Market Performance - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 2.23% to 26,775.57 points, and the Hang Seng Tech Index dropping by 3.36% to 5,526.31 points [1] - Major technology stocks saw significant losses, including Alibaba down 3.49%, Tencent down 1.24%, and JD.com down 1.69% [1] - Gold and silver prices fell sharply, with Shandong Gold and Chifeng Gold both dropping over 12% [1] Company Earnings Forecasts - Haiprime (09989.HK) expects a net profit of 284 million to 377 million yuan for 2025, a decrease of 41.71% to 56.09% year-on-year [2] - Datang Power (00991.HK) anticipates a net profit of approximately 6.8 billion to 7.8 billion yuan for 2025, an increase of about 51% to 73% year-on-year [6] - Longhua Automobile (02333.HK) projects total revenue of 222.79 billion yuan for 2025, a year-on-year growth of 10.19% [4] - CICC (03908.HK) forecasts a net profit of 8.542 billion to 10.535 billion yuan for 2025, an increase of 50% to 85% year-on-year [5] Company Warnings - Kaisa New Energy (01108.HK) issued a profit warning, expecting a net loss increase of approximately 90.07 million to 290 million yuan for 2025 [7] - Xinyi Alloy (00505.HK) also issued a profit warning, anticipating a 50% decrease in profit attributable to equity shareholders for 2025 [8] - Fudan Zhangjiang (01349.HK) expects a net loss of approximately 120 million to 180 million yuan for 2025 [9] Strategic Developments - Innovation Intelligence (02121.HK) signed a strategic cooperation agreement with Shanghai Jiao Tong University Hainan Research Institute [11] - Zhonghui Biotech-B (02627.HK) received approval from the National Medical Products Administration for its trivalent influenza virus subunit vaccine [12]

公告称，2025年度公司核心产品泰它西普、维迪西妥单抗国内销售收入实现快速增长，成为业绩核心增 长引擎；同时，公司成功达成重磅合作，授予Vor Biopharma Inc泰它西普除大中华区以外全球范围内的 独家开发与商业化权利，技术授权收入大幅增加，部分海外研发投入由授权方承担。此外，公司通过优 化管理、迭代生产工艺等举措，降低了产品单位生产成本，提升了产品毛利率，另外，销售费用率明显 下降。综合多方面积极因素，公司盈利效率大幅改善，预计2025年度净利润将实现扭亏为盈。 消息面上，1月30日，荣昌生物发布公告，经公司财务部门初步测算，预计2025年度营业收入约人民币 32.5亿元，与上年同期相比，将增加收入约人民币15.33亿元，同比增加约89%。公司预计2025年度实现 归属于母公司所有者的净利润约人民币7.16亿元，与上年同期相比，实现扭亏为盈。公司预计2025年度 归属于母公司所有者扣除非经常性损益后的净利润约人民币7850万元，与上年同期相比，实现扭亏为 盈。 荣昌生物(09995)盈喜后涨近4%，截至发稿，涨3.68%，报87.3港元，成交606.74万港元。 ...

Summary of Conference Call Records Company Overview - **Company**: 荣昌生物 (Rongchang Biopharma) - **Industry**: Biopharmaceuticals Key Points Financial Performance - **2025 Revenue Forecast**: Expected to reach 3.25 billion (32.5亿), representing an 89% year-over-year increase [1] - **Net Profit**: Anticipated net profit of 716 million (7.16亿) and adjusted net profit of 785 million (7.85亿), marking a turnaround to profitability [1][2] Business Development (BD) and Product Pipeline - **Domestic Sales Growth**: Significant increase in domestic product sales, with expectations of over 2.3 billion (23亿) from two major products by 2025 [2] - **BD Transactions**: Multiple BD transactions expected in 2025, including a $45 million upfront payment and $80 million in warrants from the licensing of 泰它西普 (Taitasip) to VOR [2] - **RC148 Licensing**: RC148 licensed to AbbVie for $650 million upfront and a total potential of $5.6 billion, with promising early clinical results [3] Clinical Development - **RC148 Clinical Trials**: Potential for direct initiation of Phase III clinical trials in overseas markets, targeting 1L NSCLC and 1L CRC as initial indications [3] - **泰它西普 (Taitasip)**: Ongoing global Phase III clinical trials, with FDA fast track designation for pSS and expected initiation of global trials by VorBio [4] - **维迪西妥单抗 (Vidisicimab)**: Completion of Phase II clinical trials for 2L UC and acceleration of Phase III trials for 1L UC, with a BLA submission expected from Pfizer in 1H26 [4] Market Position and Future Outlook - **Market Dynamics**: Controlled reduction in core product reimbursement rates, with rapid revenue growth anticipated [1] - **Strategic Partnerships**: Collaboration with AbbVie expected to enhance ADC + IO strategy, with potential for RC148 to become a cornerstone in first-line cancer treatment [3] Additional Insights - **Regulatory Approvals**: Anticipation of multiple milestones in 2026, including potential approvals for various indications [4] - **Long-term Growth**: Continued expansion of domestic business and BD income expected to drive significant revenue growth in 2026 [2]

每经AI快讯，荣昌生物(09995.HK)盈喜后涨近4%，截至发稿涨3.68%，报87.3港元，成交606.74万港 元。 ...

