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，並表明概不就因本公告全部或任何部份內容而產生或因依賴該等 內容而引致的任何損失承擔任何責任。 RemeGen Co., Ltd.* 榮 昌 生 物 製 藥（ 煙 台 ）股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9995） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條由榮昌生物製藥 （煙台）股份有限公司（「本公司」）作出。 茲載列本公司於上海證券交易所網站刊登公告如下，僅供參閱。 承董事會命 榮昌生物製藥（煙台）股份有限公司 董事長兼執行董事 王威東先生 中國煙台 2026年3月27日 於本公告日期，董事會成員包括執行董事王威東先生、房健民博士、林健先生及 溫慶凱先生；非執行董事王荔強博士及蘇曉迪博士；及獨立非執行董事郝先經先 生、陳雲金先生及黃國濱先生。 * 僅供識別 荣昌生物制药（烟台）股份有限公司 2025 年年度报告 公司代码：688331 公司简称：荣昌生物 荣昌生物制药（烟台）股份有限公司 2025 年年度报告 1 / 2 ...

Core Viewpoint - The company is a global innovative biopharmaceutical enterprise focused on the discovery, development, and commercialization of antibody-based therapies, aiming to address unmet clinical needs in various disease areas, including autoimmune diseases and cancers [2][3][29]. Company Overview - The company specializes in antibody-drug conjugates (ADC), antibody fusion proteins, and monoclonal antibodies, targeting first-in-class and best-in-class biopharmaceuticals to provide effective clinical solutions [2][3]. - The company has established three R&D centers in Yantai, Shanghai, and California, focusing on preclinical development and clinical trials [26]. Research and Development Pipeline - The company has a robust R&D pipeline, including products like RC18 (Tai'aisip), a first-in-class dual-target fusion protein for autoimmune diseases, and RC48 (Vidisicimab), an ADC targeting HER2 for various cancers [3][13]. - As of the reporting period, RC148, a bispecific antibody targeting PD-1 and VEGF, has received breakthrough therapy designation for non-small cell lung cancer (NSCLC) [24]. Product Progress - Tai'aisip has received conditional approval for systemic lupus erythematosus, myasthenia gravis, and rheumatoid arthritis in China, with ongoing clinical trials for additional indications [4][5][8]. - Vidisicimab has shown promising results in clinical trials for bladder cancer and gastric cancer, achieving high objective response rates and significant survival benefits compared to traditional therapies [15][17][20]. Industry Context - The biopharmaceutical industry is characterized by continuous breakthroughs in biotechnology, leading to the development of targeted therapies that address previously untreatable diseases [29]. - The industry is experiencing growth driven by advancements in drug discovery capabilities and the increasing demand for innovative treatments [29].

Group 1: Industry Overview - The Chinese traditional medicine industry is experiencing a performance recovery, with several leading companies like Yiling and Jiangzhong releasing positive profit growth signals due to marketing reforms, product structure optimization, and cost improvements [1] - Policies such as "Opinions on Improving the Quality of Traditional Chinese Medicine" are creating market opportunities for compliant enterprises, while demographic trends like aging population and the consumption upgrade from Generation Z are driving demand [1] - The population aged 78 and above in China is projected to increase from 32-33 million to 360 million in 25 years, indicating a strong and sustained demand for conservative treatments for chronic diseases [1] Group 2: Company Performance - Tianshili's forecast for 2025 indicates a net profit of 1.105 billion yuan, representing a year-on-year increase of 15.68% [1] - In the first three quarters, Tianshili's pharmaceutical industrial revenue reached 5.709 billion yuan, maintaining stability, with a net profit of 984 million yuan, reflecting a year-on-year growth of 16.88% [2] - The cardiovascular/metabolism segment generated 3.186 billion yuan in revenue during the same period, showing a slight year-on-year growth of 1.16% [2] Group 3: Innovation and Strategic Development - After becoming a member of China Resources Sanjiu, Tianshili has successfully completed a hundred-day integration process, focusing on value, business, organizational, and spiritual restructuring [3] - Tianshili is positioned as the "innovation-driven" wing of the "one body, two wings" strategy, with 31 innovative drugs currently in the research pipeline, including nearly 20 products in late-stage clinical trials [3] - Analysts believe Tianshili's focus on three core disease areas and its rich R&D pipeline present opportunities for value reassessment, with expectations for stable growth in its main business as new products are approved and launched [3]

