Summary of Key Points from the Conference Call Industry Overview - The global pharmaceutical market is substantial, with an estimated size of approximately $1.5 trillion in 2023, projected to grow at a CAGR of 3%-6% from 2023 to 2027. The U.S. market accounts for nearly half of this, while emerging markets in the Asia-Pacific region are expected to grow at a faster rate. Notably, oncology and weight loss sectors are anticipated to see significant growth, providing important opportunities for pharmaceutical companies [3][5]. Internationalization of Chinese Pharmaceutical Industry - The internationalization process of the Chinese pharmaceutical industry can be categorized into three main parts: product export, technology export, and business model export. Product export can occur through self-sales, distributor agency (CSO model), and collaboration (BD model) [2]. - The internationalization stages include product registration, channel expansion, localization, and brand enhancement. Most Chinese innovative pharmaceutical companies are still in the product registration phase, with a few, like BeiGene and Mindray, advancing to channel expansion and localization [4]. Export Trends and Market Dynamics - China's pharmaceutical export scale reached $102 billion in 2023, with a notable increase in exports to Belt and Road countries, rising from 33% in 2013 to 37% in 2023. Conversely, the export proportion to the U.S. has decreased from 19% in 2010 to 16.7% in 2023 [7]. - The export of active pharmaceutical ingredients (APIs) from China is also on the rise, with an estimated $43 billion in exports in 2024, reflecting a nearly 5% year-on-year growth [3][9]. Company-Specific Highlights BeiGene - BeiGene's performance is strong, with sales of its drug, Zanubrutinib, expected to reach $2.6 billion in 2024, doubling year-on-year. The company anticipates achieving profitability in 2025, supported by a deepening product pipeline in hematological malignancies [3][20]. 3SBio - 3SBio is expected to see steady growth, with revenue and profit exceeding expectations in 2024, achieving over 15% growth. Key products like TPIAO and Mandy are maintaining high growth rates, with TPIAO projected to exceed $7 billion in revenue in 2024, a 20% increase [23][24]. Rongchang Biologics - Rongchang Biologics faces challenges with cash flow and sales but has seen significant growth in sales of its drug, Tislelizumab, which increased by 88% year-on-year. The company is enhancing cash flow through a private placement and expects to reduce losses significantly in the coming year [26][27]. Regulatory and Policy Environment - Recent updates in pharmaceutical policies indicate a shift towards optimizing procurement policies, focusing on quality assessment and regulation. The average price reduction from the tenth batch of generic drug procurement was around 50%-61%, with expectations for further reductions in future batches [14][15]. - The innovation policy landscape is supportive of the development of innovative medicines, with a focus on improving approval processes and market access [16][18]. Investment Recommendations - Recommended stocks for April include BeiGene, 3SBio, and Major Biologics, with BeiGene highlighted for its strong performance and growth potential [19][20]. Conclusion - The Chinese pharmaceutical industry is experiencing significant growth and internationalization, with key players like BeiGene and 3SBio showing promising performance. The evolving regulatory landscape and increasing focus on innovation are expected to drive future growth in the sector.

Summary of Rongchang Biologics Conference Call Company Overview - Rongchang Biologics is a well-established ADC biotech company that has shown strong performance in recent years, achieving over 1.7 billion in revenue for 2024, with a year-on-year growth rate of nearly 60% driven by increased productivity of the sales team and the clinical value of its products [3][4] Key Products and Market Performance - Rongchang Biologics has successfully launched two main self-developed products: - **2,418 Tadasip**: Used for treating systemic lupus erythematosus (SLE) and other autoimmune conditions. It has an SRI response rate of 83%, significantly higher than the 61% of Belimumab, with good tolerability. The domestic insurance price is slightly higher than Belimumab but remains acceptable to patients [4][6] - **RC48 Vidiqis**: The first HER2 ADC drug approved in China for treating gastric cancer and urothelial carcinoma. It has an ORR of 25% in third-line gastric cancer treatment, with a median PFS of 4.1 months and median OS of 7.9 months, outperforming PD-1. In urothelial carcinoma, it achieved a DCR of 95% and ORR of 26.3%, with median PFS of 15.5 months and median OS of 16.4 months [4][7] Clinical Value and Future Potential - Rongchang Biologics focuses on developing first-in-class and best-in-class biologics in the fields of autoimmune diseases, oncology, and ophthalmology. The company has several promising new pipelines with best-in-class and overseas potential, including RC88 mesothelin ADC, c-Met ADC, and PD-1/VEGF dual antibodies [4][8] - The PD-L1/VEGF fusion protein shows advantages in safety and overall survival, potentially outperforming existing therapies [8] Investment Considerations - Investors should monitor the sales performance of Tadasip and Vidiqis, the progress of domestic and international clinical trials, early-stage IND developments, and the company's business development efforts abroad, as these factors will significantly influence Rongchang Biologics' future growth potential [4][8]

