Group 1 - The company, Rongchang Biopharmaceutical (09995.HK), announced that it will hold a board meeting on March 27, 2026, to consider and approve the annual performance for the year ending December 31, 2025, along with its publication [1] - The board meeting will also address matters related to dividend distribution, if applicable [1]

格隆汇3月17日丨荣昌生物(09995.HK)公告，公司将于2026年3月27日(星期五)举行董事会会议，藉以(其 中包括)考虑及批准公司及其附属公司截至2025年12月31日止年度年度业绩及其刊发，以及考虑有关派 息事宜(如有)。 ...

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） 董事會召開日期 王威東先生 中華人民共和國，煙台 2026年3月17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、溫慶凱先生 及林健先生；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 榮昌生物製藥（煙台）股份有限公司（「本公司」）之董事會（「董事會」）謹此宣佈， 本公司將於2026年3月27日（星期五）舉行董事會會議，藉以（其中包括）考慮及批 准本公司及其附屬公司截至2025年12月31日止年度之年度業績及其刊發，以及考 慮有關派息事宜（如有）。 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 ...

Group 1 - The core viewpoint of the article highlights a significant rise in the innovative drug sector, with Rongchang Biopharmaceuticals increasing nearly 7% to reach a historical high, alongside other companies such as Sanofi, Yuandong Biopharmaceuticals, Yuekang Pharmaceuticals, Junshi Biosciences, Bibete, and Yifang Biopharmaceuticals also experiencing gains [1] Group 2 - The Ministry of Industry and Information Technology held a cadre meeting emphasizing the cultivation and expansion of emerging industries and future industries, particularly focusing on the biopharmaceutical sector as a new pillar industry [1] - The meeting also discussed the establishment of mechanisms for increasing investment in future industries and sharing risks [1]

Group 1 - The core viewpoint of the article highlights that Rongchang Biologics (09995) has seen a stock price increase of over 5%, currently trading at 90 HKD with a transaction volume of 1.52 billion HKD, following the acceptance of its RC288 injection application by NMPA [1] - RC288, a PSMA/B7H3ADC developed by Rongchang Biologics, has demonstrated excellent anti-tumor activity and safety in preclinical studies [1] - According to Guotai Junan Securities, Rongchang Biologics is expected to enter a new growth phase starting in 2026, primarily benefiting from the launch of new indications for RC18, RC48, and RC28, which will be included in medical insurance [1] Group 2 - The overseas indications for RC48 and RC18 are projected to be launched and sold starting in 2027, contributing to sales revenue for the company [1] - From 2025, the company is anticipated to achieve multiple asset licensing agreements, with upfront payments and milestones expected to be confirmed in the coming years, enhancing the financial statements [1] - The newly entered global FIC pipeline, including CDCP1ADC RC278 and B7H3/PSMA ADC RC288, possesses potential global competitiveness and may lead to licensing opportunities [1]

Core Viewpoint - Rongchang Biopharma (09995) has seen its stock price increase by over 5%, currently trading at 90 HKD, following the acceptance of its RC288 injection application by NMPA, indicating strong market interest in its innovative drug pipeline [1] Group 1: Product Development - The RC288 injection, developed by Rongchang Biopharma, is a PSMA/B7H3 ADC that has demonstrated excellent anti-tumor activity and safety in preclinical studies [1] - The company is expected to enter a new growth phase starting in 2026, primarily driven by the launch of new indications for RC18, RC48, and RC28, which will also be included in medical insurance [1] Group 2: Future Revenue Streams - Sales from overseas indications for RC48 and RC18 are projected to begin in 2027, contributing to revenue through sales sharing agreements [1] - Starting in 2025, the company anticipates multiple asset licensing agreements, with upfront payments and milestones expected to enhance financial statements in the coming years [1] Group 3: Competitive Positioning - The newly entered global FIC pipeline, including CDCP1 ADC RC278 and B7H3/PSMA ADC RC288, holds potential global competitiveness and may lead to external licensing opportunities [1]

Investment Rating - The report assigns an "Accumulate" rating to Rongchang Biopharma with a target price of 143.89 RMB [4]. Core Insights - The report predicts that Rongchang Biopharma will enter a new growth phase starting in 2026, driven by the launch of new indications for RC18, RC48, and RC28, which are expected to enter the medical insurance coverage [11][15]. - The company is expected to achieve revenue of 32.51 billion RMB in 2025, 78.32 billion RMB in 2026, and 62.79 billion RMB in 2027, with a significant increase in net profit anticipated in 2026 [3][11]. Financial Summary - Total revenue is projected to grow from 1,083 million RMB in 2023 to 7,832 million RMB in 2026, reflecting a growth rate of 140.9% [3]. - Net profit (attributable to the parent company) is expected to turn positive in 2025 with a forecast of 644 million RMB, and further increase to 5,031 million RMB in 2026 [3]. - Earnings per share (EPS) is projected to rise from -2.68 RMB in 2023 to 8.91 RMB in 2026 [3]. Revenue Growth Drivers - The anticipated growth is attributed to the approval and market entry of new indications for RC48 and RC18, as well as the expected launch of RC28 [15][21]. - RC48 is set to be approved for first-line treatment of UC and HER2 low-expressing breast cancer, which will significantly expand its market potential [16][21]. - RC18 is expected to see increased volume as it enters medical insurance coverage for multiple indications, including MG and IgAN [21][25]. Strategic Partnerships - The company has entered into several strategic partnerships, including the licensing of RC148 to AbbVie, which is expected to enhance its global competitive position in oncology [34][36]. - The partnership with Santen Pharmaceutical for RC28 is also expected to maximize its market potential in the ophthalmic sector [30]. Clinical Development Pipeline - The report highlights the ongoing clinical trials for RC148, which show promising efficacy in treating various cancers, including NSCLC [36][38]. - RC18 is advancing in global clinical trials, with significant potential for treating MG and other autoimmune diseases [25][26]. Market Positioning - Rongchang Biopharma is positioned to leverage its innovative drug pipeline and strategic partnerships to capture significant market share in the oncology and autoimmune sectors [11][34].

