北京商报讯（记者 王寅浩 宋雨盈）10月30日，迈威生物发布2025年第三季度报告，第三季度实现营业 收入4.65亿元，同比增长1717.41%；归属于上市公司股东的净利润为亏损4634.11万元。2025年前三季 度实现营业收入5.66亿元，同比增长301.03%；归属于上市公司股东的净利润亏损5.98亿元。 ...

Core Insights - Maiwei Biotech (688062.SH) reported a significant increase in revenue for the first three quarters of 2025, achieving 565 million yuan, a year-on-year growth of 301.03% [1] - The company recorded a net loss attributable to shareholders of 598 million yuan [1] - In the third quarter alone, revenue reached 465 million yuan, marking a staggering year-on-year growth of 1717.41% [1] - The performance changes are primarily attributed to substantial revenue recognition from licensing agreements with Qilu Pharmaceutical and DISC, along with a significant increase in drug sales revenue [1]

Financial Performance - The company's revenue for Q3 2025 reached ¥464,672,799, representing a significant increase of 1,717.41% compared to the same period last year[2]. - Year-to-date revenue until the report date totaled ¥565,838,248, marking a 301.03% increase year-over-year[2]. - The total profit for the period was a loss of ¥30,501,808.77, with a year-to-date loss of ¥582,677,606.59[2]. - The net profit attributable to shareholders for the quarter was a loss of ¥46,341,079.99, and a year-to-date loss of ¥597,660,144.75[2]. - Total operating revenue for the first three quarters of 2025 reached ¥565,838,248.14, a significant increase from ¥141,095,928.06 in the same period of 2024, representing a growth of approximately 301.5%[30]. - The net loss for the first three quarters of 2025 was ¥599,596,769.92, slightly improved from a net loss of ¥696,015,164.94 in the same period of 2024[31]. - The net profit attributable to the parent company for the current period is -597,660,144.75 RMB, compared to -694,090,343.42 RMB in the previous period, showing an improvement[32]. - The total comprehensive income for the current period is -599,594,105.76 RMB, compared to -697,030,853.80 RMB in the previous period, indicating a reduction in losses[32]. Research and Development - Research and development expenses for the quarter amounted to ¥320,063,326.41, an increase of 101.45% year-over-year, accounting for 68.88% of revenue[3]. - Research and development expenses for the first three quarters of 2025 totaled ¥712,154,824.51, up from ¥481,008,266.28 in 2024, reflecting a year-over-year increase of approximately 48.0%[31]. - The company is advancing its differentiated innovation research and development, achieving significant results in its pipeline[13]. - The company has 14 core products in various stages, including 10 innovative drugs and 4 biosimilars, focusing on oncology and age-related diseases[13]. Clinical Trials and Product Development - As of the report date, 9MW2821 has enrolled over 1,600 patients in clinical trials, with three ongoing Phase III trials for various cancers[14]. - The company completed the first patient dosing for 9MW2821 in a clinical trial for ADC-treated triple-negative breast cancer in August 2025[13]. - The company observed positive efficacy signals for both 9MW2821 and JS207 in triple-negative breast cancer patients, indicating potential new treatment options[13]. - The company has one product in the marketing approval review stage and two products in Phase III critical registration clinical trials[13]. - The company’s innovative drug pipeline includes therapies for urinary tract cancer, cervical cancer, triple-negative breast cancer, and esophageal cancer[14]. - The company is focusing on expanding its market presence through innovative product development and clinical trials[13]. - The company is advancing the clinical II phase study of its innovative drug 9MW1911, a humanized anti-ST2 monoclonal antibody for chronic obstructive pulmonary disease (COPD), with the first dosing expected by July 2025 and a target of at least 120 subjects for interim analysis[15]. - The company’s 9MW3011, a targeted TMPRSS6 monoclonal antibody for polycythemia vera (PV), has achieved a milestone with the first dosing in the II phase clinical study in the U.S. scheduled for September 2025[16]. - The company’s 9MW3811, a humanized anti-IL-11 monoclonal antibody, has shown good safety and a half-life exceeding one month in I phase trials, with plans to initiate a II phase trial for pathological scars by the end of 2025[17]. - The company’s 7MW4911, an anti-CDH17 antibody-drug conjugate, received FDA clinical trial approval in August 2025 for advanced colorectal cancer and other gastrointestinal tumors[18]. Strategic Partnerships and Agreements - The company has entered into a strategic licensing agreement with Kalexo Bio, Inc. for the 2MW7141 project, potentially worth up to $1 billion in milestone payments and royalties, including an upfront payment of $12 million[21]. - The company has signed commercialization agreements for its biosimilar drugs 9MW0311 and 9MW0321 with UNILAB, INC. in the Philippines, marking a significant step in its global expansion strategy[22]. Financial Position and Cash Flow - Total assets as of the end of the reporting period were ¥4,527,089,263.10, reflecting a 5.88% increase from the end of the previous year[3]. - Cash and cash equivalents as of September 30, 2025, were ¥1,441,846,861.37, an increase from ¥1,192,626,723.55 at the end of 2024, representing a growth of about 20.9%[25]. - The total assets of the company as of September 30, 2025, were ¥4,527,089,263.10, compared to ¥4,275,508,853.05 at the end of 2024, showing an increase of approximately 5.9%[26]. - Current liabilities increased to ¥2,158,018,752.66 as of September 30, 2025, from ¥1,541,715,656.18 at the end of 2024, marking a rise of about 40.0%[26]. - Long-term borrowings decreased to ¥948,763,657.80 as of September 30, 2025, down from ¥1,006,446,352.48 at the end of 2024, indicating a reduction of approximately 5.7%[26]. - The company's total equity as of September 30, 2025, was ¥945,582,468.34, a decrease from ¥1,555,778,048.33 at the end of 2024, reflecting a decline of about 39.2%[26]. - The company reported a significant increase in accounts receivable, which rose to ¥57,294,132.08 as of September 30, 2025, compared to ¥38,343,632.47 at the end of 2024, representing an increase of approximately 49.5%[25]. - Cash inflow from operating activities for the first three quarters of 2025 is 862,766,573.45 RMB, significantly up from 299,141,739.35 RMB in the same period of 2024[34]. - The net cash flow from operating activities is -103,031,469.59 RMB, an improvement from -668,220,791.06 RMB year-over-year[34]. - Cash outflow for investment activities is 383,466,693.34 RMB, down from 525,231,877.39 RMB in the previous year, reflecting a decrease in investment spending[35]. - The net cash flow from financing activities is 517,247,450.36 RMB, compared to 827,134,397.42 RMB in the previous period, indicating a decline in financing inflows[35]. - The ending cash and cash equivalents balance is 1,439,429,197.30 RMB, down from 1,598,440,866.22 RMB in the previous year[35]. - The company received 200,000,000.00 RMB from minority shareholders as part of investment inflows[35]. Shareholder Information - The basic and diluted earnings per share for the quarter were both -¥0.12, reflecting a significant decrease in net losses compared to the previous year[2]. - The basic and diluted earnings per share for the current period are both -1.50 RMB, an improvement from -1.74 RMB in the previous period[32]. - As of September 30, 2025, the company has repurchased 202,138 shares, accounting for 0.05% of its total share capital, with a total expenditure of approximately RMB 10.69 million[23].