Core Viewpoint - The legal opinion letter confirms that the procedures for convening and holding the 2025 Second Extraordinary General Meeting of Rongchang Biopharmaceuticals (Yantai) Co., Ltd. comply with relevant laws, regulations, and the company's articles of association [1][2][3][4][8] Group 1: Meeting Procedures - The meeting was convened on April 2, 2025, as per the notice published [3][4] - The meeting took place at the company's designated location and was presided over by the chairman [3][4] Group 2: Attendance and Qualifications - A total of 101 participants attended the meeting, representing 192,803,132 shares, which is 35.4201% of the total voting shares [4][5] - The qualifications of the attendees, including A-share and H-share holders, were verified and found to be compliant with legal requirements [5][6] Group 3: Voting Procedures and Results - The voting was conducted through a named voting method, with results verified by representatives and legal counsel [6][8] - The resolutions were passed with 217,911,121 votes in favor, representing a significant majority of the voting shares [6][7][8]

北京市金杜律师事务所 关于荣昌生物制药（烟台）股份有限公司 2025 年第二次临时股东大会 之法律意见书 致：荣昌生物制药（烟台）股份有限公司 北京市金杜律师事务所（以下简称本所）接受荣昌生物制药（烟台）股份有 限公司（以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证 券法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督 管理委员会《上市公司股东会规则（2025 修订）》（以下简称《股东会规则》） 等中华人民共和国境内（以下简称中国境内，为本法律意见书之目的，不包括中 国香港特别行政区、中国澳门特别行政区和中国台湾地区）现行有效的法律、行 政法规、规章和规范性文件和现行有效的公司章程有关规定，指派律师出席了公 司于2025年4月2日召开的2025年第二次临时股东大会（以下简称本次股东大会）， 并就本次股东大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2023 年年度股东大会审议通过的《荣昌生物制药（烟台）股份有 限公司章程》； 2. 2025 年 3 月 15 日，公司刊登于上海证券交易所网站（www.sse ...

证券代码：688331 证券简称：荣昌生物 公告编号：2025-017 荣昌生物制药（烟台）股份有限公司 2025 年第二次临时股东大会决议公告 本公司董事会及全体董事保证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。 （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 符合 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 4 月 2 日 （二） 股东大会召开的地点：山东省烟台市经济技术开发区北京中路 58 号荣昌 生物三期 6134 会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 101 | | --- | --- | | 普通股股东人数 | 101 | | 其中：A 股股东人数 | 100 | | 境外上市外资股股东人数 | 1 | | 2、出席会议的股东所持有的表决权数量 | 218,266,774 | | 普通股股东所持有表决权数量 | 218,266,774 | ...

Core Insights - The innovative pharmaceutical company Rongchang Bio reported a significant revenue increase of 58.54% year-on-year, reaching 1.717 billion yuan for 2024, although it still faced a net loss of 1.468 billion yuan [1][3] - The company's two core products, Tai'axip and Vidi'sitomab, are expected to contribute over 90% of total revenue in 2024, with projected revenues of 920 million yuan and 780 million yuan respectively [3][4] - The company is focusing on expanding its international presence, with ongoing clinical trials and partnerships, although it faces challenges in balancing domestic growth with overseas investments [8][9] Financial Performance - Rongchang Bio's revenue for 2024 is projected to be 1.717 billion yuan, a 58.54% increase from the previous year, while the net loss is 1.468 billion yuan [1] - The company’s R&D expenses for 2024 are expected to be 1.541 billion yuan, accounting for 89.69% of its revenue, despite a decrease of 30.93 percentage points from the previous year [6] - Sales expenses reached 830 million yuan in 2024, a 45% increase year-on-year, indicating high marketing costs [9] Product Development - Tai'axip, a dual-target fusion protein, has shown strong growth, with its revenue expected to increase by 62% in 2024, and it has received full approval for rheumatoid arthritis [3][4] - Vidi'sitomab has achieved positive results in clinical trials for various cancers, including a 101% improvement in progression-free survival for HER2-positive breast cancer patients [4] - The company is also developing RC28, an eye drug, which has the potential to capture a market worth over 5 billion yuan [6] Strategic Initiatives - Rongchang Bio is pursuing an "outbound" strategy, licensing its products for international trials and seeking to enhance its global presence [8] - The company has established early collaborations with multinational corporations like Pfizer and Roche, indicating growing recognition of its technology platforms [9] - Despite the positive developments, the departure of a key executive has raised concerns about the company's future direction and operational stability [10]

