Core Insights - Rongchang Biopharmaceutical (688331.SH) reported a significant increase in revenue for the first half of 2025, achieving 1.098 billion yuan, a year-on-year growth of 48.02% [1][3] - The company recorded a net loss attributable to shareholders of 450 million yuan, an improvement from a loss of 780 million yuan in the same period last year [1][3] - The net cash flow from operating activities was -246 million yuan, also showing improvement from -820 million yuan year-on-year [1][3] Financial Performance - Revenue for the first half of 2025 was 1,097,953,438.31 yuan, compared to 741,756,779.89 yuan in the previous year, marking a 48.02% increase [3] - The net profit attributable to shareholders was -449,568,663.07 yuan, improving from -780,459,767.69 yuan in the previous year [3] - The net cash flow from operating activities was -245,539,255.27 yuan, compared to -820,169,537.32 yuan in the previous year [3] Historical Financial Data - In the years 2022, 2023, and 2024, the net profit attributable to shareholders was -999 million yuan, -1.511 billion yuan, and -1.468 billion yuan respectively [4] - The net profit after deducting non-recurring gains and losses for the same years was -1.117 billion yuan, -1.543 billion yuan, and -1.507 billion yuan respectively [4] Capital Raising Activities - Rongchang Biopharmaceutical raised a total of 2.612 billion yuan through its initial public offering, with a net amount of 2.506 billion yuan after expenses [5] - The company plans to use the funds for various projects, including new drug development and working capital [5] - In 2024, the company announced a plan to raise up to 1.952 billion yuan through a private placement of A-shares, with proceeds intended for new drug research and development [5] H-share Issuance - On May 30, 2025, the company completed the issuance of H-shares, raising approximately 806.36 million HKD [5][6] - The net proceeds from the H-share issuance will primarily be used for the research and development of the core product, RC18, and its indications [6] - Following the issuance, the total number of H-shares increased from 189,581,239 to 208,581,239, while the number of A-shares remained unchanged at 355,027,004 [7]

Group 1 - The company, Rongchang Biopharma (09995.HK), has entered into a placement agreement with Morgan Stanley and Huatai International to issue 19 million new H-shares at a placement price of HKD 42.44, which represents a discount of approximately 9.51% compared to the closing price of HKD 46.90 on May 21 [1] - The placement shares will account for about 10.02% of the existing issued H-shares and approximately 3.49% of the total issued shares as of the announcement date [1] - Assuming no other changes in the issued share capital, the placement shares will represent about 9.11% of the enlarged issued H-shares and approximately 3.37% of the total issued shares after the placement [1] Group 2 - The total estimated proceeds from the placement are approximately HKD 806 million, with net proceeds expected to be around HKD 796 million after deducting commissions and estimated expenses [2] - The company plans to use the net proceeds for the expansion of its core product, RC18, into key indications such as myasthenia gravis, membranous nephropathy, and for general corporate purposes [2]