登录新浪财经APP 搜索【信披】查看更多考评等级 3月27日，荣昌生物发布了见证公司发展转折点的年报成绩单。 2025年是荣昌生物发展的关键转折点。年报显示，公司营收从2024年的17.17亿元增长到2025年的32.51亿元，2025年实现归母净利润7.10亿元，成功摆脱 连续亏损态势，即便扣除非经常性损益，公司净利润仍有6767.55万元，标志着主营业务具备盈利能力。 作为业内少有的同时拥有自免与肿瘤领域重磅产品的药企，目前荣昌生物共有2款核心产品、7项适应证在国内获批。 在自身免疫疾病领域，泰它西普是全球首款BLyS/APRIL双靶点融合蛋白，截至2025年底，已在中国获批系统性红斑狼疮、重症肌无力、类风湿关节炎三 个适应证。2025年，泰它西普销量达225.50万支，同比增长47.92%，产量同步增长60.35%至237.70万支。 在肿瘤领域，维迪西妥单抗是中国首款原创ADC药物，近年来持续拓展适应证，在胃癌、尿路上皮癌、乳腺癌三大领域形成差异化布局，其治疗HER2阳 性乳腺癌的适应证于去年获批，成为国内首个针对该人群的ADC药物。2025年，维迪西妥单抗全年销量30.19万支，同比增长27.31% ...

证券研究报告 港股通 经营质量向好，内生+BD 共筑成长 荣昌生物 (688331 CH/9995 HK) 华泰研究 年报点评 2026 年 3 月 30 日│中国内地/中国香港 化学制药 公司公告 2025 年度业绩，营收为 32.51 亿元（+89.4%yoy），归母净利润 /扣非归母净利润 7.10/0.68 亿元（扭亏为盈），主要差异为 Vor Bio 认股权 证公允价值变动，业绩与预告指引一致。我们认为公司海外潜力、国内业务 及报表质量向好：1）RC148 授权出海，年内有望启动全球 III 期；2）管线 稳步推进，26 年泰它西普 IgAN、pSS 有望国内获批并启动 6 项新 III 期， 海外 pSS III 期已启动；维迪西妥单抗 1L UC 国内有望获批、海外 III 期入 组顺利；3）销售增势稳固，核心产品医保续约价格降幅可控。维持"买入"。 内生销售与 BD 双轮驱动，看好 26 年收入跨越式增长 核心产品的销售上量和 BD 收入带动 2025 年营收大幅提升，同时我们预计 26 年业绩将继续受益：1）我们估计泰它西普/维迪西妥单抗 25 年收入分别 约 14/9 亿元，截至 25 年 ...

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 ...

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划，投 资者应当到www.sse.com.cn网站仔细阅读年度报告全文。 2、重大风险提示 公司致力于创新疗法的发现、开发和商业化。公司积极布局覆盖多项疾病治疗领域的在研产品管线，未 来仍将维持相应规模的研发投入用于在研产品进行临床前研究、全球范围内的临床试验以及新药上市前 准备等药物开发工作。同时，公司新药上市申请等注册工作、上市后的市场推广等方面亦将带来持续费 用投入，可能对公司短期经营业绩产生阶段性影响，从而对公司日常经营、财务状况等方面造成不利影 响。报告期内，公司的主营业务、核心竞争力未发生重大不利变化。公司已在本报告详细阐述在生产经 营过程中可能面临的各种风险因素，敬请参阅"第三节管理层讨论与分析"之"四、风险因素"相关内容。 3、本公司董事会及董事、高级管理人员保证年度报告内容的真实性、准确性、完整性，不存在虚假记 载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 4、公司全体董事出席董事会会议。 5、安永华明会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 6、公司上 ...

