Core Insights - Rongchang Biopharmaceuticals experienced a 5.12% decline in stock price, trading at 98.17 CNY per share with a market capitalization of 55.329 billion CNY as of October 10 [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 [1] - 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 main revenue sources are from product sales (99.46%), material sales (0.38%), and leasing services (0.16%) [1] Fund Holdings - Huatai-PB Fund holds Rongchang Biopharmaceuticals as its top position in the Huatai-PB SSE STAR Market Comprehensive ETF Linked A (023741), with 627 shares, representing 0.02% of the fund's net value [2] - The fund has incurred an estimated floating loss of approximately 3,323.1 CNY today [2] Fund Manager Performance - The fund manager, Tan Hongxiang, has been in position for 4 years and 216 days, managing assets totaling 27.342 billion CNY [3] - The best fund return during Tan's tenure is 86.76%, while the worst return is -37.2% [3]

Group 1 - On October 9, Rongchang Biopharma experienced a decline of 11.47% with a trading volume of 1.329 billion yuan, and the net financing purchase was 36.94 million yuan after a financing buy of 198 million yuan and a repayment of 161 million yuan [1] - As of October 9, the total balance of margin trading for Rongchang Biopharma was 828 million yuan, which accounts for 4.91% of its circulating market value, indicating a high level compared to the past year [1] - The company had a margin balance that exceeded the 90th percentile level over the past year, indicating a high level of borrowing activity [1] Group 2 - Rongchang Biopharma, established on July 4, 2008, and listed on March 31, 2022, focuses on innovative biopharmaceuticals, particularly in antibody-drug conjugates (ADC), fusion proteins, and monoclonal antibodies [2] - The company reported a revenue of 1.098 billion yuan for the first half of 2025, representing a year-on-year growth of 48.02%, while the net profit attributable to shareholders was -450 million yuan, an increase of 42.40% year-on-year [2] - The main revenue sources for the company include 99.46% from product sales, 0.38% from material sales, and 0.16% from leasing services [2] Group 3 - As of June 30, 2025, the top ten circulating shareholders of Rongchang Biopharma included new entrants such as Hong Kong Central Clearing Limited and several mutual funds, indicating increased institutional interest [3] - The second-largest shareholder, Hong Kong Central Clearing Limited, holds 9.3526 million shares, while other new shareholders include Wanjiayouxuan and Huatai-PineBridge Innovation Healthcare Mixed A [3] - Some existing shareholders, such as Penghua Medical Technology Stock A and China Bank Innovation Medical Mixed A, have reduced their holdings, reflecting a shift in institutional positions [3]

Market Overview - The biopharmaceutical sector experienced a slight decline of 0.12% on October 9, with Rongchang Biopharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Stock Performance - Notable gainers in the biopharmaceutical sector included: - ST Sihuan (code: 000518) with a closing price of 2.39, up 4.82% [1] - Wanzhe Co. (code: 000534) with a closing price of 15.93, up 4.46% [1] - Baipu Sais (code: 301080) with a closing price of 61.67, up 3.54% [1] - Rongchang Biopharmaceutical (code: 688331) saw a significant decline of 11.47%, closing at 103.47 [2] Trading Volume and Capital Flow - The biopharmaceutical sector saw a net outflow of 122 million yuan from institutional investors, while retail investors contributed a net inflow of 156 million yuan [2] - The trading volume for Rongchang Biopharmaceutical was 126,100 shares, with a transaction value of 1.329 billion yuan [2] Individual Stock Capital Flow - Main capital inflows were observed in: - Wantai Biopharmaceutical (code: 603392) with a net inflow of 50.12 million yuan [3] - Zhifei Biological (code: 300122) with a net inflow of 34.08 million yuan [3] - Notable outflows included: - Zhifei Biological with a retail net outflow of 4.29 million yuan [3] - Shenzhou Cell (code: 688520) with a retail net outflow of 3.30 million yuan [3]

