2026年1月30日，荣昌生物（688331.SH）发布2025年业绩预告，宣布预计实现归属于母公司所有者的 净利润约7.16亿元，较2024年同期的净亏损14.68亿元大幅扭亏为盈。 这是继2021年收到美国西雅图基因（Seagen）达成维迪西妥单抗海外授权2亿美元首付款后，第二次传 来实现盈利的好消息。然而，若将此次盈利与五年前简单对比，无异于忽略了一家生物科技企业从"依 赖单一事件驱动"到"多维竞争力成熟"的蝶变。 值得注意的是，荣昌生物自创立以来，一直致力于同类首创（FIC）/同类最佳（BIC）的创新，打造差 异化创新产品。在最近召开的第44届摩根大通医疗健康大会（JPM 2026）上，荣昌生物介绍了两大核 心产品的新适应症的拓展进展，如从2026年起将前瞻性布局自免药物泰它西普6个适应症的中国Ⅲ期临 床试验；ADC药物维迪西妥冲击一线、深化联合疗法；披露了新一代ADC管线的情况。如RC148（靶 点未完全披露），已获中美监管批准开展三项Ⅲ期临床，一线治疗非小细胞肺癌展现"同类最佳"ORR潜 力。具有FIC潜力的RC278（靶向CDCP1）采用DAR=8设计，临床前显示强效抗肿瘤活性，已进入Ⅰ/Ⅱ 期 ...

Group 1 - The core viewpoint of the news highlights the performance and trends of the Hong Kong innovative drug sector, particularly focusing on the Hong Kong Stock Connect Innovative Drug ETF (159570), which has seen significant capital inflow and is leading in scale among similar funds [1][2] - The 44th JPMorgan Healthcare Conference showcased several Chinese innovative pharmaceutical companies, emphasizing trends in gene and cell therapy, as well as AI in medicine, indicating a shift from "assets being bought" to "global value" for Chinese innovations [1][2] - The innovative drug sector is expected to reach new highs due to various catalysts, including the significant valuation gap between China and the US, ongoing business development (BD) transactions, and low current allocation of pharmaceutical theme funds in the market [2] Group 2 - Major stocks within the Hong Kong Stock Connect Innovative Drug ETF mostly experienced declines, with notable drops exceeding 1% for companies like BeiGene, China Biologic Products, and others, while CSPC Pharmaceutical showed a slight increase [2][3] - Key innovative drugs presented at the JPMorgan Conference include BeiGene's CDK4 products and the first BCL2 inhibitor approved in China, which highlights the competitive landscape and advancements in treatment options for various cancers [5][6] - The collaboration between Rongchang Biopharmaceutical and AbbVie on the PD-1/VEGF dual antibody RC148 is a significant development, with potential milestone payments and royalties, showcasing the growing internationalization of Chinese innovative drugs [9][10]