股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 重新提交 致：香港交易及結算所有限公司 公司名稱: 榮昌生物製藥（煙台）股份有限公司 呈交日期: 2026年2月25日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09995 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 208,581,239 | RMB | | 1 RMB | | 208,581,239 | | 增加 / 減少 (-) | | | | 0 | | RMB | | 0 | | 本月底結存 | | | 208,581,239 | RMB | | 1 RMB | | 208,581,239 | | 2. 股份分類 | 普通股 | 股份類別 | A ...

Core Insights - Rongchang Biotech is expected to achieve multiple clinical advancements, product approvals, and partnership milestones by 2026 [1] Stock Performance - The overseas Phase III clinical trial for Taitasip in treating myasthenia gravis continues to enroll participants, with completion anticipated in the first half of 2026 [2] - Taitasip has received FDA fast track designation for primary Sjögren's syndrome, with a global Phase III trial likely to commence [2] - The global Phase II registration trial for Vidisizumab in second-line urothelial carcinoma has been completed, and the accelerated enrollment for the Phase III trial in first-line urothelial carcinoma is ongoing, with Pfizer expected to submit an overseas marketing application in the first half of 2026 [2] Project Progress - New indications for Vidisizumab and the ophthalmic drug RC28 are expected to receive approval in the second to third quarter of 2026 [3] - The indication for Taitasip in IgA nephropathy is anticipated to be approved in the fourth quarter [3] - Core product RC148 (PD-1/VEGF dual antibody) has three Phase III clinical trials approved, with overseas development plans being noteworthy [3] Related Transactions - An upfront payment of $650 million from the licensing agreement with AbbVie for RC148 will be reflected in the 2026 performance, with the total transaction amount reaching $5.6 billion [4] - Subsequent milestone payments from collaborations with Vor Bio and Santen Pharmaceutical may also progress [4] Product Development Progress - RC278 (targeting CDCP1 ADC) has entered Phase I/II clinical trials [5] - RC288 (bispecific ADC) is planned to initiate clinical trials in early 2026 [5]

Investment Rating - The report maintains a "Buy" rating for Rongchang Biologics (09995) with a target price of HKD 136 [1] Core Insights - The report is optimistic about the company's upcoming milestones, including the enrollment of MGIII for Taitasip and the initiation of SSIII, as well as the first overseas BLA submission for Vedisit and the data readout for 1LUCIII [1] - The inclusion of Taitasip's indications in the mainland's medical insurance is expected to drive significant sales growth, alongside the anticipated approvals for major indications like SS and IgAN [1] - Early-stage products (RC148, RC118, new ADCRC278) are progressing towards more indications, with data readouts likely to continue catalyzing the stock price [1] Financial Performance - Rongchang Biologics has issued a positive earnings forecast, expecting approximately RMB 3.25 billion in revenue for the previous year, representing a year-on-year growth of about 89% [1] - The net profit is projected to be around RMB 716 million, with a non-deductible net profit of approximately RMB 78.5 million, both showing a turnaround from losses year-on-year [1] - The performance significantly exceeded previous expectations from both the report and the market, with the timing of the profitability inflection point occurring earlier than previously anticipated [1] - Excluding contributions from external licensing and fair value gains, the report estimates that the company's core business achieved or approached breakeven in the fourth quarter, ahead of prior expectations [1] - With Taitasip and RC148 expanding internationally and more R&D costs being borne by overseas partners, there is optimism for further improvement in the company's profit margins this year [1]

Core Viewpoint - Citigroup has resumed coverage of Rongchang Biopharmaceutical (09995) with a "Buy/High Risk" rating and a target price of HKD 105, following the collaboration with AbbVie on the PD-1/VEGF bispecific drug RC148, which expands the global potential of its pipeline candidates [1] Group 1: Collaboration and Pipeline Development - The collaboration with AbbVie is expected to shift market focus towards the future global Phase III clinical studies and commercialization potential based on clinical data and competitive landscape [1] - The global development of Taitasip, which targets generalized myasthenia gravis, is anticipated to release top-line data from its Phase III clinical study in the first half of 2027, while the Phase III clinical trial for dry eye syndrome is set to commence in the first half of this year [1] Group 2: Financial Projections and Market Position - Citigroup has included the $650 million upfront payment from the collaboration in this year's revenue and estimates the risk-adjusted peak sales for RC148 to be $2.7 billion [1] - The sales trend for Taitasip in the domestic market is positive, with the management aiming to achieve breakeven by 2026 [1] Group 3: Competitive Landscape and Risks - Despite the positive outlook from the collaboration, Citigroup notes that the global commercialization process remains uncertain due to intense competition in the PD-1/VEGF and generalized myasthenia gravis sectors [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 榮昌生物製藥（煙台）股份有限公司 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09995 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 208,581,239 | RMB | | 1 RMB | | 208,581,239 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 208,581,239 | RMB | | 1 RMB | | 208,581,239 | | 2. 股份分類 | 普通股 | 股份類別 | A | ...

