Core Viewpoint - Rongchang Biopharmaceutical has successfully licensed its PD-1/VEGF dual antibody RC148 to AbbVie for an upfront payment of $650 million, with the total deal potentially reaching $5.6 billion, approximately 4 billion RMB, marking a significant turnaround for the company [1][2][7]. Company Overview - Rongchang Biopharmaceutical, founded in 2008, is a pioneer in the development of innovative drugs in China, particularly in antibody-drug conjugates (ADCs) [1]. - The company has faced challenges in commercializing its products and has been criticized for its aggressive strategy, leading to significant losses and limited cash reserves [1]. Financial Impact - The $650 million upfront payment from AbbVie will provide substantial funding for Rongchang Biopharmaceutical, covering all previous R&D investments for RC148 and significantly boosting the company's financial position [2][7]. - Following the announcement of the deal, Rongchang's stock surged over 20%, indicating strong market confidence in the transaction [7]. Product Development and Market Position - RC148 is the first product from Rongchang's dual antibody platform to enter clinical trials, focusing on treating solid tumors [5]. - The product has shown promising clinical data, with objective response rates of 61.9% for monotherapy and 66.7% when combined with chemotherapy for non-small cell lung cancer [8]. Competitive Landscape - The competition in the PD-1/VEGF dual antibody market is intensifying, with other companies like Kangfang Biopharmaceutical and Sanofi already advancing their products to later clinical stages [9][11]. - Rongchang's collaboration with AbbVie, which has limited experience in solid tumors, raises questions about the potential success of RC148 compared to competitors [9][12]. Strategic Significance - The deal with AbbVie reflects ongoing interest from multinational pharmaceutical companies in acquiring dual antibody assets, which could benefit domestic companies like Rongchang [7]. - The transaction underscores the importance of asset quality and collaboration in revitalizing market confidence in the biopharmaceutical sector [7].

Core Viewpoint - The company has signed an exclusive licensing agreement with AbbVie for the PD-1/VEGF dual antibody drug RC148, granting AbbVie exclusive rights for development, production, and commercialization outside Greater China, with an upfront payment of $650 million and potential milestone payments up to $4.95 billion, along with double-digit royalties on net sales outside Greater China [1][2]. Group 1: Licensing Agreement Details - The agreement includes an upfront payment of $650 million and milestone payments that could reach up to $4.95 billion [1]. - AbbVie will have exclusive rights to develop, produce, and commercialize RC148 outside of Greater China [1]. Group 2: Clinical Data and Efficacy - RC148 has shown promising efficacy and safety in recent clinical trials, with a Phase 1 study demonstrating an overall response rate (ORR) of 61.9% and a disease control rate (DCR) of 100% among PD-L1 positive NSCLC patients [1]. - In the Phase 2 study, the combination of RC148 with docetaxel achieved an ORR of 66.7% and a DCR of 95.2%, with an ORR of 80% in PD-L1 positive patients [2]. Group 3: Business Development and Financial Impact - This licensing agreement marks the fourth successful business development (BD) transaction for the company, validating its R&D capabilities and recognition by foreign entities [2]. - The high upfront payment is expected to significantly improve the company's cash flow and provides strong financial and brand endorsement for future R&D and pipeline advancement [2]. Group 4: Profit Forecast - The company anticipates a net profit of -885 million, -449 million, and 373 million yuan for the years 2025 to 2027, with corresponding earnings per share (EPS) of -1.57, -0.80, and 0.66 yuan [2].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688331 证券简称：荣昌生物 公告编号：2026-003 荣昌生物制药（烟台）股份有限公司 关于调整回购股份价格上限的公告 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： ● 为保障回购股份方案顺利实施，荣昌生物制药（烟台）股份有限公司（以下简称"公司"）于2026年1 月15日召开第二届董事会第三十五次会议，审议通过了《关于调整回购股份价格上限的议案》，拟将回 购价格上限由人民币95元/股（含）调整为人民币116元/股（含）。 ● 除上述调整回购股份价格上限外，回购方案的其他内容不变。 截至本公告披露日，公司尚未开始实施回购。 三、本次调整回购股份方案的原因及主要内容 鉴于近期公司股票价格持续超出回购股份方案拟定的回购价格上限人民币95元/股（含），基于对公司 未来持续稳定发展的信心和对公司价值的认可，同时为了保障本次回购股份方案的顺利实施，公司拟将 回购价格上限由人民币95元/股（含）调整为人民币116元/股（含）。 ● 本次调整回购股份价格上 ...

