TacticScaleWhat RemeGen (荣昌生物) Does & How It Makes Money (688331.SS)
Updated October 2026 · reflects RemeGen's latest reported financials
Chinese biotech developing antibody drugs for autoimmune diseases, cancer, eye disease. RemeGen earns revenue mainly by selling its commercialized biologics, Telitacicept and Disitamab Vedotin, in Mainland China and the United States.
How RemeGen makes money
RemeGen earns revenue mainly by selling its commercialized biologics, Telitacicept and Disitamab Vedotin, in Mainland China and the United States. It reinvests in a pipeline of ADCs, bispecifics and fusion proteins that it hopes to bring to market.
What RemeGen does
RemeGen Co., Ltd. is a Yantai-based biopharmaceutical company founded in 2008 that covers the full drug chain, from discovery and development through production and commercialization, with a focus on autoimmune, oncology and ophthalmic diseases in Mainland China and the United States. Its two main products are Telitacicept (RC18), used for systemic lupus erythematosus, rheumatoid arthritis and myasthenia gravis, and Disitamab Vedotin (RC48), an antibody-drug conjugate for gastric cancer, urothelial carcinoma, breast cancer and other tumors. The company also has a pipeline built mostly on ADC technology. It includes RC88, a mesothelin-targeting ADC; RC148, a PD-1/VEGF bispecific antibody ADC in Phase 1/2 studies; RC278 and RC288, ADCs for solid and other tumors; and RC-28E, a VEGF/FGF-targeting fusion protein for eye disease.
Products & services
- Telitacicept (RC18)
- Disitamab Vedotin (RC48)
- RC-28E
- RC88
- RC148
- RC288
荣昌生物是做什么的？
荣昌生物成立于2008年，总部位于山东烟台，是一家集药物发现、开发、生产和商业化于一体的生物制药公司，专注于自身免疫、肿瘤和眼科疾病领域，业务覆盖中国大陆和美国。核心产品包括泰它西普（RC18），用于系统性红斑狼疮、类风湿关节炎和重症肌无力；以及抗体偶联药物维迪西妥单抗（RC48），用于胃癌、尿路上皮癌、乳腺癌等肿瘤。 公司在研管线以ADC为主，包括靶向间皮素的RC88、处于1/2期临床的PD-1/VEGF双抗ADC RC148、面向多种实体瘤的RC278和双抗ADC RC288，以及靶向VEGF和FGF的融合蛋白RC-28E。
What is RemeGen worth?
On an owner-earnings DCF, RemeGen's most-likely value is about ¥337 versus a recent price near ¥109 (68% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~¥72) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
One company, two listings
RemeGen trades in mainland China and in Hong Kong. Same business, same profits — but the two markets can price it at different multiples, because they have different investors, money and reference points.
| Market | Ticker | Price | P/E |
|---|---|---|---|
| Shanghai (A shares) | 688331.SS | ¥108.91 | 10.4× |
| Hong Kong (H shares) | 9995.HK | HK$70.30 | 6.1× |
As of 12 October 2026. Prices in each listing's own currency. Why one profit can carry two prices: Valuation Is Not a Property of the Company.
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