Financial Data and Key Metrics Changes - In 2025, the company reported total revenue of CNY 2.06 billion, a 6.5% increase compared to the previous year, with commercialized revenue at CNY 540 million [45][46] - Gross margin increased by 16.1% to CNY 1.47 billion, benefiting from a favorable income mix [46][47] - Total loss for the year was CNY 380 million, slightly higher than the previous year, attributed to increased marketing and sales expenses due to the first year of commercialization [47][48] Business Line Data and Key Metrics Changes - The company has four products launched with multiple indications, marking the first year of complete commercialization [22][31] - The commercialization team has expanded to nearly 600 people, covering over 300 cities and 1,200 medical institutions in China [12][22] - The company has successfully included three products in the national reimbursement catalog (NRDL) [27][28] Market Data and Key Metrics Changes - The company has established partnerships with major distributors, accounting for 90% of its business, and expanded its presence in over 400 professional pharmacies [28][29] - The commercialization strategy focuses on brand building and expanding access to hospitals and pharmacies, with a goal to double sales in 2026 [22][67] Company Strategy and Development Direction - The company aims to advance its differentiated pipeline and address unmet clinical needs while optimizing its ADC platform [20][64] - Strategic collaborations are emphasized to enhance the value of the pipeline and expand commercial partnerships globally [10][20] - The focus is on developing new targets and integrating ADC with immunotherapy for enhanced efficacy [17][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving significant growth in commercialization, particularly after successful NRDL negotiations [68] - The company anticipates that NRDL revenue will account for over 80% of total revenue in the coming year [67] - The management highlighted the importance of building a strong commercial team to navigate the competitive landscape [22][68] Other Important Information - The company has a robust pipeline with over 30 R&D projects, including several in clinical development stages [6][10] - The company raised $250 million through H-share placement in 2025, enhancing its cash reserves to CNY 4.6 billion [13][52] Q&A Session Questions and Answers Question: What is the timeline for data availability on first-line lung cancer trials? - Management indicated that data for the first-line trials may be available by Q4 this year during the ASCO meeting [55][59] Question: What is the expected revenue from licensing and how does it relate to R&D expenses? - Management clarified that licensing revenue is accounted for differently and does not correspond directly to R&D expenses [70] Question: How will the staffing for breast cancer and lung cancer teams be adjusted? - The company plans to increase staffing for the lung cancer team due to its larger patient population, while maintaining a separate focus for breast cancer [72]

Financial Data and Key Metrics Changes - In 2025, the company reported total revenue of CNY 2.06 billion, a 6.5% increase compared to the previous year, with commercialized revenue at CNY 540 million [42][43] - Gross margin increased by 16.1% to CNY 1.47 billion, outpacing revenue growth due to a favorable income mix [43][44] - Total loss for the year was CNY 380 million, slightly higher than the previous year, attributed to increased marketing and sales expenses during the first year of commercialization [44][45] Business Line Data and Key Metrics Changes - The company has four launched products with multiple indications, including TROP-2 ADC and HER2 ADC, which have been successfully included in the national reimbursement catalog [4][10] - The commercialization team has expanded to nearly 600 people, covering over 300 cities and 1,200 medical institutions in China [11][19] - The company has over 30 R&D projects, with 10+ in clinical development stages and one in NDA [4][5] Market Data and Key Metrics Changes - The company has established partnerships for global phase III clinical trials, covering various cancers, including lung and breast cancer [8][9] - The commercialization efforts have led to positive prescriptions and recognition from international and domestic experts, with over 1,200 academic meetings held in 2025 [20][21] - The company is focusing on expanding its market access through national channels and professional pharmacies, with a significant increase in pharmacy coverage [25][26] Company Strategy and Development Direction - The company aims to advance its differentiated pipeline and address unmet clinical needs, focusing on innovative drug development and commercialization strategies [18][59] - There is a strong emphasis on international collaboration and partnerships to maximize the value of the pipeline and expand business footprints outside China [8][18] - The strategy includes a focus on combination therapies and expanding ADC technology to non-oncology diseases [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the commercialization efforts, anticipating a doubling of sales in 2026 compared to 2025 [62] - The company is optimistic about the inclusion of more products in the NRDL, which is expected to significantly boost revenue [60][61] - Management highlighted the importance of building a strong commercial team to navigate the competitive landscape and ensure successful market access [19][21] Other Important Information - The company raised $250 million through H-share placement in 2025, contributing to a significant increase in cash reserves [49] - The total assets reached close to CNY 6 billion, a 40% increase from the previous year, with cash and financial assets amounting to CNY 4.6 billion [48][49] - The company has made significant progress in clinical trials, with multiple studies showing promising results for various cancer treatments [28][29] Q&A Session Summary Question: What is the expected timeline for data readouts from ongoing clinical trials? - Management indicated that data for first-line lung cancer trials is expected to be available by Q4 this year, with ongoing studies showing promising results [51][52] Question: How does the company view the impact of NRDL price adjustments on revenue? - The CFO clarified that the revenue reported includes adjustments related to NRDL pricing, and the actual revenue before adjustments would be higher [51][52] Question: What are the sales expectations for products not yet included in NRDL? - Management expressed optimism for A140, anticipating rapid ramp-up post-hospital listing, while A166 will require a differentiated pricing strategy due to market competition [67][70]