Core Insights - Rongchang Biopharmaceutical has authorized all overseas rights of its PD-1/VEGF dual antibody RC148 to AbbVie, with an upfront payment of $650 million, potentially reaching a total of $5.6 billion, approximately 4 billion RMB [3][21][28] - The transaction marks a significant turnaround for Rongchang Biopharmaceutical, which had faced skepticism regarding its aggressive strategy due to slow commercialization and substantial losses in recent years [5][22][28] Company Overview - Founded in 2008 by Wang Weidong and Harvard-returned scientist Fang Jianmin, Rongchang Biopharmaceutical is one of the early innovators in China's pharmaceutical industry, focusing on ADC (antibody-drug conjugate) products [3][21] - The company has a total market capitalization exceeding 100 billion RMB across its A and H shares [21] Financial Impact - The $650 million upfront payment from AbbVie is nearly three times Rongchang Biopharmaceutical's revenue for the first three quarters of the previous year [20][28] - This deal injects substantial funds into the company, which had reported losses exceeding 500 million RMB and had only 1.07 billion RMB in cash reserves as of the third quarter of last year [5][22] Market Position and Strategy - Rongchang Biopharmaceutical has historically adopted a "high-risk, high-reward" strategy, with a large sales team and extensive R&D pipeline [4][22] - The company has been proactive in signaling potential new business development (BD) deals, although it took until 2025 to confirm two significant collaborations [24][28] Product Development - RC148 is the first product from Rongchang's dual antibody platform to enter clinical trials, focusing on solid tumors [10][27] - The clinical data for RC148 shows promising results, with objective response rates of 61.9% for monotherapy and 66.7% when combined with chemotherapy, indicating potential to surpass standard treatments [31] Competitive Landscape - The competition in the PD-1/VEGF dual antibody market is intensifying, with other companies like Kangfang Biopharmaceutical and Sanofi entering advanced clinical stages [29][31] - The ability to conduct global clinical trials and explore multiple indications is becoming a key competitive factor in this space [30][31]

格隆汇1月15日丨荣昌生物(09995.HK)公告，鉴于近期公司股价持续超过每股人民币95元，即股份回购 计划规定的回购价格上限，基于对公司未来可持续稳定发展的信心和对公司价值的认可，为确保本次股 份回购计划顺利实施，公司提议将回购价格上限由每股人民币95元(包括人民币95元)调整至每股人民币 116元(包括人民币116元)。除上述股份回购价格上限调整外，有关股份回购计划的所有其他事宜维持不 变。 ...

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之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚 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） 有關調整A股回購價格上限的公告 茲提述(i)榮昌生物製藥（煙台）股份有限公司（「本公司」）日期為2025年12月25日 的公告（「公告」）。除另有界定者外，本公告所用詞彙與公告、價格上限調整決議 案及股份回購計劃中所界定者具有相同涵義。 I. 有關股份回購計劃的資料 本公司於2025年12月15日召開第二屆董事會第三十二次會議，審議並通過《關於 以集中競價交易方式回購本公司股份計劃的議案》，同意本公司以集中競價交易方 式使用其自有資金及╱或自籌資金回購部分本公司已發行以人民幣計值的普通股 （A股）。擬回購總金額不低於人民幣2,000萬元（包括人民幣2,000萬元）且不超過 人民幣4,000萬元（包括人民幣4,000萬元）。回購股份將用於日後 ...

