Investment Rating - The report does not specify a clear investment rating for Rongchang Biopharmaceutical (688331) [1] Core Insights - Rongchang Biopharmaceutical achieved a revenue of 3.251 billion yuan in 2025, representing a growth of 89.36% compared to the previous year, and net profit turned positive at 709.65 million yuan [7] - The company successfully licensed multiple key products, showcasing its strong R&D capabilities, including a $5.6 billion licensing agreement with AbbVie for RC148 [7] - The company is advancing several clinical studies for its products, including RC148 and Taitasip, with significant milestones achieved in various indications [7] Financial Summary - **Revenue Forecast**: Expected revenues for 2026, 2027, and 2028 are 2.82094 billion yuan, 3.91123 billion yuan, and 6.48208 billion yuan respectively [2][10] - **Net Profit Forecast**: Projected net profits for the same years are -300.76 million yuan, -124.27 million yuan, and 659.80 million yuan respectively [2][10] - **Earnings Per Share (EPS)**: EPS is expected to be -0.53 yuan in 2026, -0.22 yuan in 2027, and 1.17 yuan in 2028 [2][10] - **Return on Equity (ROE)**: ROE is projected to be -9.09% in 2026, -3.90% in 2027, and 17.17% in 2028 [2][10] - **Price-to-Earnings (PE) Ratio**: PE is expected to be -231.94 in 2026, -561.35 in 2027, and 105.73 in 2028 [2][10] - **Price-to-Book (PB) Ratio**: PB is projected to be 21.09 in 2026, 21.91 in 2027, and 18.15 in 2028 [2][10] Product Development and Licensing - **RC148**: The company is conducting multiple Phase II/III studies, with significant progress in clinical trials for non-small cell lung cancer (NSCLC) and colorectal cancer [7] - **Taitasip**: Successfully licensed to Vor Bio for indications including myasthenia gravis, with potential milestone payments reaching up to $4.105 billion [7] - **Vidisizumab**: Expanding indications for breast cancer and urothelial carcinoma, with recent approvals and submissions for new drug applications [7] Market Share Projections - **Taitasip**: Expected market shares for systemic lupus erythematosus (SLE) are projected at 12.3%, 13.3%, and 13.8% from 2026 to 2028 [8] - **Vidisizumab**: Anticipated market shares for gastric cancer and urothelial carcinoma are projected at 25%, 24%, and 24% from 2026 to 2028 [9]

Group 1: BYD Company Limited (1211 HK) - The company reported revenue of CNY 237.7 billion and net profit of CNY 9.29 billion for Q4 2025, with a gross margin under pressure at 17.4% due to industry competition, but strict cost control ensured a solid profit base [1] - Future growth is expected to be driven by the new generation of hybrid technology and ramping up production capacity overseas in Southeast Asia, Latin America, and Europe, enhancing profit margins [1] - The target price has been raised to HKD 138.53, reflecting a potential upside of 30.9%, with EPS forecasts for 2026-27 increased by 7.1% and 8.8% respectively [1] Group 2: China National Heavy Duty Truck Group (3808 HK) - The company achieved revenue of CNY 58.7 billion in the second half of 2025, a year-on-year increase of 27%, and net profit of CNY 3.59 billion, up 40% year-on-year, with a significant reduction in expense ratio to 8.4% [3] - Geopolitical uncertainties have increased demand for land transportation in the Middle East, coupled with the cost-performance advantage of domestic heavy trucks, serving as core growth catalysts [3] - The target price has been raised to HKD 45.80, maintaining a buy rating, with expectations for profits to reach CNY 8.6 billion in 2026 [3] Group 3: Weichai Power Co., Ltd. (2338 HK) - The company faced short-term pressure on earnings due to main business concessions and impairments, but the underlying profit structure has significantly improved [4] - High-margin large bore engines and a surge in sales of AIDC-compatible power sources have demonstrated strong pricing power, with North American orders extending to 2028 [4] - The target price has been adjusted to HKD 31.30, maintaining a buy rating as the company transitions from a traditional commercial vehicle cycle stock to a global core supplier of power sources [4] Group 4: EVE Energy Co., Ltd. (300014 CH) - The company reported a revenue of CNY 61.47 billion for 2025, a year-on-year increase of 26.4%, with a net profit of CNY 4.13 billion, up 1.4% year-on-year [6] - The fourth quarter saw improved profitability due to increased capacity utilization and price increases for certain energy storage products, with gross and net profit margins at 16.8% and 8.0% respectively [6] - The target price remains at CNY 94.74, with a buy rating, as the company accelerates overseas capacity expansion [6] Group 5: Great Wall Motors (2333 HK) - The company achieved revenue of CNY 222.82 billion in 2025, a year-on-year increase of 10.2%, but net profit fell to CNY 9.87 billion, down 22.1% year-on-year due to increased marketing expenses [7] - The launch of the AI "Guiyuan" platform and ramping up production at the Brazil factory are expected to drive performance recovery in 2026 [7] - The target price has been lowered to HKD 17.50, maintaining a buy rating due to the company's strong pricing power in the off-road segment [7] Group 6: Rongchang Biopharmaceutical (9995 HK) - The company is expected to achieve breakeven in 2026, with product sales revenue for 2025 projected to increase by 35.8% to CNY 2.307 billion [8] - The sales of key products like Taitasip and Vidisizumab are expected to contribute significantly to revenue growth, with management forecasting over 25% growth in 2026 [8] - The target price is set at HKD 136.00, maintaining a buy rating as the company rapidly iterates its technology pipeline [8] Group 7: Innovent Biologics (1801 HK) - The company reported a 45% year-on-year increase in product revenue to CNY 11.9 billion for 2025, with the addition of seven innovative drug products [10] - The sales of the drug Ma Shidu Peptide are expected to reach CNY 1.8 billion in 2026, becoming a key growth driver [10] - The target price is set at HKD 105.00, maintaining a buy rating as the company expands its commercial product portfolio [10]

