智通财经网·2025-08-28 09:12Core Viewpoint - The report from CMB International indicates that Rongchang Biologics (09995) is making significant progress in the research and development of its core products, with the domestic Phase III study of Tai Tasi Pu for the treatment of Sjögren's syndrome reaching its primary endpoint, and a market application is expected to be submitted in the second half of the year [1] Financial Performance - Rongchang Biologics experienced a strong sales growth in Q2, with revenue increasing by 47.6% year-on-year [1] - The gross margin improved by 7.3 percentage points compared to the same period last year, reaching 84.4% [1] - The company recorded a loss of 195 million RMB, which has narrowed both year-on-year and quarter-on-quarter [1] Future Outlook - Management maintains guidance for over 30% growth in product sales for the full year [1] - The company aims to achieve breakeven by next year and expects to become profitable by 2027, excluding BD [1] - CMB International has adjusted its revenue forecast for Rongchang Biologics for 2027 downwards but raised its net profit forecast, increasing the target price to 103 HKD while maintaining a "Buy" rating [1]