智通财经获悉，荣昌生物(09995)再涨超4%，截至发稿，涨4.17%，报92.4港元，成交额6.25亿港元。 消息面上，荣昌生物近日公布2025年中期业绩，产品销售及研发服务收益为10.92亿元，同比增长 47.6%；研发开支同比减少19.7%至6.47亿元，净亏损约4.5亿元，同比减少42.4%。公告称，收益增加乃 主要由公司自身免疫类商业化产品泰它西普及抗肿瘤类商业化产品维迪西妥单抗的销售放量导致销售收 入同比增长强劲。 华泰证券指出，看好公司的长期发展潜力：国内，核心产品销售稳步增长，该行预计全年收入有望 30%+增长，RC28达成授权即将步入商业化；泰它西普BD出海落地，看好MG等适应症全球竞争力，维 迪西妥单抗海外III期正加速入组，此外RC148已在IO耐药患者中取得积极疗效信号，多家MNC对PD- 1/VEGF双抗有BD需求，该行看好其出海潜力。 本文源自：智通财经网 ...

智通财经APP获悉，荣昌生物(09995)再涨超4%，截至发稿，涨4.17%，报92.4港元，成交额6.25亿港 元。 华泰证券指出，看好公司的长期发展潜力：国内，核心产品销售稳步增长，该行预计全年收入有望 30%+增长，RC28达成授权即将步入商业化；泰它西普BD出海落地，看好MG等适应症全球竞争力，维 迪西妥单抗海外III期正加速入组，此外RC148已在IO耐药患者中取得积极疗效信号，多家MNC对PD- 1/VEGF双抗有BD需求，该行看好其出海潜力。 消息面上，荣昌生物近日公布2025年中期业绩，产品销售及研发服务收益为10.92亿元，同比增长 47.6%；研发开支同比减少19.7%至6.47亿元，净亏损约4.5亿元，同比减少42.4%。公告称，收益增加乃 主要由公司自身免疫类商业化产品泰它西普及抗肿瘤类商业化产品维迪西妥单抗的销售放量导致销售收 入同比增长强劲。 ...

荣昌生物(09995)再涨超4%，截至发稿，涨4.17%，报92.4港元，成交额6.25亿港元。 消息面上，荣昌生物近日公布2025年中期业绩，产品销售及研发服务收益为10.92亿元，同比增长 47.6%；研发开支同比减少19.7%至6.47亿元，净亏损约4.5亿元，同比减少42.4%。公告称，收益增加乃 主要由公司自身免疫类商业化产品泰它西普及抗肿瘤类商业化产品维迪西妥单抗的销售放量导致销售收 入同比增长强劲。 华泰证券指出，看好公司的长期发展潜力：国内，核心产品销售稳步增长，该行预计全年收入有望 30%+增长，RC28达成授权即将步入商业化；泰它西普BD出海落地，看好MG等适应症全球竞争力，维 迪西妥单抗海外III期正加速入组，此外RC148已在IO耐药患者中取得积极疗效信号，多家MNC对PD- 1/VEGF双抗有BD需求，该行看好其出海潜力。 ...

华福证券 ADC 药物迎来快速发展期，市场规模广阔 团队成员 投资要点： 政策红利加速释放：国家密集出台多项抗体偶联药物专项政策，推动 ADC 药物研发标准化。同时，2024 年医保目录新增 5 款 ADC 药物，国产 药物借政策东风抢占市场先机。 百亿蓝海爆发在即：全球 ADC 市场已突破 140 亿美元，有望在 2030 年突破 660 亿美元（CAGR 30.3%），中国市场发展同样极为迅猛，作为 全球 ADC 市场核心增长极，有望在 2030 年突破 600 亿元人民币。 临床需求刚性凸显：乳腺癌、淋巴瘤等核心适应症全球年新增病例超 240 万，ADC 药物凭借"抗体靶向+毒素杀伤"的特性替代传统化疗趋势 明确，Enhertu® 2024 年销售额达 37.5 亿美元印证临床价值。 风险提示 产业链价值逐渐凸显：中国国内已形成完整 ADC 产业链，上中游企 业受益最为显著。 分析师： 赵月(S0210524050016) zy30563@hfzq.com.cn 相关报告 技术研发不及预期；宏观需求变化；医疗事件风险 华福证券 华福证券 策略点评 正文目录 | 1 | 政策指导促进 ADC 药物发展，多 ...

公告称，收益增加乃主要由公司自身免疫类商业化产品泰它西普及抗肿瘤类商业化产品维迪西妥单抗的 销售放量导致销售收入同比增长强劲。 荣昌生物(09995)绩后高开近4%，截至发稿，涨3.82%，报84.2港元，成交额559.93万港元。 消息面上，8月24日，荣昌生物公布2025年中期业绩，产品销售及研发服务收益为10.92亿元，同比增长 47.6%；研发开支同比减少19.7%至6.47亿元，净亏损约4.5亿元，同比减少42.4%；每股亏损0.83元。 ...

北京商报讯（记者 丁宁）8月22日晚间，荣昌生物（688331）发布半年报显示，公司上半年营业收入约 10.98亿元，同比增加48.02%；归属净利润约-4.5亿元，同比出现减亏。 荣昌生物表示，公司净利减亏主要是泰它西普和维迪西妥单抗销量持续增加，产品毛利率持续增长，销 售费用率下降，研发投入减少导致。 ...

