HK Stock Market Move | REMEGEN (09995) rose more than 8%, turning a full-year loss into a profit of over 700 million yuan. Revenue increased by nearly 90% year-on-year.

REMEGEN (09995) rose more than 8%, up 8.13% as of press time, trading at HK$101.8, with a turnover of HK$284 million. On the news front, REMEGEN released its 2025 annual performance report, with the group achieving revenue of RMB 3.242 billion, a year-on-year increase of 89.55%; the net income attributable to the parent company was RMB 710 million, compared to a loss of RMB 1.468 billion in the same period last year. In addition, the product sales revenue for the year ended December 31, 2025 was approximately RMB 2.307 billion, a year-on-year increase of 35.8%, mainly driven by strong sales growth of the company's own commercialized immune product Thaitap (RC18, trade name: Thai Love) and anti-tumor product Vediximab monoclonal antibody (RC48, trade name: Aidexi). Huatai believes that the company's overseas potential, domestic business, and financial statements are improving: RC148 has been authorized for overseas export, with the potential to start global Phase III trials within the year; the pipeline is steadily progressing, with Thaitap IgAN and pSS expected to be approved domestically in 2026 and six new Phase III trials initiated, with overseas pSS Phase III trials already underway; Vediximab monoclonal antibody 1LUC is expected to be approved domestically, and overseas Phase III trials are proceeding smoothly; sales momentum is stable, with controlled core product prices for medical insurance renewal. The bank stated that the 2025 BD revenue is approximately RMB 900 million, mainly from the first installment and warrants for Thaitap authorization; the first installments for RC28 and RC148 authorization in 2026 will be confirmed one after another, with RC148 expected to achieve multiple clinical milestones, further supporting a leap in revenue.