Investment Rating - The report maintains a "Hold" rating for the company, with an increased target price of HKD 65 for the Hong Kong stock and RMB 85 for the A-share [1][10]. Core Insights - The company is expected to achieve a significant reduction in losses, with an estimated 50% year-over-year decrease in losses for the full year [2][10]. - Revenue for Q2 2025 was approximately RMB 566 million, representing a 38.3% year-over-year increase, driven primarily by the sales of core products RC18 and RC48 [2][3]. - The gross margin improved to 85.5%, up 9.3 percentage points year-over-year, indicating better-than-expected performance [2][10]. Financial Performance - The company reported a net loss of RMB 195 million for Q2 2025, which is a 54.7% reduction year-over-year [2]. - Research and development expenses decreased by 33.0% year-over-year to RMB 318 million, contributing to the improved financial performance [2][10]. - The company’s cash position improved significantly, reaching RMB 1.271 billion as of June 30, 2025, following an HKD 800 million placement [4][10]. Product Development and Commercialization - The commercialization progress of two core products, TaiTasi and VidiXimab, is in line with expectations, with sales of RMB 650 million and RMB 440 million respectively for the first half of the year [3][10]. - The company plans to enhance its early-stage research and development efforts, anticipating a significant increase in IND submissions next year [4][10]. Future Catalysts - Key upcoming catalysts include data readouts for various clinical trials, including the long-term data for TaiTasi in MG expected in October 2025 and the data for other indications in late 2025 and early 2026 [10].

Group 1 - The stock price of Rongchang Bio reached a historical high, increasing by 6.24% to 96.55 yuan, with a trading volume of 4.63 billion yuan and a turnover rate of 3.07% [1] - The total market capitalization of Rongchang Bio in A-shares is 34.278 billion yuan, with a circulating market value of 15.663 billion yuan [1] - The pharmaceutical and biotechnology industry, to which Rongchang Bio belongs, has an overall increase of 1.84%, with 388 stocks rising and 4 stocks hitting the daily limit [1] Group 2 - The latest margin trading data shows that as of August 29, the margin balance for Rongchang Bio is 654 million yuan, with a financing balance of 651 million yuan, reflecting a slight increase of 0.01% over the past 10 days [1] - In the past 10 days, 2 institutions have rated the stock, with Huatai Securities setting a target price of 107.37 yuan on August 25 [1] - The company's semi-annual report indicates that it achieved an operating income of 1.098 billion yuan in the first half of the year, a year-on-year increase of 48.02%, and a net profit of -450 million yuan, a year-on-year increase of 42.40% [1]

Core Viewpoint - Rongchang Biologics' stock price reached a historical high, reflecting strong market performance and investor interest [1] Company Summary - As of 9:50 AM, Rongchang Biologics' stock increased by 6.24%, reaching a price of 96.55 yuan, with a trading volume of 4.988 million shares and a transaction amount of 463 million yuan, resulting in a turnover rate of 3.07% [1] - The company's latest A-share total market capitalization is 34.278 billion yuan [1] - The company reported a revenue of 1.098 billion yuan for the first half of the year, representing a year-on-year growth of 48.02%, while the net profit was -450 million yuan, with a year-on-year increase of 42.40% [1] - The basic earnings per share is -0.8300 yuan [1] Industry Summary - The pharmaceutical and biotechnology industry, to which Rongchang Biologics belongs, has an overall increase of 1.84%, with 388 stocks rising and 4 stocks, including Maiwei Biologics and Baihua Pharmaceuticals, hitting the daily limit [1] - There are 95 stocks in the industry that have declined, with the largest declines noted [1] Financing Summary - As of August 29, the latest margin trading balance for Rongchang Biologics is 654 million yuan, with a financing balance of 651 million yuan, showing a slight increase of 54,900 yuan over the past 10 days, which is a 0.01% increase [1] Analyst Ratings - In the past 10 days, two institutions have rated the stock, with Huatai Securities issuing a report on August 25, setting a target price of 107.37 yuan for the company [1]

Core Viewpoint - Rongchang Biologics (09995) has entered into an agreement with Pudong Development Bank Yantai Branch to invest RMB 300 million of its idle funds in a wealth management product [1] Group 1 - The company has committed to purchasing a wealth management product from Pudong Development Bank Yantai Branch [1] - The investment amount is set at RMB 300 million [1] - The agreement is scheduled to take effect on August 29, 2025 [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance continues to improve, with accelerated progress in overseas expansion [1] - Revenue growth remains strong, with a significant reduction in losses on the profit side [5] - The company is deepening its focus on core products and building a multi-layered pipeline [5] - The company has ongoing international collaborations and product approvals that enhance its market potential [5] - The investment recommendation reflects an upward revision of profit forecasts for 2025-2027, indicating expected revenue growth and a path to profitability by 2027 [5] Financial Performance Summary - For H1 2025, the company achieved total revenue of 1.098 billion yuan, a year-on-year increase of 48.02%, while the net profit attributable to the parent company was -450 million yuan, an improvement from -780 million yuan in the same period last year [5] - The gross profit margin for the reporting period was 84.06%, up by 5.79 percentage points year-on-year [5] - The R&D expense ratio was 58.95%, down by 49.74 percentage points year-on-year, indicating improved cost management [5] Product Pipeline and Market Expansion - The company is expanding its core product, Tai'ta Xip, into new indications, with recent approvals for myasthenia gravis and ongoing clinical trials for other conditions [5] - The company is also advancing its other key product, Vidi Xitomab, in various cancer treatment areas, with multiple applications submitted for market approval [5] - The international collaboration with Vor Biopharma for Tai'ta Xip has a total transaction value of 4.23 billion USD, positioning the company as a major stakeholder in global development [5] Future Projections - The company is projected to achieve revenues of 2.389 billion yuan in 2025, 3.174 billion yuan in 2026, and 4.127 billion yuan in 2027, with net profits expected to improve to -875 million yuan in 2025, -327 million yuan in 2026, and a profit of 89 million yuan in 2027 [5][6]

