Core Viewpoint - The company has received a filing notice from the China Securities Regulatory Commission (CSRC) for the proposed issuance of up to 62,664,600 overseas listed common shares to be listed on the Hong Kong Stock Exchange, indicating a significant step towards international expansion [1] Group 1 - The company plans to issue a maximum of 62,664,600 shares [1] - The shares will be listed on the Hong Kong Stock Exchange [1] - The company must report any major events from the issuance notice until the end of the issuance [1] Group 2 - The completion of the issuance and listing is subject to approval from relevant Hong Kong authorities, introducing an element of uncertainty [1] - The company is required to report the situation within 15 working days after the completion of the issuance and listing [1]

格隆汇11月20日｜迈威生物公告，公司于近日收到中国证监会出具的《关于迈威(上海)生物科技股份有 限公司境外发行上市备案通知书》。公司拟发行不超过62,664,600股境外上市普通股并在香港联合交易 所上市。公司申请发行境外上市外资股(H股)并上市尚需取得香港证券及期货事务监察委员会和香港联 合交易所有限公司等相关政府机关、监管机构、证券交易所的批准、核准，该事项仍存在不确定性。 ...

迈威生物晚间公告，公司于近日收到中国证监会出具的《关于迈威（上海）生物科技股份有限公司境外 发行上市备案通知书》。根据备案通知书，公司拟发行不超过6266.46万股境外上市普通股并在香港联 合交易所上市。自备案通知书出具之日起至本次境外发行上市结束前，公司如发生重大事项，应根据境 内企业境外发行上市有关规定，通过中国证监会备案管理信息系统报告。公司完成境外发行上市后15个 工作日内，应通过中国证监会备案管理信息系统报告发行上市情况。 ...

Core Insights - Maiwei Biotech has received approval from the National Medical Products Administration (NMPA) for its IL-11 monoclonal antibody 9MW3811 to enter Phase II clinical trials for pathological scars, marking it as the first drug targeting this indication in clinical exploration [1] - The company has established an exclusive licensing agreement with CALICO Life Sciences, which includes an upfront payment of $25 million and potential milestone payments totaling up to $571 million, along with tiered royalties based on net sales [1][2] - Maiwei Biotech reported a significant revenue increase of 301.03% year-on-year, reaching 566 million yuan in the first three quarters of 2025, driven primarily by income from innovative product collaborations [2] Group 1: Clinical Development and Partnerships - The company has a comprehensive pipeline with 15 core products at various stages, including 11 innovative drugs and 4 biosimilars, focusing on oncology and age-related diseases [2] - The Phase II clinical trial for the anti-TMPRSS6 monoclonal antibody 9MW3011 has commenced, with the first patient dosed in the U.S., marking a significant milestone in its collaboration with DISC Medicine [3] - Maiwei Biotech has entered into a partnership with Qilu Pharmaceutical for long-acting white blood cell-boosting drugs, with a contract value of up to 500 million yuan, including a non-refundable upfront payment of 380 million yuan [4] Group 2: Financial Performance - The substantial increase in technical service revenue is attributed to the licensing agreements with CALICO, Qilu, and DISC, indicating the successful commercialization of innovative research [4] - The company’s revenue from technical services reached 407 million yuan, a year-on-year increase of 715.52%, while drug sales contributed 156 million yuan, reflecting a 72.10% increase [2] - Maiwei Biotech's ongoing clinical trials for its core pipeline products, including 9MW2821 and JS207, show promising efficacy signals in treating triple-negative breast cancer [5]

11月13日，有消息称国内一家生物制药企业解散肿瘤销售团队，信息指向迈威生物。对此，智通财经记 者致电迈威生物董秘办/证代公开电话，接电人员表示公司未解散肿瘤销售团队，但也未告知记者目前 肿瘤销售团队人员数量，仅表示公司有统计研发人员数量，并在财报中披露。此后，记者再次联系迈威 生物，公司表示不回应此事。（智通财经） ...

Group 1 - The core point of the news is that Maiwei Biotech's stock price increased by 5.07% to 45.98 CNY per share, with a trading volume of 1.28 billion CNY and a turnover rate of 1.40%, resulting in a total market capitalization of 183.74 billion CNY [1] - Maiwei Biotech, established on May 12, 2017, and listed on January 18, 2022, is primarily engaged in the research, production, and sales of therapeutic biological products, with 99.91% of its revenue coming from product sales and 0.09% from services [1] Group 2 - Among the top ten circulating shareholders of Maiwei Biotech, E Fund's healthcare mixed fund (110023) entered the list in the third quarter, holding 3.1746 million shares, which is 1.55% of the circulating shares, with an estimated floating profit of approximately 7.0476 million CNY [2] - E Fund's healthcare mixed fund (110023) was established on January 28, 2011, with a current scale of 3.802 billion CNY, achieving a year-to-date return of 35.72% and a one-year return of 22.42%, ranking 2184 out of 8145 and 3130 out of 8059 respectively [2]

