Investment Rating - The report gives a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within six months [7][11]. Core Insights - The company is experiencing rapid commercialization and is continuously enhancing its R&D pipeline, with a projected revenue of 200 million yuan in 2024, representing a growth of 56.28% [3][9]. - The company has successfully established business development (BD) deals that optimize cash flow, with two recent agreements totaling over 4.7 billion yuan, which will significantly support future R&D efforts [4][5]. - The company has a differentiated portfolio of ADC and TCE products, with significant potential in its lead candidate ST2 monoclonal antibody for COPD, which is expected to yield promising clinical data in 2025 [5][6]. Company Overview - The latest closing price of the company's stock is 34.90 yuan, with a total market capitalization of 13.9 billion yuan [2]. - The company has a total share capital of 400 million shares, with 204 million shares in circulation [2]. - The company has a debt-to-asset ratio of 63.6% and a negative price-to-earnings ratio of -13.37, indicating current financial challenges [2]. Financial Projections - The company is expected to achieve revenues of 800 million yuan in 2025, 1.55 billion yuan in 2026, and 2.08 billion yuan in 2027, with significant growth rates projected [9][10]. - The net profit attributable to the parent company is forecasted to improve from -600 million yuan in 2025 to breakeven in 2027 [9][10]. - The EBITDA is expected to turn positive by 2026, indicating a potential turnaround in operational performance [9][10].

2025 年6 月26 日，公司公布达成2 项授权交易，合同金额总计超47 亿元。包括独家许可Calico 在除大 中华区以外的所有区域内独家开发、生产和商业化许可产品的权利。Calico 将向公司支付一次性不可退 还的首付款2500 万美元；此外，迈威生物还可额外获得合计最高达5.71 亿美元的近端、开发、注册及 商业化里程碑付款，以及按许可产品净销售额计算的阶梯式特许权使用费。公司与齐鲁制药签署阿格司 亭α 大中华区授权协议，将获得首付款3.8 亿元人民币、最高1.2 亿元销售里程碑付款以及最高两位数百 分比特许权使用费。 近期通过两笔BD 公司25 年可获得5.6 亿元的现金，再考虑后续港股IPO 融资，公司现金流将得到极大 程度补充，支撑后续研发。Nectin4ADC、B7H3 ADC、CDH17 ADC、ST2 等多款创新品种均有较大看 点，具备海外授权潜力。 差异化布局ADC、TCE 产品，ST2 单抗重磅品种潜力大公司拥有多款重磅潜在大单品，布局多项差异 化ADC、TCE 产品。 商业化快速推进，研发管线持续加码 2024 年度，公司实现营收2.0 亿元（+56.28%），主要来自药品销售收入1 ...

Summary of Maiwei Biotech Conference Call Company Overview - Maiwei Biotech, established in 2017, focuses on oncology and age-related diseases with a pipeline of 16 projects, including 4 already on the market [3][6] - The company utilizes three main technology platforms: efficient molecular discovery, ADC (Antibody-Drug Conjugate), and TCE (Tandem Bispecific Antibody) [2][3] Key Developments in ADC and TCE - In the ADC field, Maiwei's UC (Urothelial Carcinoma) drug is in Phase II clinical trials with an overall efficacy rate of approximately 40% [2][5] - The cervical cancer drug has entered Phase III trials, and the esophageal cancer drug targets the PD-1 plus chemotherapy market [2][5] - The MF6 toxin platform shows high activity and non-PGP substrate characteristics, advantageous for treating multi-drug resistant tumors, particularly in gastrointestinal cancers [2][11] Clinical Trials and Market Potential - Maiwei plans to complete Phase III trials for UC and cervical cancer this year and aims for rolling submissions next year, which could significantly enhance its market position [2][6] - The iron regulatory monoclonal antibody is the only one globally that supports monthly dosing, with a peak sales potential in the U.S. estimated at $2 billion [4][21] - The TCE platform's first pipeline, targeting AML (Acute Myeloid Leukemia) and MM (Multiple Myeloma), is expected to enter clinical trials in mid-2026, with market sizes of $17 billion and $27 billion respectively [4][23] Competitive Advantages - Maiwei's ADC technology employs a site-specific conjugation process that enhances drug stability and concentration within tumors, improving efficacy and reducing side effects [12][26] - The MF6 toxin is designed to overcome traditional ADC limitations due to high expression of PGP proteins, making it suitable for high PGP-expressing gastrointestinal tumors [28][40] Future Strategies - The company aims to strengthen collaborations with academia and industry to accelerate drug development and enhance recognition through high-impact publications [6][18] - Maiwei is focusing on five key pipelines this year, including TMC top, cervical cancer, and UC projects, with plans to introduce additional TCE pipelines in the future [25][31] Research and Development Insights - Maiwei has made significant progress in the field of white介11 (W11) with promising results in anti-aging and scar treatment, with clinical trials expected to yield results within 3 to 6 months [19][20][39] - The company is also exploring innovative oral therapies for osteoarthritis, which could fill a significant market gap if proven effective [22] Conclusion - Maiwei Biotech is positioned as a leader in innovative cancer therapies with a robust pipeline and strategic focus on overcoming existing treatment limitations, particularly in multi-drug resistant cancers and age-related diseases [2][6][31]

