证券代码：688331 证券简称：荣昌生物 公告编号：2025-020 荣昌生物制药（烟台）股份有限公司 2022 年 A 股限制性股票激励计划之 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 276,160股。 A 类权益第二个及 B 类权益首次授予第一个归属期 第一次归属结果暨股份上市公告 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。 重要内容提示： 本次股票上市流通总数为276,160股。 本次股票上市流通日期为2025 年 5 月 8 日。 一、本次限制性股票归属的决策程序及相关信息披露 1、2022 年 10 月 16 日，公司召开第一届董事会第二十四次会议，会议审议通 过了《关于<荣昌生物制药（烟台）股份有限公司 2022 年 A 股限制性股票激励计 划（草案）>及其摘要的议案》《关于<荣昌生物制药（烟台）股份有限公司 2022 年 A 股限制性股票激励计划实施考核管理办法>的议案》以及《关于提请股东大会 授权董事会办理公司 2022 年 A 股限制性股票激励计划相关事宜的议案》。公司独 立 ...

证券研究报告 | 公司点评 | 生物制品 收入高增利润减亏，看好 MG 数据催化 ❑ 泰它西普：gMG 重磅 III 期数据披露，市场潜力大 2025 年 4 月 8 日公司在第 77 届美国神经病学会（AAN）年会披露了泰它西普治 疗全身型重症肌无力（gMG）的Ⅲ期临床研究结果。临床数据显示：治疗 4 周 时，泰它西普 160mg 组和 240mg 组重症肌无力定量评分表（QMG）评分和重症 肌无力临床绝对评分（MG-cas）便表现出明显降低，并持续至第 24 周；第 24 周 时，两组 QMG 评分分别较基线降低 7.7 分和 9.6 分，MG-cas 评分分别较基线降 低 13.8 分和 14.1 分。在安全性方面，泰它西普 160mg 组和 240mg 组中均未发生 导致停药/退出/受试者死亡的不良事件/不良反应，且无严重不良反应发生。泰它 西普在 MG 领域已获得中国 NMPA 纳入突破性治疗品种、美国 FDA 孤儿药资格 和快速通道资格三项认定，成为 MG 领域极具潜力的创新治疗药物。2024 年公 司已向 CDE 递交上市申请，2024 年 8 月美国 MGIII 期临床研究完成首例患者入 组， ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 60.01 CNY [4]. Core Insights - The company reported a revenue of 526 million CNY for Q1 2025, representing a year-on-year growth of 59.17%. However, it incurred a net loss of 254 million CNY during the same period [1]. - The clinical data for the drug Taitasip in treating Myasthenia Gravis (MG) is promising, with 98.1% of patients showing improvement in daily activity scores after 24 weeks of treatment. The overseas Phase 3 trials are currently in the enrollment stage [1][2]. - The company has multiple product approvals expected in 2025, including Taitasip for MG and IgA nephropathy, as well as Vedisizumab for HER2-positive breast cancer [2]. Financial Projections - Revenue projections for the company are estimated at 2.30 billion CNY in 2025, 3.29 billion CNY in 2026, and 4.23 billion CNY in 2027. Net profits are expected to be -1.03 billion CNY in 2025, -385 million CNY in 2026, and a profit of 263 million CNY in 2027 [2][10]. - The earnings per share (EPS) are projected to be -1.90 CNY in 2025, -0.71 CNY in 2026, and 0.48 CNY in 2027 [2][10]. Market Performance - The company's stock price was 55.98 CNY as of April 28, 2025, with a market capitalization of approximately 30.47 billion CNY [4]. - The stock has shown a relative return of 41.8% over the past month and 101.9% over the past three months [6].

