港股创新药概念股走强，荣昌生物涨超9%，信达生物涨超8%，复星医药、君实生物、昭衍新药涨超 5%。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported significant improvement in financial conditions, with a notable increase in revenue and a reduction in net losses. For Q3 2025, the revenue was 6.22 billion yuan, up 33.13% year-on-year, while the net loss was reduced by 65.24% year-on-year [1][2][3] - The company’s innovative drug, Tai'ai (泰它西普), has received acceptance for its market application for treating primary immunoglobulin A nephropathy, marking it as the first domestic original drug in this field [2] - The company is advancing its IO+ADC pipeline, with multiple research achievements published in top journals, indicating strong collaborative progress [3][8] Financial Performance Summary - For the first three quarters of 2025, the company achieved a gross margin of 84.27%, an increase of 4.51 percentage points year-on-year. The operating cash flow was 2.17 billion yuan, up 125.99% year-on-year [3] - The projected revenues for 2025 to 2027 are 22.5 billion, 28.7 billion, and 36.3 billion yuan, respectively, with year-on-year growth rates of 31.1%, 27.5%, and 26.6% [11] - The company expects to reduce net losses significantly, with projections of -7.6 million, -4.8 million, and 0.7 million yuan for the same period [11] Pipeline and Clinical Development - The company is actively pursuing new indications for its main commercial product, Tai'ai, with applications for dry syndrome and systemic lupus erythematosus already accepted [8] - The ADC product, Vidisicimab, has shown promising results in clinical trials for treating urinary tract cancer, with data presented at major medical conferences [8][10] - The dual-target fusion protein RC28-E is in advanced stages of clinical trials, indicating a robust pipeline for future growth [8][10]

港股创新药概念股持续走强，荣昌生物涨超8%，信达生物涨超7%，复星医药、君实生物、昭衍新药涨 超5%。 ...

Core Viewpoint - Rongchang Biologics (09995) experienced a stock price increase of over 5%, currently trading at 89.1 HKD with a transaction volume of 225 million HKD, following the announcement of its performance for the first three quarters of 2025 [1] Financial Performance - The company reported a revenue of approximately 1.72 billion CNY, representing a year-on-year growth of 42.27% [1] - The net loss attributable to shareholders narrowed to approximately 551 million CNY, a reduction of 48.6% year-on-year [1] Factors Influencing Performance - The significant increase in product sales revenue and optimization of the research and development pipeline contributed to the improved financial results, with a decrease in R&D expenditures [1] - A licensing agreement with Vor Bio in the United States for the proprietary drug Tai Tasi Pu led to reduced overseas clinical costs, further contributing to the decrease in losses for the year [1] Quarterly Insights - For the third quarter, the company reported a revenue of 622 million CNY, reflecting a year-on-year increase of 33.13% [1] - The loss attributable to shareholders for the third quarter was 101 million CNY [1]

消息面上，荣昌生物公布2025年前三季度业绩，营业收入约17.2亿元，同比增长42.27%；归属于上市公 司股东的净亏损约5.51亿元，同比收窄48.6%。公司指，由于产品销售收入大幅度增加，另公司研发管 线优化，各项研发支出下降，加之公司与美国Vor Bio公司订立许可协议约定将具有自主知识产权的泰 它西普有偿许可给美国VorBio 公司，由此导致泰它西普海外临床费用减少，进而导致本年亏损大幅下 降。此外，单季度来看，该公司三季度营业收入6.22亿元，同比上升33.13%；股东应占亏损为1.01亿 元。 智通财经APP获悉，荣昌生物(09995)涨超5%，截至发稿，涨5.44%，报89.1港元，成交额2.25亿港元。 ...

Core Insights - Rongchang Biologics (688331) reported a significant increase in revenue for the first three quarters of 2025, achieving 1.72 billion yuan, which represents a year-on-year growth of 42.27%. However, the company recorded a net loss of 551 million yuan [1]. Financial Performance - The company's revenue for the first three quarters reached 1.72 billion yuan, marking a 42.27% increase compared to the previous year [1]. - The net profit attributable to the company was a loss of 551 million yuan [1]. Strategic Developments - The increase in product sales revenue was attributed to a substantial rise in sales and an optimization of the company's research and development pipeline, leading to a decrease in R&D expenses [1]. - Rongchang Biologics entered into a licensing agreement with Vor Bio, allowing Vor Bio exclusive rights to develop and commercialize the proprietary drug Tai Tasi Pu outside of Greater China, which resulted in reduced overseas clinical costs for the company [1].

Group 1 - Rongchang Biopharmaceutical (SH 688331) announced on October 30 that its 29th meeting of the second board of directors will be held on October 30, 2025, to review the proposal for the "2025 Q3 Report" [1] - For the year 2024, the revenue composition of Rongchang Biopharmaceutical is 99.61% from the pharmaceutical manufacturing industry and 0.39% from other businesses [1] - As of the report date, the market capitalization of Rongchang Biopharmaceutical is 50 billion yuan [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 核查意见 华泰联合证券有限责任公司关于 荣昌生物制药（烟台）股份有限公司 2026-2028 年度日常关联交易预计的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐机构"） 作为荣昌生物制药（烟台）股份有限公司（以下简称"荣昌生物"或"公司"） 首次公开发行股票并在科创板上市持续督导阶段的保荐机构，根据《证券发行上 市保荐业务管理办法》《上海证券交易所科创板股票上 ...

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。 承董事會命 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 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10月30日 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。 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《公 司 2025 年第三季度报告》。 本议案已经公司董事会审核委员会会议审议通过。 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 ...

Core Insights - Rongchang Biologics (09995) reported a revenue of approximately 1.72 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 42.27% [1] - The net loss attributable to shareholders narrowed to approximately 551 million yuan, a reduction of 48.6% compared to the previous year [1] - The basic loss per share was reported at 1.01 yuan [1] Revenue Performance - The significant increase in product sales revenue contributed to the overall revenue growth [1] - The company optimized its research and development pipeline, leading to a decrease in various R&D expenditures [1] Licensing Agreement - Rongchang Biologics entered into a licensing agreement with Vor Bio, granting them exclusive rights to develop and commercialize the proprietary drug Tai Tasi Pu outside of Greater China [1] - This agreement resulted in reduced overseas clinical costs for Tai Tasi Pu, further contributing to the decrease in net loss for the year [1]