格隆汇9月17日丨迈威生物(688062.SH)公布，迈威生物与Kalexo就2MW7141项目相关签署《独家许可协 议》及《优先股股权购买协议》。根据许可协议，迈威生物许可Kalexo就许可产品在全球范围独家开 发、生产和商业化以及其他方式开发许可产品的权利。交易金额：迈威生物将从Kalexo获得最高可达10 亿美元的预付款和里程碑付款，以及低个位数的特许权使用费，其中包括一次性、不可返还的首付款及 近端付款1,200万美元现金，作为对价的一部分，迈威生物将在符合约定条件下另外获得Kalexo总计双 位数的A轮优先股。 ...

Core Viewpoint - The collaboration between Maiwei Biotech and Calico is noteworthy as it marks a significant shift in the innovation drug landscape, leading to a substantial increase in Maiwei's stock price and market capitalization [2][3]. Company Overview - Maiwei Biotech, established 8 years ago, has gained prominence in the innovative drug sector, with its stock price increasing over 140% this year, reaching a market cap close to 240 billion yuan [2]. - The company has a focus on First-in-Class products, emphasizing deep understanding of biological mechanisms and disease relationships as the foundation for innovation [2][8]. Business Development (BD) Strategy - The partnership with Calico, a leader in anti-aging research, was formed after a swift negotiation process of just five months, highlighting the efficiency of the BD project [3]. - Maiwei's previous BD project involved a collaboration with DISC for a monoclonal antibody targeting TMPRSS6, also a First-in-Class product, indicating a trend of proactive interest from potential partners [4]. Clinical Development and Product Pipeline - Maiwei Biotech has multiple ADCs (Antibody-Drug Conjugates) in clinical trials, with 2025 designated as a key year for BD activities, further fueling market enthusiasm [5]. - The company has maintained a steady pace of product approvals since its listing on the STAR Market in 2022, with significant sales growth reported for its biosimilar products [6]. Market Position and Future Outlook - The company aims to build a comprehensive innovation ecosystem, focusing on First-in-Class and Best-in-Class products, while also exploring unique ADC development strategies [7][9]. - Maiwei's approach to BD emphasizes the importance of understanding target mechanisms and disease relationships, setting it apart from many biotech firms that focus solely on technical iterations [8]. Innovative Sales Strategies - The company is considering a "shared sales" model to enhance efficiency and reduce costs by collaborating with other biotech firms to form a unified sales team [11]. - This strategy reflects a flexible approach to navigating the competitive landscape of the Chinese pharmaceutical market, which is characterized by intense competition and a predominance of generic drugs [10].

Core Viewpoint - The collaboration between Maiwei Biotech and Calico is noteworthy as it marks a significant shift in the innovation drug landscape in China, leading to a substantial increase in Maiwei's stock price and market capitalization [1][2]. Company Overview - Maiwei Biotech, established 8 years ago, has gained prominence in the innovative drug sector, particularly with its IL-11 antibody project, which has First-in-Class potential [1][3]. - The company has experienced a stock price increase of over 140% this year, with its market value reaching nearly 240 billion yuan at one point [1]. Business Development (BD) Strategy - The partnership with Calico, which had not acquired external products for a decade, highlights Maiwei's strategic choice to prioritize collaboration with established players in the anti-aging field [2][3]. - Maiwei's previous BD project involved a collaboration with DISC for a monoclonal antibody targeting TMPRSS6, also a First-in-Class product, indicating a consistent strategy of pursuing innovative drug development [3][6]. Financial Performance - Maiwei's sales revenue has shown significant growth, with a 243.53% increase in sales from its three biosimilar products last year, and a 53.50% increase in sales revenue in the first half of this year [5][6]. - The company anticipates further market penetration for its products, particularly in the context of expanding indications for its drugs [5]. Innovation and Research Focus - Maiwei emphasizes deep research into target mechanisms and disease relationships, which differentiates its approach from many biotech firms that focus on technical iterations [7][8]. - The company is developing multiple ADCs (antibody-drug conjugates) with a focus on tailoring Linkers and Payloads to specific tumor characteristics, aiming for Best-in-Class potential [8][9]. Market Position and Future Outlook - The Chinese pharmaceutical market is characterized by a predominance of generic drugs, which poses challenges for biotech firms; however, Maiwei's strategy includes flexible routes to market through licensing and partnerships [10]. - The company is exploring a "shared sales" model to enhance efficiency and reduce costs by collaborating with other biotech firms to form a unified sales team [10].

Core Viewpoint - The collaboration between Maiwei Biotech and Calico, a leader in anti-aging research, marks a significant shift in the Chinese innovative drug landscape, leading to a substantial increase in Maiwei's stock price and market valuation [4][5][6]. Group 1: Collaboration and Market Impact - Maiwei Biotech's partnership with Calico is noteworthy as it is Calico's first external collaboration in a decade, highlighting the potential of the IL-11 antibody in the anti-aging sector [4][5]. - The collaboration has resulted in a stock price increase of over 140% for Maiwei Biotech this year, with a market capitalization nearing 24 billion yuan [4][5]. - The rapid negotiation process, taking only five months from initial contact to contract signing, exemplifies the efficiency of the deal [5][6]. Group 2: Product Development and Strategy - Maiwei Biotech has a history of pursuing First-in-Class products, with the IL-11 antibody being the first to reach a BD project, contrary to initial expectations [4][6][14]. - The company has also engaged in other BD projects, including a collaboration with DISC for a TMPRSS6 monoclonal antibody, which is also a First-in-Class product [6][14]. - The focus on First-in-Class products stems from a deep understanding of biological mechanisms and disease relationships, differentiating Maiwei from other biotech firms [14][15]. Group 3: Financial Performance and Growth - The sales revenue for Maiwei Biotech's biosimilar products has shown significant growth, with a year-on-year increase of 243.53% for three products last year and a 53.50% increase in the first half of this year [10][10]. - The company anticipates further market penetration for its products, with plans for additional approvals that could significantly increase patient numbers [10][10]. - The strategic decision to develop both innovative drugs and biosimilars has allowed the company to maintain a steady revenue stream while pursuing long-term innovation [10][10]. Group 4: Industry Positioning and Future Outlook - Maiwei Biotech aims to position itself as a pharmaceutical company rather than just a biotech firm, focusing on controlling the entire product lifecycle from development to sales [16][17]. - The company is exploring innovative sales models, such as shared sales teams among multiple biotech firms, to enhance efficiency and reduce costs [18][18]. - With a robust pipeline of First-in-Class and Best-in-Class candidates, Maiwei is well-positioned to capitalize on emerging opportunities in the innovative drug market [15][15].

9月4日，迈威生物跌5%，截至发稿，报56.97元/股，成交8.40亿元，换手率6.88%，总市值227.65亿元。 资料显示，迈威(上海)生物科技股份有限公司位于中国(上海)自由贸易试验区蔡伦路230号2幢105室香港 铜锣湾希慎道33号利园1期19楼1928室，成立日期2017年5月12日，上市日期2022年1月18日，公司主营 业务涉及治疗用生物制品的研发、生产与销售。主营业务收入构成为：抗体药物72.38%，技术服务 27.55%，其他(补充)0.08%。 平安瑞尚六个月持有混合A（010239）基金经理为唐煜。 截至发稿，唐煜累计任职时间5年177天，现任基金资产总规模81.35亿元，任职期间最佳基金回报 24.8%， 任职期间最差基金回报-10.22%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 从基金十大重仓股角度 数据显示，平安基金旗下1只基金重仓迈威生物。平安瑞尚六个月持有混合A（010239）二季度持有股 数4.92万股，占基 ...

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].