CCB International released a research report stating that while maintaining Rongchang Biotech (09995.HK)'s “outperforming the market” rating, the target price was raised by 30.8% from HK$26 to HK$34. The company's 2023 results were basically in line with expectations, and the fourth quarter of 2023 results exceeded CCB's expectations. Overall net losses for the fourth quarter of 2023 and 2023 reached 1.5 billion yuan (same below) and 481 million yuan respectively. Excluding equity incentive costs, net losses would be $1.4 billion and $365 million respectively, which is less than anticipated.