Core Viewpoint - Rongchang Biologics has entered into an agreement with Santen Pharmaceutical's subsidiary, Santen China, granting exclusive rights for the development, production, and commercialization of the RC28-E injection in several Asian markets, while retaining global rights outside these regions [1][2] Group 1: Agreement Details - Rongchang Biologics will receive a non-refundable upfront payment of 250 million RMB from Santen China [1] - The agreement includes potential milestone payments of up to 520 million RMB for development and regulatory achievements, and up to 525 million RMB for sales milestones [1] - Additionally, Rongchang Biologics will earn a tiered sales royalty based on product sales in the licensed regions, ranging from high single-digit to double-digit percentages [1] Group 2: Product and Market Impact - RC28-E injection is a dual-target fusion protein drug developed by Rongchang Biologics for treating ocular neovascular diseases [2] - The collaboration is expected to accelerate market access and patient coverage for RC28-E, significantly shortening the commercialization cycle [2] - This partnership aims to provide innovative and efficient solutions for the treatment of retinal diseases [2]

Core Viewpoint - Rongchang Biopharmaceutical (688331) has entered into an agreement with Santen Pharmaceutical Co., Ltd.'s wholly-owned subsidiary, Santen (China) Co., Ltd., to license its proprietary RC28-E injection for a fee, granting Santen exclusive rights for development, production, and commercialization in Greater China and several Southeast Asian countries [1] Financial Summary - Rongchang Biopharmaceutical will receive a non-refundable and non-offsettable upfront payment of 250 million RMB from Santen China [1] - The agreement includes potential milestone payments of up to 520 million RMB for development and regulatory achievements, and up to 525 million RMB for sales milestones [1] - Additionally, Rongchang will earn a tiered sales royalty based on product sales in the licensed regions, ranging from high single-digit to double-digit percentages [1] Product Information - RC28-E injection is a dual-target fusion protein drug developed by Rongchang Biopharmaceutical, aimed at treating ocular neovascular diseases [1]

Group 1 - The company Rongchang Biopharmaceutical (09995.HK) has entered into a licensing agreement with Santen Pharmaceutical (China) Co., Ltd. for the RC28-E injection, granting Santen exclusive rights for development, production, and commercialization in Greater China and several Southeast Asian countries [1][2] - The agreement includes a non-refundable upfront payment of 250 million RMB, potential milestone payments up to 520 million RMB for development and regulatory achievements, and up to 525 million RMB for sales milestones, along with a tiered sales royalty based on product sales in the licensed territories [1] - The licensing agreement is set to take effect on August 18, 2025, and will remain in force unless terminated early according to its terms [1] Group 2 - The licensing agreement is expected to accelerate market access and patient coverage for RC28-E, significantly shortening the commercialization cycle and providing innovative solutions for the treatment of retinal diseases [2] - Santen Pharmaceutical, a wholly-owned subsidiary of Santen Pharmaceutical Co., Ltd., has over 130 years of experience in the ophthalmic field and is a leader in the global ophthalmic market, focusing on the development, production, and sale of ophthalmic drugs and medical devices [2]

Core Viewpoint - Rongchang Biopharma has entered into a licensing agreement with Santen China for the RC28-E injection, granting exclusive rights for development, production, and commercialization in Greater China and South Korea [1] Financial Terms - Rongchang Biopharma will receive a non-refundable and non-offsettable upfront payment of 250 million RMB from Santen China [1] - The agreement includes potential milestone payments of up to 520 million RMB for development and regulatory achievements, and up to 525 million RMB for sales milestones [1] - Additionally, Rongchang Biopharma will earn a tiered sales royalty ranging from high single-digit to double-digit percentages based on product sales within the licensing scope [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之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 本公告由榮昌生物製藥（煙台）股份有限公司（「本公司」）根據香港聯合交易所有限 公司證券上市規則（「上市規則」）第13.09(2)條及證券及期貨條例（香港法例第571 章）第XIVA部項下的內幕消息條文（定義見上市規則）作出。 緒言 本公司董事（「董事」）會（「董事會」）欣然宣佈，於2025年8月18日（交易時段後）， 本公司及參天製藥（中國）有限公司（「參天中國」）訂立許可協議（「許可協議」）， 據此，本公司將具有自主知識產權的RC28-E注射液（「許可產品」）有償許可給參 天中國，參天中國將獲得在大中華區（即中國、香港、澳門及台灣）及韓國、泰 國、越南、新加坡、菲律賓、印度尼西亞及馬來西亞（「許可範圍」）的獨家開發、 生產和商業化權利，而本公司將保留RC28-E在上述許可範圍以外的全球獨家權 益。 許可協議的主要條款 根據許可協議及在其條款及條件的規限下，本公司將從參天中國取得(i)2.5億元人 民幣 ...