Group 1 - Citigroup has resumed coverage of Rongchang Biopharmaceutical with a "Buy/High Risk" rating and a target price of HKD 105 [1] - The company has entered into a collaboration with AbbVie for the PD-1/VEGF candidate drug RC148, which expands its pipeline's global potential [1] - Following the completion of the collaboration, market focus is expected to shift towards the future global Phase III clinical studies and commercialization potential based on clinical data and competitive landscape [1] Group 2 - The top-line data for the Phase III clinical study of Taitasip for the treatment of generalized myasthenia gravis is anticipated to be released in the first half of 2027 [1] - The Phase III clinical trial for Taitasip targeting dry eye syndrome is set to commence in the first half of this year [1] - The sales trend for Taitasip in the domestic market is positive, with management aiming for breakeven by 2026 [1]

Core Viewpoint - The report from CMB International maintains a "Buy" rating for Rongchang Biologics (09995) with a target price of HKD 136, highlighting optimism for the company's upcoming clinical trial phases and product approvals, which are expected to drive sales growth and stock price catalysts [1] Group 1: Company Performance - Rongchang Biologics anticipates a revenue of approximately RMB 3.25 billion for the previous year, representing a year-on-year growth of about 89% [1] - The net profit is expected to be around RMB 716 million, with a non-GAAP net profit of approximately RMB 78.5 million, both showing a turnaround from losses in the previous year [1] - The performance significantly exceeded both the firm's and market's prior expectations, with the profitability inflection point occurring earlier than previously anticipated [1] Group 2: Future Prospects - The company is expected to achieve or approach breakeven in its core business during the fourth quarter of last year, ahead of earlier forecasts [1] - With the international expansion of Taitasip and RC148, along with more R&D costs being covered by overseas partners, there is optimism for further improvement in core business profit margins this year [1] - The inclusion of Taitasip in the national medical insurance in mainland China is anticipated to boost sales, alongside approvals for larger indications such as SS and IgAN [1]

Core Viewpoint - The report from CMB International maintains a "Buy" rating for Rongchang Biologics (09995) with a target price of HKD 136, highlighting optimism regarding the company's upcoming clinical trials and product approvals, which are expected to drive sales growth and stock price catalysts [1] Group 1: Company Performance - Rongchang Biologics anticipates a revenue of approximately RMB 3.25 billion for the previous year, representing a year-on-year growth of about 89% [1] - The net profit is expected to be around RMB 716 million, with a non-GAAP net profit of approximately RMB 78.5 million, both showing a turnaround from losses in the previous year [1] - The performance significantly exceeded both the firm's and market's prior expectations, with the profitability inflection point occurring earlier than previously anticipated [1] Group 2: Future Prospects - The company is expected to achieve or approach breakeven in its core business during the fourth quarter of the previous year, ahead of earlier forecasts [1] - With the international expansion of Taitasip and RC148, and more R&D costs being borne by overseas partners, there is optimism for further improvement in the core business profit margin this year [1] - The inclusion of Taitasip in the National Medical Insurance in mainland China is anticipated to lead to significant sales growth, alongside approvals for major indications such as SS and IgAN [1]

Core Viewpoint - The report from CMB International maintains a target price of HKD 136 for Rongchang Biologics (09995) and a buy rating, anticipating that the company will achieve or approach breakeven in its main business by Q4 2025, earlier than previously expected [1] Group 1: Financial Performance - The company is projected to achieve approximately RMB 3.25 billion in revenue for the year 2025, representing a year-on-year growth of about 89% [2] - Expected net profit for 2025 is around RMB 716 million, with a non-GAAP net profit of approximately RMB 78.5 million, both indicating a turnaround to profitability compared to the previous year [2] Group 2: Growth Drivers - The significant growth in performance is driven by three main factors: 1) Continued commercialization and sales growth of core products, particularly Taitasip and Vidisizumab in the Chinese market [3] 2) Recognition of BD income significantly enhancing profit margins, with agreements for overseas rights for Taitasip and the ophthalmic drug RC-28E contributing to upfront payments and potential equity value gains [3] 3) Ongoing optimization of operational efficiency, leading to improved gross margins and a notable decrease in sales expense ratios [3] Group 3: Future Outlook - The company is expected to see positive developments in 2026, including: 1) Progress in overseas registration studies for key products, with Taitasip's MGIII phase enrollment expected to complete in the first half of 2026 and SSIII phase initiation also in 2026, alongside the first overseas BLA submission for Vidisizumab [4] 2) Increased sales of Taitasip in mainland China following its inclusion in medical insurance, as well as approvals for additional major indications [4] 3) Advancement of early-stage products (including RC148, RC118, and new ADCRC278) in more indications, with data readouts likely to continue driving stock price [4]

Core Viewpoint - The report from CMB International maintains a target price of HKD 136 for Rongchang Biologics (09995) and keeps a "Buy" rating, anticipating that the company will achieve or approach breakeven in its main business by Q4 2025, earlier than previously expected [1] Group 1: Revenue and Profit Forecast - The company is projected to achieve approximately RMB 3.25 billion in revenue for the full year of 2025, representing a year-on-year growth of about 89% [2] - Expected net profit for 2025 is around RMB 716 million, with a non-GAAP net profit of approximately RMB 78.5 million, both indicating a turnaround from losses compared to the previous year [2] Group 2: Drivers of High Growth - The high growth in performance is driven by three main factors: 1) Continued commercialization and sales growth of core products, particularly Tai Tasi P and Vidi Sima Tan in the mainland China market [2] 2) Significant profit enhancement from BD income recognition, including licensing agreements with Vor Biopharma and Santen Pharmaceutical [2] 3) Ongoing optimization of operational efficiency, leading to improved gross margins and a noticeable decrease in sales expense ratios [2] Group 3: Future Outlook - The company is optimistic about the overseas registration progress of key products, including the MGIII phase enrollment for Tai Tasi P and the initiation of the SSIII phase [3] - Anticipated sales growth in mainland China following the inclusion of Tai Tasi P for MG indications in medical insurance, along with approvals for larger indications such as SS and IgAN [3] - Progress in early-stage products like RC148 and RC118 in additional indications, with data readouts expected to catalyze stock price [3]