Core Insights - The Suzhou Industrial Park has successfully nurtured the Suzhou Biopharmaceutical Industry Park (BioBAY), which has become a hub for over 620 biopharmaceutical high-tech innovation companies, including Innovent Biologics [2][3] - Innovent Biologics aims to develop high-quality biopharmaceuticals that are affordable for the public, with a focus on innovative drugs and biologics [3][4] - The company has seen significant revenue growth, with pharmaceutical sales projected to increase by 43.64% to 8.228 billion yuan in 2024 [4] Group 1: Company Development and Strategy - Innovent Biologics was founded in 2011 by Dr. Yu Dechao, who received substantial support from the Suzhou government, including land and funding for R&D facilities [3][5] - The company has categorized its growth into three phases: "in China, for China," "in China, for Global," and "in Global, for Global," with the current focus on global market expansion [5][6] - Innovent has established over 30 strategic partnerships with international firms, including Eli Lilly, with total collaboration amounts exceeding $2.5 billion [6][8] Group 2: Globalization and Market Entry - Innovent's first product to enter the overseas market was the biosimilar Bevacizumab, approved in Indonesia, marking a successful license-out strategy [10][11] - The company faces challenges in entering foreign markets, such as the need for local clinical trial data to satisfy regulatory requirements, as seen in the case of its PD-1 inhibitor [12][13] - Innovent emphasizes the importance of high-quality products and compliance with international standards to facilitate global partnerships [9][22] Group 3: Supply Chain and Risk Management - The company is increasingly aware of supply chain risks, particularly regarding the reliance on overseas materials and geopolitical factors affecting stability and costs [15][16] - Innovent is exploring domestic alternatives to reduce dependency on foreign suppliers, which can mitigate risks associated with international logistics and tariffs [16][22] - The firm is also focused on patent management to avoid infringement issues when entering international markets, conducting early assessments of overseas patent landscapes [19][22] Group 4: Future Outlook - Innovent aims to achieve two first-in-class products approved globally by 2030, with a clear strategy for international clinical trials and commercialization [18][19] - The company has invested heavily in R&D, with annual expenditures exceeding 1.5 billion yuan from 2020 to 2024, indicating a commitment to innovation and global competitiveness [17][22] - Innovent's global strategy includes establishing R&D centers in key locations, such as California, to leverage local talent and enhance its international presence [19]

Group 1 - The company, Chengdu Kanghong Pharmaceutical Group Co., Ltd., announced that its wholly-owned subsidiary, Chengdu Kanghong Biotechnology Co., Ltd., received a clinical trial supplement application approval notice from the National Medical Products Administration for the drug Kangbaisipu Eye Injection [1][2] - Kangbaisipu Eye Injection is a Class 1 innovative biological drug independently developed by the company, which effectively binds to VEGF in blood and tissues, blocking the signaling pathways that promote neovascularization [2] - The approval allows for the exploration of high-dose Kangbaisipu Eye Injection in clinical applications, which is expected to improve patient compliance and reduce medical burdens [2]

Core Viewpoint - Chengdu Kanghong Pharmaceutical Group Co., Ltd. announced that its wholly-owned subsidiary, Chengdu Kanghong Biotechnology Co., Ltd., received the approval notice for the supplementary application of clinical trials for the drug Kangbaxip (Kangbaxip Eye Injection) from the National Medical Products Administration [1][2]. Group 1: Drug Information - Drug Name: Kangbaxip Eye Injection [3] - Dosage Form: Injection [3] - Indications: Treatment for neovascular (wet) age-related macular degeneration (nAMD) and vision loss due to macular edema secondary to retinal vein occlusion (RVO), including branch retinal vein occlusion (BRVO) and central retinal vein occlusion (CRVO) [1][3]. Group 2: Product Overview - Kangbaxip Eye Injection is a Class 1 biopharmaceutical innovation drug developed independently by Kanghong Biotechnology, possessing complete intellectual property rights [3]. - The product effectively binds to VEGF in blood and tissues, blocking the signaling pathways that promote neovascularization and growth [3]. - This clinical trial aims to explore the application of high-dose Kangbaxip Eye Injection, potentially improving patient compliance and reducing medical burdens [3]. Group 3: Impact on the Company - The uncertainty surrounding the drug's development, clinical trials, review, and approval processes necessitates cautious decision-making by investors [4].

