Core Viewpoint - Rongchang Biologics has issued a positive earnings forecast, expecting approximately 3.25 billion yuan in revenue for the previous year, representing a year-on-year growth of about 89%, and a net profit of around 716 million yuan, with a non-GAAP net profit of approximately 78.5 million yuan, indicating a turnaround from losses in the previous year [1] Group 1: Financial Performance - The reported performance significantly exceeds both the bank's and market's previous expectations, with the timing of the profitability inflection point occurring earlier than previously anticipated [1] - The company is expected to see further improvement in its main business profit margins this year, driven by the overseas expansion of Tai Tasi Pu and RC148, as well as a greater share of R&D costs being borne by overseas partners [1] Group 2: Investment Outlook - The bank maintains a "Buy" rating for Rongchang Biologics with a target price of 136 HKD, highlighting optimism for the company's upcoming milestones, including the enrollment of Tai Tasi Pu in MG III and the initiation of SS III, as well as the first overseas BLA submission for Vidi Xi Tuo and data readouts for 1L UC III [1] - Anticipated sales volume increases following the inclusion of Tai Tasi Pu in the mainland's medical insurance for MG indications, along with approvals for major indications such as SS and IgAN, are expected to drive further growth [1] - Progress in early-stage products (RC148, RC118, new ADCRC278, etc.) and the advancement of additional indications are likely to provide continuous catalysts for the stock price [1]

Core Viewpoint - Rongchang Biopharma (09995) has announced a significant increase in expected revenue and profit for the fiscal year 2025, leading to a nearly 4% rise in stock price following the earnings forecast [1] Financial Performance - The company anticipates a revenue of approximately RMB 3.25 billion for 2025, representing an increase of about RMB 1.533 billion, or 89% year-on-year [1] - Expected net profit attributable to the parent company is projected to be around RMB 716 million, marking a turnaround from losses in the previous year [1] - The net profit after excluding non-recurring items is estimated at RMB 78.5 million, also indicating a return to profitability compared to the previous year [1] Product and Market Development - Core products, Taitasip and Vidisitimab, are expected to see rapid growth in domestic sales, serving as the main drivers of revenue growth [1] - The company has secured a significant partnership with Vor Biopharma Inc., granting exclusive global development and commercialization rights for Taitasip outside Greater China, which will substantially increase technology licensing revenue [1] Cost Management and Efficiency - The company has implemented measures to optimize management and iterate production processes, resulting in reduced unit production costs and improved gross margins [1] - A notable decrease in sales expense ratio has also contributed to the overall improvement in profitability efficiency [1]

每经AI快讯，荣昌生物(09995.HK)盈喜后涨近4%，截至发稿涨3.68%，报87.3港元，成交606.74万港 元。 ...

Core Viewpoint - Rongchang Biopharma (09995) has announced a significant increase in expected revenue and profit for the fiscal year 2025, leading to a nearly 4% rise in stock price following the earnings forecast [1] Financial Performance - The company anticipates a revenue of approximately RMB 3.25 billion for 2025, representing an increase of about RMB 1.533 billion or 89% compared to the previous year [1] - Expected net profit attributable to the parent company is projected to be around RMB 716 million, marking a turnaround from a loss in the previous year [1] - The net profit after deducting non-recurring gains and losses is estimated at RMB 78.5 million, also indicating a return to profitability [1] Product and Market Development - Core products, Taitasip and Vidisitimab, are expected to see rapid growth in domestic sales, serving as the main drivers of revenue growth [1] - The company has secured a significant partnership with Vor Biopharma Inc., granting exclusive global development and commercialization rights for Taitasip outside Greater China, which will substantially increase technology licensing revenue [1] Cost Management and Efficiency - The company has implemented measures to optimize management and iterate production processes, resulting in reduced unit production costs and improved gross margins [1] - A notable decrease in sales expense ratio has contributed to a significant improvement in profitability efficiency [1]