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） 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。 浦發銀行理財產品協議 董事會宣佈，於2025年8月29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300.0百萬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 由於本公司在2025年7月與浦發銀行訂立了另外兩份其他理財產品協議且仍然 持有該等協議項下的理財產品，因此該等理財產品協議及浦發銀行理財產品協 議項下擬進行的各項交易均在12個月內與同一家銀行進 ...

荣昌生物(09995.HK)购买3亿元理财产品 荣昌生物(688331)2025年半年报点评：核心产品销售显著放量 在研药品临床进展加速 格隆汇8月29日丨荣昌生物(09995.HK)公告，于2025年8月29日，公司与浦发银行烟台分行订立浦发银行 理财产品协议，据此公司同意以人民币3亿元的闲置自有资金向浦发银行烟台分行购买理财产品。 相关事件 ...

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） 董事會宣佈，於2025年8月29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300.0百萬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 由於本公司在2025年7月與浦發銀行訂立了另外兩份其他理財產品協議且仍然 持有該等協議項下的理財產品，因此該等理財產品協議及浦發銀行理財產品協 議項下擬進行的各項交易均在12個月內與同一家銀行進行且性質相似，就根據 上市規則第14.22條計算相關百分比率而言，該等交易在各情況下將合併處理， 猶如該等交易為與該銀行進行的一次交易。 根據上市規則第14.07條（按與前述兩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 ...

Group 1 - Pharmaceutical stocks showed strong performance today, with notable increases in share prices for companies such as Heptares Therapeutics-B (up 16.3% to HKD 14.77), Rongchang Biopharmaceutical (up 12.5% to HKD 99), and Kintor Pharmaceutical-B (up 11.92% to HKD 22.34) [1] - Upcoming major events include the World Lung Cancer Conference (WCLC) in September and the European Society for Medical Oncology (ESMO) in October, where several innovative domestic drug research results will be presented, including AK112 from Kangfang Biopharmaceutical and DB-1311 from Ying'en Biopharmaceutical [1] - Several Chinese pharmaceutical companies have announced significant patent licensing transactions since August, including Rongchang Biopharmaceutical's agreement with Santen Pharmaceutical for RC28-E injection, involving an upfront payment of CNY 250 million, potential milestone payments of up to CNY 520 million, and sales milestone payments of up to CNY 525 million [1] Group 2 - Guoyuan Securities noted that as the mid-year report season concludes, the market is shifting focus towards new directions, particularly in innovative drugs, overseas expansion, and the clearing of centralized procurement [2] - The innovative drug sector in China is entering a stage of result realization, with many research and development catalysts expected to drive growth, unaffected by trade wars, making it a key investment theme for the pharmaceutical sector in 2025 [2] - Some innovative drug stocks have seen significant price increases, and it is recommended to pay attention to those with research and development catalysts that have previously lagged in stock performance [2]

Group 1 - Pharmaceutical stocks showed strong performance today, with notable increases in share prices for companies such as Heptares Therapeutics-B (up 16.3% to HKD 14.77), Rongchang Biopharmaceutical (up 12.5% to HKD 99), and Kintor Pharmaceutical-B (up 11.92% to HKD 22.34) [1] - Upcoming major conferences, including the 2025 World Lung Cancer Conference (WCLC) and the European Society for Medical Oncology (ESMO) annual meeting, will showcase research results from various domestic innovative drugs, such as AK112 from Kangfang Biopharmaceutical and DB-1311 from Ying'en Biopharmaceutical [1] - Several Chinese pharmaceutical companies have announced significant patent licensing transactions since August, including Rongchang Biopharmaceutical's agreement with Santen Pharmaceutical regarding RC28-E injection, which involves an upfront payment of CNY 250 million, potential milestone payments of up to CNY 520 million, and sales milestone payments of up to CNY 525 million [1] Group 2 - Guoyuan Securities noted that as the interim report season comes to a close, the market is shifting focus towards new directions, particularly in innovative drugs, overseas expansion, and the clearing of centralized procurement [2] - The innovative drug sector in China is entering a stage of result realization, with many research advancements expected to catalyze growth, unaffected by trade wars, making it a key investment theme for the pharmaceutical sector in 2025 [2] - Some innovative drug stocks have seen significant price increases, and it is recommended to monitor stocks with research catalysts that have previously lagged in price performance [2]