Core Viewpoint - Rongchang Biopharmaceuticals has signed a licensing agreement with Santen Pharmaceutical's subsidiary, which is expected to generate over 1.2 billion yuan in milestone payments and sales revenue sharing, alleviating the company's financial losses [2][3][4]. Financial Impact - The agreement includes a non-refundable upfront payment of 250 million yuan, potential milestone payments of up to 520 million yuan for development and regulatory achievements, and up to 525 million yuan for sales milestones [3]. - Rongchang Biopharmaceuticals has reported cumulative net losses of approximately 3.95 billion yuan from 2022 to 2024, but showed a revenue increase of 59.17% year-on-year in Q1 2025, reaching 526 million yuan [5]. Product Development - The RC28-E injection is a dual-target fusion protein drug developed by Rongchang Biopharmaceuticals for treating ocular neovascular diseases, with promising results in clinical trials for diabetic macular edema [3][4]. - The company has initiated Phase III clinical trials for RC28-E targeting wet age-related macular degeneration and diabetic macular edema in 2023 [3]. Company Background - Rongchang Biopharmaceuticals focuses on innovative biopharmaceuticals, particularly in antibody-drug conjugates and therapeutic antibodies, with key products including Tai'aisip and Vidisizumab [4]. - The company went public in Hong Kong in 2020 and achieved profitability only in 2021, with a revenue of 1.426 billion yuan and a net profit of 276 million yuan [4]. Challenges and Costs - Sales and management expenses have been rising, with total sales expenses reaching 2.441 billion yuan from 2022 to 2024, contributing to cash flow pressure [6]. - The company faces significant challenges in drug approval processes, market competition, and commercialization capabilities, which could impact future revenue growth [5][6].

Core Viewpoint - Rongchang Biopharmaceutical has signed an agreement with Santen Pharmaceutical for the exclusive development, production, and commercialization rights of its innovative drug RC28-E in several Asian markets, marking a significant step in China's ophthalmic drug innovation [1][3][4]. Group 1: Agreement Details - The agreement grants Santen exclusive rights in Greater China, South Korea, Thailand, Vietnam, Singapore, the Philippines, Indonesia, and Malaysia for the drug RC28-E, which targets ocular neovascular diseases [1]. - Rongchang will receive an upfront payment of 250 million RMB, with potential milestone payments totaling up to 5.2 billion RMB for development and regulatory achievements, and up to 5.25 billion RMB for sales milestones [1]. - Additionally, Rongchang will earn a tiered sales royalty based on product sales in the authorized regions, ranging from high single-digit to double-digit percentages [1]. Group 2: Product Information - RC28-E is a dual-target fusion protein drug that addresses VEGF/FGF pathways, currently in Phase III clinical trials for treating major ocular diseases such as Diabetic Macular Edema (DME) and Wet Age-related Macular Degeneration (wAMD) [4]. - The company plans to submit a marketing application for DME in the second half of 2025 and for wAMD by mid-2026 in China [4]. Group 3: Strategic Implications - The collaboration with Santen, which has over 130 years of expertise in ophthalmology and a strong sales network across more than 60 countries, is expected to maximize the potential of RC28-E and provide innovative solutions for retinal disease treatment [3][4]. - This partnership signifies a shift in China's pharmaceutical landscape, moving from a "follower" to a "leader" in the global value chain of ophthalmic drugs [1][7]. Group 4: Recent Achievements - Rongchang has previously made significant strides in international collaborations, including granting global rights for its ADC drug to Seagen, with potential revenues reaching 2.6 billion USD, and a recent deal with Vor Biopharma for another innovative product, totaling 4.23 billion USD [5][7]. - These milestones highlight the rapid innovation and industrial strength of Chinese pharmaceuticals on the global stage [7].

君实生物(01877)再涨超18%，截至发稿，涨13.75%，报36.4港元，成交额8.09亿港元。 消息面上，近日，君实生物宣布，国家药品监督管理局已于近日受理公司自主研发的抗PD-1单抗药物 特瑞普利单抗合荣昌生物(09995)自主研发的抗体偶联(ADC)药物维迪西妥单抗用于HER2表达的局部晚 期或转移性尿路上皮癌患者的新适应症上市申请获得受理。据悉，这是特瑞普利单抗在中国内地递交的 第十三项适应症上市申请。 长江证券认为，君实生物是国内最早一批成立的创新药Biotech公司，特瑞普利单抗是中国最早获批的 PD-1单抗。当前时间节点来看，君实生物存量业务迎来销售提速，此外创新资产即将密集进入III期临 床阶段、多个重磅资产亟需价值重估，早研平台和资产储备完备，公司基本面拐点已现。 ...

Core Viewpoint - Junshi Biosciences-U's stock price has shown a positive trend, reflecting investor confidence in the company's ongoing drug development and recent regulatory progress [1] Company Overview - Junshi Biosciences-U is a biopharmaceutical company focused on the research, development, production, and commercialization of innovative drugs [1] - The company's main products include Toripalimab and other biological drugs, targeting areas such as tumor immunotherapy, metabolic diseases, and autoimmune diseases [1] Recent Developments - The National Medical Products Administration has accepted the new indication application for Toripalimab in combination with Vedolizumab for patients with locally advanced or metastatic urothelial carcinoma expressing HER2 [1] - This marks the 13th indication application for Toripalimab submitted in China [1] Market Performance - As of August 11, 2025, Junshi Biosciences-U's stock price was 42.54 yuan, up by 1.03 yuan or 2.48% from the previous trading day [1] - The stock opened at 41.60 yuan, reached a high of 43.50 yuan, and a low of 40.81 yuan, with a trading volume of 230,900 hands and a transaction amount of 966.7 million yuan [1] - The net outflow of main funds on August 11, 2025, was 15.63 million yuan, accounting for 0.05% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow of main funds was 40.99 million yuan, representing 0.13% of the circulating market value [1]