Investment Rating - The investment rating for the company is "Buy" for both A-shares and H-shares, maintained from previous assessments [6][8]. Core Insights - The company reported a significant revenue increase of 89.4% year-over-year, reaching 3.251 billion RMB for the fiscal year 2025, with a return to profitability reflected in a net profit of 0.71 billion RMB [1]. - The growth is driven by both internal sales and business development (BD), with expectations for continued revenue growth in 2026, supported by new product approvals and stable sales momentum [2]. - The company has promising clinical development pipelines, particularly with RC148, which has shown superior efficacy in early trials compared to existing treatments, and is expected to advance into global Phase III trials [3][4]. - The operational quality is improving, with a gross margin of 84.3% in 2025, and a positive cash flow trend indicating better financial health [5]. Summary by Sections Financial Performance - Revenue for 2025 was 3.251 billion RMB, with a year-over-year growth of 89.4%. The net profit was 0.71 billion RMB, marking a turnaround from previous losses [1][12]. - The company expects revenue to reach approximately 7.702 billion RMB in 2026, driven by the sales of core products and BD income [2][13]. Product Pipeline and Development - The company is advancing its product pipeline, with multiple Phase III clinical trials expected to start in 2026, including new indications for its key products [4]. - RC148 has been licensed to AbbVie for 650 million USD upfront, with a total deal value of 5.6 billion USD, highlighting its potential in the oncology market [3]. Operational Efficiency - The gross margin improved to 84.3% in 2025, reflecting enhanced operational efficiency and cost management [5]. - The company reported a positive operating cash flow of 0.05 billion RMB, indicating a shift towards sustainable financial performance [5]. Valuation and Forecast - The target price for A-shares is set at 158.75 RMB, while H-shares are targeted at 143.74 HKD, reflecting an adjusted valuation based on updated forecasts [6][16]. - The estimated net profit for 2026 is projected at 4.238 billion RMB, with further growth anticipated in subsequent years [12][13].

