JPMorgan Raises REMEGEN (09995) Target Price to HK$77, Upgrades to Neutral

Stock News

Nov 04

JPMorgan has adjusted its forecasts for REMEGEN (09995, 688331.SH), lowering product revenue projections for 2025 and 2026 to reflect recent performance while increasing licensing revenue estimates. The bank expects net losses to narrow in 2025 and 2026 due to improved margins and reduced operating expenses. Consequently, it raised the H-share target price from HK$73 to HK$77 and upgraded the rating to "Neutral." The A-share target price was also lifted from RMB 86 to RMB 92, retaining a "Neutral" rating.

The report noted REMEGEN's mixed Q3 results, with product revenue falling short of expectations. However, better-than-expected margin performance and cost controls demonstrated the company's ongoing cost optimization efforts. Notably, after signing the RC18 licensing agreement with VorBio in June, R&D expenses declined 30% year-on-year and 24% quarter-on-quarter. Administrative expenses also dropped by 23%, continuing the positive trend seen in previous quarters.

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The bank expects net losses to narrow in 2025 and 2026 due to improved margins and reduced operating expenses. Consequently, it raised the H-share target price from HK$73 to HK$77 and upgraded the rating to \"Neutral.\" The A-share target price was also lifted from RMB 86 to RMB 92, retaining a \"Neutral\" rating.</p>\n<p>The report noted REMEGEN's mixed Q3 results, with product revenue falling short of expectations. However, better-than-expected margin performance and cost controls demonstrated the company's ongoing cost optimization efforts. Notably, after signing the RC18 licensing agreement with VorBio in June, R&D expenses declined 30% year-on-year and 24% quarter-on-quarter. Administrative expenses also dropped by 23%, continuing the positive trend seen in previous quarters.</p>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>JPMorgan Raises REMEGEN (09995) Target Price to HK$77, Upgrades to Neutral</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJPMorgan Raises REMEGEN (09995) Target Price to HK$77, Upgrades to Neutral\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036600163\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/b3bf6d02ad1a6e9e7377eebbb162346a);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Stock News </p>\n<p class=\"h-time\">2025-11-04 15:30</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>JPMorgan has adjusted its forecasts for REMEGEN (09995, 688331.SH), lowering product revenue projections for 2025 and 2026 to reflect recent performance while increasing licensing revenue estimates. The bank expects net losses to narrow in 2025 and 2026 due to improved margins and reduced operating expenses. Consequently, it raised the H-share target price from HK$73 to HK$77 and upgraded the rating to \"Neutral.\" The A-share target price was also lifted from RMB 86 to RMB 92, retaining a \"Neutral\" rating.</p>\n<p>The report noted REMEGEN's mixed Q3 results, with product revenue falling short of expectations. However, better-than-expected margin performance and cost controls demonstrated the company's ongoing cost optimization efforts. Notably, after signing the RC18 licensing agreement with VorBio in June, R&D expenses declined 30% year-on-year and 24% quarter-on-quarter. Administrative expenses also dropped by 23%, continuing the positive trend seen in previous quarters.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK1161","symbol_name":"生物科技","start_time":0,"source_url":"","article_id":"1198851743","we_media_id":"1036600163","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1198851743","pubTimestamp":1762241427,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Stock News","introduction":"Global Stock News First-Time Broadcast","home_visible":1,"id":"1036600163","head_image":"https://community-static.tradeup.com/news/b3bf6d02ad1a6e9e7377eebbb162346a"},"summary":"JPMorgan has adjusted its forecasts for REMEGEN (09995, 688331.SH), lowering product revenue projections for 2025 and 2026 to reflect recent performance while increasing licensing revenue estimates....","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"688331":"荣昌生物","BK1161":"生物科技","LU2488822045.USD":"ALLIANZ CHINA HEALTHY LIVING \"AT\" (USD) ACC","BK0239":"医药制造","BK1574":"生物医药B类股","LU1064130708.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"I\" (USD) ACC","09995":"荣昌生物","LU1969619763.USD":"EASTSPRING INV CHINA A SHARES GROWTH \"A\" (USD) ACC","LU2328871848.SGD":"Eastspring Investments - China A Shares Growth AS SGD","LU1064131003.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"A\" (USD) ACC","LU2148510915.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"R\" (USD) ACC","BK1583":"高瓴概念"},"translate_title":"小摩上调瑞美根(09995)目标价至77港元评级上调至中性","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"688331":1,"09995":1},"content_text":"JPMorgan has adjusted its forecasts for REMEGEN (09995, 688331.SH), lowering product revenue projections for 2025 and 2026 to reflect recent performance while increasing licensing revenue estimates. The bank expects net losses to narrow in 2025 and 2026 due to improved margins and reduced operating expenses. Consequently, it raised the H-share target price from HK$73 to HK$77 and upgraded the rating to \"Neutral.\" The A-share target price was also lifted from RMB 86 to RMB 92, retaining a \"Neutral\" rating.\nThe report noted REMEGEN's mixed Q3 results, with product revenue falling short of expectations. However, better-than-expected margin performance and cost controls demonstrated the company's ongoing cost optimization efforts. Notably, after signing the RC18 licensing agreement with VorBio in June, R&D expenses declined 30% year-on-year and 24% quarter-on-quarter. 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