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） 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10月30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 2025年第三季度報告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.09(2)(a)條及第13.10B 條規則及《證券及期貨條例》（香港法例第571章）第XIVA部之內幕消息條例作出。 茲載列榮昌生物製藥（煙台）股份有限公司（「本公司」）在上海證券交易所網站刊發之 《榮昌生物製藥（煙台）股份有限公司2025年第三季度報告》，僅供參閱。以下為本公 司2025年第三季 ...

Revenue and Profit - Revenue for the third quarter reached ¥621,879,591.47, an increase of 33.13% compared to the same period last year[4] - Total profit for the third quarter was -¥101,131,912.31, with a year-to-date total profit of -¥550,700,575.38[4] - Net profit attributable to shareholders for the third quarter was -¥101,131,912.31, and year-to-date net profit was -¥550,700,575.38[4] - Total operating revenue for the first three quarters of 2025 reached ¥1,719,833,029.78, a significant increase of 42.2% compared to ¥1,208,874,280.23 in the same period of 2024[18] - The company reported a net loss of ¥550,700,575.38 for the first three quarters of 2025, an improvement from a net loss of ¥1,071,426,638.90 in the same period of 2024[19] - The basic and diluted earnings per share improved to -¥1.01 from -¥1.99 year-over-year[19] Research and Development - Research and development expenses totaled ¥243,367,673.06 for the third quarter, a decrease of 29.90% year-over-year[5] - R&D expenses accounted for 39.13% of revenue in the third quarter, down 43.63 percentage points from the previous year[5] - Research and development expenses decreased to ¥890,583,907.36, down from ¥1,153,407,440.34 year-over-year[18] Assets and Liabilities - Total assets increased to ¥5,977,129,884.12, reflecting an 8.70% increase from the end of the previous year[5] - The company reported current assets totaling approximately RMB 2.72 billion, an increase from RMB 2.29 billion at the end of the previous period[16] - Total assets reached approximately RMB 5.98 billion, compared to RMB 5.50 billion at the end of the previous period[16] - The total liabilities increased to ¥3,657,046,820.48, up from ¥3,512,317,547.88 year-over-year[17] - The company’s total liabilities include short-term borrowings of approximately RMB 1.07 billion, slightly down from RMB 1.08 billion[16] Shareholder Information - Total number of common shareholders at the end of the reporting period is 15,267, with 15,248 A-share shareholders and 19 H-share shareholders[15] - The company has a total of 208,569,228 shares held by HKSCC NOMINEES LIMITED, representing 37.01% of the total shares[13] - The second largest shareholder, Yantai Rongda Venture Capital Center, holds 102,381,891 shares, accounting for 18.17%[13] Cash Flow and Financing - Net cash flow from operating activities improved to ¥217,057,433.94, compared to a net outflow of ¥835,103,066.88 in the first three quarters of 2024[22] - Cash and cash equivalents amounted to RMB 1.07 billion, up from RMB 762.49 million in the previous period[16] - Cash and cash equivalents at the end of the period increased to ¥1,067,390,134.52, compared to ¥662,006,223.96 at the end of the same period in 2024[22] - The company generated ¥2,117,271,291.07 in cash inflows from financing activities, compared to ¥1,316,625,345.48 in the same period of 2024[22] Strategic Developments - The company expects to benefit from a licensing agreement with Vor Bio, which will provide exclusive rights for the development and commercialization of its proprietary drug outside of Greater China[10] - The increase in revenue is attributed to higher sales of injectable drugs, specifically TaiTasi and VidiXimab[10] - The company reported a significant reduction in clinical trial costs due to the licensing agreement, contributing to a decrease in overall losses[10] Investments and Inventory - The company has invested RMB 535.49 million in construction projects, an increase from RMB 283.23 million previously[16] - The company’s inventory stands at RMB 657.58 million, showing a slight decrease from RMB 659.37 million[16]

Core Viewpoint - Rongchang Biotech reported a third-quarter revenue of 622 million yuan, representing a year-on-year increase of 33.13%, while net profit showed a loss of 101 million yuan [1] - For the first three quarters, the company achieved a revenue of 1.72 billion yuan, marking a year-on-year growth of 42.27%, with a net profit loss of 551 million yuan [1] Financial Performance - Third-quarter revenue: 622 million yuan, up 33.13% year-on-year [1] - Third-quarter net profit: loss of 101 million yuan [1] - Year-to-date revenue (first three quarters): 1.72 billion yuan, up 42.27% year-on-year [1] - Year-to-date net profit: loss of 551 million yuan [1]