Core Viewpoint - Rongchang Biologics has achieved a significant turnaround in its financial performance, reporting a revenue of 3.251 billion yuan in 2025, a year-on-year increase of 89.36%, and a net profit of 710 million yuan, marking its first profit since going public [1][4]. Financial Performance - The company’s revenue grew from 1.717 billion yuan in 2024 to 3.251 billion yuan in 2025, while the net profit reached 710 million yuan, a substantial recovery from a net loss of 1.468 billion yuan in the previous year [4]. - The net profit increased by 148.33% year-on-year, indicating a strong recovery in profitability [4]. Product Performance - Rongchang Biologics has two core products, Taitasip and Vidisizumab, which have seen rapid sales growth in the domestic market, contributing significantly to the company's revenue [3][4]. - Taitasip, a dual-target fusion protein, achieved sales of 2.255 million units in 2025, a 47.92% increase year-on-year, while Vidisizumab, an original ADC drug, sold 301,900 units, up 27.31% [4]. Market Dynamics - The inclusion of Taitasip and Vidisizumab in the national medical insurance directory has been a crucial factor in their sales growth, allowing for rapid market penetration [5]. - The company’s sales expenses increased by 17.15% to 1.111 billion yuan, significantly lower than the revenue growth rate, indicating improved operational efficiency [5]. International Expansion - In 2025, the company reported overseas revenue of 970 million yuan, a staggering increase of 8715.07%, with a gross margin of 94.92%, reflecting the success of its globalization strategy [7]. - The company has signed three major overseas deals, including a significant licensing agreement with Vor Bio, which could yield up to 4.23 billion USD in total payments [7][8]. Research and Development - Despite a 20.85% decrease in R&D expenses to 1.219 billion yuan, the company maintained a high level of investment, with a focus on enhancing R&D efficiency [5][11]. - The company has established five core technology platforms and has a robust pipeline, with multiple products advancing through clinical trials [10][11]. Future Outlook - The company plans to continue focusing on R&D innovation as a core driver for growth, with an emphasis on optimizing its pipeline and accelerating the transition of new molecules to clinical trial stages [11].

Investment Rating - The investment rating for the company is "Buy" for both A-shares and H-shares, with target prices set at RMB 158.75 and HKD 143.74 respectively [6][8]. Core Insights - The company reported a significant revenue increase of 89.4% year-on-year, reaching RMB 3.251 billion for the fiscal year 2025, with a turnaround to profitability reflected in a net profit of RMB 0.71 billion [1]. - The growth is driven by both internal sales and business development (BD), with expectations for continued revenue growth in 2026, supported by new product approvals and stable sales momentum [2][4]. - The company has promising clinical development pipelines, particularly with RC148, which has shown superior efficacy in early trials compared to existing treatments, and is expected to advance into global Phase III trials [3][4]. Summary by Sections Financial Performance - For 2025, the company achieved a gross margin of 84.3%, an increase of 3.7 percentage points year-on-year, with operational cash flow turning positive at RMB 0.5 billion [5]. - The projected revenue for 2026 is RMB 7.702 billion, with a net profit forecast of RMB 4.238 billion, reflecting a substantial increase from 2025 [12][13]. Product Pipeline and Development - The company is advancing its clinical trials, with multiple Phase III studies expected to start in 2026 for various indications, including IgAN and pSS [4]. - RC148's partnership with AbbVie is expected to enhance its ADC+IO strategy, with significant milestones anticipated in the near future [3]. Market Position and Sales Strategy - The core products, including 泰它西普 and 维迪西妥单抗, are projected to generate revenues of approximately RMB 14 billion and RMB 9 billion respectively by the end of 2025, with manageable price reductions in insurance renewals [2]. - The company is also expected to confirm new BD revenues from upcoming product launches and licensing agreements, further supporting its growth trajectory [2].

Macro Insights - The balance between growth and inflation in the US has worsened due to high oil prices from the US-Iran conflict, impacting economic growth and raising inflation expectations [3][4] - March economic growth in the US showed slight weakness, with declines in consumer spending and business investment, alongside a weak real estate market [3] - The US labor market is showing signs of cooling, with February non-farm payrolls and broad employment data indicating a slowdown [3] Oil Market Impact - High oil prices are beginning to drag on global demand, with March composite PMIs for the US, Europe, and Japan falling short of expectations [4] - The geopolitical situation in the Middle East remains uncertain, with ongoing concerns about the long-term risks of the US-Iran conflict [4] Investment Strategy - Investors are advised to maintain a cautious approach, reducing exposure to sectors heavily reliant on external demand, particularly in Europe and Asia [4] - There is a recommendation to increase allocations in domestic consumption sectors, particularly essential and service consumption, which show resilience [4] Energy Sector Analysis - The report highlights the potential for the lithium battery supply chain to improve in April, with production expected to increase across various components [10] - The demand for lithium batteries is supported by the rapid increase in domestic passenger vehicle battery capacity and strong commercial vehicle penetration [10] Nuclear Energy Outlook - The ongoing Middle East conflict is expected to positively influence global nuclear power policies, with countries likely to accelerate nuclear power station restarts to mitigate LNG supply chain disruptions [11] - The dual reinforcement of supply and demand logic for natural uranium is anticipated due to the conflict, highlighting the importance of monitoring supply chain dynamics [11] Company Performance Highlights - Rongchang Bio reported a revenue of 3.251 billion yuan for 2025, a year-on-year increase of 89.4%, with a return to profitability [17] - Sutech reported a revenue of 1.941 billion yuan for 2025, a year-on-year increase of 17.7%, with a significant reduction in losses compared to the previous year [18] - Muyuan Foods achieved a revenue of 144.145 billion yuan in 2025, a 4.49% increase, despite a decline in net profit due to falling pig prices [19] Market Trends - The report indicates a cautious outlook for the fixed income market, with expectations of continued volatility due to geopolitical tensions and inflation concerns [7][14] - The energy sector remains a focal point for investment, with recommendations to focus on companies with strong pricing power in the context of high oil prices [5]

