Investment Rating - The investment rating for the company is upgraded to "Buy" [6][3]. Core Views - The company reported a revenue of 1.01 billion yuan in H1 2025, a decrease of 12.43% year-on-year, with a net loss attributable to shareholders of 5.51 billion yuan [1][6]. - The decline in revenue is primarily attributed to a high base from the previous year due to the exclusive licensing agreement with DISC MEDICINE, INC. for 9MW3011 [1][2]. - The company continues to increase R&D investment and has successfully executed two business development (BD) agreements, which are expected to optimize cash flow [1][2]. Summary by Sections Financial Performance - In H1 2025, the company achieved a drug sales revenue of 1.01 billion yuan, representing a 53.50% increase, with the sales of Duzhu single antibody reaching 995.407 million yuan, up 51.59% [1]. - The projected revenues for 2025, 2026, and 2027 are 8.79 billion yuan, 12.0 billion yuan, and 20.5 billion yuan, reflecting year-on-year growth rates of 340.2%, 36%, and 71.2% respectively [3][4]. Business Development - The company signed a technical licensing agreement with Qilu Pharmaceutical for the injection of Agrestin α (8MW0511) in June 2025, with a total potential payment of up to 500 million yuan [2]. - Another exclusive licensing agreement was established with CALICO LIFE SCIENCES LLC for IL-11 targeted therapy (including 9MW3811), with an upfront payment of 25 million USD and potential milestone payments totaling up to 571 million USD [2]. Innovation Pipeline - The company has a differentiated layout of innovative pipelines, including the second globally advanced ST2 monoclonal antibody (9MW1911) currently in clinical phase II, and the TMPRSS6 monoclonal antibody (9MW3011) which has received FDA fast track designation and orphan drug designation [3].

文｜财华社 目前包括恒瑞医药（600276.SH，01276.HK）、百济神州（688235.SH，06160.HK）、君实生物（688180.SH，01877.HK）在内的多家创新药企实现了港、A 两地上市。 而就在近期，来自A股市场的迈威生物-U（688062.SH）也再次向港交所递交了上市申请，拟通过第18A章在主板挂牌，中信证券、海通国际是其联席保荐 人。 值得一提的是，今年以来，迈威生物的股价表现十分亮眼，年内已飙升近190%，并一度连创新高。 已拥有4款上市产品 迈威生物成立于2017年5月，并在2022年1月登陆A股科创板，截至9月5日收盘总市值逼近233亿元人民币。 业务方面，迈威生物主要专注于自主开发肿瘤和年龄相关疾病药物，涉及肿瘤、免疫、眼科、骨科等领域，已经建立了包括10个以上不同品种的药物资产的 管线产品组合。 招股书显示，截至2025年8月22日，迈威生物已有三款商业化的生物类似药产品，即迈利舒®、迈卫健®及君迈康®。2025年8月，迈利舒®及迈卫健®获巴基 斯坦药品监管局上市批准。迈利舒®及迈卫健®分别是在巴基斯坦批准的Prolia®及Xgeva®的首款生物类似药。此外，这也是公司 ...

