Da Zhong Ri Bao·2025-09-10 08:44Core Viewpoint - Rongchang Biopharmaceutical (688331.SH) has seen its stock price surge over 363% from its lowest point this year, reaching a peak of 111.6 yuan, making it the fourth stock in Shandong to exceed 100 yuan [1][4]. Company Developments - The company announced that its drug, Taitasip, for the treatment of Sjögren's syndrome, has had its market application accepted by the National Medical Products Administration (NMPA), marking it as the first biological drug globally to apply for market approval in this area [4][5]. - Taitasip and another product, Vidisilimab, are key offerings in the company's portfolio, targeting autoimmune diseases and cancers, with several other drugs in development [2][4]. Financial Performance - Rongchang Biopharmaceutical's revenue has shown growth, with projected revenues of 7.72 billion yuan in 2022, 10.83 billion yuan in 2023, and 17.17 billion yuan in 2024, although net profits have been negative during these years [7]. - In the first half of 2025, the company reported a revenue of 10.98 billion yuan, a 48.02% increase year-on-year, and a reduced net loss of 4.5 billion yuan compared to 7.8 billion yuan in the same period the previous year [7]. Strategic Partnerships - The company has secured significant partnerships, including a collaboration with Vor Bio for Taitasip, which could yield up to 4.105 billion USD in milestone payments [8]. - Additionally, a licensing agreement with Santen Pharmaceutical could bring over 1.2 billion yuan in milestone payments and sales sharing [8]. Market Context - The innovative drug sector is experiencing a favorable trend, with the innovative drug index showing growth this year, supported by ongoing policy backing and a focus on internationalization [5][7].