Core Insights - The report maintains a positive outlook on small molecule drug conjugates (SMDCs) and related companies, highlighting their potential in cancer treatment due to their ability to enhance efficacy while reducing toxicity [1][5][17] - The report emphasizes the clinical advantages of SMDCs, including better tumor penetration, reduced toxicity to normal cells, and easier control over synthesis and costs compared to antibody-drug conjugates (ADCs) [5][11][12] - The report identifies domestic biopharmaceutical companies, particularly Affinivax, as leaders in the SMDC space, showcasing significant advancements in innovative cancer drug development [5][12][17] Industry Overview - The pharmaceutical and biotechnology sector has shown a relative price-to-earnings (P/E) ratio of 51.14 as of July 25, 2025, which is significantly higher than its historical low of 24.38, indicating a premium valuation compared to the broader market [19] - The report notes that the healthcare sector's valuation is 279% higher than the Shanghai Composite Index, reflecting strong investor interest and confidence in the industry [19] - Recent market performance indicates a 1.90% increase in the pharmaceutical and biotechnology sector from July 21 to July 25, 2025, ranking it 16th among 27 sub-industries [26][29] Company Focus - The report suggests monitoring companies involved in the SMDC space, including Affinivax, and those collaborating with them, such as Innovent Biologics and others, which are expected to benefit from the growing interest in innovative cancer therapies [5][17][18] - Specific companies highlighted for their innovative drug development capabilities include Innovent Biologics, Shunyi Pharmaceutical, and others, which are positioned to capitalize on the advancements in SMDC technology [5][18]

Core Viewpoint - The company plans to repurchase shares through a centralized bidding process, with a total repurchase amount ranging from RMB 25 million to RMB 50 million, aimed at enhancing investor confidence and supporting employee stock ownership plans [1][2][3] Summary by Relevant Sections Repurchase Plan Overview - Total repurchase amount: RMB 25 million to RMB 50 million [1] - Source of funds: Company’s own funds and/or special loans for stock repurchase [1][13] - Purpose of repurchase: To be used for employee stock ownership plans or equity incentives [1][5] - Maximum repurchase price: Not exceeding RMB 35.00 per share, which is 150% of the average trading price over the last 30 trading days prior to the board's decision [1][6][13] Implementation Details - Method of repurchase: Through the Shanghai Stock Exchange trading system via centralized bidding [2][6] - Duration of repurchase: Within 12 months from the board's approval date [2][5] - If the stock is suspended for more than 10 consecutive trading days due to major events, the repurchase plan will be postponed until after the stock resumes trading [2][6] Shareholder and Management Plans - No plans for share reduction by major shareholders, including the controlling shareholder and management, in the next 3 to 6 months [2][15] - The proposal for the repurchase was initiated by the company’s chairman and CEO, Liu Datao, based on confidence in the company's future and long-term investment value [15][16] Financial and Market Context - The company has achieved significant progress in its product pipeline, with multiple innovative drugs in various clinical stages, indicating a strong operational performance [8][9][10] - The company believes its current market valuation is significantly undervalued, which supports the rationale for the share repurchase [8][13] Future Considerations - If the repurchased shares are not utilized within three years, they will be legally canceled [5][17] - The company has secured a loan commitment from CITIC Bank for up to RMB 45 million to support the repurchase [13][14]