Group 1 - Dongwu Securities issued a report on September 6, giving a "buy" rating to Maiwei Biotech (688062.SH, latest price: 58.22 yuan) [1] - The rating is primarily based on the global advancement of 9MW3811, an IL-11 monoclonal antibody independently developed by Maiwei Biotech, which has attracted attention from Silicon Valley giants [1] - The anti-aging mechanism of 9MW3811 is well-defined, with potential for future expansion into pathological scar indications [1] - The company has multiple promising pipelines that are expected to yield significant results [1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has received IPO application materials from several companies intending to list on the Hong Kong Stock Exchange, indicating a continued trend of Chinese companies seeking overseas capital markets [1][2]. Group 1: Companies and Their IPO Plans - Yonyou Network Technology Co., Ltd. plans to directly list on the Hong Kong Stock Exchange with sponsorship from China Merchants International Capital Limited and CITIC Securities (Hong Kong) Co., Ltd. [2] - Shenghong Technology (Huizhou) Co., Ltd. is also set to directly list on the Hong Kong Stock Exchange, with J.P. Morgan Securities (Far East) Limited and Guotai Junan International Holdings Limited as its underwriters [2] - Zhaoyou Zhimei Education Consulting Group (Jiangxi) Co., Ltd. intends to list directly on the Hong Kong Stock Exchange, backed by Zhongtai International Capital Limited and Deutsche Bank Securities Asia Limited [2] - Zebra Network Technology Co., Ltd. is preparing for a direct listing on the Hong Kong Stock Exchange, with sponsorship from China International Capital Corporation Hong Kong Securities Limited and Guotai Junan Securities (Hong Kong) Limited [2] - Shenzhen Bomengwei Technology Co., Ltd. aims for a direct listing on the Hong Kong Stock Exchange, with CITIC Securities (Hong Kong) Co., Ltd. as its main underwriter [2] - An De Zhi Lian Supply Chain Technology Co., Ltd. is also planning a direct listing on the Hong Kong Stock Exchange, with China International Capital Corporation Hong Kong Securities Limited and Morgan Stanley Asia Limited as its sponsors [2]. Group 2: Regulatory Context - The CSRC's recent update on the status of domestic companies' overseas securities issuance and listing reflects ongoing regulatory support for companies seeking to access international capital markets [1].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has received new applications for overseas listings from several companies, indicating a continued interest in Hong Kong IPOs by domestic firms [1][2]. Group 1: New IPO Applications - Companies such as Yonyou Network (600588), Shenghong Technology (300476), Zhuoyou Zhimei, Zebra Network, and Shenzhen Bomengwei Technology have submitted materials for Hong Kong IPOs [1]. - Maiwei Biotechnology (688062) is currently in a "supplementary materials" status for its Hong Kong IPO application with the CSRC [1]. Group 2: Listing Details - Maiwei Biotechnology plans to list directly on the Hong Kong Stock Exchange, with sponsors including CITIC Securities (Hong Kong) and Haitong International Capital [2]. - Yonyou Network is also seeking a direct overseas listing on the Hong Kong Stock Exchange, with underwriters such as CMB International and CITIC Securities (Hong Kong) [2]. - Shenghong Technology is applying for a direct overseas listing on the Hong Kong Stock Exchange, with J.P. Morgan and Guotai Junan as its underwriters [2]. - Zhuoyou Zhimei Education Consulting Group and Zebra Network are both pursuing direct listings on the Hong Kong Stock Exchange, with various financial institutions acting as sponsors [2]. - Shenzhen Bomengwei Technology is similarly applying for a direct overseas listing, with CITIC Securities (Hong Kong) as one of its sponsors [2].

New Stock Offerings - Fushun Special Steel (600399) is undergoing a tender offer period from August 12, 2025, to September 10, 2025[1] - *ST Tianmao (000627) has a cash option declaration period from September 15, 2025, to September 19, 2025[1] - Tianpu Co., Ltd. (605255) has announced its latest updates on September 4, 2025[1] Market Alerts - Kaipu Cloud (688228) has reported severe abnormal fluctuations as of August 30, 2025[1] - Siquan New Materials (301489) and Xinhua Jin (600735) also reported significant market movements on August 22 and August 30, 2025, respectively[1] - Multiple companies including *ST Baoying (002047) and Wantong Development (600246) have updates as of September 4, 2025[1] Trading Notifications - A total of 30 companies have issued trading notifications with specific dates for announcements and updates, indicating active market participation[1] - The report includes links to detailed announcements for each company, ensuring transparency and accessibility of information[1]

