大行评级丨花旗：重新予荣昌生物“买入/高风险”评级，目标价105港元

Group 1 - Citigroup has resumed coverage of Rongchang Biopharmaceutical with a "Buy/High Risk" rating and a target price of HKD 105 [1] - The company has entered into a collaboration with AbbVie for the PD-1/VEGF candidate drug RC148, which expands its pipeline's global potential [1] - Following the completion of the collaboration, market focus is expected to shift towards the future global Phase III clinical studies and commercialization potential based on clinical data and competitive landscape [1] Group 2 - The top-line data for the Phase III clinical study of Taitasip for the treatment of generalized myasthenia gravis is anticipated to be released in the first half of 2027 [1] - The Phase III clinical trial for Taitasip targeting dry eye syndrome is set to commence in the first half of this year [1] - The sales trend for Taitasip in the domestic market is positive, with management aiming for breakeven by 2026 [1]