Group 1 - The pharmaceutical sector experienced a significant decline, with notable drops in stock prices for companies such as Clover Biopharmaceuticals (-14.43%), Rongchang Biopharmaceuticals (-11.54%), and Innovent Biologics (-11.48%) [1] - According to Zhongtai Securities, the sector has been in a state of adjustment since September, primarily due to the substantial outperformance of the pharmaceutical sector since March, leading to a lack of strong upward momentum in the short term [1] - The report suggests that the current phase of adjustment is relatively healthy, with the fundamental innovation logic remaining unchanged, and the pharmaceutical sector is still at a valuation bottom with strong safety margins and upside potential in the long term [1] Group 2 - Guosheng Securities noted that during the holiday period, Pfizer and Trump reached an agreement that alleviated policy concerns for overseas multinational corporations (MNCs), positively impacting the sentiment in the Hong Kong pharmaceutical market [2] - The CXO sector has shown relative strength, benefiting from performance advantages during earnings periods, expectations of interest rate cuts, and an upward trend in the industry, indicating a positive outlook for the medium to long term [2] - Recent lack of catalysts for innovative drugs has led to a digestion of positions, but there are signs of stabilization, with optimism for performance improvement in Q4, especially after the National Day holiday [2]

Group 1 - Pharmaceutical stocks experienced a significant decline, with notable drops in companies such as Clover Biopharmaceuticals-B (down 14.43%), Rongchang Biopharmaceutical (down 11.54%), and others [1] - Zhongtai Securities indicated that the pharmaceutical sector has been in a state of adjustment since September, primarily due to the substantial outperformance since March, leading to profit-taking by investors [1] - The report suggests that the current adjustment phase is relatively healthy, with no fundamental changes in the innovation logic of the sector, and that the pharmaceutical sector remains at a valuation bottom with strong upside potential [1] Group 2 - Guosheng Securities noted that during the holiday period, Pfizer and Trump reached an agreement that alleviated policy concerns for overseas MNCs, positively impacting the sentiment in the Hong Kong pharmaceutical market [2] - The CXO sector has shown relative strength due to performance advantages during earnings periods, expectations of interest rate cuts, and an anticipated upward trend in the industry [2] - There are signs of stabilization in the innovative drug sector, which has been lacking catalysts recently, with expectations for improved performance in Q4 following the National Day holiday [2]

Group 1 - Pharmaceutical stocks experienced a significant decline, with notable drops in companies such as Clover Biopharma-B (down 14.43% to HKD 2.49), Rongchang Biopharma (down 11.54% to HKD 105.4), and Innovent Biologics (down 11.48% to HKD 16.65) [1] - According to Zhongtai Securities, the pharmaceutical sector has been in a phase of adjustment since September, primarily due to the substantial outperformance since March, leading to a lack of strong upward momentum in the short term [1] - The firm views the current phase of adjustment as relatively healthy, with the fundamental innovation logic remaining unchanged, and anticipates that the pharmaceutical sector is still at a valuation bottom with strong safety margins and upside potential in the long term [1] Group 2 - Guosheng Securities noted that during the holiday period, Pfizer and Trump reached an agreement that alleviated policy concerns for overseas MNCs, positively impacting the sentiment in the Hong Kong pharmaceutical market and benefiting CXO companies [2] - The CXO sector has shown relative strength due to performance advantages during earnings periods, expectations of interest rate cuts, and an anticipated upward trend in the industry, making it a sector to watch for medium to long-term potential [2] - Recent lack of catalysts for innovative drugs has led to a phase of digestion of positions, but there are signs of stabilization, with optimism for performance improvement post-October, particularly in Q4 [2]

Core Viewpoint - The Hong Kong biopharmaceutical sector experienced a significant decline, with major companies reporting substantial drops in stock prices, indicating a bearish trend in the market [1]. Group 1: Stock Performance - Innovent Biologics (099660) saw a decline of 11.54%, with a latest price of 16.640 and a market capitalization of 293.36 billion, despite a year-to-date increase of 171.90% [2]. - Rongchang Biologics (09995) dropped by 9.20%, priced at 108.600, with a total market value of 612.08 billion, and a remarkable year-to-date increase of 654.17% [2]. - Kelun-Biotech (06990) fell by 7.71%, with a latest price of 533.000 and a market cap of 1,242.88 billion, while still showing a year-to-date increase of 226.39% [2]. - Tigermed (03347) decreased by 6.86%, priced at 43.960, with a market capitalization of 378.51 billion and a year-to-date increase of 44.25% [2]. - WuXi AppTec (02268) experienced a decline of 6.22%, with a latest price of 77.650 and a market cap of 954.09 billion, maintaining a year-to-date increase of 153.34% [2]. - CanSino Biologics (09926) dropped by 5.15%, priced at 134.500, with a market capitalization of 1,238.94 billion, and a year-to-date increase of 121.58% [2]. - Other companies like Junshi Biosciences (01877) and BeiGene (06160) also reported declines, with respective decreases of 3.16% and 2.48% [2].