Company Overview - Rongchang Biopharmaceuticals is an innovative biopharmaceutical company based in Yantai, Shandong, China, established on July 4, 2008, and listed on March 31, 2022. The company focuses on antibody-drug conjugates (ADC), antibody fusion proteins, monoclonal antibodies, and bispecific antibodies for therapeutic applications [2] - The company's main business revenue composition includes 99.46% from product sales, 0.38% from material sales, and 0.16% from leasing services [2] - Rongchang Biopharmaceuticals aims to discover, develop, and commercialize innovative and distinctive first-in-class and best-in-class biopharmaceuticals to address significant unmet clinical needs in autoimmune diseases, oncology, and ophthalmic diseases [2] Financial Performance - For the first half of 2025, Rongchang Biopharmaceuticals achieved a revenue of 1.098 billion yuan, representing a year-on-year growth of 48.02%. However, the net profit attributable to shareholders was -450 million yuan, showing a year-on-year increase of 42.40% in losses [3] - As of June 30, 2025, the number of shareholders increased to 12,900, up by 90.69%, while the average circulating shares per person decreased by 47.56% to 12,595 shares [3] Stock Market Activity - On October 29, Rongchang Biopharmaceuticals' stock price fell by 2.02%, trading at 88.96 yuan per share with a total market capitalization of 50.139 billion yuan. The stock has increased by 195.45% year-to-date but has seen a decline of 6.46% in the last five trading days and 13.86% over the past 20 days [1] - The stock has appeared on the "Dragon and Tiger List" four times this year, with the most recent occurrence on June 26, where it recorded a net buy of -137 million yuan [1] Shareholding Structure - As of June 30, 2025, the top ten circulating shareholders include new entrants such as Hong Kong Central Clearing Limited, holding 9.3526 million shares, and Wanjiayouxuan, holding 5.9245 million shares. Other notable shareholders include ICBC Frontier Medical Stock A and Penghua Medical Technology Stock A, with varying changes in their holdings [4]

Core Viewpoint - The innovation drug sector in China is experiencing significant growth, driven by policy support, innovation upgrades, and normalization of overseas business development, indicating a period of high prosperity for the industry [5]. Group 1: Market Performance - As of October 27, 2025, the Shanghai Stock Exchange Sci-Tech Innovation Board Innovation Drug Index rose by 2.50%, with notable increases in constituent stocks such as Ailis (up 5.76%) and ZhiXiang JinTai (up 5.63%) [1]. - The Huatai-PineBridge Innovation Drug ETF (589120) increased by 2.67%, with a latest price of 0.89 yuan, and has seen a cumulative increase of 1.06% since the beginning of October [1]. - The ETF recorded a turnover rate of 4.12% and a trading volume of 15.2063 million yuan, with an average daily trading volume of 24.6571 million yuan over the past year [1]. Group 2: Financial Performance - WuXi AppTec reported a net profit of 3.515 billion yuan for Q3 2025, a year-on-year increase of 53.27%, and a total net profit of 12.076 billion yuan for the first three quarters, up 84.84% year-on-year [3]. - The growth in profits is attributed to the company's focus on the CRDMO business model, increased operational efficiency, and gains from the sale of shares in WuXi XDC Cayman Inc. [3]. Group 3: Industry Developments - The 2025 European Society for Medical Oncology (ESMO) annual meeting showcased significant breakthroughs in Chinese innovative drug research, with multiple clinical data points reaching international leading levels [4]. - Notable presentations included CanSino Biologics' results on the efficacy of Ivosidenib in advanced squamous non-small cell lung cancer and Rongchang Biologics' RC48-C016 study in HER2+ urothelial carcinoma, which achieved significant benefits in progression-free survival (PFS) and overall survival (OS) [4]. - The Federal Reserve's initiation of a rate-cutting cycle is expected to benefit innovative assets, particularly in the pharmaceutical sector, as historical trends show that innovative assets tend to outperform during such periods [4].

