combination with PD-1 therapy for HER2-expressing patients, with positive results reported[13]. - Taitasip received full approval from NMPA in July 2024 for treating rheumatoid arthritis (RA) and has ongoing clinical trials for other indications[10]. - The company is actively conducting Phase III clinical trials for RC18 in multiple indications, including IgA nephropathy and myasthenia gravis, with patient recruitment completed for both studies by mid-2024[24]. - The company is exploring additional indications for RC18, including membranous nephropathy and autoimmune diseases, with ongoing investigator-initiated studies[26]. - The company is actively pursuing clinical trials for RC48 in various cancers, addressing significant unmet medical needs in the oncology space[27]. - The company has initiated a Phase III clinical trial for Vidisicimab combined with PD-1 therapy in first-line UC, currently enrolling patients[34]. - The company has initiated a Phase III clinical trial for RC28-E in DME and a Phase II trial in DR, with patient recruitment completed by December 31, 2024[39]. Financial Performance - Revenue increased from RMB 1,076.1 million in 2023 to RMB 1,710.2 million in 2024, driven by strong sales of the immunotherapy product Taitasip and the oncology product Vidisicimab[45]. - Research and development expenses rose from RMB 1,306.3 million in 2023 to RMB 1,539.8 million in 2024, with clinical trial expenses increasing by RMB 234.42 million due to ongoing drug development, particularly overseas[50][52]. - Selling and distribution expenses increased from RMB 775.2 million in 2023 to RMB 948.8 million in 2024, primarily due to higher marketing investments[48]. - The net loss for the company decreased from RMB 1,511.2 million in 2023 to RMB 1,468.4 million in 2024[57]. - The company reported a distributable reserve of approximately RMB 2,110 million as of December 31, 2024[171]. Governance and Management - The company has adhered to all applicable corporate governance code provisions as of December 31, 2024, ensuring high standards of corporate governance to protect shareholder interests[95]. - The board composition maintains a balance between executive and independent non-executive directors to ensure strong independence and effective judgment[95]. - The company emphasizes the importance of effective internal controls and accountability within its management structure[95]. - The management team has extensive experience in the pharmaceutical industry, with Lin Jian having over 35 years and Wang Liqiang over 26 years[75][76]. - The company has established mechanisms for obtaining independent advice for the board, ensuring effective governance[116]. Risks and Challenges - The company faces various risks and uncertainties related to its financial condition and additional funding needs, which are outlined in the risk management section[156]. - The company has incurred significant net losses since its inception and expects to continue doing so in the foreseeable future, raising concerns for potential investors about the risk of losing most of their investment[159]. - The success of the company's business and financial outlook largely depends on the success of its clinical and preclinical candidates; failure to complete clinical development or obtain regulatory approval could severely impact operations[160]. - The regulatory approval process from agencies like the Chinese FDA and EMA is lengthy and unpredictable; failure to obtain timely approvals could significantly harm the business[160]. - The company faces intense competition, and competitors may successfully develop or commercialize competing drugs before the company can[162]. Employee and Compensation - The total employee count as of December 31, 2024, is 3,497, with total compensation costs for 2024 amounting to RMB 1,175.2 million, up from RMB 1,152.3 million in 2023[65]. - The company has provided competitive salaries and benefits to employees, particularly key personnel, to maintain talent quality[65]. - The company has granted 850,000 shares to executive director Wang Weidong, with a vesting period until December 31, 2026[187]. - The company has granted 1,200,000 shares to executive director He Ruyi, with a vesting period until December 31, 2025[187]. - The company has a total of 20,000 shares granted to employees, with an exercise price of HKD 50.50, reflecting a closing price of HKD 51.70[187]. Shareholder Relations - The company emphasizes the importance of timely and accurate information disclosure to enhance transparency and investor relations[149]. - Shareholders holding 10% or more of the shares can request a special general meeting, with the board required to respond within 10 days[142]. - The company has established effective communication channels with investors, including a dedicated investor mailbox for inquiries[147]. - The company is committed to maintaining and developing investor relations through timely public disclosures and effective communication strategies[146]. - The company does not recommend the payment of a final dividend for the year ending December 31, 2024[167].