Core Viewpoint - Kanghong Pharmaceutical's subsidiary, Kanghong Biotech, has received approval from the National Medical Products Administration for clinical trials of its innovative drug, Conbercept, which aims to enhance patient compliance and reduce medical burdens [1] Group 1: Drug Approval and Development - Kanghong Biotech's Conbercept is classified as a Class 1 biological innovative drug with complete independent intellectual property rights [1] - The approval includes the acceptance numbers CXSB2500193 and CXSB2500194, allowing the company to conduct clinical trials [1] - This trial represents an exploration of high-dose applications in clinical settings [1] Group 2: Market Implications - The drug has the potential to improve patient medication adherence, which could lead to a reduction in overall healthcare costs [1] - The development and approval processes for pharmaceuticals carry inherent uncertainties, which may impact investor sentiment [1]

Core Viewpoint - Kanghong Pharmaceutical's subsidiary, Chengdu Kanghong Biotechnology Co., has received approval from the National Medical Products Administration for the clinical trial supplement application of Kangbaxip (Kangbaxip eye injection) [1] Group 1: Product Development - Kangbaxip is a class 1 biopharmaceutical innovation drug developed independently by Kanghong Biotechnology, possessing complete intellectual property rights [1] - The drug effectively binds with VEGF in blood and tissues, blocking the signaling pathways that promote neovascularization and growth [1] Group 2: Clinical Application - The current approval marks an exploration of high-dose Kangbaxip eye injection in clinical applications, which is expected to enhance patient medication adherence and reduce medical burden [1]

Core Viewpoint - Kanghong Pharmaceutical's subsidiary, Chengdu Kanghong Biotechnology Co., has received approval from the National Medical Products Administration for a clinical trial supplement application for its high-dose injection of Conbercept, a first-class biopharmaceutical with independent intellectual property rights [1] Group 1 - The Conbercept eye injection is a self-developed innovative drug that effectively binds to VEGF in blood and tissues, blocking signals that promote neovascularization [1] - The clinical application of high-dose Conbercept is expected to enhance patient compliance and reduce medical burdens [1]

Core Insights - Northeast Pharmaceutical, a subsidiary of Liaoning Fangda Group, is focusing on expanding its business in the pharmaceutical and health sectors through three key initiatives: drug research and innovation, development of health food products, and entry into the beauty industry with functional skincare products [2][3]. Group 1: Pharmaceutical Innovation - The company views research and innovation as its "lifeline" and has established a robust R&D system, successfully launching over 20 new raw materials and formulations in recent years [3]. - The recent approval of the DC-TY0801 injection for clinical trials marks a significant advancement in the company's oncology treatment portfolio, specifically targeting EGFRvIII positive recurrent or progressive high-grade glioma [3]. - The company is also expanding its pipeline with multiple tumor-targeted cell therapy products, enhancing its capabilities in the healthcare service sector [3]. Group 2: Health Food Development - Northeast Pharmaceutical is tapping into the health food market by launching a series of health-oriented biscuits, including products made from traditional Chinese medicinal ingredients [4]. - The biscuits are developed in collaboration with local universities, ensuring adherence to national food safety standards and scientific formulation [4][5]. - The product line includes various flavors designed to meet different health needs, showcasing the integration of traditional health concepts with modern food technology [4][5]. Group 3: Expansion into Beauty Industry - The company has launched a functional skincare brand, "Qifangyuan," which combines pharmaceutical standards with skincare innovation [6]. - The skincare products are developed using pharmaceutical-grade raw materials and undergo rigorous safety and efficacy testing [6]. - This move is part of a broader strategy to diversify and meet the growing demand for comprehensive health services, leveraging the company's expertise in pharmaceuticals [6].