Core Viewpoint - CICC maintains the net loss forecast for Rongchang Biologics (09995) at RMB 915 million for 2025 and RMB 333 million for 2026, while raising the target price by 24.8% to HKD 95.34 due to positive clinical results of Taitasip and the approval of RC148 for Phase II trials in the U.S. [1] Group 1 - The positive results from the Phase III clinical trial of Taitasip for dry eye syndrome are expected to enhance its future value [1] - The approval of RC148 for Phase II clinical trials in the U.S. marks its entry into global clinical development, indicating its international clinical value and potential for overseas expansion [1] - The company plans to submit a marketing application for Taitasip to the National Medical Products Administration (NMPA) and will present detailed data at major international academic conferences [1]

智通财经APP获悉，中金发布研报称，基本维持荣昌生物(09995)2025及26年归母净亏损预测9.15亿元及 3.33亿元人民币不变。由于泰它西普干燥综合症III期临床结果积极，有望提升泰它西普未来价值空间， 且RC148美国II期临床获批有望提升其出海潜力和全球价值空间;维持公司"跑赢行业"评级，上调目标价 24.8%至95.34港元。 荣昌生物日前宣布将尽快就自主研发的BLyS/APRIL双靶点融合蛋白创新药泰它西普，向国家药品监督 管理局药品审评中心(CDE)递交上市申请，并在国际重大学术会议上公布详细数据。另外，公司的 RC148获得FDA批准在美国开展针对多种晚期恶性实体肿瘤的Ⅱ期临床研究，标志着RC148进入全球临 床研发阶段，为推动产品后续开发奠定基础;该行认为RC148具有国际化临床价值和出海潜力。 ...

Core Viewpoint - Rongchang Biologics (09995) has seen a stock price increase of over 5%, currently trading at 80.6 HKD with a transaction volume of 536 million HKD, following positive news regarding its innovative drug, Taitasip, for treating primary Sjögren's syndrome (pSS) [1] Group 1: Clinical Research Developments - On August 13, Rongchang Biologics announced that its self-developed drug Taitasip, a world-first BLyS/APRIL dual-target fusion protein, has met the primary endpoint of its Phase III clinical trial for pSS [1] - The company plans to submit a marketing application to the National Medical Products Administration (NMPA) as soon as possible, with detailed data to be presented at a major international academic conference [1] Group 2: Market Potential and Future Prospects - CICC released a research report indicating that the positive Phase III clinical results for Taitasip are expected to enhance its future value [1] - Additionally, the company's RC148 has received FDA approval to conduct a Phase II clinical study in the U.S. for various advanced malignant solid tumors, marking its entry into global clinical research [1] - CICC believes that RC148 has international clinical value and potential for overseas expansion [1]

智通财经APP获悉，荣昌生物(09995)再涨超5%，截至发稿，涨4.28%，报80.6港元，成交额5.36亿港 元。 消息面上，8月13日，荣昌生物宣布，公司自主研发的全球首创BLyS/APRIL双靶点融合蛋白创新药泰它 西普用于治疗原发性干燥综合征(pSS)的Ⅲ期临床研究，达到方案设计的临床试验主要研究终点，将尽 快向国家药品监督管理局药品审评中心(CDE)递交上市申请，详细数据将在国际重大学术会议上公布。 中金发布研报称，由于泰它西普干燥综合征III期临床结果积极，有望提升泰它西普未来价值空间。此 外，公司的RC148获得FDA批准在美国开展针对多种晚期恶性实体肿瘤的Ⅱ期临床研究，标志著RC148 进入全球临床研发阶段，为推动产品后续开发奠定基础；该行认为RC148具有国际化临床价值和出海潜 力。 ...

Core Viewpoint - Rongchang Biologics has announced plans to submit a listing application for its self-developed dual-target fusion protein innovative drug, Tai Ta Xi Pu, to the National Medical Products Administration (NMPA) and will present detailed data at major international academic conferences [1] Group 1: Product Development - The company's RC148 has received FDA approval to conduct Phase II clinical trials in the United States for various advanced malignant solid tumors, marking its entry into global clinical research [1] - The approval of RC148 is expected to enhance its international clinical value and potential for overseas expansion [1] Group 2: Financial Forecast - The company maintains its net loss forecasts for 2025 and 2026 at 915 million yuan and 333 million yuan, respectively [1] - Positive Phase III clinical results for Tai Ta Xi Pu in dry syndrome are anticipated to increase its future value potential [1] Group 3: Investment Rating - The firm maintains a "outperforming the industry" rating for Rongchang Biologics and raises the target price by 24.8% to 95.34 HKD [1]