Group 1 - The core point of the article highlights the recent performance of Maiwei Biotech, which saw a 5.02% increase in stock price, reaching 44.59 CNY per share, with a trading volume of 214 million CNY and a turnover rate of 2.41%, resulting in a total market capitalization of 17.818 billion CNY [1] - Maiwei Biotech, established on May 12, 2017, and listed on January 18, 2022, is primarily engaged in the research, production, and sales of therapeutic biological products, with 99.91% of its revenue coming from product sales and 0.09% from services [1] Group 2 - From the perspective of fund holdings, a fund under AVIC Fund has a significant position in Maiwei Biotech, with the AVIC Optimal Navigation Mixed Fund A (022852) holding 891,100 shares, accounting for 9.89% of the fund's net value, making it the seventh-largest holding [2] - The AVIC Optimal Navigation Mixed Fund A (022852) has achieved a return of 73.81% year-to-date, ranking 222 out of 8147 in its category, and has a total fund size of 606.1 million CNY [2] Group 3 - The fund manager of AVIC Optimal Navigation Mixed Fund A is Wang Sen, who has been in the position for 2 years and 48 days, overseeing a total asset size of 2.85 billion CNY, with the best fund return during his tenure being 136.74% and the worst being 2.83% [3]

Core Insights - The report highlights the performance of the domestic financial market, with the Shanghai Composite Index closing at 4002.76, down 0.39% [4] - The retail sales of new energy passenger vehicles reached 1.282 million units in October, marking a year-on-year increase of 7.3% and a cumulative retail of 10.151 million units from January to October, reflecting a growth of 21.9% [6] - The report discusses the increasing market scale in the express delivery industry, indicating a seasonal growth trend [8] Industry Updates - Multiple departments have jointly issued documents to promote the open interconnection of enterprise logistics data, with related stocks including SuperMap Software (300036) and Hezhong Shizhuang (002383) [8] - Two departments have issued documents to strengthen the technological innovation support for new energy consumption, with related stocks including Southern Power Grid Technology (688248) and Oriental Electronics (000682) [8] - The express delivery industry is showing signs of seasonal characteristics, with accelerated market growth and related stocks including YTO Express (600233) and Shentong Express (002468) [8] Company Focus - Maiwei Biotech (688062) has received approval from the National Medical Products Administration for a Phase II clinical trial application for its MW3811 injection for pathological scars, with trials expected to start by the end of 2025 [10] - Zhongbei Communication (603220) has signed a comprehensive service framework agreement with Xiamen Hongxin Electronic Technology Group to collaborate on computing resource services [10] - Chaoying Electronics (603175) plans to expand its AI computing high-end printed circuit board production project in Thailand [10] Market Review and Outlook - On November 11, the total trading volume in the two markets was 1.9936 trillion yuan, with 2631 stocks rising and 2380 stocks falling, indicating a net outflow of 76.83 billion yuan [12] - The report notes that the market is experiencing a weak recovery with a focus on speculative trading, while trends in battery and photovoltaic sectors show relative resilience [13] - The report suggests that if the market experiences a pullback, investors may consider low-risk opportunities in resilient sectors for trial trading [13]

Core Insights - On November 11, Maiwei Biotech experienced a decline of 1.28% with a trading volume of 296 million yuan, indicating market volatility [1] - The company reported a financing buy-in of 41.07 million yuan and a net financing buy of 11.31 million yuan on the same day, reflecting investor interest despite the stock price drop [1] - As of November 11, the total margin balance for Maiwei Biotech reached 612 million yuan, which is 7.05% of its market capitalization, suggesting a high level of leverage [1] Financing Summary - On November 11, the financing buy-in was 41.07 million yuan, with a total financing balance of 611 million yuan, exceeding the 80th percentile of the past year [1] - The margin trading showed a repayment of 200 shares and a sell-off of 1,100 shares, with a total sell amount of 46,700 yuan, indicating active trading [1] - The current margin balance of 955,300 yuan also exceeds the 80th percentile of the past year, indicating a high level of short selling activity [1] Company Performance - As of September 30, the number of shareholders for Maiwei Biotech increased by 9.15% to 19,600, while the average number of circulating shares per person decreased by 8.38% to 10,425 shares [2] - For the period from January to September 2025, the company achieved a revenue of 566 million yuan, representing a year-on-year growth of 301.03%, while the net profit attributable to shareholders was -598 million yuan, showing a 13.89% increase [2] - Among the top ten circulating shareholders, new entrants include E Fund Healthcare Industry Mixed A and Southern CSI 1000 ETF, while some previous shareholders have exited the list [2]

Group 1: Regulatory Developments - The National Healthcare Security Administration (NHSA) held a public seminar on the adjustment of the Disease-Based Payment Grouping Scheme 3.0, engaging with representatives from 22 hospitals [1] - The National Medical Products Administration (NMPA) issued technical guidelines for the pharmaceutical research and evaluation of recombinant glycoprotein hormone products [2] Group 2: Clinical Trials and Approvals - Maiwei Biotech announced that its 9MW3811 injection for pathological scars has received approval for a Phase II clinical trial, with plans to start by the end of 2025 [3] - Yuandong Biotech reported that its YLSH003 injection for advanced solid tumors has initiated Phase I/II clinical trials, with the first subject successfully enrolled [4] - Novartis received FDA approval for Remibrutinib tablets for treating chronic spontaneous urticaria (CSU) in adults who remain symptomatic after H1 antihistamine treatment [5] Group 3: Market Activities - Real Bio Technology has submitted a listing application to the Hong Kong Stock Exchange, marking its third attempt to go public [6] - Kangfang Biotech announced the completion of the first patient dosing in a Phase I trial for its personalized mRNA vaccine AK154, used in combination with other therapies for postoperative pancreatic cancer treatment [6] Group 4: Research Breakthroughs - Researchers from Monash University and the University of Warwick discovered a promising antibiotic during the production process of a common drug, effective against "superbugs" like methicillin-resistant Staphylococcus aureus [7]