公告称，收益增加乃主要由公司自身免疫类商业化产品泰它西普及抗肿瘤类商业化产品维迪西妥单抗的 销售放量导致销售收入同比增长强劲。 智通财经获悉，荣昌生物(09995)绩后高开近4%，截至发稿，涨3.82%，报84.2港元，成交额559.93万港 元。 消息面上，8月24日，荣昌生物公布2025年中期业绩，产品销售及研发服务收益为10.92亿元，同比增长 47.6%；研发开支同比减少19.7%至6.47亿元，净亏损约4.5亿元，同比减少42.4%；每股亏损0.83元。 本文源自：智通财经网 ...

智通财经APP获悉，荣昌生物(09995)绩后高开近4%，截至发稿，涨3.82%，报84.2港元，成交额559.93 万港元。 公告称，收益增加乃主要由公司自身免疫类商业化产品泰它西普及抗肿瘤类商业化产品维迪西妥单抗的 销售放量导致销售收入同比增长强劲。 消息面上，8月24日，荣昌生物公布2025年中期业绩，产品销售及研发服务收益为10.92亿元，同比增长 47.6%；研发开支同比减少19.7%至6.47亿元，净亏损约4.5亿元，同比减少42.4%；每股亏损0.83元。 ...

公告称，收益增加乃主要由公司自身免疫类商业化产品泰它西普及抗肿瘤类商业化产品维迪西妥单抗的 销售放量导致销售收入同比增长强劲。 荣昌生物(09995)绩后高开近4%，截至发稿，涨3.82%，报84.2港元，成交额559.93万港元。 消息面上，8月24日，荣昌生物公布2025年中期业绩，产品销售及研发服务收益为10.92亿元，同比增长 47.6%；研发开支同比减少19.7%至6.47亿元，净亏损约4.5亿元，同比减少42.4%；每股亏损0.83元。 ...

Group 1 - The core viewpoint of the news is that Rongchang Biologics has shown significant financial improvement in its 2025 semi-annual report, with total revenue reaching 1.09 billion yuan, a year-on-year increase of 48% [1] - The comprehensive gross margin increased by 5.8% to 84%, while the sales expense ratio decreased by 4.6% to 47.9%, indicating better cost management [1] - The net loss narrowed significantly by 42.4% to 450 million yuan, reflecting a clear trend of reduced losses [1] Group 2 - The financial improvements are attributed to major breakthroughs in commercialization and internationalization, including the expansion of indications and market penetration for its commercialized products, Tai Sipu and Vidi Simao [1] - The pace of overseas business development has accelerated, with core products in oncology, autoimmune, and ophthalmology achieving overseas licensing, showcasing a new international landscape [1] - The overall performance of the pharmaceutical sector aligns with expectations, with promising trends in sub-sectors such as innovative drugs and the innovative drug supply chain, indicating continued improvement in performance for 2025 [1] Group 3 - Relevant ETFs in the innovative drug supply chain include the Hong Kong Stock Connect Medical ETF (520510), which focuses on CXO and AI medical sectors, with a weight of over 24% in WuXi AppTec [2] - The Hang Seng Pharmaceutical ETF (159892) focuses on the innovative drug sector and is the largest in scale within its index, offering good liquidity [2]

（文章来源：证券日报） 证券日报网讯 8月22日晚间，荣昌生物发布公告称，公司第二届董事会第二十八次会议审议通过了《关 于听取公司2025年中期股息派发计划的议案》等多项议案。 ...

Core Viewpoint - Rongchang Biologics (688331) reported a significant increase in revenue and a reduction in net loss for the first half of the year, indicating positive operational trends and improved financial health [1] Financial Performance - The company's revenue for the first half of the year was approximately 1.098 billion yuan, representing a year-on-year increase of 48.02% [1] - The net profit attributable to shareholders was approximately -450 million yuan, showing a reduction in loss compared to the previous year [1] Key Drivers - The reduction in net loss was primarily attributed to the continuous increase in sales of Tai Tasi Pu and Vidi Si Tuo Kan, which contributed to higher product gross margins [1] - The decrease in sales expense ratio and reduced research and development investment also played a significant role in improving the financial performance [1]