Investment Rating - The investment rating for the company is "Buy" for both A-shares and H-shares, maintained from previous assessments [7]. Core Insights - The company is expected to achieve significant revenue growth in 2025, with projected revenue of 3.25 billion RMB, representing an increase of 89% year-over-year. The net profit attributable to shareholders is forecasted to be 716 million RMB, marking a turnaround from previous losses [2][12]. - The company is advancing its overseas business development (BD) efforts, with expected contributions from key products and partnerships, including a notable deal with AbbVie for RC148, which includes a $650 million upfront payment [3][5]. - The domestic market is showing strong performance, with core products expected to maintain rapid revenue growth due to manageable price reductions in insurance renewals and potential approvals for new indications [2][4]. Revenue and Profit Forecast - Revenue projections for 2025 have been adjusted to 3.25 billion RMB, with a significant increase in net profit to 716 million RMB, reflecting a substantial recovery from previous losses [12][17]. - The company anticipates continued growth in 2026, with revenue expected to reach 7.83 billion RMB, driven by both domestic sales and international BD activities [11][12]. Pipeline Development - The clinical development of RC148 is progressing, with potential for global Phase III trials to start soon, which could enhance its market position significantly [3][4]. - The company is also advancing other key products, including the global Phase III clinical trials for its lead candidates, which are expected to contribute to future revenue growth [4][5]. Valuation and Price Target - The target price for A-shares is set at 151.81 RMB, while the target price for H-shares is 143.58 HKD, reflecting a premium of 18.80% based on recent valuations [5][14]. - The valuation adjustments are based on changes in the fair value of warrants and a decrease in debt financing needs, leading to an updated forecast for net profits in the coming years [12][14].

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。 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年12月31日。 2024年度每股亏损2.73元。 （二）业绩预告情况 （1）经荣昌生物制药（烟台）股份有限公司（以下简称"公司"）财务部门初步测算，预计2025年度营 业收入约325,000万元，与上年同期相比，将增加收入约153,314万元，同比增加约89%。 （2）公司预计2025年度实现归属于母公司所有者的净利润约71,600万元，与上年同期相比，实现扭亏 为盈。 （3）公司预计2025年度归属于母公司所有者扣除非经常性损益后的净利润约7,850万元，与上年同期相 比，实现扭亏为盈。 （三）本期业绩预告相关的财务数据未经注册会计师预审计。 二、上年同期业绩情况 2024年度营业收入171,686.17万元。 2024年度实现归属于母公司所有者的净亏损146,836.08万元。 2024年度归属于母公司所有者扣除非经常性损益后的净亏损150,764.24万元。 三、本期业绩变化的主要原因 （一）主营业 ...

荣昌生物制药（烟台）股份有限公司2025年年度业绩预告 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。 证券代码：688331 证券简称：荣昌生物 公告编号：2026-006 港股代码：09995 港股简称：榮昌生物 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年12月31日。 （二）业绩预告情况 （1）经荣昌生物制药（烟台）股份有限公司（以下简称"公司"）财务部门初步测算，预计2025年度营 业收入约325,000万元，与上年同期相比，将增加收入约153,314万元，同比增加约89%。 （2）公司预计2025年度实现归属于母公司所有者的净利润约71,600万元，与上年同期相比，实现扭亏 为盈。 （3）公司预计2025年度归属于母公司所有者扣除非经常性损益后的净利润约7,850万元，与上年同期相 比，实现扭亏为盈。 （三）本期业绩预告相关的财务数据未经注册会计师预审计。 二、上年同期业绩情况 2024年度营业收入171,686.17万元。 2024年度归属于母公司所有者扣除非经常性损益后的净亏损1 ...

