Core Viewpoint - Morgan Stanley's research report indicates that Rongchang Bio's third-quarter performance was mixed, with product revenue falling short of expectations, but profit margins and operating expenses were better controlled than anticipated, reflecting the company's ongoing cost optimization efforts [1] Financial Performance - Product revenue for the third quarter was lower than Morgan Stanley's expectations [1] - Research and development expenses decreased by 30% year-on-year and 24% quarter-on-quarter following the RC18 licensing agreement with Vor Bio signed in June [1] - Administrative expenses also declined by 23%, continuing the positive trend from previous quarters [1] Revenue Forecast Adjustments - The bank has lowered its product revenue forecasts for 2025 and 2026 to reflect the latest performance [1] - Conversely, the forecast for licensing revenue has been increased [1] Profitability Outlook - With improved profit margins and reduced operating expenses, the bank expects the net loss for 2025 and 2026 to narrow [1] Target Price Adjustments - The target price for H-shares has been raised from HKD 73 to HKD 77, with a rating upgrade to "Neutral" [1] - The target price for A-shares has been increased from CNY 86 to CNY 92, maintaining a "Neutral" rating [1]

Core Viewpoint - The report from CMB International indicates an increase in the target price for Rongchang Biologics (09995) from HKD 109 to HKD 112, maintaining a "Buy" rating [1] Financial Performance - Rongchang Biologics reported a 33% year-on-year revenue growth in Q3, reaching RMB 620 million [1] - Sales revenue from Taitasip was RMB 380 million, reflecting a 41% year-on-year increase and a 13% quarter-on-quarter increase [1] - Sales revenue from Vidisizumab was RMB 240 million [1] - The company recorded a net loss of RMB 100 million in Q3, continuing a trend of decreasing losses [1] Cash Position and Credit Facilities - As of the end of the quarter, the company had cash reserves of RMB 1.45 billion and approximately RMB 3.5 billion in available credit facilities [1] Management Outlook - Management expressed confidence in achieving a sales revenue growth target of over 30% for the year, driven by Taitasip and RC28 [1]

Core Viewpoint - The report from CMB International indicates an increase in the target price for Rongchang Biologics (09995) from HKD 109 to HKD 112, maintaining a "Buy" rating, highlighting significant growth potential in upcoming clinical developments and product sales [1] Financial Performance - Rongchang Biologics reported a 33% year-on-year revenue increase to RMB 620 million in Q3, with sales from Taitasip reaching RMB 380 million, reflecting a 41% year-on-year and 13% quarter-on-quarter growth [1] - Sales from Vidisizumab amounted to RMB 240 million, showing a 21% year-on-year and 3.5% quarter-on-quarter increase [1] - The gross margin improved by 2.5 percentage points, while the SG&A expense ratio decreased by 9.6 percentage points, and R&D expenses saw a significant reduction of 30% [1] Loss and Cash Position - The company reported a net loss of RMB 100 million in Q3, continuing a trend of decreasing losses quarter by quarter [1] - As of the end of the quarter, the company had cash reserves of RMB 1.45 billion and approximately RMB 3.5 billion in available credit lines [1] Future Outlook - Management expressed confidence in achieving over 30% growth in annual product sales revenue, with expected revenue recognition from upfront payments for Taitasip and RC28's business development transactions in Q4 [1]

Core Viewpoint - The report from CMB International indicates an increase in the target price for Rongchang Biologics (09995) from HKD 109 to HKD 112, maintaining a "Buy" rating, highlighting significant growth potential in upcoming clinical developments and product sales [1] Financial Performance - Rongchang Biologics reported a 33% year-on-year increase in revenue for Q3, reaching RMB 620 million, with sales from Taitasip contributing RMB 380 million, reflecting a 41% year-on-year and 13% quarter-on-quarter growth [1] - Sales from Vidisizumab amounted to RMB 240 million, showing a 21% year-on-year and 3.5% quarter-on-quarter increase [1] - The gross margin improved by 2.5 percentage points, while the SG&A expense ratio decreased by 9.6 percentage points, and R&D expenses saw a significant reduction of 30% [1] Loss and Cash Position - The net loss for Q3 was RMB 100 million, continuing a trend of sequential reduction [1] - The company ended the quarter with cash reserves of RMB 1.45 billion and approximately RMB 3.5 billion in available credit lines [1] Future Outlook - Management expressed confidence in achieving over 30% growth in annual product sales revenue, with expected recognition of upfront revenue from BD licensing deals for Taitasip and RC28 in Q4 [1]

Core Viewpoint - Rongchang Biopharmaceutical (688331) has engaged in a financial product agreement with SPD Bank, utilizing idle funds for investment, which is expected to yield a modest return [1] Group 1: Stock Performance - As of November 3, 2025, Rongchang Biopharmaceutical's stock closed at 97.9 yuan, down 1.23% from the previous trading day [1] - The stock opened at 99.26 yuan, reached a high of 99.99 yuan, and a low of 93.91 yuan, with a trading volume of 9.88 billion yuan and a turnover rate of 6.27% [1] Group 2: Financial Product Agreement - On November 3, 2025, the company signed an agreement with SPD Bank Yantai Branch to invest 400 million yuan in a principal-protected floating income financial product [1] - The product has a term of 25 days and an expected annualized return rate of 0.7%, 1.65%, or 1.85%, linked to the euro to US dollar exchange rate [1] - This transaction follows a similar agreement made on October 15, 2025, for 100 million yuan, necessitating combined disclosure due to the nature and timing of the transactions [1] Group 3: Compliance and Governance - The board of directors considers the terms of the transaction to be fair and in the overall interest of the company and its shareholders [1] - The transaction falls under the disclosure requirements of the listing rules, as one of the combined transactions exceeds 5% but is below 25% [1]

