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 Viewpoint - The company is a global innovative biopharmaceutical enterprise focused on the discovery, development, and commercialization of antibody-based therapies, aiming to address unmet clinical needs in various disease areas, including autoimmune diseases and cancers [2][3][29]. Company Overview - The company specializes in antibody-drug conjugates (ADC), antibody fusion proteins, and monoclonal antibodies, targeting first-in-class and best-in-class biopharmaceuticals to provide effective clinical solutions [2][3]. - The company has established three R&D centers in Yantai, Shanghai, and California, focusing on preclinical development and clinical trials [26]. Research and Development Pipeline - The company has a robust R&D pipeline, including products like RC18 (Tai'aisip), a first-in-class dual-target fusion protein for autoimmune diseases, and RC48 (Vidisicimab), an ADC targeting HER2 for various cancers [3][13]. - As of the reporting period, RC148, a bispecific antibody targeting PD-1 and VEGF, has received breakthrough therapy designation for non-small cell lung cancer (NSCLC) [24]. Product Progress - Tai'aisip has received conditional approval for systemic lupus erythematosus, myasthenia gravis, and rheumatoid arthritis in China, with ongoing clinical trials for additional indications [4][5][8]. - Vidisicimab has shown promising results in clinical trials for bladder cancer and gastric cancer, achieving high objective response rates and significant survival benefits compared to traditional therapies [15][17][20]. Industry Context - The biopharmaceutical industry is characterized by continuous breakthroughs in biotechnology, leading to the development of targeted therapies that address previously untreatable diseases [29]. - The industry is experiencing growth driven by advancements in drug discovery capabilities and the increasing demand for innovative treatments [29].

Group 1 - The core viewpoint of the article highlights that Rongchang Biologics (09995) has seen a stock price increase of over 5%, currently trading at 90 HKD with a transaction volume of 1.52 billion HKD, following the acceptance of its RC288 injection application by NMPA [1] - RC288, a PSMA/B7H3ADC developed by Rongchang Biologics, has demonstrated excellent anti-tumor activity and safety in preclinical studies [1] - According to Guotai Junan Securities, Rongchang Biologics is expected to enter a new growth phase starting in 2026, primarily benefiting from the launch of new indications for RC18, RC48, and RC28, which will be included in medical insurance [1] Group 2 - The overseas indications for RC48 and RC18 are projected to be launched and sold starting in 2027, contributing to sales revenue for the company [1] - From 2025, the company is anticipated to achieve multiple asset licensing agreements, with upfront payments and milestones expected to be confirmed in the coming years, enhancing the financial statements [1] - The newly entered global FIC pipeline, including CDCP1ADC RC278 and B7H3/PSMA ADC RC288, possesses potential global competitiveness and may lead to licensing opportunities [1]

Core Insights - Rongchang Biotech is expected to achieve multiple clinical advancements, product approvals, and partnership milestones by 2026 [1] Stock Performance - The overseas Phase III clinical trial for Taitasip in treating myasthenia gravis continues to enroll participants, with completion anticipated in the first half of 2026 [2] - Taitasip has received FDA fast track designation for primary Sjögren's syndrome, with a global Phase III trial likely to commence [2] - The global Phase II registration trial for Vidisizumab in second-line urothelial carcinoma has been completed, and the accelerated enrollment for the Phase III trial in first-line urothelial carcinoma is ongoing, with Pfizer expected to submit an overseas marketing application in the first half of 2026 [2] Project Progress - New indications for Vidisizumab and the ophthalmic drug RC28 are expected to receive approval in the second to third quarter of 2026 [3] - The indication for Taitasip in IgA nephropathy is anticipated to be approved in the fourth quarter [3] - Core product RC148 (PD-1/VEGF dual antibody) has three Phase III clinical trials approved, with overseas development plans being noteworthy [3] Related Transactions - An upfront payment of $650 million from the licensing agreement with AbbVie for RC148 will be reflected in the 2026 performance, with the total transaction amount reaching $5.6 billion [4] - Subsequent milestone payments from collaborations with Vor Bio and Santen Pharmaceutical may also progress [4] Product Development Progress - RC278 (targeting CDCP1 ADC) has entered Phase I/II clinical trials [5] - RC288 (bispecific ADC) is planned to initiate clinical trials in early 2026 [5]

