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 ...

Group 1 - The core viewpoint of the news is the performance and holdings of the Huatai-PineBridge Medical Services Flexible Allocation Mixed A Fund, which has shown significant returns in recent months and has a strong portfolio in the healthcare sector [1][3]. - As of April 24, 2025, the fund's latest net value is 1.5450 yuan, reflecting a growth of 1.25% [1]. - The fund has achieved a return of 18.21% over the past month, ranking 2 out of 8 in its category, and a return of 30.60% over the past three months, ranking 1 out of 8 [1]. - Year-to-date, the fund has returned 28.32%, also ranking 1 out of 8 in its category [1]. Group 2 - The top ten stock holdings of the fund account for a total of 64.17%, with significant positions in companies such as Heng Rui Pharmaceutical (10.23%), Kelun Pharmaceutical (9.09%), and Bai Li Tianheng (8.94%) [1]. - The fund was established on June 18, 2015, and as of March 31, 2025, it has a total asset size of 4.408 billion yuan [1]. - The fund manager, Zhang Wei, has a strong background in biomedical studies and has held various positions in the pharmaceutical research field prior to managing this fund [2].

| 代码 | 简称 | 主力资金净流入（万元） | 主力资金流入率（%） | 涨跌幅（%） | 换手率（%） | | --- | --- | --- | --- | --- | --- | | 688660 | 电气风电 | 7350.49 | 16.97 | 12.10 | 4.12 | | 688331 | 荣昌生物 | 3260.93 | 9.01 | 8.02 | 4.47 | | 688047 | 龙芯中科 | 3108.68 | 11.48 | -0.22 | 0.72 | | 688306 | 均普智能 | 2861.53 | 7.31 | 0.98 | 3.08 | | 688531 | 日联科技 | 2851.39 | 10.61 | 3.62 | 5.54 | | 688787 | 海天瑞声 | 2811.74 | 16.53 | 0.33 | 3.33 | | 688036 | 传音控股 | 2788.26 | 7.19 | 0.64 | 0.42 | | 688122 | 西部超导 | 2732.16 | 5.91 | 2.15 | 1.47 | | 688205 | 德科立 | 25 ...

消息面上，相关机构近期表示，创新药仍处于产业加速向上的周期，今年也有强基本面的兑现支撑。在 既往ADC、PD1/VEGF等技术爆发之后，TCE、ProTac等新技术已经看到萌芽开花；同时，创新药从可 预期的BD潮走向盈利潮，以往大家对创新药的疑虑是研究壁垒高、企业没盈利，因此不敢投，但随着 未来企业的收入高增速带动利润的快速提升，就进入了投资者可理解的范畴内。 港股创新药板块高盈利持续消化估值。港股创新药指数2月21日市盈率为64倍，4月24日最新市盈率仅为 27倍，不足两个月前的一半，当前布局性价比突出。 4月24日，港股市场低开震荡，港股创新药板块全面爆发。港股创新药指数成分股中，凯莱英涨超 17%，荣昌生物、亚盛医药-B、康方生物涨超7%，信达生物、联邦制药涨超6%，康龙化成、三生制药 涨超4%。港股创新药ETF（159567）连续2个交易日成交额超9亿元，市场关注度较高。 西南证券表示，创新药板块的投资价值在于其背后的新质生产力和高质量发展的大背景。随着各地政府 不断出台支持创新药的政策，如北京、深圳等地发布的支持创新药政策，这些政策不仅加强了对创新药 械研发、生产、审批、使用的全链条支持，还促进了健 ...

Group 1 - The innovative pharmaceutical ETF (560900) has risen by 1.80%, with the underlying index, the China Innovative Drug Industry Index (931152), increasing by 1.60% [1] - Key stocks such as Kailaiying (002821) rose by 10.01%, Maiwei Biotech (688062) by 7.23%, and Rongchang Biotech (688331) by 6.57% [1] - Galaxy Securities indicates that innovative pharmaceutical companies are in a critical transformation period, with Changchun High-tech's R&D investment reaching 2.69 billion yuan in 2024, a year-on-year increase of 11.20%, accounting for nearly 20% of revenue [1] Group 2 - Morgan Asset Management is integrating its "Global Vision Investment Technology" product line to assist investors in capturing investment opportunities in quality tech companies globally [2] - The actively managed Morgan Emerging Power Fund aims to grasp emerging industry trends from a long-term perspective, while the Morgan Smart Connectivity Fund focuses on opportunities in the AI sector [2] - The Morgan Pacific Technology Fund selects quality tech companies in the Pacific region [2] Group 3 - The passive investment options include the Morgan Hang Seng Technology ETF (513890) for exposure to Hong Kong tech assets and the Morgan China Innovative Drug Industry ETF (560900) for Chinese innovative pharmaceutical companies [3] - The Morgan NASDAQ 100 Index Fund provides one-click access to global tech leaders [3]

Core Viewpoint - The Hong Kong Innovation Drug Index (987018) has shown a strong upward trend, indicating a positive market sentiment towards biotech companies in the region, particularly in the innovative drug sector [1] Group 1: Market Performance - As of April 22, 2025, the Hong Kong Innovation Drug Index increased by 4.45%, with notable gains from individual stocks such as Rongchang Biotech (09995) up by 10.06%, Kangzhi Pharmaceutical (00867) up by 5.58%, and Lepu Biotech-B (02157) up by 5.05% [1] - The Hong Kong Innovation Drug ETF (159567) rose by 1.94%, marking its third consecutive increase, with a latest price of 1.21 yuan [1] - Over the past two weeks, the Hong Kong Innovation Drug ETF has accumulated a total increase of 4.96% [1] - The ETF experienced a turnover rate of 5.72% during the trading session, with a transaction volume of 72.48 million yuan [1] - The average daily transaction volume for the ETF over the past week was 531 million yuan, with a scale growth of 83.05 million yuan [1] Group 2: Industry Insights - Huaxin Securities highlighted that in areas such as antibodies, ADCs, and bispecific antibodies, Chinese biotech companies have established a technological advantage from the initial stages of research and development [1] - The industry is continuously exploring new targets and combinations, leading to an increasing proportion of globally leading or optimal innovations [1] - The domestic policy environment for innovative drugs is improving, with a focus on establishing a diversified payment system and refining the pricing mechanism for innovative drugs [1] - The release of overseas clinical data and the peak of external licensing are accelerating the realization of innovative value [1] - There is a growing emphasis on collaboration and product licensing abroad, with the value of technological platforms becoming more prominent [1]

Group 1 - The core point of the news is the performance of the Zhongyin Innovation Medical Mixed A fund, which has shown significant growth in its net value and returns over various time frames [1] - As of April 21, 2025, the latest net value of Zhongyin Innovation Medical Mixed A is 1.6127 yuan, reflecting a growth of 2.27% [1] - The fund's one-month return is 14.21%, ranking 9th out of 4672 similar funds; the three-month return is 36.72%, ranking 18th out of 4599; and the year-to-date return is 34.02%, ranking 36th out of 4590 [1] Group 2 - The top ten stock holdings of Zhongyin Innovation Medical Mixed A account for a total of 70.60%, with significant positions in companies such as Heng Rui Pharmaceutical (9.81%), Innovent Biologics (8.55%), and others [1] - The fund was established on November 13, 2019, and as of December 31, 2024, it has a total scale of 2.02 billion yuan [1] - The fund manager, Zheng Ning, has a background in asset management and has held various positions in the industry since 2022 [2]