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]

Coal Mining Research - The report discusses the historical impact of geopolitical conflicts on coal prices, suggesting that these conflicts may stabilize seasonal price declines and elevate average prices. The ongoing geopolitical tensions, particularly involving the US, Israel, and Iran, have led to higher oil and natural gas prices, which are expected to influence energy prices upward. International coal prices have risen by 20% in response to the surge in natural gas prices, leading to increased expectations for coal demand amid high energy prices [3][4] - Domestic coal supply remains stable, but a reduction in imports due to rising international coal prices may elevate domestic seasonal coal price bottoms, making significant price drops unlikely. The peak supply-demand pressure is expected to end around March-April, with a seasonal increase in electricity coal demand starting in May [3][4] Construction Engineering Research - China Power Construction Corporation (中国电建) is highlighted for its leadership in global clean energy construction, with a significant market share in wind, solar, and hydropower projects. The company has completed over 80% of river planning and more than 65% of large and medium-sized hydropower station construction in China, and it leads over 50% of the global market for large and medium-sized hydropower projects [6][7] - The report notes that the integration of computing and electricity has been included in government reports, which is expected to benefit companies involved in integrated computing and electricity operations. The company has signed contracts worth 210.06 billion yuan for digital transformation projects, including data centers and computing centers [5][7] Biopharmaceutical Research - Rongchang Biopharmaceutical (荣昌生物) is projected to enter a new growth phase starting in 2026, driven by the launch of new indications for its products RC18, RC48, and RC28, which are expected to enter medical insurance coverage. The company anticipates revenue of 32.51 billion yuan in 2025, increasing to 78.32 billion yuan in 2026, and 62.79 billion yuan in 2027 [8][31] - The report emphasizes the potential of RC148, a dual antibody product, which is expected to gain market share through partnerships and new indications, enhancing the company's competitive position in the global oncology market [9][32]

Investment Rating - The report assigns an "Accumulate" rating to Rongchang Biopharma with a target price of 143.89 RMB [4]. Core Insights - The report predicts that Rongchang Biopharma will enter a new growth phase starting in 2026, driven by the launch of new indications for RC18, RC48, and RC28, which are expected to enter the medical insurance coverage [11][15]. - The company is expected to achieve revenue of 32.51 billion RMB in 2025, 78.32 billion RMB in 2026, and 62.79 billion RMB in 2027, with a significant increase in net profit anticipated in 2026 [3][11]. Financial Summary - Total revenue is projected to grow from 1,083 million RMB in 2023 to 7,832 million RMB in 2026, reflecting a growth rate of 140.9% [3]. - Net profit (attributable to the parent company) is expected to turn positive in 2025 with a forecast of 644 million RMB, and further increase to 5,031 million RMB in 2026 [3]. - Earnings per share (EPS) is projected to rise from -2.68 RMB in 2023 to 8.91 RMB in 2026 [3]. Revenue Growth Drivers - The anticipated growth is attributed to the approval and market entry of new indications for RC48 and RC18, as well as the expected launch of RC28 [15][21]. - RC48 is set to be approved for first-line treatment of UC and HER2 low-expressing breast cancer, which will significantly expand its market potential [16][21]. - RC18 is expected to see increased volume as it enters medical insurance coverage for multiple indications, including MG and IgAN [21][25]. Strategic Partnerships - The company has entered into several strategic partnerships, including the licensing of RC148 to AbbVie, which is expected to enhance its global competitive position in oncology [34][36]. - The partnership with Santen Pharmaceutical for RC28 is also expected to maximize its market potential in the ophthalmic sector [30]. Clinical Development Pipeline - The report highlights the ongoing clinical trials for RC148, which show promising efficacy in treating various cancers, including NSCLC [36][38]. - RC18 is advancing in global clinical trials, with significant potential for treating MG and other autoimmune diseases [25][26]. Market Positioning - Rongchang Biopharma is positioned to leverage its innovative drug pipeline and strategic partnerships to capture significant market share in the oncology and autoimmune sectors [11][34].

2026 年展望：加入全球肿瘤一线竞争 荣昌生物(688331) | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 余文心(分析师) | 021-38676666 | yuwenxin@gtht.com | S0880525040111 | | 余克清(分析师) | 010-56760093 | yukeqing@gtht.com | S0880525120002 | | 廖博闻(研究助理) | 021-23187268 | liaobowen@gtht.com | S0880125042239 | 本报告导读： 本篇报告是我们对荣昌生物 2025 年的回顾梳理，以及 2026 年的展望 | [Table_Invest] | 首次覆盖 | | --- | --- | | 评级 | 增持 | | 目标价格 | 143.89 | [当前价格： Table_CurPrice] 118.90 [Table_Market] 交易数据 | 52 周内股价区间(元) | 29.80-118.90 | | --- | --- | | 总市值( ...

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]