| 证券代码：688331 | 证券简称：荣昌生物 | 公告编号：2025-019 | | --- | --- | --- | | 港股代码：09995 | 港股简称：榮昌生物 | | 荣昌生物制药（烟台）股份有限公司 第二届监事会第十六次会议决议公告 本公司监事会及全体监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、准确性和完整性承担法律责任。 一、监事会会议召开情况 荣昌生物制药（烟台）股份有限公司（以下简称"公司"）第二届监事会第 十六次会议，于 2025 年 4 月 28 日在公司会议室以现场方式召开，会议已于 2025 年 4 月 14 日以邮件方式发出会议通知。会议应出席监事 3 名，实际出席监事 3 名，会议由任广科先生主持，会议的召集、召开、表决程序符合《中华人民共和 国公司法》和《荣昌生物制药（烟台）股份有限公司章程》（以下简称"《公司 章程》"）的相关规定，所作决议合法有效。经与会监事表决，会议形成如下决 议： 二、监事会会议审议情况 1、审议通过《关于公司<2025 年第一季度报告>的议案》 监事会认为：公司《2025 年第一季度报告》的编制及审议程序 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥525,968,624.06, representing a 59.17% increase compared to ¥330,434,802.62 in the same period last year[4] - The net profit attributable to shareholders was -¥254,144,470.06, an improvement from -¥348,921,696.49 year-over-year[4] - The basic and diluted earnings per share were both -¥0.46, an improvement from -¥0.65 in the same period last year[4] - Net loss for Q1 2025 was ¥254,144,470.06, an improvement from a net loss of ¥348,921,696.49 in Q1 2024[16] - The company recorded a comprehensive loss of ¥242,151,500.49 in Q1 2025, compared to a comprehensive loss of ¥372,204,285.59 in Q1 2024[16] - The total comprehensive income attributable to the parent company for Q1 2025 was -242.15 million RMB, compared to -372.20 million RMB in Q1 2024, showing an improvement of approximately 35%[17] Research and Development - Research and development (R&D) expenses totaled ¥328,884,698.70, accounting for 62.53% of revenue, a decrease of 37.70 percentage points from the previous year[5] - Research and development expenses for Q1 2025 were ¥328,884,698.70, nearly unchanged from ¥331,178,800.01 in Q1 2024[16] Cash Flow - The net cash flow from operating activities was -¥188,315,133.08, showing a significant improvement from -¥426,289,929.83 in the prior year[4] - Cash inflow from operating activities for Q1 2025 was 479.99 million RMB, up 66.2% from 289.13 million RMB in Q1 2024[17] - Net cash flow from operating activities for Q1 2025 was -188.32 million RMB, an improvement from -426.29 million RMB in Q1 2024[17] - Cash inflow from investing activities for Q1 2025 was 159.85 million RMB, significantly higher than 14.02 million RMB in Q1 2024[17] - Net cash flow from investing activities for Q1 2025 was -26.79 million RMB, compared to -81.36 million RMB in Q1 2024, reflecting a reduced outflow[17] - Cash inflow from financing activities for Q1 2025 was 530.70 million RMB, compared to 442.00 million RMB in Q1 2024, marking an increase of 20.1%[19] - The net cash flow from financing activities for Q1 2025 was 176.72 million RMB, down from 401.99 million RMB in Q1 2024[19] - The ending cash and cash equivalents balance for Q1 2025 was 718.78 million RMB, compared to 619.73 million RMB in Q1 2024, indicating a year-over-year increase of 16%[19] Assets and Liabilities - Total assets decreased by 3.48% to ¥5,307,345,048.02 from ¥5,498,518,168.82 at the end of the previous year[5] - Total assets as of March 31, 2025, amounted to ¥5,307,345,048.02, a decrease from ¥5,498,518,168.82 at the end of 2024[13] - Total liabilities increased slightly to ¥3,535,919,952.95 from ¥3,512,317,547.88 at the end of 2024[13] - Shareholders' equity attributable to the company decreased by 10.81% to ¥1,771,425,095.07 from ¥1,986,200,620.94[5] - The company’s total equity attributable to shareholders decreased to ¥1,771,425,095.07 from ¥1,986,200,620.94 at the end of 2024[13] Shareholder Information - The total number of common shareholders at the end of the reporting period was 6,766[9] - The company reported a total of 6,766 shareholders as of the end of the reporting period[11] Revenue Drivers - The increase in revenue was driven by higher sales of monoclonal antibodies, specifically TaiTasiPu and WeiDiXiTuo[8] Accounting Standards - The company did not apply new accounting standards for the first time in 2025[19]

Group 1 - The core point of the article is that Rongchang Bio reported a revenue of 526 million yuan in the first quarter of 2025, representing a year-on-year increase of 59.17% [1] - The company incurred a net loss of 254 million yuan, which is an improvement compared to a net loss of 349 million yuan in the same period last year [1]