Group 1 - Huasheng Tiancheng's AI-related revenue currently accounts for a low proportion of overall revenue, indicating that it does not significantly impact the company's performance [2] - CICC's merger with Dongxing Securities and Xinda Securities is still undergoing audit work, which has not yet been completed [2] - Xinhua Department Store confirmed that there are no undisclosed major matters related to semiconductor asset injections, addressing market rumors [3] Group 2 - Zhong Rare Metals signed a strategic cooperation agreement with Xian Dao Group to enhance market share and industry influence in rare metals [4] - Zhongtian Rocket reported losses in its carbon/carbon thermal field materials business due to intensified competition in the photovoltaic industry [5] - Zhongyuan Nepe proposed to acquire 59% of Zhongyuan Jikean's equity for 143 million yuan, which will make it a wholly-owned subsidiary [5] Group 3 - Jiangxi Copper's subsidiary signed a cooperation agreement with First Quantum Minerals for exploration projects [6] - China Nuclear Power's Jiangsu Xuwei Nuclear Energy Heating Power Plant's first unit is set to pour its first concrete on January 16, 2026 [6] - ST Aowei's stock may be delisted if it continues to trade below par value [6] Group 4 - Triangle Tire plans to invest 3.219 billion yuan in a new high-performance tire project in Cambodia, expected to generate annual revenue of 2.585 billion yuan [7] - Baoxin Technology intends to publicly sell part of its subsidiary's assets, with a valuation of 50.2334 million yuan [7] - Nong Shang Environment's computing infrastructure project has not progressed as planned due to funding issues [8] Group 5 - Golden Dragon Fish plans to transfer stakes in two subsidiaries to Mars China for a total of 60 million USD, which is expected to impact its 2026 earnings significantly [8] - Jin Dao Technology intends to issue convertible bonds to raise up to 306 million yuan for various projects [8] - Aerospace Information expects a net loss of 700 million to 980 million yuan for 2025 due to industry changes [10] Group 6 - Tianji Co. forecasts a net profit of 70 million to 105 million yuan for 2025, recovering from a previous loss [10] - Muyuan Foods anticipates a net profit decrease of 12.2% to 17.79% for 2025 [11] - SAIC Group expects a net profit increase of 438% to 558% for 2025, driven by sales growth [12] Group 7 - Haolaike expects a significant drop in net profit for 2025, projecting a decrease of 75.16% to 83.23% [13] - Hainan Development anticipates a net loss of 440 million to 565 million yuan for 2025 [13] - Shuangliang Energy expects to report a loss for 2025 [14] Group 8 - Aijian Group also anticipates a loss for 2025 [14] - Meijin Energy forecasts a net loss of 850 million to 1.25 billion yuan for 2025 [14] - Kunlun Wanwei expects to report a loss for 2025 [14] Group 9 - Xue Rong Biological expects a net profit of 29 million to 40 million yuan for 2025, recovering from a previous loss [15] - Xin Nuo Wei anticipates a net loss of 170 million to 255 million yuan for 2025 due to increased R&D expenses [15] - Shengnuo Biological expects a net profit increase of 204.42% to 280.53% for 2025 [16] Group 10 - Longyuan Construction forecasts a net loss of 1 billion to 1.5 billion yuan for 2025 [17] - Kosen Technology expects a net loss of 245 million to 330 million yuan for 2025 [17] - Daqian Ecology anticipates a net loss of 100 million to 120 million yuan for 2025 [17] Group 11 - Lianfa Co. expects a net profit increase of 38.92% to 58.77% for 2025 [18] - Chongqing Steel anticipates a net loss of 2.5 billion to 2.8 billion yuan for 2025, but expects to reduce losses compared to the previous year [18] - Tongxing Technology forecasts a net profit increase of 74.2% to 125.44% for 2025 [19] Group 12 - Siyuan Electric expects a net profit of 3.163 billion yuan for 2025, a 54.35% increase year-on-year [19] - Luoyang Molybdenum expects a net profit increase of 47.8% to 53.71% for 2025 [20] - Nawei Technology anticipates a net profit increase of 54.51% to 75.03% for 2025 [20] Group 13 - Jingjia Micro expects a net loss of 120 million to 180 million yuan for 2025 [21] - Southwest Securities forecasts a net profit increase of 47% to 57% for 2025 [22] - Wankai New Materials expects a net profit of 156 million to 203 million yuan for 2025, recovering from a previous loss [22] Group 14 - Yilian Network anticipates a slight decrease in net profit for 2025, projecting a decline of 0% to 4% [23] - Baofeng Energy expects a net profit increase of 73.57% to 89.34% for 2025 [23] - Sanmei Co. forecasts a net profit increase of 155.66% to 176.11% for 2025 [23] Group 15 - Zhenyu Technology expects a net profit increase of 96.89% to 116.58% for 2025 [24] - Fute Technology anticipates a net profit increase of 121.98% to 164.26% for 2025 [24] - Guoli Electronics expects a net profit increase of 124.89% to 164.57% for 2025 [24] Group 16 - Shenyu Co. expects a slight decrease in net profit for 2025, projecting a decline of 0.05% to 11.37% [25] - Rongchang Biological plans to increase its share repurchase price limit to 116 yuan per share [26] - Defu Technology plans to repurchase shares for 75 million to 150 million yuan [26] Group 17 - ST Chengchang's stock will resume trading on January 16 after completing a trading fluctuation investigation [27] - Zhi Te New Materials will also resume trading on January 16 after confirming no major changes in business operations [27] - Lio Co. will suspend trading starting January 16 for stock fluctuation investigation [27]

北京商报讯1月15日晚间，荣昌生物（688331）发布公告称，拟将回购价格上限由95元/股（含）调整为 116元/股（含）。 荣昌生物表示，鉴于近期公司股票价格持续超出回购股份方案拟定的回购价格上限95元/股 （含），基 于对公司未来持续稳定发展的信心和对公司价值的认可，同时为了保障本次回购股份方案的顺利实施， 公司拟将回购价格上限调整为116元/股（含） 。 （文章来源：北京商报） ...

（文章来源：证券日报） 证券日报网讯 1月15日，荣昌生物发布公告称，拟将回购价格上限由人民币 95元/股（含）调整为人民 币 116 元/股（含）。 ...

人民财讯1月15日电，荣昌生物(688331)1月15日公告，为保障回购股份方案顺利实施，拟将回购公司股 份的价格上限由95元/股(含)调整为116元/股(含)。 ...