荣昌生物(09995)发布公告，经公司财务部门初步测算，预计2025年度营业收入约人民币32.5亿元，与上 年同期相比，将增加收入约人民币15.33亿元，同比增加约89%。公司预计2025年度实现归属于母公司 所有者的净利润约人民币7.16亿元，与上年同期相比，实现扭亏为盈。公司预计2025年度归属于母公司 所有者扣除非经常性损益后的净利润约人民币7850万元，与上年同期相比，实现扭亏为盈。 本期业绩变化的主要原因： (一)主营业务的影响。2025年度公司核心产品泰它西普、维迪西妥单抗国内销售收入实现快速增长，成 为业绩核心增长引擎;同时，公司成功达成重磅合作，授予Vor Biopharma Inc泰它西普除大中华区以外全 球范围内的独家开发与商业化权利，技术授权收入大幅增加，部分海外研发投入由授权方承担。此外， 公司通过优化管理、迭代生产工艺等举措，降低了产品单位生产成本，提升了产品毛利率，另外，销售 费用率明显下降。综合多方面积极因素，公司盈利效率大幅改善，预计2025年度净利润将实现扭亏为 盈。 (二)非经常性损益的影响。2025年度自上述授权交易取得的认股权证公允价值变动属于非经常性损益， 在扣除非经 ...

Core Viewpoint - Rongchang Biologics (688331.SH) is expected to achieve a net profit of approximately 716 million yuan in 2025, marking a significant turnaround from a net loss of 1.468 billion yuan in 2024, indicating a maturation from reliance on single-event drivers to a more diversified competitive strength [3][4] Financial Performance - The company anticipates a revenue of approximately 3.25 billion yuan for 2025, representing an increase of about 1.53314 billion yuan or 89% compared to the previous year [3] - The expected net profit of 716 million yuan for 2025 contrasts sharply with the previous year's net loss of 1.468 billion yuan, showcasing a healthy revenue structure [3][4] Growth Drivers - The growth in performance is primarily attributed to rapid sales growth of core products, Taitasip and Vidisicimab, which have become the main engines of revenue [4] - The company has successfully established a significant partnership with Vor Biopharma Inc., granting exclusive global development and commercialization rights for Taitasip outside Greater China, leading to a substantial increase in technology licensing revenue [4] Innovation and Development - Rongchang Biologics is focused on innovative products that are first-in-class (FIC) or best-in-class (BIC), with ongoing clinical trials for new indications of its core products [5] - The company showcased its four advanced technology platforms at the JPM 2026 conference, which include target discovery, antibody discovery, protein engineering, and ADC technology platforms, indicating a robust early-stage R&D pipeline [6] Strategic Collaborations - The company has formed deep collaborations with international partners such as Pfizer, Santen, and Vor Bio, enhancing its innovation value [6] - A recent deal with AbbVie for a PD1/VEGF dual antibody has been valued at 5.6 billion USD, marking a strong start to business development transactions in 2026 [6]

Core Viewpoint - Rongchang Biologics (09995.HK) anticipates significant revenue growth and profitability turnaround in 2025, projecting a revenue increase of approximately RMB 1.533 billion, representing a year-on-year growth of about 89% [1] Financial Projections - The company expects to achieve an operating revenue of approximately RMB 3.25 billion in 2025, compared to the previous year [1] - Net profit attributable to the parent company is projected to be around RMB 716 million, indicating a return to profitability [1] - The net profit after deducting non-recurring gains and losses is estimated at approximately RMB 78.5 million, also reflecting a turnaround from losses [1] Stock Performance - As of January 30, 2026, Rongchang Biologics closed at HKD 84.2, down 0.41%, with a trading volume of 2.8142 million shares and a turnover of HKD 238 million [1] - The stock has received a majority "buy" rating from investment banks, with four firms issuing "buy" ratings in the last 90 days [1] - The average target price over the last 90 days is HKD 108.33, with a recent report from Zhongtai International giving a target price of HKD 114 [1] Market Position - Rongchang Biologics has a market capitalization of HKD 17.636 billion, ranking 8th in the biopharmaceutical sector [1]