Market Overview - The biopharmaceutical sector experienced a decline of 1.19% on October 23, with Rongchang Biopharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Stock Performance - Notable gainers in the biopharmaceutical sector included: - Weiguang Biological: closed at 27.35, up 1.45% with a trading volume of 25,300 lots and a turnover of 69.5862 million yuan [1] - Wanze Co., Ltd.: closed at 16.10, up 1.32% with a trading volume of 86,300 lots and a turnover of 137 million yuan [1] - Major decliners included: - Rongchang Biopharmaceutical: closed at 87.20, down 8.31% with a trading volume of 115,200 lots and a turnover of 1.025 billion yuan [2] - Tebao Biopharmaceutical: closed at 72.62, down 6.07% with a trading volume of 60,100 lots and a turnover of 438 million yuan [2] Capital Flow - The biopharmaceutical sector saw a net outflow of 820 million yuan from institutional investors, while retail investors contributed a net inflow of 589 million yuan [2] - The capital flow for specific stocks showed: - Sanofi Biopharmaceutical: net inflow from institutional investors was 48.5522 million yuan, while retail investors had a net outflow of 33.6950 million yuan [3] - Tebao Biopharmaceutical: net inflow from institutional investors was 29.0966 million yuan, with a net outflow from retail investors of 41.3737 million yuan [3]

Core Viewpoint - The pharmaceutical sector is experiencing significant pressure, with notable declines in stock prices for several companies [2]. Company Summaries - Rongchang Biopharmaceutical (09995.HK) has seen a decline of 11.2%, trading at 81.65 HKD [2]. - CStone Pharmaceuticals-B (09966.HK) has dropped by 8.2%, currently priced at 11.98 HKD [2]. - Junshi Biosciences (01877.HK) has decreased by 5.16%, with shares at 25 HKD [2]. - Kintor Pharmaceutical-B (02171.HK) has fallen by 4.63%, now at 16.07 HKD [2].

Group 1 - The pharmaceutical sector is under pressure, with notable declines in stock prices for companies such as Rongchang Biopharma (-11.2%), CStone Pharmaceuticals (-8.2%), Junshi Biosciences (-5.16%), and Kintor Pharmaceutical (-4.63%) [1] - Haitong International's recent report indicates that the pharmaceutical index has underperformed the broader market post the October Golden Week, primarily due to fluctuating tariffs and underwhelming external licensing expectations [1] - Guosen Securities believes that China's innovative drug industry shows a long-term positive development trend, particularly highlighted by explosive growth in BD transactions in recent years [1] Group 2 - The ESMO 2025 conference in Berlin featured 112 results, including 21 related to domestic new drug research [2] - Innovent Biologics announced a global strategic collaboration with Takeda Pharmaceutical to advance the development of next-generation immuno-oncology and antibody-drug conjugate therapies, with an upfront payment of $1.2 billion and potential milestone payments totaling up to $10.2 billion, bringing the total deal value to a maximum of $11.4 billion [2]

Group 1 - The pharmaceutical sector is under pressure, with notable declines in stock prices for companies such as Rongchang Biologics down 11.2% to HKD 81.65, and Innovent Biologics down 5.16% to HKD 25 [1] - Haitong International's recent report indicates that the pharmaceutical index has underperformed the market post the October Golden Week, primarily due to fluctuating tariffs and underwhelming external licensing expectations [1] - Guosen Securities believes that China's innovative drug industry shows a long-term positive development trend, particularly highlighted by explosive growth in BD transactions in recent years [1] Group 2 - The ESMO 2025 conference in Berlin featured 112 results, including 21 related to domestic new drug research [2] - Innovent Biologics announced a global strategic collaboration with Takeda Pharmaceutical to advance the development of next-generation immuno-oncology and antibody-drug conjugate therapies, with an upfront payment of USD 1.2 billion and potential milestone payments totaling up to USD 10.2 billion, bringing the total deal value to a maximum of USD 11.4 billion [2]

Group 1 - The pharmaceutical sector is under pressure, with notable declines in stock prices for companies such as Rongchang Biopharma (-11.2%), CStone Pharmaceuticals (-8.2%), Junshi Biosciences (-5.16%), and Kintor Pharmaceutical (-4.63%) [1] - Haitong International's recent report indicates that the pharmaceutical index has underperformed the broader market post the October Golden Week, primarily due to fluctuating tariffs and underwhelming external licensing expectations [1] - Guosen Securities believes that China's innovative drug industry shows a long-term positive development trend, particularly highlighted by explosive growth in BD transactions in recent years [1] Group 2 - The ESMO 2025 conference in Berlin featured 112 results, including 21 related to domestic new drug research [2] - Innovent Biologics announced a global strategic collaboration with Takeda Pharmaceutical to advance the development of next-generation immuno-oncology and antibody-drug conjugate therapies, with an upfront payment of $1.2 billion and potential milestone payments totaling up to $10.2 billion, bringing the total deal value to a maximum of $11.4 billion [2]