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，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 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） 須予披露交易 購買理財產品 購買理財產品 本公司第二屆董事會第二十一次會議已於2025年3月27日審議批准了關於使用 自有資金進行現金管理的決議，根據該決議本公司可使用不超過人民幣500.0百 萬元額度的部分閒置自有資金購買保本型銀行理財產品。 根據上市規則第14.07條（按與前述一份其他理財產品協議合併基準）計算的浦 發銀行理財產品協議之適用百分比率有一項超過5%，但所有的適用百分比率 均低於25%，因此，基於上述浦發銀行理財產品協議，理財產品之購買構成上 市規則第14章之本公司的須予披露交易，須遵守上市規則項下之申報及公告規 定。 1 背景 董事會宣佈，於2025年11月3日，本公司與浦發銀行煙台分行訂立浦發銀行理財 產品協議，據此本公 ...

Core Viewpoint - Rongchang Biologics (09995) has announced an agreement with Pudong Development Bank Yantai Branch to invest RMB 400 million of its idle funds in a wealth management product [1] Group 1 - The company will purchase the wealth management product on November 3, 2025 [1] - The investment amount is set at RMB 400 million, indicating a strategic use of idle funds [1]

（於中華人民共和國註冊成立的股份有限公司） 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，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 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 1 背景 董事會宣佈，於2025年11月3日，本公司與浦發銀行煙台分行訂立浦發銀行理財 產品協議，據此本公司同意以人民幣400.0百萬元的閒置自有資金向浦發銀行煙台 分行購買理財產品。 浦發銀行理財產品協議 （股份代號：9995） 須予披露交易 購買理財產品 購買理財產品 本公司第二屆董事會第二十一次會議已於2025年3月27日審議批准了關於使用 自有資金進行現金管理的決議，根據該決議本公司可使用不超過人民幣500.0百 萬元額度的部分閒置自有資金購買保本型銀行理財產品。 董事會宣佈，於2025年11月3日，本公司與浦發銀行煙台分行訂立浦發銀行理 財產品協議，據此本公司同意以人民幣400.0百萬元的閒置自有資金向浦發銀行 煙台分行購買理財產品。 上市規則的涵義 由 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong outlook for the stock in the next six months [1]. Core Insights - The company has shown strong performance with a significant reduction in losses. In the first three quarters of 2025, it achieved revenue of 1.72 billion yuan, a year-on-year increase of 42.27%, and a net profit attributable to the parent company of -551 million yuan, narrowing losses by 48.60% [7]. - The commercialization of core products is accelerating, with new indications opening up growth potential. The sales of the core product, Tai Ta Xi Pu, have maintained high growth, particularly after the approval for myasthenia gravis in May [7]. - The company is optimizing expenses, with a notable decrease in R&D expenses due to overseas clinical trial costs being borne by partners [7]. Financial Performance Summary - Total revenue is projected to grow from 1.72 billion yuan in 2023 to 4.13 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 30% [3][8]. - The net profit is expected to improve from -875 million yuan in 2025 to a positive 88 million yuan in 2027, indicating a turnaround in profitability [3][8]. - The earnings per share (EPS) is forecasted to move from -1.55 yuan in 2025 to 0.16 yuan in 2027, reflecting a significant recovery [3][8]. Product Development and Pipeline - The company is actively expanding its product pipeline, with several new indications for existing drugs showing promising results. The application for IgAN has been accepted, and positive results have been reported for the dry eye syndrome clinical trials [7]. - The collaboration with external partners is enhancing the efficiency of the R&D pipeline, with several products in advanced stages of clinical trials [7]. Market Position and Future Outlook - The company is positioned to benefit from the growing demand for its core products, with expectations of continued market expansion and improved operational efficiency [7]. - The report suggests that the company's strong performance and product pipeline warrant a "Buy" rating, reflecting confidence in its future growth trajectory [1][7].

Core Viewpoint - Rongchang Biologics reported significant revenue growth and improved financial performance in Q3 2025, alongside the acceptance of its innovative drug application for IgA nephropathy, indicating strong potential in the biopharmaceutical market [1][2]. Financial Performance - For Q3 2025, the company achieved revenue of 6.22 billion yuan, a year-on-year increase of 33.13% - The net profit attributable to shareholders was -1.01 billion yuan, a reduction in losses by 65.24% year-on-year and a 48.25% decrease in losses compared to the previous quarter - The overall gross margin for the first three quarters was 84.27%, up by 4.51 percentage points year-on-year, while the operating cash flow net amount was 2.17 billion yuan, an increase of 125.99% year-on-year [1]. Product Development and Approvals - The company’s innovative drug, Tai A, for treating IgA nephropathy, has been accepted for priority review by the National Medical Products Administration, marking it as the first domestic original drug in this field [1]. - The company is advancing multiple clinical trials for Tai A in various autoimmune diseases, with results published in top medical journals [2]. - The company’s dual-target fusion protein, RC28-E, has been licensed to a Japanese company, generating upfront payments and potential milestone payments totaling up to 10.45 billion yuan [3]. Future Projections - Revenue projections for 2025 to 2027 are 22.5 billion yuan, 28.7 billion yuan, and 36.3 billion yuan, respectively, with year-on-year growth rates of 31.1%, 27.5%, and 26.6% - The net profit attributable to shareholders is expected to improve from -7.6 billion yuan in 2025 to 0.7 billion yuan in 2027, reflecting a significant turnaround in profitability [3].