Market Strategy - The market is expected to maintain a volatile bottoming phase, with a focus on buying into high-growth performance sectors [5][11] - The overall market sentiment remains cautious due to external uncertainties, particularly geopolitical tensions in the Middle East, which may suppress market risk appetite [11] - Earnings reports due by the end of April are anticipated to significantly influence market trends, with high-valuation sectors facing potential pressure [11] Economic Insights - In January and February 2026, profits of large-scale industrial enterprises in China grew by 15.2%, totaling 10,245.6 billion yuan [17][18] - State-owned enterprises reported a profit of 3,665.6 billion yuan, a 5.3% increase, while private enterprises saw a 37.2% increase to 2,844.5 billion yuan [18] - The mining sector's profits increased by 9.9%, while the manufacturing sector's profits rose by 18.9% [18] Industry Dynamics - The semiconductor discrete device industry experienced a profit growth of 130.5% in the first two months of 2026 [28] - The U.S. has initiated a 337 investigation into TOPCon solar cell products, affecting several major Chinese manufacturers [26][27] - Guangdong province is optimizing housing provident fund policies to support housing consumption, particularly for families with multiple children [30] Company Updates - Rongchang Bio (688331.SH) reported a revenue of 3.251 billion yuan for 2025, a year-on-year increase of 89.36%, with a net profit of 710 million yuan [33] - Guotou Zhonglu (600962.SH) achieved a net profit of 41 million yuan in 2025, up 39.88% year-on-year [35] - Andeli (605198.SH) reported a net profit of 330 million yuan for 2025, reflecting a 26.71% increase [37] - Muyuan Foods (002714.SZ) reported a net profit of 15.487 billion yuan for 2025, a decline of 13.39% year-on-year due to falling pig prices [40] - Dingtai High-Tech (301377.SZ) plans to invest 5 billion yuan in a smart manufacturing headquarters project, with a revenue increase of 35.70% in 2025 [43][44]

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。 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 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 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 年年度报告摘要 荣昌生物制药（烟台）股份有限公司 2025 年年度报告摘要 第一节 重要提示 1、 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 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； ...

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 Insights - Rongchang Biologics reported a revenue of RMB 3.242 billion for the year ending December 31, 2025, representing a year-on-year increase of 89.55% [2] - The company achieved a net profit attributable to shareholders of RMB 710 million, a significant turnaround from a loss of RMB 1.468 billion in the previous year [2] - Earnings per share stood at RMB 1.29 [2] Product Performance - The product sales revenue for the year was approximately RMB 2.307 billion, up 35.8% from RMB 1.699 billion in the previous year, driven by strong sales of its immunotherapy product Tai'aisip (RC18) and anti-tumor product Aidexi (RC48) [2] - Tai'aisip, the world's first innovative dual-target biologic for SLE treatment, was approved for sale in March 2021 and included in the national medical insurance drug list in December 2021, with successful renewals in 2023 and 2025 [2] - As of December 31, 2025, Tai'aisip has been approved for use in over 1,200 hospitals [2] Market Access and Strategy - Aidexi was approved for sale in June 2021 and included in the national medical insurance drug list for treating HER2-positive advanced gastric cancer by the end of 2021, with additional indications for HER2-positive urothelial carcinoma added in January 2023 [3] - Aidexi has also successfully renewed its inclusion in the medical insurance list for both indications by the end of 2025, with approval for use in over 1,050 hospitals [3] - The company plans to enhance product accessibility through targeted marketing strategies, engaging with key opinion leaders and physicians to establish a strong market presence and differentiate its products [3]