消息面上，1月30日，荣昌生物发布公告，经公司财务部门初步测算，预计2025年度营业收入约人民币 32.5亿元，与上年同期相比，将增加收入约人民币15.33亿元，同比增加约89%。公司预计2025年度实现 归属于母公司所有者的净利润约人民币7.16亿元，与上年同期相比，实现扭亏为盈。公司预计2025年度 归属于母公司所有者扣除非经常性损益后的净利润约人民币7850万元，与上年同期相比，实现扭亏为 盈。 公告称，2025年度公司核心产品泰它西普、维迪西妥单抗国内销售收入实现快速增长，成为业绩核心增 长引擎；同时，公司成功达成重磅合作，授予Vor Biopharma Inc泰它西普除大中华区以外全球范围内的 独家开发与商业化权利，技术授权收入大幅增加，部分海外研发投入由授权方承担。此外，公司通过优 化管理、迭代生产工艺等举措，降低了产品单位生产成本，提升了产品毛利率，另外，销售费用率明显 下降。综合多方面积极因素，公司盈利效率大幅改善，预计2025年度净利润将实现扭亏为盈。 智通财经APP获悉，荣昌生物(09995)盈喜后涨近4%，截至发稿，涨3.68%，报87.3港元，成交606.74万 港元。 ...

Investment Rating - The investment rating for the company is "Buy" for both A-shares and H-shares, maintained from previous assessments [7]. Core Insights - The company is expected to achieve significant revenue growth in 2025, with projected revenue of 3.25 billion RMB, representing an increase of 89% year-over-year. The net profit attributable to shareholders is forecasted to be 716 million RMB, marking a turnaround from previous losses [2][12]. - The company is advancing its overseas business development (BD) efforts, with expected contributions from key products and partnerships, including a notable deal with AbbVie for RC148, which includes a $650 million upfront payment [3][5]. - The domestic market is showing strong performance, with core products expected to maintain rapid revenue growth due to manageable price reductions in insurance renewals and potential approvals for new indications [2][4]. Revenue and Profit Forecast - Revenue projections for 2025 have been adjusted to 3.25 billion RMB, with a significant increase in net profit to 716 million RMB, reflecting a substantial recovery from previous losses [12][17]. - The company anticipates continued growth in 2026, with revenue expected to reach 7.83 billion RMB, driven by both domestic sales and international BD activities [11][12]. Pipeline Development - The clinical development of RC148 is progressing, with potential for global Phase III trials to start soon, which could enhance its market position significantly [3][4]. - The company is also advancing other key products, including the global Phase III clinical trials for its lead candidates, which are expected to contribute to future revenue growth [4][5]. Valuation and Price Target - The target price for A-shares is set at 151.81 RMB, while the target price for H-shares is 143.58 HKD, reflecting a premium of 18.80% based on recent valuations [5][14]. - The valuation adjustments are based on changes in the fair value of warrants and a decrease in debt financing needs, leading to an updated forecast for net profits in the coming years [12][14].

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年12月31日。 2024年度每股亏损2.73元。 （二）业绩预告情况 （1）经荣昌生物制药（烟台）股份有限公司（以下简称"公司"）财务部门初步测算，预计2025年度营 业收入约325,000万元，与上年同期相比，将增加收入约153,314万元，同比增加约89%。 （2）公司预计2025年度实现归属于母公司所有者的净利润约71,600万元，与上年同期相比，实现扭亏 为盈。 （3）公司预计2025年度归属于母公司所有者扣除非经常性损益后的净利润约7,850万元，与上年同期相 比，实现扭亏为盈。 （三）本期业绩预告相关的财务数据未经注册会计师预审计。 二、上年同期业绩情况 2024年度营业收入171,686.17万元。 2024年度实现归属于母公司所有者的净亏损146,836.08万元。 2024年度归属于母公司所有者扣除非经常性损益后的净亏损150,764.24万元。 三、本期业绩变化的主要原因 （一）主营业 ...

荣昌生物制药（烟台）股份有限公司2025年年度业绩预告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 证券代码：688331 证券简称：荣昌生物 公告编号：2026-006 港股代码：09995 港股简称：榮昌生物 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年12月31日。 （二）业绩预告情况 （1）经荣昌生物制药（烟台）股份有限公司（以下简称"公司"）财务部门初步测算，预计2025年度营 业收入约325,000万元，与上年同期相比，将增加收入约153,314万元，同比增加约89%。 （2）公司预计2025年度实现归属于母公司所有者的净利润约71,600万元，与上年同期相比，实现扭亏 为盈。 （3）公司预计2025年度归属于母公司所有者扣除非经常性损益后的净利润约7,850万元，与上年同期相 比，实现扭亏为盈。 （三）本期业绩预告相关的财务数据未经注册会计师预审计。 二、上年同期业绩情况 2024年度营业收入171,686.17万元。 2024年度归属于母公司所有者扣除非经常性损益后的净亏损1 ...

荣昌生物(09995)发布公告，经公司财务部门初步测算，预计2025年度营业收入约人民币32.5亿元，与上 年同期相比，将增加收入约人民币15.33亿元，同比增加约89%。公司预计2025年度实现归属于母公司 所有者的净利润约人民币7.16亿元，与上年同期相比，实现扭亏为盈。公司预计2025年度归属于母公司 所有者扣除非经常性损益后的净利润约人民币7850万元，与上年同期相比，实现扭亏为盈。 本期业绩变化的主要原因： (一)主营业务的影响。2025年度公司核心产品泰它西普、维迪西妥单抗国内销售收入实现快速增长，成 为业绩核心增长引擎;同时，公司成功达成重磅合作，授予Vor Biopharma Inc泰它西普除大中华区以外全 球范围内的独家开发与商业化权利，技术授权收入大幅增加，部分海外研发投入由授权方承担。此外， 公司通过优化管理、迭代生产工艺等举措，降低了产品单位生产成本，提升了产品毛利率，另外，销售 费用率明显下降。综合多方面积极因素，公司盈利效率大幅改善，预计2025年度净利润将实现扭亏为 盈。 (二)非经常性损益的影响。2025年度自上述授权交易取得的认股权证公允价值变动属于非经常性损益， 在扣除非经 ...

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]