核心培养基业务收入快速增长。2024年公司产品业务实现收入2.4亿元(+42%)，其中CHO培养基实现收 入2亿元(+49%)；海外业务实现收入9446万元，同比+144%。2024 年销售毛利率为53%，同比-5.8pp， 预计主要系CDMO 业务的固定成本摊销。费用率方面，销售费用率8.5%(+1.8pp)， 管理费用率27.1% (+3.2pp)，研发费用率11.5%(-6.2pp)。2024 年公司计提资产减值损失954万元，计提信用减值损失692 万 元。此外，由于公司高新技术企业资格取消致使税率提升，2024 年所得税费用增加656 万元。 盈利预测与投资建议。预计公司2025-2027 年收入分别为4亿元、5.3 亿元、7亿元，公司储备药企项目 丰富，未来抗体商业化生产订单将驱动业绩增长，建议关注。 事件：公司发布 2024年报，2024年实现收入3亿元(+22.3%)，归母净利润2105万元(-61%)，扣非净利润 658.6 万元(-81%)。 风险提示：产品出海不及预期风险、创新药行业投融资不及预期风险、市场竞争风险。 培养基业务持续放量，产品管线数量突破性增长。2024 年使用公司培养基 ...

Core Viewpoint - Rongchang Biopharma disclosed its research reception announcement, indicating strong financial performance and significant progress in core pipeline development for 2024, with a focus on various therapeutic areas [1][2]. Financial Overview - The company reported a revenue of 1.717 billion yuan for 2024, representing a year-on-year growth of 58.5% [7]. - The sales expense ratio for 2024 was 55.3%, a decrease of 16.3 percentage points compared to the previous year [7]. - Research and development expenses increased to 1.54 billion yuan, up 17.9% year-on-year [7]. - The overall gross margin for 2024 was 80.4%, an increase of 3.0 percentage points from the previous year [7]. - As of the end of 2024, the company had approximately 1 billion yuan in cash and cash equivalents, with sufficient loan credit lines available [7]. Core Pipeline Development Progress 1. **RC18 in China** - Myasthenia Gravis (MG): BLA application has been accepted, with data presented at the AAN conference showing significant clinical efficacy [4]. - Primary Sjögren's Syndrome (pSS): Phase III enrollment is complete, with normal progress in medication and follow-up [4]. - IgA Nephropathy (IgAN): Phase III enrollment is complete, with normal progress in medication and follow-up [4]. 2. **RC18 Overseas** - Systemic Lupus Erythematosus (SLE): Phase III international multicenter clinical research is ready [5]. - Myasthenia Gravis (MG): Continuous enrollment in Phase III [5]. 3. **RC48 in China** - Urothelial Carcinoma (UC): Phase III for first-line combination therapy is complete, with normal progress in medication and follow-up [6]. - Gastric Cancer (GC): Phase III for first-line combination therapy has started, with patient enrollment underway [6]. 4. **Other Pipeline Developments** - RC88: Phase II clinical trial for advanced malignant solid tumors has completed enrollment [10]. - RC148: Observed good efficacy and safety in single-agent clinical exploration, with ongoing Phase II trials for advanced lung cancer [11]. - RC278: ADC drug using next-generation conjugation technology for various solid tumors [12]. - RC28: Phase III clinical trials for diabetic macular edema (DME) and wet age-related macular degeneration (wAMD) have completed enrollment [13].

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，並明確表示概不就因本公告全部或任何部分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。 Shanghai Henlius Biotech, Inc. 上海復宏漢霖生物技術股份有限公司 本公告由上海復宏漢霖生物技術股份有限公司（「本公司」）自願作出，以告知 本公司股東及潛在投資者本公司最新業務更新。 茲提述本公司於2020年10月15日及2023年2月22日刊發的公告，內容有關本 公司將漢貝泰® （貝伐珠單抗注射液）於全球範圍眼科治療用途和/或療法的獨 家權利許可給Essex Bio-Investment Limited及珠海億勝生物製藥有限公司（合 稱「Essex」），並約定與Essex共同開發相關產品。本公司和Essex將分別承擔 20%及80%與相關產品開發活動有關的成本及開支。 本公司董事會（「董事會」）欣然宣佈，近日，重組抗VEGF人源化單克隆抗 體注射液HLX04-O（「HLX04-O」）在一項於濕性年齡相關性黃斑變性(wet age-related macular degener ...