Core Viewpoint - The public fund industry achieved impressive performance in Q1 2025, driven by a structural market led by AI and robotics themes [1][2]. Group 1: Fund Performance - The fund performance leaderboard for Q1 2025 was dominated by robotics-themed funds, Beijing Stock Exchange funds, and Hong Kong stock funds [2]. - The top-performing fund, Penghua Carbon Neutral Theme A, managed by Yan Siqian, achieved a return of 60.26%, heavily investing in several robotics stocks [3][5]. - Other notable funds include Ping An Advanced Manufacturing Theme A and Yongying Advanced Manufacturing Smart Selection A, both exceeding 50% returns, also focusing on robotics [6]. Group 2: Robotics Theme Funds - Penghua Carbon Neutral Theme A's significant holdings included stocks like Beite Technology and Hechuan Technology, with Double Forest Co. seeing a year-to-date increase of 118.16% [3][6]. - Fund managers expressed optimism about the rapid production of humanoid robots and the investment opportunities in new materials and technologies [7]. - The focus on core components and AI perception in humanoid robots indicates a growing market potential, with significant room for technological advancement [7][8]. Group 3: Beijing Stock Exchange Funds - Beijing Stock Exchange funds also performed well, with notable returns from funds like CITIC Construction Investment and Huaxia, achieving returns of 38.98% and 37.45% respectively [9]. - These funds have successfully identified high-performing stocks within the Beijing Stock Exchange, such as Kelaite, which saw a remarkable increase of 136.01% [9]. Group 4: Hong Kong Stock Funds - Hong Kong stock funds regained attention, with funds like Huatai Hong Kong Advantage Selection and Zhongyin Hong Kong Medical achieving returns of 38.9% and 32.25% respectively [12]. - The performance of these funds was bolstered by significant gains in pharmaceutical stocks, with companies like Kelun Pharmaceutical and Rongchang Biological seeing increases of 78.08% and 64.58% [12]. - The manager of Huatai Hong Kong Advantage Selection highlighted the growing competitiveness of Chinese innovative drugs in the global market, projecting a significant increase in overseas licensing deals [12][13].

Group 1 - Rongchang Biologics (688331.SH) released its 2024 annual report on March 28, 2025, indicating that as of March 27, 2025, 29 institutional investors disclosed holding a total of 214 million shares, accounting for 39.31% of the total share capital [1] - The top ten institutional investors include Yantai Rongda Venture Capital Center (Limited Partnership), Yantai Rongqian Enterprise Management Center (Limited Partnership), and others, with a combined holding ratio of 36.29%, showing a slight decrease of 0.04 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, two funds increased their holdings, including Huatai-PineBridge Medical Service Flexible Allocation Mixed A and Huatai-PineBridge Daxin Mixed A, with an increase ratio of 0.38% [2] - Two public funds reduced their holdings, including Bank of China Innovation Medical Mixed A and Rongtong Vision Value One-Year Holding Period Mixed A, showing a slight decline [2] - Three new public funds were disclosed this period, including China Merchants National Index Biomedicine A, Tianzhi New Consumption Mixed, and Zhongtai CSI 500 Index Enhanced A [2] - Twenty-one public funds were not disclosed this period, including E Fund Healthcare Industry Mixed A and Bank of China Healthcare Mixed A [2]

每经记者 林姿辰 每经编辑 文多 3月27日，荣昌生物（SH688331）发布2024年年报，公司去年实现营业收入17.17亿元，较上年同期增 加58.54%，归母净利润为亏损14.68亿元，净亏损额较上年同期缩窄2.84%，扣非后净利润为亏损15.08 亿元，较上年同期缩窄2.31%。 公司表示，2024年收入增加主要是因为泰爱（泰它西普）、爱地希（维迪西妥单抗）这两个核心产品的 销售收入及销量同比快速增长。扣非后净利润仍为负数，主要因为公司对在研项目研发投入仍然较大、 对商业化产品泰它西普和维迪西妥单抗的推广力度加大。 记者注意到，泰爱和爱地希均有适应症进入医保目录，去年销售持续放量。 泰爱去年销量约152.45万支，同比增加94.87%，首次突破150万支关口。爱地希去年销量约23.71万支， 同比增加36.54%。 荣昌生物去年的销售费用同比增加22.39%至9.49亿元。截至去年底，公司自身免疫商业化团队已超过 800人，已完成超过1000家医院的药品准入；同期，公司肿瘤科商业化团队已有近600人，已完成超过 1000家医院的药品准入。与2023年相比，两个团队对应药品的准入医院数量均有所增加。 不 ...

荣昌生物制药（烟台）股份有限公司 内部控制审计报告 2024年12月31日 内部控制审计报告 安永华明（2025）专字第70051338_J01号 荣昌生物制药（烟台）股份有限公司 荣昌生物制药（烟台）股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审 计了荣昌生物制药（烟台）股份有限公司2024年12月31日的财务报告内部控制的有效 性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制 评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是荣昌生物制药 （烟台）股份有限公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计 意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况 的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内 部控制审计结果推测未来内部控制的有效性具有一定风险。 安永华明（2025）专字第70051338_J ...