人民财讯1月15日电，荣昌生物(688331)1月15日公告，为保障回购股份方案顺利实施，拟将回购公司股 份的价格上限由95元/股(含)调整为116元/股(含)。 ...

荣昌生物制药（烟台）股份有限公司 关于调整回购股份价格上限的公告 证券代码：688331 证券简称：荣昌生物 公告编号：2026-003 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 为保障回购股份方案顺利实施，荣昌生物制药（烟台）股份有限公司（以 下简称"公司"）于 2026 年 1 月 15 日召开第二届董事会第三十五次会议，审议 通过了《关于调整回购股份价格上限的议案》，拟将回购价格上限由人民币 95 元/股（含）调整为人民币 116 元/股（含）。 本次回购股份方案调整符合《公司法》、《上市公司股份回购规则》、《上海证 券交易所上市公司自律监管指引第 7 号——回购股份》及《公司章程》等相关规 定，公司综合考虑证券市场变化以及股份回购进展等因素，拟将股份回购价格上 限调整为 116 元/股（含）。调整后的回购股份价格上限不高于董事会审议通过《关 于调整回购股份价格上限的议案》决议前 30 个交易日公司股票交易均价的 150%。 一、回购股份的基本情况 公司于 2025 年 12 月 15 日召开第 ...

Core Viewpoint - Rongchang Biotech announced a plan to repurchase shares between 20 million to 40 million yuan at a price not exceeding 95 yuan per share, intended for employee stock ownership plans or equity incentives, with the implementation still pending as of the announcement date [1] Group 1 - The company plans to hold a board meeting on January 15, 2026, to review a proposal to raise the repurchase price ceiling from 95 yuan per share to 116 yuan per share, while keeping other terms unchanged [1] - The adjustment to the repurchase price is due to the recent stock price consistently exceeding the previous upper limit [1] - There is a risk that the repurchase plan may not be implemented if the stock price exceeds the new upper limit during the repurchase period [1]

每经AI快讯，1月15日，荣昌生物公告称，公司拟将回购价格上限由95元/股调整为116元/股，以保障回 购股份方案顺利实施。除此调整外，回购方案其他内容不变。本次调整无需提交股东会审议。公司于 2025年12月15日已审议通过以集中竞价交易方式回购部分A股股票，拟回购资金总额不低于2000万元且 不超过4000万元，回购股份用于员工持股计划或股权激励。截至公告披露日，公司尚未开始实施回购。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation of stock price appreciation exceeding 15% over the next six months [5]. Core Insights - The company has signed an exclusive licensing agreement with AbbVie for the PD-1/VEGF dual antibody drug RC148, receiving an upfront payment of $650 million, with potential milestone payments up to $4.95 billion, and double-digit royalties on net sales outside Greater China [1][2]. - RC148 shows promising efficacy and safety data, with a reported overall response rate (ORR) of 61.9% in a Phase 1 trial and 66.7% in a Phase 2 trial for non-small cell lung cancer (NSCLC) [1]. - The company has successfully executed multiple business development (BD) transactions, enhancing its cash flow and validating its research capabilities [2]. Financial Summary - The company’s projected revenues for 2025-2027 are $250.8 million, $319.6 million, and $428.5 million, respectively, reflecting growth rates of 46.1%, 27.4%, and 34.1% [4]. - The net profit attributable to the parent company is expected to improve from a loss of $885 million in 2025 to a profit of $373 million in 2027 [4]. - Earnings per share (EPS) are projected to transition from -1.57 yuan in 2025 to 0.66 yuan in 2027, indicating a significant turnaround [4].

Recent Events - Company announced on January 12 that it has signed an exclusive licensing agreement with AbbVie for its self-developed PD-1/VEGF bispecific antibody drug RC148, granting AbbVie exclusive rights for development, production, and commercialization outside Greater China. The company will receive an upfront payment of $650 million and is eligible for up to $4.95 billion in milestone payments, as well as double-digit royalties on net sales outside Greater China [1] Product Development and International Collaboration - The recent licensing agreement further validates the company's speed in international expansion, following the external authorization of its core products RC18 and RC28 by 2025. As of January 2026, there are 17 PD-(L)1/VEGF bispecific antibody drugs in clinical trials globally, with several signed BD agreements, showcasing the company's strong R&D capabilities [2] - AbbVie, as an international MNC, has a diverse product pipeline including the first FRα-targeting ADC drug Elahere and others, which will strategically complement RC148 and expand its global reach [2] Clinical Data and Efficacy - At the 2025 ESMO-IO conference, the company disclosed promising data for RC148, showing an objective response rate (ORR) of 61.9% and a disease control rate (DCR) of 100% for monotherapy. For combination therapy, the ORR reached 66.7% and the DCR was 95.2%, indicating initial clinical advantages and manageable safety profiles [3] - Early clinical studies have shown that RC148, when used in combination with antibody-drug conjugates (ADCs), exhibits promising anti-tumor activity, with the company actively advancing related clinical trials [3]