Core Viewpoint - Rongchang Biopharmaceutical (688331) has received approval from the National Medical Products Administration for the new indication of Vedisizumab (brand name: Aidiqi) to treat HER2 low-expressing breast cancer with liver metastasis, marking the fourth approved indication for this drug in China [1] Group 1 - The approval of the new indication enhances the market competitiveness of Vedisizumab [1]

2025 ANNUAL RESULTS PRESENTATION 2025年度业绩演示材 料 MARCH 2026 202 6年 3月 1 DISCLAIMER 免责声明 The information contained in this presentation is intended solely for your personal reference. Such information is subject to change without notice and no representation or warranty express or implied is made as to, and no reliance, should be placed on, the fairness, accuracy, completeness or correctness of the information contained in this presentation. This presentation does not intend to provide, and you may not rely on ...

Core Viewpoint - Rongchang Biopharmaceutical has received approval from the National Medical Products Administration for the new indication of Vidixtumab (brand name: Aidiqi®) for the treatment of HER2 low-expressing breast cancer with liver metastasis, marking the fourth approved indication for this drug in China [1] Group 1 - The new indication is applicable to adult patients with unresectable or metastatic HER2 low-expressing breast cancer who have previously received at least one systemic treatment during the metastatic disease stage, or who have relapsed within 12 months after adjuvant chemotherapy [1] - Vidixtumab is the first original antibody-drug conjugate (ADC) developed independently by the company, targeting the HER2 protein on tumor surfaces, and has shown leading clinical data in trials for gastric and breast cancers [1] - The approval of this new indication is expected to further enhance the market competitiveness of Vidixtumab [1]

Core Viewpoint - Rongchang Biopharmaceutical (09995) has received approval from the National Medical Products Administration of China for the drug registration certificate of Vedisituzumab (RC48), which is now approved for a new indication in treating HER2 low-expressing breast cancer with liver metastasis [1][2] Group 1: Drug Approval Details - The new indication is for adult breast cancer patients with unresectable or metastatic HER2 low-expressing (IHC 1+ or IHC 2+/ISH-) who have previously received at least one systemic treatment during the metastatic disease stage or have relapsed within 12 months after completing adjuvant chemotherapy [1] - This approval is based on data from a randomized, open-label, parallel-controlled, multi-center Phase III clinical trial (RC48-C012) conducted in China, which demonstrated good efficacy and safety for Vedisituzumab in this specific patient population [1] Group 2: Product Background - Vedisituzumab is the first original ADC independently developed in China, targeting the HER2 protein on tumor cells, and has achieved world-leading clinical data in trials for gastric cancer, urothelial carcinoma, and breast cancer [2] - With this latest approval, Vedisituzumab is now approved for four indications in China: HER2 overexpressing locally advanced or metastatic gastric cancer; HER2 overexpressing locally advanced or metastatic urothelial carcinoma; HER2 positive with liver metastasis in advanced breast cancer; and HER2 low-expressing with liver metastasis in breast cancer [2]