证券代码：688062 证券简称：迈威生物 公告编号：2025-037 迈威（上海）生物科技股份有限公司 关于以集中竞价交易方式回购股份的回购报告书 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、准确性和完整性依法承担法律责任。 重要内容提示： ● 回购股份金额：本次回购资金总额不低于人民币 2,500 万元（含），不超过 人民币 5,000 万元（含）。 ● 回购股份价格：不超过人民币 35.00 元/股（含），该价格不高于公司董事会 审议通过回购股份方案决议前 30 个交易日公司股票交易均价的 150%，系公司根 据当前公司良好的运营情况，参考公司股份发行价并结合近期资本市场环境及公 司股价等情况的变化，为切实推进和实施股份回购，并基于对公司未来持续稳定 发展的信心，以及对公司股票长期投资价值的认可确定。具体回购价格由公司董 事会授权管理层在本次回购实施期间结合公司股票价格、财务状况和经营状况确 定。 ● 回购股份方式：通过上海证券交易所交易系统以集中竞价交易方式。 ● 回购股份期限：自公司董事会审议通过本次回购方案之日起 12 个月内。回 购实施期 ...

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 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 电话(Tel)：021-52533500 传真(Fax)：021-52533599 www.meritsandtree.com 北京植德（上海）律师事务所 法律意见书 植德沪（会）字20250031 号 二〇二五年七月 关于迈威（上海）生物科技股份有限公司 法律意见书 植德沪（会）字20250031 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 年第一次临时股东大会（以下简称"本次会议"）。 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》（以下 简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司股东会规则》（以下简称"《股东会规则》"）、《律师事务所从事 证券法律业务管理办法》（以下简称"《证券法律业务管理办法》"）、《律师 事务所证券法律业务执业规则（试行）》 （以下简称"《证 ...

（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： 证券代码：688062 证券简称：迈威生物 公告编号：2025-036 迈威（上海）生物科技股份有限公司 2025年第一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 7 月 21 日 （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 | 1、出席会议的股东和代理人人数 | 210 | | --- | --- | | 普通股股东人数 | 210 | | 2、出席会议的股东所持有的表决权数量 | 196,075,237 | | 普通股股东所持有表决权数量 | 196,075,237 | | 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 | 49.0678 | | 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（%） | ...

关于迈威（上海）生物科技股份有限公司 2025 年第一次临时股东大会的 北京植德（上海）律师事务所 法律意见书 植德沪（会）字[2025]0031 号 二〇二五年七月 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 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 年第一次临时股东大会的 1．本所律师仅就本次会议的召集与召开程序、召集人和出席现场会议人员 资格、会议表决程序及表决结果的合法性发表意见，不对本次会议所审议的议案 内容及该等议案所表述的事实或数据的真实性、准确性和完整性发表意见； 2．本所律师无法对网络投票过程进行见证，参与本次会议网络投票的股东 资格、网络投票结果均由相应的证券交易所交易系统和互联网投票 ...

Market Performance - The recombinant protein concept increased by 2.92%, ranking 7th among concept sectors, with 43 stocks rising, including Chengdu Xian Dao and Mai Wei Bio reaching a 20% limit up [1] - Leading gainers included Shen Zhou Cell, Hai Te Bio, and Ke Xing Pharmaceutical, with increases of 15.40%, 11.93%, and 10.14% respectively [1] - Decliners included ST Wei Ming, *ST Su Wu, and Lizu Group, with decreases of 5.01%, 4.81%, and 0.49% respectively [1] Capital Flow - The recombinant protein sector saw a net inflow of 188 million yuan, with 17 stocks receiving net inflows, and 5 stocks exceeding 30 million yuan in net inflow [1] - Shen Zhou Cell led with a net inflow of 217 million yuan, followed by Chengdu Xian Dao, Mai Wei Bio, and Hui Yu Pharmaceutical with net inflows of 126 million yuan, 96.87 million yuan, and 45.41 million yuan respectively [1] Capital Inflow Ratios - Leading stocks in capital inflow ratios included Shen Zhou Cell, Chengdu Xian Dao, and Cheng Da Bio, with net inflow ratios of 16.25%, 12.33%, and 10.79% respectively [2] - The top stocks in the recombinant protein concept based on capital flow included Shen Zhou Cell, Chengdu Xian Dao, and Mai Wei Bio, with respective daily turnover rates of 3.70%, 12.33%, and 17.80% [2]