Investment Rating - The report maintains a "Buy" rating for Rongchang Biologics (09995) with a target price of HKD 136 [1] Core Insights - The report is optimistic about the company's upcoming milestones, including the enrollment of MGIII for Taitasip and the initiation of SSIII, as well as the first overseas BLA submission for Vedisit and the data readout for 1LUCIII [1] - The inclusion of Taitasip's indications in the mainland's medical insurance is expected to drive significant sales growth, alongside the anticipated approvals for major indications like SS and IgAN [1] - Early-stage products (RC148, RC118, new ADCRC278) are progressing towards more indications, with data readouts likely to continue catalyzing the stock price [1] Financial Performance - Rongchang Biologics has issued a positive earnings forecast, expecting approximately RMB 3.25 billion in revenue for the previous year, representing a year-on-year growth of about 89% [1] - The net profit is projected to be around RMB 716 million, with a non-deductible net profit of approximately RMB 78.5 million, both showing a turnaround from losses year-on-year [1] - The performance significantly exceeded previous expectations from both the report and the market, with the timing of the profitability inflection point occurring earlier than previously anticipated [1] - Excluding contributions from external licensing and fair value gains, the report estimates that the company's core business achieved or approached breakeven in the fourth quarter, ahead of prior expectations [1] - With Taitasip and RC148 expanding internationally and more R&D costs being borne by overseas partners, there is optimism for further improvement in the company's profit margins this year [1]

Core Viewpoint - The report from CMB International maintains a "Buy" rating for Rongchang Biologics (09995) with a target price of HKD 136, highlighting optimism regarding the company's upcoming clinical trials and product approvals, which are expected to drive sales growth and stock price catalysts [1] Group 1: Company Performance - Rongchang Biologics anticipates a revenue of approximately RMB 3.25 billion for the previous year, representing a year-on-year growth of about 89% [1] - The net profit is expected to be around RMB 716 million, with a non-GAAP net profit of approximately RMB 78.5 million, both showing a turnaround from losses in the previous year [1] - The performance significantly exceeded both the firm's and market's prior expectations, with the profitability inflection point occurring earlier than previously anticipated [1] Group 2: Future Prospects - The company is expected to achieve or approach breakeven in its core business during the fourth quarter of the previous year, ahead of earlier forecasts [1] - With the international expansion of Taitasip and RC148, and more R&D costs being borne by overseas partners, there is optimism for further improvement in the core business profit margin this year [1] - The inclusion of Taitasip in the National Medical Insurance in mainland China is anticipated to lead to significant sales growth, alongside approvals for major indications such as SS and IgAN [1]

Core Viewpoint - Rongchang Biologics (688331.SH) is expected to achieve a net profit of approximately 716 million yuan in 2025, marking a significant turnaround from a net loss of 1.468 billion yuan in 2024, indicating a maturation from reliance on single-event drivers to a more diversified competitive strength [3][4] Financial Performance - The company anticipates a revenue of approximately 3.25 billion yuan for 2025, representing an increase of about 1.53314 billion yuan or 89% compared to the previous year [3] - The expected net profit of 716 million yuan for 2025 contrasts sharply with the previous year's net loss of 1.468 billion yuan, showcasing a healthy revenue structure [3][4] Growth Drivers - The growth in performance is primarily attributed to rapid sales growth of core products, Taitasip and Vidisicimab, which have become the main engines of revenue [4] - The company has successfully established a significant partnership with Vor Biopharma Inc., granting exclusive global development and commercialization rights for Taitasip outside Greater China, leading to a substantial increase in technology licensing revenue [4] Innovation and Development - Rongchang Biologics is focused on innovative products that are first-in-class (FIC) or best-in-class (BIC), with ongoing clinical trials for new indications of its core products [5] - The company showcased its four advanced technology platforms at the JPM 2026 conference, which include target discovery, antibody discovery, protein engineering, and ADC technology platforms, indicating a robust early-stage R&D pipeline [6] Strategic Collaborations - The company has formed deep collaborations with international partners such as Pfizer, Santen, and Vor Bio, enhancing its innovation value [6] - A recent deal with AbbVie for a PD1/VEGF dual antibody has been valued at 5.6 billion USD, marking a strong start to business development transactions in 2026 [6]

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]