经中国证券监督管理委员会《关于同意荣昌生物制药（烟台）股份有限公司 首次公开发行股票注册的批复》（证监许可〔2022〕62 号）批复，荣昌生物制药 （烟台）股份有限公司（以下简称"荣昌生物"、"上市公司"、"公司"）首次公 开发行人民币普通股（A 股）股票 54,426,301 股，每股面值人民币 1 元，每股发 行价格人民币 48.00 元，募集资金总额为人民币 2,612,462,448.00 元，扣除发行 费用后，实际募集资金净额为人民币 2,505,945,496.76 元。本次发行证券已于 2022 年 3 月 31 日在上海证券交易所上市。华泰联合证券有限责任公司（以下简称"华 泰联合"、"保荐机构"）担任其持续督导保荐机构，持续督导期间为 2022 年 3 月 31 日至 2025 年 12 月 31 日。 持续督导现场检查报告 华泰联合证券有限责任公司 关于荣昌生物制药（烟台）股份有限公司 2024年度持续督导现场检查报告 上海证券交易所： 根据中国证监会《证券发行上市保荐业务管理办法》和《上海证券交易所科 创板上市公司自律监管指引第 1 号——规范运作》《上海证券交易所上市公司自 律监管指引 ...

| 证券代码：688331 | 证券简称：荣昌生物 | 公告编号：2025-018 | | --- | --- | --- | | 港股代码：09995 | 港股简称：榮昌生物 | | 荣昌生物制药（烟台）股份有限公司 关于参加 2024 年度科创板创新药行业 集体业绩说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： 投资者可于 2025 年 4 月 28 日（星期一）至 5 月 7 日（星期三）16:00 前 登录上证路演中心网站首页，点击"提问预征集"栏目或通过荣昌生物制药（烟 台）股份有限公司（以下简称"公司"）邮箱 ir@remegen.com 进行提问。公司将 在说明会上对投资者普遍关注的问题进行回答。 公司已于 2025 年 3 月 28 日发布公司 2024 年年度报告，为便于广大投资者 更全面深入地了解公司 2024 年度经营成果、财务状况，公司计划于 2025 年 05 月 08 日（星期四）15:00-17:00 参加由上海证券交易所主办的 2024 年度科创板 创新药行业集体业 ...

Core Viewpoint - The Hong Kong Innovation Drug Index (987018) has shown a strong upward trend, indicating a positive market sentiment towards biotech companies in the region, particularly in the innovative drug sector [1] Group 1: Market Performance - As of April 22, 2025, the Hong Kong Innovation Drug Index increased by 4.45%, with notable gains from individual stocks such as Rongchang Biotech (09995) up by 10.06%, Kangzhi Pharmaceutical (00867) up by 5.58%, and Lepu Biotech-B (02157) up by 5.05% [1] - The Hong Kong Innovation Drug ETF (159567) rose by 1.94%, marking its third consecutive increase, with a latest price of 1.21 yuan [1] - Over the past two weeks, the Hong Kong Innovation Drug ETF has accumulated a total increase of 4.96% [1] - The ETF experienced a turnover rate of 5.72% during the trading session, with a transaction volume of 72.48 million yuan [1] - The average daily transaction volume for the ETF over the past week was 531 million yuan, with a scale growth of 83.05 million yuan [1] Group 2: Industry Insights - Huaxin Securities highlighted that in areas such as antibodies, ADCs, and bispecific antibodies, Chinese biotech companies have established a technological advantage from the initial stages of research and development [1] - The industry is continuously exploring new targets and combinations, leading to an increasing proportion of globally leading or optimal innovations [1] - The domestic policy environment for innovative drugs is improving, with a focus on establishing a diversified payment system and refining the pricing mechanism for innovative drugs [1] - The release of overseas clinical data and the peak of external licensing are accelerating the realization of innovative value [1] - There is a growing emphasis on collaboration and product licensing abroad, with the value of technological platforms becoming more prominent [1]

华泰联合证券有限责任公司 关于荣昌生物制药（烟台）股份有限公司 2024 年度持续督导跟踪报告 2024年以后年度公司存在持续亏损的风险，主要是由于公司积极布局覆盖多 项疾病治疗领域的在研产品管线，作为创新型生物制药企业，公司未来仍将维持 1 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，且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高额费用，均可能导致短期内公司亏损扩大，从而对公司 日常经营、财务状况等方面造成不利影响。 综上所述，公司2024年营业收入较去年增长58.54%，但仍处于亏损状态，公 司2024年以后年度存在持续亏损的风险。 （二）整改情况 | 保荐机构名称：华泰联合证券有限责任公司 | 被保荐公司简称：荣昌生物 | | --- | --- | | 保荐代表人姓名：刘兆明 | 联系电话：025-56839300 | | 保荐代表人姓名：高元 | 联系电话：025-83387686 | 根据《证券法》《证券发行上市保荐业务管理办法》和《上海证券交易所科 创板股票上市规则》（以下简称"《上市规则》"）等有关法律、法规的规定， ...