Investment Rating - The report maintains an investment rating of "Outperform" with a rating of A [5] Core Insights - The report highlights the significant performance of domestic new drugs showcased at the ESMO 2025 conference, with several companies presenting excellent clinical data [3][21] - The report emphasizes the importance of academic conferences as key catalysts for the innovative drug sector, particularly mentioning ESMO, ASCO, and WCLC as critical events for Chinese pharmaceutical companies [20] Weekly New Drug Market Review - From October 20 to October 26, 2025, the top five gainers in the new drug sector were: - 欧康维视 (+8.87%) - 君圣泰 (+8.21%) - 诺思兰德 (+7.07%) - 友芝友 (+4.42%) - 海创药业 (+3.73%) - The top five losers were: - 康宁杰瑞 (-17.72%) - 北海康成 (-14.42%) - 创胜集团 (-14.29%) - 宜明昂科 (-13.40%) - 来凯医药 (-12.40%) [16][17] Recommended Focus Stocks - The report suggests focusing on several stocks with potential catalysts, including: 1. Products with high overseas volume certainty after MNC certification: - PD-1 upgraded product: 三生制药 - GLP-1 asset: 联邦制药 - ADC assets: 科伦博泰, 百利天恒 2. Potential heavyweights for overseas MNC authorization: - PD-1 upgraded products: 康方生物, 信达生物 - Breakthroughs in autoimmune fields: 益方生物, 中国抗体 - Innovative target ADC: 复宏汉霖, 石药集团 3. Stocks likely to benefit from medical insurance negotiations and commercial insurance innovative drug directories: - Beneficiaries of medical insurance directory: 恒瑞医药, 康诺亚, 迈威生物, 智翔金泰, 海创药业 - Beneficiaries of commercial insurance innovative drug directory: 药明巨诺, 科济药业 [2][20] New Drug Approval and Acceptance - This week, four new drug or new indication applications were approved, and five new drug or new indication applications were accepted in the domestic market [9] - A total of 46 new drug clinical applications were approved, and 31 new drug clinical applications were accepted [10] Key Domestic Market Events - 信达生物 announced a global strategic partnership with Takeda to accelerate the development of new generation tumor immunotherapy and antibody-drug conjugate therapies [11] - 康宁杰瑞 and 石药集团 announced that their HER2 bispecific antibody-drug conjugate JSKN003 received breakthrough therapy designation from the CDE [11] - 和黄医药 presented clinical data for HMPL-A251 at the AACR-NCI-EORTC conference [11] Key Overseas Market Events - 罗氏 received FDA approval for Gazyva/Gazyvaro for the treatment of active lupus nephritis in adult patients [12] - Electra Therapeutics announced that its therapy ELA026 received breakthrough therapy designation from the FDA and PRIME qualification from the EMA [12] - 安斯泰来 announced that the FDA accepted its supplemental biologics license application for the antibody-drug conjugate Padcev in combination with Keytruda [12]