Core Viewpoint - Rongchang Biologics reported strong revenue growth in the first half of 2025, driven by significant sales of its core products, particularly the innovative drug Tai'ai (Tai'itixip) and Aidiqi (Weidiximab) [1][2] Financial Performance - In the first half of 2025, the company achieved total revenue of 1.098 billion yuan, a year-on-year increase of 48.02% [1] - The net profit attributable to shareholders was -450 million yuan, a year-on-year reduction in losses of 42.40% [1] - For Q2 2025, revenue reached 572 million yuan, reflecting a year-on-year growth of 39.06% [1] - The net profit for Q2 was -195 million yuan, with a year-on-year reduction in losses of 54.71% [1] Product Development - Tai'ai is the world's first dual-target fusion protein product targeting BLyS and APRIL, developed by Rongchang Biologics, aimed at treating autoimmune diseases [1][2] - The sales of Tai'ai reached 977 million yuan in 2024, marking a year-on-year increase of 94.87%, making it the largest revenue contributor for the company [2] - Tai'ai received approval for three indications: systemic lupus erythematosus (SLE), rheumatoid arthritis, and generalized myasthenia gravis (gMG) [2] Licensing and Partnerships - Rongchang Biologics licensed Tai'ai to VorBio for global development outside Greater China, receiving $125 million in cash and warrants, with potential milestone payments up to $4.105 billion [3] - The company will receive an upfront payment of $45 million and warrants valued at $80 million from VorBio [3] Regulatory Support - Tai'ai has been granted orphan drug designation by the European Commission for the treatment of myasthenia gravis, which includes various regulatory incentives [3] - The company has six molecules in clinical development, with ongoing trials for Tai'ai and Aidiqi in multiple indications in China and the U.S. [3]

Investment Rating - The report maintains an "Optimistic" rating for the industry [7][71]. Core Insights - The report highlights the intensive disclosure of company performances, with a focus on companies that exceed expectations. It emphasizes the upcoming World Lung Cancer Conference (WCLC) and the importance of monitoring related company data [6][70]. - The report notes a significant increase in the medical device sector and mentions the approval of new treatments by regulatory bodies, indicating a positive trend in the pharmaceutical and medical device industries [2][16]. Industry News - The National Healthcare Security Administration issued a temporary management method for disease-based payment, which includes budget management and payment standards [16]. - Semaglutide received FDA approval for treating MASH, showcasing advancements in drug approvals [16]. Company Announcements - **Hengrui Medicine** reported a revenue of approximately 15.76 billion yuan for the first half of 2025, a year-on-year increase of 15.88%, and a net profit of approximately 4.45 billion yuan, up 29.67% [25]. - **Baili Tianheng** announced a significant drop in revenue but received breakthrough therapy designation from the FDA for its drug targeting advanced non-small cell lung cancer [28]. - **Rongchang Bio** received breakthrough therapy designation for its drug RC148 for non-small cell lung cancer and signed a licensing agreement [29]. - **Baiyao Tai** reported a revenue of approximately 441.89 million yuan, a year-on-year increase of 9.84%, and received EMA approval for Usymro® [30]. Market Review - The Shanghai Composite Index rose by 2.85%, while the pharmaceutical and biological sector increased by 1.85% during the week of August 15-21, 2025 [5][59]. - The industry’s price-to-earnings ratio (TTM) was reported at 31.23 times, with a valuation premium of 154% compared to the CSI 300 index [5][63]. Weekly Strategy - The report suggests focusing on companies with performance exceeding expectations during the earnings disclosure period and highlights the potential benefits from policy support for innovative drugs and medical devices [6][70].

RemeGen Co., Ltd.* 榮 昌 生 物 製 藥（ 煙 台 ）股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9995） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條由榮昌生物製藥 （煙台）股份有限公司（「本公司」）作出。 茲載列本公司於上海證券交易所網站刊登公告如下，僅供參閱。 承董事會命 榮昌生物製藥（煙台）股份有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並表明概不就因本公告全部或任何部份內容而產生或因依賴該等 內容而引致的任何損失承擔任何責任。 董事長兼執行董事 王威東先生 中國煙台 2025年8月22日 於本公告日期，董事會成員包括執行董事王威東先生、房健民博士、林健先生及 溫慶凱先生；非執行董事王荔強博士及蘇曉迪博士；及獨立非執行董事郝先經先 生、陳雲金先生及黃國濱先生。 * 僅供識別 荣昌生物制药（烟台）股份有限公司 关于公司 2025 年度"提质增效重回报"行动方案的半 年度评估报告 为推动提升荣昌生物制药（烟台）股份有限公司（以下简称"公 司" ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並表明概不就因本公告全部或任何部份內容而產生或因依賴該等 內容而引致的任何損失承擔任何責任。 RemeGen Co., Ltd.* 榮 昌 生 物 製 藥（ 煙 台 ）股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9995） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條由榮昌生物製藥 （煙台）股份有限公司（「本公司」）作出。 茲載列本公司於上海證券交易所網站刊登公告如下，僅供參閱。 承董事會命 榮昌生物製藥（煙台）股份有限公司 董事長兼執行董事 王威東先生 中國煙台 2025年8月22日 於本公告日期，董事會成員包括執行董事王威東先生、房健民博士、林健先生及 溫慶凱先生；非執行董事王荔強博士及蘇曉迪博士；及獨立非執行董事郝先經先 生、陳雲金先生及黃國濱先生。 * 僅供識別 | 证券代码：688331 | 证券简称：荣昌生物 | 公告编号：2025-040 | | --- | --- | --- | | 港股代码：09995 | 港股简称 ...