Core Viewpoint - The company reported a total revenue of 101 million yuan and a net loss of 551 million yuan for the first half of 2025, with R&D investment amounting to 392 million yuan [1] Group 1: Clinical Development - The core pipeline Nectin-4 ADC (9MW2821) is undergoing multiple clinical studies for various cancers, including a Phase III trial for urothelial carcinoma and cervical cancer, and a Phase II trial for triple-negative breast cancer [2] - B7H3 ADC (7MW3711) received approval for clinical trials in July 2023 and was granted orphan drug designation by the FDA in July 2024 for small cell lung cancer [2] - CDH17 ADC (7MW4911) received FDA approval for clinical trials in August 2025 for late-stage colorectal and gastrointestinal cancers [2][3] Group 2: Product Pipeline and Partnerships - 9MW3811, a humanized monoclonal antibody targeting IL-11, has completed Phase I trials in Australia and China, demonstrating good safety and a half-life of 30 days, with plans for a Phase II trial by the end of 2025 [3] - The company signed an exclusive licensing agreement with CALICO in June 2025 for IL-11 targeted therapies, with a total contract value of up to 571 million USD, including an upfront payment of 25 million USD [4] - The company anticipates significant business development opportunities with its potential pipelines, including Nectin-4 ADC, B7-H3 ADC, CDH17 ADC, and ST2 monoclonal antibody [4] Group 3: Financial Forecast - Revenue projections for the company are estimated at 613 million yuan, 1.03 billion yuan, and 1.80 billion yuan for 2025, 2026, and 2027 respectively, with three products already on the market [4]

New Stock Offerings - Fushun Special Steel (600399) has a tender offer period from August 12, 2025, to September 10, 2025[1] - ST Tianmao (000627) has a cash option declaration period from September 15, 2025, to September 19, 2025[1] - Tianpu Co., Ltd. (605255) announced significant trading activity on September 3, 2025[1] Market Volatility - Kaipu Cloud (688228) reported severe abnormal fluctuations on August 30, 2025[1] - Xinhua Jin (600735) experienced significant trading activity on August 30, 2025[1] - ST Chuntian (600381) had notable trading activity on September 3, 2025[1] Other Notable Announcements - ST Er Ya (600107) reported trading activity on September 3, 2025[1] - Shanghai Electric Power (600021) had significant trading activity on September 3, 2025[1] - ST Gao Hong (000851) reported trading activity on September 3, 2025[1]