迈威（上海）生物科技股份有限公司 2025年第二次临时股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 10 月 24 日 证券代码：688062 证券简称：迈威生物 公告编号：2025-063 （二） 股东大会召开的地点：上海市浦东新区李冰路 576 号创想园 3 号楼 103 会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 187 | | --- | --- | | 普通股股东人数 | 187 | | 2、出席会议的股东所持有的表决权数量 | 195,727,595 | | 普通股股东所持有表决权数量 | 195,727,595 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 48.9808 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） ...

北京植德（上海）律师事务所 关于迈威（上海）生物科技股份有限公司 2025 年第二次临时股东大会的 法律意见书 北京植德（上海）律师事务所 关于迈威（上海）生物科技股份有限公司 2025 年第二次临时股东大会的 法律意见书 植德沪（会）字[2025]0045 号 致：迈威（上海）生物科技股份有限公司（贵公司） 北京植德（上海）律师事务所（以下简称"本所"）接受贵公司的委托，指 派律师出席并见证贵公司 2025 年第二次临时股东大会（以下简称"本次会议"）。 植德沪（会）字[2025]0045 号 二〇二五年十月 上海市徐汇区虹桥路 183 号徐家汇中心三期 A 座办公楼 27 层（THREE itc） 邮编：200030 27th Floor Tower A, THREE itc, No.183 Hongqiao Road, Xuhui District, Shanghai 200030 P.R.C 电话(Tel)：021-52533500 传真(Fax)：021-52533599 www.meritsandtree.com （二）本次会议的召开 本所律师参加本次会议进行见证，并根据《中华人民共和国公司法》（ ...

Core Points - The restructuring protein concept declined by 1.15%, ranking among the top declines in concept sectors as of the market close on October 23 [1] - Within the restructuring protein sector, major declines were observed in companies such as Haitai Biological, Maiwei Biological, and Yipinhong, while 14 stocks experienced price increases, with *ST Suwu, *ST Wanfang, and Kefu Medical leading the gains at 5.21%, 4.99%, and 2.90% respectively [1] Market Performance - The top-performing concept sectors today included Shenzhen State-Owned Enterprise Reform with a rise of 6.62%, while the restructuring protein sector faced a decline of 1.15% [2] - The restructuring protein sector saw a net outflow of 476 million yuan, with 37 stocks experiencing net outflows, and 6 stocks seeing outflows exceeding 30 million yuan [2] - Maiwei Biological led the net outflow with 69.48 million yuan, followed by Hualan Biological, BeiDa Pharmaceutical, and Zhifei Biological with outflows of 66.43 million yuan, 54.42 million yuan, and 33.70 million yuan respectively [2] Stock Performance - The top stocks with significant net outflows in the restructuring protein sector included: - Maiwei Biological: -5.53% with a turnover rate of 7.46% and a net outflow of 69.48 million yuan - Hualan Biological: -1.41% with a turnover rate of 1.37% and a net outflow of 66.43 million yuan - BeiDa Pharmaceutical: -3.26% with a turnover rate of 1.78% and a net outflow of 54.42 million yuan [3] - Conversely, the stocks with notable net inflows included: - SanSheng Guojian: +0.67% with a net inflow of 40.98 million yuan - Baipu Sais: +0.17% with a net inflow of 12.23 million yuan - Huiyu Pharmaceutical: +2.96% with a net inflow of 5.71 million yuan [4]

