金吾财讯 | 交银国际研报指，荣昌生物(09995)发布2025年年度业绩预告，预计全年营业收入约32.5亿元，同比增长约89%；净利润约7.16 亿元，扣非净利润约7,850万元，均同比扭亏为盈。本次业绩表现显著超出该机构及市场此前预期，且盈利拐点出现时点亦较此前判断明显前移。据公告，业绩高增长主因核心产品国内市场商业化持续放量、BD收入确认显著增厚利润端、运营效率持续优化。剔除BD和公允价值收益对利润的贡献，该机构预计4Q25公司主业已实现或接近盈亏平衡，早于该机构此前的预期。随着泰它西普和RC148出海后、更多研发费用由海外合作伙伴承担，该机构看好2026年主业利润率进一步改善的空间。2026 年该机构看好：1）海外：泰它西普MG III期入组和SS III 期启动、维迪西妥首个海外BLA申报和1L UC III期数据读出；2）中国内地泰它西普MG适应症纳入医保后的销售放量，以及SS、IgAN 等大适应症的获批；3）早期品种（RC148、RC118、新型 ADCRC278 等）更多适应症的推进，相关数据读出有望持续催化股价。该机构维持公司136港元的目标价，维持买入评级。
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