Investment Rating - The report assigns an "Accumulate" rating to Rongchang Biopharmaceutical (688331) with a target price of 143.89 CNY [4]. Core Insights - The report anticipates that Rongchang Biopharmaceutical will enter a new growth phase starting in 2026, driven by the launch of new indications for RC18, RC48, and RC28, which are expected to enter the medical insurance coverage [11]. - The company is projected to achieve revenues of 32.51 billion CNY in 2025, 78.32 billion CNY in 2026, and 62.79 billion CNY in 2027, with a significant increase in net profit expected in 2026 [3][11]. - The report highlights the potential of RC148, which has been licensed to AbbVie, to compete in the global oncology market, with promising initial data showing its efficacy [11][36]. Financial Summary - Total revenue is expected to grow from 1,083 million CNY in 2023 to 7,832 million CNY in 2026, reflecting a growth rate of 140.9% [3]. - Net profit (attributable to the parent company) is projected to turn positive in 2025 with a net profit of 644 million CNY, and further increase to 5,031 million CNY in 2026 [3]. - Earnings per share (EPS) is expected to rise from -2.68 CNY in 2023 to 8.91 CNY in 2026 [3]. Revenue Growth Drivers - The report identifies several key drivers for revenue growth, including the approval and market entry of new indications for RC48 and RC18, as well as the anticipated launch of RC28 [15][21]. - RC48 is expected to gain approval for first-line UC and HER2 low-expressing breast cancer in 2026, which will significantly enhance its market potential [16][21]. - RC18 is set to enter the market for MG, IgAN, and sjs indications, with expected rapid uptake due to unmet clinical needs [21][25]. Strategic Partnerships - The report notes that the company has engaged in several strategic partnerships, including licensing agreements that will provide upfront payments and milestone payments, enhancing its financial position [34][35]. - The partnership with AbbVie for RC148 is particularly highlighted, as it positions the company at the forefront of global oncology competition [36]. Clinical Development Pipeline - The report emphasizes the ongoing clinical trials for RC148, which are expected to yield significant data in 2026, further solidifying its competitive edge in the oncology market [36][39]. - The company plans to initiate six new Phase III clinical trials for RC18, expanding its indication coverage and addressing significant market needs [22][21].

Core Viewpoint - The biopharmaceutical sector in Hong Kong and A-shares has experienced significant gains, driven by the recognition of biopharmaceuticals as a "new pillar industry" in the national work report, signaling strong policy support for industry development [1][8]. Group 1: Market Performance - The Hang Seng Biotech ETF (513280) surged by 3.85%, with a trading volume exceeding 120 million yuan, marking a second consecutive day of strong recovery [1]. - The A-share Biopharmaceutical ETF (159839) rose by 2.64%, with a trading volume surpassing 27 million yuan, and has seen net inflows for 9 out of the last 10 days, totaling over 80 million yuan [3]. - Key stocks within the Hang Seng Biotech ETF saw significant increases, including a 9% rise in 3SBio and a 6% rise in Innovent Biologics [4]. Group 2: Notable Stocks and Transactions - Major stocks in the A-share market include WuXi AppTec with a trading volume of 2.51 billion yuan and a weight of 10.79%, and Rongchang Biologics, which rose by 13.87% with a trading volume of 1.02 billion yuan [7]. - The biopharmaceutical sector is seeing a robust pipeline, with a notable licensing agreement between China Biopharmaceutical and Sanofi, potentially yielding up to 1.53 billion USD in payments [8]. Group 3: Industry Outlook - The Ministry of Industry and Information Technology projects that China's pharmaceutical industry will maintain its position as the second largest globally by 2025, with significant growth in high-tech segments like biopharmaceuticals and innovative drugs [8]. - Analysts from Guojin Securities and CMB International express optimism about the biopharmaceutical sector, highlighting the potential for investment opportunities in innovative drugs and CXO services, driven by clinical data releases and active business development [9][10].

Core Viewpoint - Rongchang Biopharma (09995) reported a significant increase in revenue and profitability for the fiscal year 2025, driven by higher sales of its injectable products and a substantial rise in technology licensing income [1] Financial Performance - The company achieved total revenue of RMB 3.251 billion, representing a year-on-year increase of 89.36% [1] - Net profit attributable to the parent company was RMB 709 million, marking a turnaround from a loss to profitability [1] - Basic earnings per share were RMB 1.29 [1] Revenue Drivers - The increase in revenue was primarily due to higher sales of injectable drugs, specifically Tai Tasi Pi and Vidi Si Tuo Monoclonal Antibody [1] - The company granted Vor Biopharma Inc. exclusive global development and commercialization rights for Tai Tasi Pi outside Greater China, leading to a significant increase in technology licensing income [1] Margin and Expenditure Outlook - Nomura's research report predicts that the company's gross margin will increase by 5.4 percentage points year-on-year to 94.4%, benefiting from improved drug margins and a higher proportion of high-margin collaborative income [1] - Operating expenses are expected to rise by 28% year-on-year to RMB 3.5 billion due to a significant increase in cash reserves, reversing last year's cost-saving trend [1] - Research and development expenses and sales costs are projected to be RMB 1.6 billion each, aimed at sponsoring new molecular research and clinical trials, as well as enhancing drug sales [1]