Core Viewpoint - Rongchang Biopharmaceutical (09995) has received approval from the National Medical Products Administration of China for the drug registration certificate of Vidixtimab (RC48), which is now approved for a new indication in treating HER2 low-expressing breast cancer with liver metastasis [1][2] Group 1 - The new indication is for adult breast cancer patients with unresectable or metastatic HER2 low-expressing (IHC 1+ or IHC 2+/ISH-) tumors who have previously received at least one systemic treatment during the metastatic disease stage or have relapsed within 12 months after adjuvant chemotherapy [1] - This approval is based on data from a randomized, open-label, parallel-controlled, multi-center Phase III clinical trial (RC48-C012) conducted in China, which demonstrated good efficacy and safety for Vidixtimab in this specific patient population [1] Group 2 - Vidixtimab is the first original ADC independently developed in China, targeting the HER2 protein on tumor cells, and has achieved world-leading clinical data in trials for gastric cancer, urothelial carcinoma, and breast cancer [2] - With this latest approval, Vidixtimab is now approved for four indications in China: HER2 overexpressing locally advanced or metastatic gastric cancer; HER2 overexpressing locally advanced or metastatic urothelial carcinoma; HER2 positive with liver metastasis in advanced breast cancer; and HER2 low-expressing with liver metastasis in breast cancer [2]

Core Viewpoint - Rongchang Biopharmaceutical (09995.HK) has received approval from the National Medical Products Administration of China for the drug registration certificate of Vidisichan (RC48), marking the fourth indication approved for this drug in the domestic market [1] Group 1 - The new indication is for the treatment of adult breast cancer patients with low HER2 expression (IHC1+ or IHC2+/ISH-) and liver metastasis, who have previously received at least one systemic treatment during the metastatic disease stage or have relapsed within 12 months after adjuvant chemotherapy [1] - The approval is based on data from a randomized, open-label, parallel-controlled, multi-center Phase III clinical trial (RC48-C012) conducted in China, which demonstrated good efficacy and safety of Vidisichan for this specific patient population [1]

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） 自願公告 批准維迪西妥單抗用於治療HER2低表達且 存在肝轉移的乳腺癌適應症上市申請 本公告乃由榮昌生物製藥（煙台）股份有限公司（「本公司」）自願作出。 本公司董事會（「董事會」）欣然宣佈，本公司已收到中國國家藥品監督管理局（「中 國藥監局」）核准簽發的藥品註冊證書。維迪西妥單抗（代號：RC48，商品名：愛 地希®，批准文號：國藥准字S20210017，證書編號：2026S00808）用於治療HER2 低表達且存在肝轉移的乳腺癌的新適應症上市申請獲得批准。這是維迪西妥單抗 在國內獲批的第四項適應症。 於本公告日期，本公司董事會成員包括執行董事王威東先生、房健民博士、 溫慶凱先生及林健先生；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 ...

Core Viewpoint - Rongchang Biopharmaceutical has received approval from the National Medical Products Administration for the new indication of its drug, RC48 (brand name: Aidiqi®), for the treatment of HER2 low-expressing breast cancer with liver metastasis, marking the fourth approved indication for this drug in China [1] Company Summary - RC48 is the first original antibody-drug conjugate (ADC) developed independently by Rongchang Biopharmaceutical [1] - The drug has been approved for four indications: treatment of HER2 overexpressing locally advanced or metastatic gastric cancer, HER2 overexpressing locally advanced or metastatic urothelial carcinoma, HER2 positive with liver metastasis advanced breast cancer, and HER2 low-expressing with liver metastasis breast cancer [1]