荣昌生物（09995）今日盘中大涨5.91%，引起市场广泛关注。股价上涨主要受益于中金公司发布的最新研报，维持公司"跑赢行业"评级，并大幅上调目标价40.6%至45港元。
根据中金公司的研报，荣昌生物2025年第一季度业绩符合预期。公司收入同比增长59.17%至5.26亿元，归母净利润亏损2.54亿元，同比减亏近1亿元。研发费用率同比下降37.7个百分点至62.53%，经营净现金流同比改善2.38亿元。中金公司预计荣昌生物2025全年有望保持较好的减亏趋势。
此外，荣昌生物的明星产品泰它西普在治疗全身型重症肌无力（gMG）的III期临床试验中表现优异。数据显示，泰它西普治疗24周后，98.1%的患者重症肌无力日常活动评分（MG-ADL）改善≥3分，显著优于安慰剂组。目前，泰它西普用于治疗gMG的上市申请已获国家药品监督管理局药品审评中心（CDE）受理，预计今年二季度在国内获批上市。中金公司认为，泰它西普有潜力改写gMG领域治疗格局，并有望打开全球市场空间。
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