Core Viewpoint - Rongchang Biopharmaceuticals experienced a decline of 5.21% on November 5, with a stock price of 91.70 CNY per share and a total market capitalization of 51.683 billion CNY [1] Company Overview - Rongchang Biopharmaceuticals, established on July 4, 2008, and listed on March 31, 2022, is located in the Yantai Free Trade Zone, Shandong, China. The company focuses on innovative biopharmaceuticals, particularly in the fields of antibody-drug conjugates (ADC), antibody fusion proteins, monoclonal antibodies, and bispecific antibodies [1] - The company aims to discover, develop, and commercialize innovative first-in-class and best-in-class biopharmaceuticals, targeting significant diseases such as autoimmune diseases, tumors, and ophthalmic diseases, to provide safe, effective, and accessible clinical solutions [1] - The revenue composition of the company is as follows: 99.46% from product sales, 0.38% from material sales, and 0.16% from leasing services [1] Fund Holdings - According to data, Huafu Fund has a significant holding in Rongchang Biopharmaceuticals, with its Huafu Health and Entertainment Flexible Allocation Mixed A Fund (001563) increasing its stake by 96,000 shares in the third quarter, bringing the total to 168,000 shares, which constitutes 9.1% of the fund's net value [2] - The fund has reported a floating loss of approximately 846,700 CNY as of the latest update [2] - The Huafu Health and Entertainment Flexible Allocation Mixed A Fund was established on August 4, 2015, with a current scale of 50.2705 million CNY. Year-to-date returns stand at 41.01%, ranking 1537 out of 8150 in its category, while the one-year return is 32.13%, ranking 2177 out of 8043 [2]

Core Viewpoint - The company announced the cancellation of 180,000 unvested restricted stocks from its 2022 A-share incentive plan due to the departure of five incentive recipients who no longer meet the eligibility criteria [8][9][40]. Group 1: Incentive Plan Approval and Implementation - The company held its first board meeting on October 16, 2022, to approve the draft of the 2022 A-share restricted stock incentive plan and its implementation management measures [22][31]. - The plan involves granting a total of 3.58 million restricted stocks, representing approximately 0.6578% of the company's total share capital at the time of the announcement [22][23]. - The initial grant includes 872,305 A-class stocks and 1,996,400 B-class stocks, with a grant price of 36.36 yuan per share [22][23]. Group 2: Cancellation of Restricted Stocks - The board of directors approved the cancellation of 180,000 restricted stocks that were granted but not vested due to the departure of five recipients [8][40]. - This cancellation will not significantly impact the company's operational status or the stability of its technical and management teams [9][40]. Group 3: Legal and Compliance Aspects - The company has fulfilled necessary approvals and disclosures in accordance with relevant laws and regulations regarding the cancellation of the restricted stocks [11][44]. - The legal opinion confirms that the cancellation and the overall incentive plan comply with the applicable laws and regulations [11][44].

Group 1 - The core viewpoint of the report is that Rongchang Bio (688331.SH) is rated as "Hold" due to better-than-expected product revenue and net loss in Q3 2025 [1] - The commercialization performance of Taitasip in Q3 was slightly better than expected, while the performance of Vidisizumab met expectations [1] - The report suggests paying attention to the results of medical insurance negotiations for two drugs [1] Group 2 - The ongoing development of RC148 (PD-1/VEGF) is prioritized for 1L and 2L NSCLC [1] - There is a significant increase in overseas orders for a certain industry, with a 246% growth covering over 50 countries and regions [1] - Entrepreneurs have warned about the risk of malicious competition due to some companies selling at a loss [1]

Group 1 - The company announced the decision to annul part of the 2022 A-share restricted stock incentive plan that had been granted but not yet vested [2] - The resolution was passed during the 30th meeting of the second board of directors held on November 4, 2025 [2] - This action reflects the company's strategic adjustments regarding its employee incentive programs [2] Group 2 - The announcement was made public through a formal notice, indicating transparency in corporate governance [2] - The decision may impact the company's future employee retention and motivation strategies [2] - The move is part of broader trends in the industry regarding stock-based compensation adjustments [2]

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。 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） 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11月4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 法律意见书 北京海润天睿律师事务所 关于荣昌生物制药（烟台）股份有限公司 2022 年 A 股限制性股票激励计划之 B 类权益预留授予 第一个归属期符合归属条件及作废 ...

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） 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11月4日 海外監管公告 关于公司 2022 年限制性股票激励计划之 B 类权益预 留授予部分第一个归属期归属名单的核查意见 荣昌生物制药（烟台）股份有限公司（以下简称"公司"）董事会薪酬与考核 委员会依据《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民共和 国证券法》（以下简称"《证券法》"）《上市公司股权激励管理办法》（以下简称 "《管理办法》"）《上海证券交易 ...

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11月4日 | 证券代码：688331 | 证券简称：荣昌生物 | 公告编号：2025-047 | | --- | --- | --- | | 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 关于作废部分 2022 年 A 股限制性股票激励计划已授予尚未 归属的限制性股票的公告 本公司董事会及全体董事保证本公告内容不存在任何 ...

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） 董事長兼執行董事 王威東先生 中國煙台 2025年11月4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：2025-046 | | --- | --- | | 港股代码：09995 | 港股简称：榮昌生物 | 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。 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 董事長兼執行董事 王威東先生 中國煙台 2025年11月4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：2025-045 | | --- | --- | | 港股代码：09995 | 港股简称：榮昌生物 | 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 ...

Investment Rating - The report maintains a "Hold" rating for the company, with target prices set at HKD 75 for the Hong Kong stock and RMB 96.7 for the A-share [1][8]. Core Insights - The company reported a revenue of RMB 620 million in Q3 2025, representing a year-on-year increase of 33.1% and a quarter-on-quarter increase of 8.7%. The net loss attributable to shareholders narrowed to RMB 100 million, a decrease of 65.2% year-on-year and 48.3% quarter-on-quarter, slightly better than expectations [2][3]. - The gross margin for Q3 2025 was 84.6%, showing a year-on-year increase of 3.1 percentage points, while R&D expenses decreased by 29.9% year-on-year [2][3]. - The commercialization performance of the drug TaiTasi was slightly better than expected, with sales of RMB 380 million in Q3 2025, up 41.4% year-on-year. The drug VidiXimab achieved sales of RMB 240 million, up 21.4% year-on-year [3][4]. Financial Performance Summary - For the full year, the company expects a reduction in losses of approximately 50%, consistent with previous guidance. The revenue forecast for 2025 is RMB 2.889 billion, with a year-on-year growth of 68.9% [2][9]. - The net loss for 2025 is projected to be RMB 130 million, with a return to profitability expected in 2026 with a net profit of RMB 91 million [9][10]. - The company’s total market capitalization is approximately HKD 57.3 billion, with a recent average trading volume of HKD 681 million over the past three months [4][6]. Product Pipeline and Market Outlook - The company is focusing on the development of RC148 (PD-1/VEGF) for NSCLC, with plans to prioritize its clinical trials. The management has observed promising efficacy and safety in early trials [4][8]. - The ongoing national medical insurance negotiations for TaiTasi and VidiXimab are crucial, as moderate price reductions could positively impact stock performance [3][4].