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: 2025年9月30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: 2025年10月8日 I. 法定/註冊股本變動 | 2. 股份分類 | 普通股 | | 股份類別 | A | | 於香港聯交所上市 (註1) | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 688331 | 說明 | | 在上海證券交易所上市 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 355,027,004 | | 0 | | 355,027,004 | | 增加 / 減少 (-) | | | | 0 | | 0 | | | | 本月底結存 | | | | 355,027,004 | | 0 | | 355,027,004 | | 1. 股份分類 | 普通股 | 股份類別 | ...

Core Viewpoint - The biopharmaceutical sector experienced a slight increase of 0.49% on September 30, with Rongchang Biopharmaceutical leading the gains. The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1]. Group 1: Stock Performance - Rongchang Biopharmaceutical (688331) closed at 116.88, with a rise of 6.25% and a trading volume of 85,900 shares, totaling a transaction value of approximately 988.6 million yuan [1]. - Kangbuno (688185) saw a closing price of 79.52, increasing by 2.59% with a trading volume of 16,800 shares, amounting to around 133 million yuan [1]. - Other notable performers included Sanyuan Gene (837344) with a 2.49% increase, closing at 26.74, and Wowo Biopharmaceutical (300357) with a 2.24% rise, closing at 29.19 [1]. Group 2: Capital Flow - The biopharmaceutical sector experienced a net outflow of 31.34 million yuan from institutional investors, while retail investors saw a net outflow of 161 million yuan. Conversely, speculative funds recorded a net inflow of 193 million yuan [2]. - The capital flow data indicates that Junshi Biosciences (688180) had a net inflow of approximately 28.17 million yuan from institutional investors, while it faced a net outflow of 22.59 million yuan from retail investors [3]. - Other companies like Olin Biopharmaceutical (688136) and Wowo Biopharmaceutical (300601) also showed varied capital flows, with Olin experiencing a net inflow of 20.08 million yuan from institutional investors [3].

Core Viewpoint - The A-share market is experiencing a rebound, particularly in the innovative drug sector, with significant inflows into the ETF focused on this area, indicating growing investor confidence and interest in the sector [1][2]. Group 1: Market Performance - As of September 30, the ETF for innovative drugs, Huatai-PineBridge (589120), rose by 2%, marking a potential two-day consecutive increase, with net inflows for two days [1]. - The performance of constituent stocks varied, with companies like BaiLi Tianheng and Rongchang Biologics seeing gains of over 3%, while others like TeBao Biologics experienced a pullback [3]. Group 2: Company Developments - Rongchang Biologics has submitted its innovative ophthalmic drug, RC28, for market approval to treat diabetic macular edema (DME), following a significant agreement with Santen Pharmaceutical for exclusive rights in several Asian markets, valued at 1.295 billion yuan [1]. - At the upcoming ESMO conference in Berlin from October 17 to 21, Rongchang Biologics will present 11 original research results, including a pivotal study on RC48-C016 for treating urothelial carcinoma [1]. Group 3: Industry Trends - The innovative drug sector is at a turning point, with a decade of development leading to a robust ecosystem, and a significant number of overseas licensing deals expected in 2025, which will enhance the valuation of ongoing projects [5]. - The industry is transitioning from a research-driven model to one that emphasizes both research and commercialization, with leading companies poised to enter a profitability phase [5]. - The upcoming ESMO conference and other authoritative academic meetings are anticipated to stimulate business development (BD) events, which have been lacking in recent months [2].