Group 1 - The core point of the news is that Maiwei Biotech's stock price has dropped by 5.29%, currently trading at 42.29 CNY per share, with a total market capitalization of 16.899 billion CNY [1] - Maiwei Biotech, established on May 12, 2017, and listed on January 18, 2022, focuses on the research, production, and sales of therapeutic biological products, with 99.91% of its revenue coming from product sales [1] - The trading volume for Maiwei Biotech reached 128 million CNY, with a turnover rate of 1.46% [1] Group 2 - Huafu Fund has a significant holding in Maiwei Biotech, with its Huafu Health and Entertainment Flexible Allocation Mixed A Fund (001563) holding 170,000 shares, accounting for 6.49% of the fund's net value [2] - The fund has experienced a floating loss of approximately 401,200 CNY today, despite having a year-to-date return of 43.71% [2] - The fund manager, Liao Qingyang, has been in position for nearly 4 years, with the fund's total asset size currently at 74.027 million CNY [2]

迈威（上海）生物科技股份有限公司 证券代码：688062 证券简称：迈威生物 公告编号：2025-062 迈威（上海）生物科技股份有限公司 关于召开 2025 年半年度暨第三季度 业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 说明会类型 迈威（上海）生物科技股份有限公司（以下简称"公司"）已于 2025 年 8 月 30 日在上海证券交易所网站（www.sse.com.cn）披露了《2025 年半年度报告》 及《2025 年半年度报告摘要》，并拟于 2025 年 10 月 31 日披露《2025 年第三季 度报告》。为便于广大投资者更加全面深入地了解公司经营业绩、发展战略等情 董事长、总经理：刘大涛先生 董事、副总经理、董事会秘书：胡会国先生 副总经理、财务负责人：华俊先生 投资者关系副总监：郑川川先生 （如遇特殊情况，参会人员可能进行调整。） 四、投资者参加方式 投 资 者 可 于 2025 年 10 月 31 日 （ 星 期 五 ） 10:00-11:00 通 过 网 址 http ...

Core Viewpoint - Maiwei Biotech's stock has shown significant volatility and performance, with a notable increase in share price year-to-date, despite recent declines in revenue and profit margins [1][2]. Group 1: Stock Performance - As of October 21, Maiwei Biotech's stock price increased by 2.02%, reaching 45.55 CNY per share, with a trading volume of 239 million CNY and a turnover rate of 2.62%, resulting in a total market capitalization of 18.202 billion CNY [1]. - The stock has appreciated by 125.50% year-to-date, with a 2.54% increase over the last five trading days, a 7.94% decrease over the last 20 days, and a 26.88% increase over the last 60 days [1]. - The company has appeared on the "龙虎榜" (a list of stocks with significant trading activity) five times this year, with the most recent appearance on September 2 [1]. Group 2: Financial Performance - For the first half of 2025, Maiwei Biotech reported a revenue of 101 million CNY, reflecting a year-on-year decrease of 12.43%, while the net profit attributable to shareholders was -551 million CNY, a decline of 23.90% compared to the previous period [2]. - As of June 30, 2025, the number of shareholders increased to 17,900, marking an 11.66% rise, while the average number of circulating shares per person decreased by 10.44% to 11,379 shares [2]. Group 3: Shareholder Composition - As of June 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited as the third-largest shareholder with 4.7426 million shares, marking a new entry [2]. - Xingshan He Run Mixed A (163406) ranked as the fifth-largest shareholder with 3.39 million shares, also a new entry, while Penghua Medical Technology Stock A (001230) was the sixth-largest with 3.1056 million shares, showing a decrease of 1.173 million shares from the previous period [2]. - Several funds, including HSBC Jintrust Smart Manufacturing Pioneer Stock A (001643) and HSBC Jintrust Research Selected Mixed (014423), have exited the top ten circulating shareholders list [2].