Macro Strategy - The report highlights the focus on domestic economic policy changes driven by anti-involution and the Fourth Plenary Session [1] Fixed Income - The report discusses why domestic commercial banks are unlikely to shrink their balance sheets, citing factors such as economic slowdown, loose monetary policy, and the government's call for financial services to support the real economy [2] - It notes that while some small and medium-sized banks may consider balance sheet reduction, the overall probability for the industry is low [2] Industry Analysis New Industries - The company reported a revenue of 2.185 billion yuan in H1 2025, a decrease of 1.18% year-on-year, and a net profit of 771 million yuan, down 14.62% [4] - The overseas market showed strong performance with a revenue of 954 million yuan, an increase of 19.62% [5] - Domestic revenue was 1.229 billion yuan, down 12.81%, with a notable decline in reagent business [5] BYD Electronics - The company achieved a revenue of 80.61 billion yuan in H1 2025, a year-on-year increase of 2.6%, and a net profit of 1.73 billion yuan, up 14% [6] - The new energy vehicle business saw a revenue increase of 60.5% to 12.45 billion yuan, driven by smart cabin and driving products [6] Pinduoduo - The company’s profit exceeded expectations, leading to an adjustment in the Non-GAAP net profit forecast for 2025-2027 [9] Northern Huachuang - The company is benefiting from the domestic semiconductor equipment platform trend, with a focus on expanding its product line through acquisitions [10] Wan Ye Enterprises - The company reported a turnaround in H1 2025, driven by rapid growth in bismuth materials and semiconductor equipment [11] Horizon Robotics - The company achieved a revenue of 1.57 billion yuan in H1 2025, a 68% increase, with significant growth in chip shipments [12] BeiGene - The company’s core product sales are expected to drive revenue growth, with an upward revision of net profit forecasts for 2025-2027 [14] Jiuzhoutong - The company reported a revenue of 81.106 billion yuan in H1 2025, a 5.1% increase, with a net profit of 1.446 billion yuan, up 19.7% [15] Fenzhong Media - The company maintains a steady growth trajectory, with EPS forecasts for 2025-2027 remaining stable [16] High Measurement Co. - The company is entering the humanoid robot market, leveraging its core technology in grinding equipment [17] Tian Nai Technology - The company adjusted its profit forecast for 2025-2027, maintaining a "buy" rating due to the potential of single-wall carbon tubes [18] Hailiang Co. - The company is expected to see significant growth in the U.S. market, with net profit forecasts for 2025-2027 remaining stable [19] Sanofi - The company reported a revenue of 2.264 billion yuan in H1 2025, with strong performance in the overseas market [20] Xue Da Education - The company is positioned as a leading personalized education provider, with stable growth in its training business [22] Blue Sky Gas - The company is committed to high dividend payouts, with a focus on improving cash flow despite lower profits in H1 2025 [23] Haitian Precision - The company is experiencing short-term pressure on earnings but is steadily advancing its capacity and channel development [24] Solidarity Hall - The company is leveraging AI and overseas expansion to enhance its business model and revenue potential [25] Shoulu Hotel - The company is optimizing its hotel operations and expanding its footprint, with profit forecasts for 2025-2027 remaining stable [27] Changhua Group - The company is expected to see continued revenue growth, driven by new product launches and customer acquisition [28] SF Express - The company is entering a growth phase, with profit forecasts for 2025-2027 being adjusted upward [29] Oil and Gas Sector - The company is experiencing rapid growth in oil and gas production, with profit forecasts for 2025-2027 being adjusted upward [30] Alibaba - The company is focusing on cloud business growth and AI investments, with profit forecasts for FY2026-2028 being adjusted [31] Ding Sheng New Materials - The company is experiencing strong growth in battery foil shipments, with profit forecasts for 2025-2027 being adjusted [32] BYD - The company is facing increased competition, leading to adjustments in profit forecasts for 2025-2027 [34] Okai Yi - The company is experiencing steady revenue growth, with profit forecasts for 2025-2026 being adjusted downward [35] Maiwei Biotech - The company maintains its revenue forecasts for 2025-2027, focusing on strategic drug development [36] United Imaging - The company reported a revenue of 6.016 billion yuan in H1 2025, with strong growth in both domestic and overseas markets [37]

Core Viewpoint - The stock of Maiwei (Shanghai) Biotechnology Co., Ltd. experienced an abnormal trading fluctuation, with a cumulative closing price increase exceeding 30% over three consecutive trading days [1][2]. Group 1: Stock Trading Abnormality - The company's stock price increased significantly on August 29, September 1, and September 2, 2025, leading to a cumulative price deviation of over 30%, which is classified as abnormal trading behavior according to the Shanghai Stock Exchange regulations [1]. - The company conducted a self-examination and confirmed that there are no undisclosed significant matters or important information that could affect the stock price [2]. Group 2: Operational Status - The company reported that its production and operational activities are normal, with no significant changes in market conditions or industry policies, and no substantial fluctuations in production costs or sales [2]. - There are no major undisclosed events or information that could impact the stock trading, including mergers, debt restructuring, or asset injections [2]. Group 3: Media and Market Rumors - The company found no media reports or market rumors that could significantly affect its stock price, emphasizing that all relevant information should be based on official announcements made on the Shanghai Stock Exchange website [2]. Group 4: Board of Directors' Statement - The board of directors confirmed that there are no undisclosed matters that should be reported according to the relevant regulations, and they have not been made aware of any information that could significantly impact the stock price [3].