Core Viewpoint - Huaxi Securities maintains an "overweight" rating for Rongchang Biopharmaceutical (09995), highlighting the company's strong independent R&D capabilities, stable sales growth of core products, experienced management team, steady progress in clinical indications, and reasonable domestic and international layout, with optimism regarding the company's commercialization capabilities post-product launch [1] Recent Events - On January 12, the company announced an exclusive licensing agreement with AbbVie for its independently developed PD-1/VEGF bispecific antibody drug RC148, granting AbbVie exclusive rights for development, production, and commercialization outside Greater China. The company will receive an upfront payment of $650 million and is eligible for up to $4.95 billion in milestone payments, along with double-digit royalties on net sales outside Greater China [1] International Expansion - Following the authorization of core products RC18 and RC28 in 2025, this recent agreement further validates the company's speed in international expansion. As of January 2026, 17 PD-(L)1/VEGF bispecific antibody drugs are in clinical trials globally, with several BD agreements signed, showcasing the company's R&D capabilities. AbbVie, as a partner, has a diverse product line that complements RC148, enhancing its global positioning [2] Clinical Data - At the 2025 ESMO-IO conference, the company disclosed promising data for RC148, showing an objective response rate (ORR) of 61.9% and a disease control rate (DCR) of 100% in monotherapy. In combination therapy, the ORR reached 66.7% and the DCR was 95.2%. The safety profile is manageable, indicating initial clinical advantages. The company is actively advancing related clinical studies, anticipating further clinical potential [3]

Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company has signed an exclusive licensing agreement with AbbVie for its PD-1/VEGF bispecific antibody drug RC148, receiving an upfront payment of $650 million and potential milestone payments up to $4.95 billion, along with double-digit royalties on net sales outside Greater China [1][2] - The collaboration with AbbVie is expected to enhance the company's international clinical development and market expansion, leveraging AbbVie's existing oncology pipeline [2] - Initial clinical data for RC148 shows promising results, with an objective response rate (ORR) of 61.9% for monotherapy and 66.7% for combination therapy, indicating strong potential for further clinical advancement [3] Financial Summary - The company forecasts revenues of 2.75 billion, 3.38 billion, and 4.41 billion CNY for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 60.95%, 22.97%, and 30.40% [7] - The projected net profit for 2026 is expected to be -315.8 million CNY, with a turnaround to a profit of 383.89 million CNY by 2027 [7] - The gross margin is anticipated to remain high, with estimates of 83.65% in 2025 and 82.27% in 2026 [8]

Investment Rating - The report indicates a strong investment opportunity for Rongchang Biopharma following the signing of a significant licensing agreement with AbbVie, which is expected to enhance the company's financial position and market presence [2][25]. Core Insights - Rongchang Biopharma has signed an exclusive licensing agreement with AbbVie for the novel PD-1/VEGF bispecific antibody drug RC148, which includes an upfront payment of $650 million (approximately 4.5 billion RMB) and potential milestone payments totaling up to $4.95 billion (approximately 34.5 billion RMB) [2][8]. - The total transaction value is close to $4 billion, marking a record for the company in terms of external licensing agreements [3][8]. - The PD-1/VEGF bispecific antibody market is identified as a "golden track" for Chinese innovative drugs going global, with increasing upfront payments reflecting the growing value of these assets [9][10]. Industry Overview - The number of BD licensing deals for Chinese innovative drugs has surged from 85 in 2023 to 157 in 2025, with a compound annual growth rate of 35.9% [11]. - The total transaction value for these deals has skyrocketed from $32 billion in 2023 to $135.7 billion in 2025, representing a growth of over three times [13]. - The industry is entering an accelerated growth phase, with a year-on-year growth rate of 161% for BD licensing deals in 2025, significantly outpacing previous years [15]. Financial Performance - Rongchang Biopharma's revenue for the first three quarters of 2025 reached 1.72 billion RMB, reflecting a year-on-year increase of 42.27% [16]. - Despite ongoing net losses exceeding 1 billion RMB from 2022 to 2024, the company has shown improvement, with losses narrowing to 551 million RMB in the first three quarters of 2025 compared to 1.071 billion RMB in the same period of 2024 [17][19]. - The anticipated upfront payment from the AbbVie deal is expected to further improve Rongchang Biopharma's profitability and cash reserves, potentially leading to profitability in 2026 if the payment is fully received [19]. Product Pipeline - Rongchang Biopharma's key products include Taitasip (IL-4Rα antibody) and Vidisicimab (HER2 ADC), which are currently the main sources of revenue [20]. - The RC148 bispecific antibody is a focus for the company, currently in I/II clinical stages, and the collaboration with AbbVie is expected to accelerate its global development [23].

Market Overview - The biopharmaceutical sector experienced a decline of 0.9% on January 14, with Rongchang Biopharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 4126.09, down 0.31%, while the Shenzhen Component Index closed at 14248.6, up 0.56% [1] Stock Performance - Notable gainers in the biopharmaceutical sector included: - Aidi Pharmaceutical, closing at 19.83 with a rise of 16.72% and a trading volume of 242,400 shares, totaling 462 million yuan [1] - Wufan Biopharmaceutical, closing at 57.38 with an increase of 4.35% and a trading volume of 47,900 shares, totaling 272 million yuan [1] - Kangbuno, closing at 71.99 with a rise of 4.17% and a trading volume of 49,300 shares, totaling 355 million yuan [1] - Rongchang Biopharmaceutical saw a significant decline, closing at 103.34 with a drop of 9.72% and a trading volume of 196,700 shares, totaling 2.091 billion yuan [2] Capital Flow - The biopharmaceutical sector experienced a net outflow of 656 million yuan from institutional investors, while retail investors saw a net inflow of 407 million yuan [2] - Notable capital flows included: - Watson Biopharmaceuticals with a net inflow of 63.73 million yuan from institutional investors [3] - Kanghua Biopharmaceuticals with a net inflow of 18.92 million yuan from institutional investors [3] - Overall, retail investors contributed a net inflow of 4.07 billion yuan to the sector [2]