智通财经网·2026-01-23 05:58Core Viewpoint - UBS upgraded the rating of Rongchang Biologics (09995) from "Neutral" to "Buy," raising the target price from HKD 63.8 to HKD 120 [1] Group 1: Collaboration with AbbVie - UBS holds a positive view on the collaboration between Rongchang Biologics and AbbVie, which grants overseas rights for RC148 (PD-1/VEGF) [1] - The collaboration includes an upfront payment of USD 650 million, milestone payments that could reach up to USD 4.95 billion, and double-digit tiered royalties on net sales outside Greater China [1] Group 2: Financial Outlook - UBS believes that AbbVie, as a multinational pharmaceutical company, will enhance the global development and commercialization of RC148 [1] - The upfront payment is expected to reverse Rongchang Biologics' net debt situation, with multiple new drug approvals anticipated to enable the company to achieve breakeven starting in 2026 [1]