Core Viewpoint - The article highlights the performance forecast of various A-share listed companies, indicating a significant divergence in earnings growth across different sectors, driven by technological advancements, cost control, and industry cycles [4][62]. Group 1: Companies with Strong Earnings Growth - **New Yisheng (300502.SZ)**: Expected net profit of 9.4 billion to 9.9 billion, a year-on-year increase of 231.24% to 248.86%, driven by rising demand for high-speed optical modules due to global computing power investments [6]. - **Han's Laser (688256.SH)**: Expected net profit of 1.85 billion to 2.15 billion, turning from a loss of 0.452 billion in the previous year, benefiting from the increasing demand for AI computing power [8]. - **Zhongji Xuchuang (300308.SZ)**: Expected net profit of 9.8 billion to 11.8 billion, a year-on-year increase of 89.50% to 128.17%, supported by strong investment in computing infrastructure [10]. - **Runze Technology (300442.SZ)**: Expected net profit of 5 billion to 5.3 billion, a year-on-year increase of 179.28% to 196.03%, primarily due to non-recurring gains from public REITs issuance [12]. - **CITIC Securities (601995.SH)**: Expected net profit of 8.542 billion to 10.535 billion, a year-on-year increase of 50% to 85%, driven by steady growth in core business segments [15]. Group 2: Companies with Earnings Below Expectations - **Great Wall Motors (601633.SH)**: Expected net profit of 9.912 billion, a year-on-year decrease of 21.71%, impacted by increased marketing expenses and intense competition [34]. - **GAC Group (601238.SH)**: Expected net profit of -8 billion to -9 billion, turning from a profit of 0.824 billion in the previous year, due to fierce competition and adjustments in product structure [36]. - **GCL-Poly Energy (002506.SZ)**: Expected net profit of -0.89 billion to -1.29 billion, turning from a profit of 0.068 billion, affected by structural supply-demand issues in the photovoltaic industry [38]. - **Boli Tianheng (688506.SH)**: Expected net profit of -1.1 billion, turning from a profit of 3.708 billion, due to increased R&D expenses [39]. - **Daiyue City (000031.SZ)**: Expected net profit of -2.7 billion to -2.1 billion, continuing losses from the previous year, influenced by asset impairment provisions [42]. Group 3: Industry Trends - **Technological Breakthroughs**: Industries driven by technology, such as AI and innovative pharmaceuticals, are showing strong growth, with companies like New Yisheng and Rongchang Bio leading the way [62][63]. - **Cost Control**: The energy and manufacturing sectors are experiencing a clear divide, with companies like Datang Power benefiting from lower coal prices and effective cost management [64]. - **Downward Pressure from Industry Cycles**: The real estate, agriculture, and photovoltaic sectors are under significant pressure, with companies like Vanke and Tianbang Food facing substantial earnings declines [65][66].

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。 ...

Core Viewpoint - The performance of A-share pharmaceutical stocks in 2025 shows a mixed outlook, with 283 companies disclosing earnings forecasts, where 160 companies expect profit growth while over 120 companies anticipate profit declines, indicating a significant divergence in the industry [1][3]. Group 1: Profit Growth - Among the 283 pharmaceutical stocks, 160 companies are expected to see a year-on-year increase in net profit, with Sino Medical (688108) leading the pack with a projected increase of over 32 times [1][3]. - Sino Medical forecasts a net profit of 43 million to 50 million yuan for 2025, representing a year-on-year growth of 2,767% to 3,233% [3]. - Other notable companies with significant profit growth include WuXi AppTec, Hanyu Pharmaceutical, and Kangxino, with 65 companies projecting a net profit increase of over 100% [3][4]. Group 2: Profit Decline - Over 120 companies are expected to report a decline in net profit for 2025, with 39 companies facing their first losses since listing, including well-known firms like Zhifei Biological and Zhenbao Island [1][5]. - Zhifei Biological anticipates a net loss of approximately 10.698 billion to 13.726 billion yuan, marking a year-on-year decline of 630% to 780% [6][7]. - The decline in the vaccine sector is attributed to decreased public willingness to vaccinate and increased vaccine hesitancy, leading to significant performance pressure across the industry [7][8]. Group 3: Innovative Drug Companies - Several innovative drug companies are reporting positive trends, with some achieving profitability or significantly reducing losses. For instance, Nocren Pharmaceutical is expected to turn a profit for the first time, projecting a net profit of around 633 million yuan [10]. - Rongchang Biopharmaceutical is also expected to turn a profit, with a projected net profit of approximately 716 million yuan, driven by strong sales of core products [10]. - Companies like Junshi Biosciences and Amgen have not yet achieved profitability but are showing a clear trend of reduced losses, indicating a gradual transition towards commercialization and revenue growth in the innovative drug sector [11].

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 ...