证券代码：688062 证券简称：迈威生物 公告编号：2026-015 迈威（上海）生物科技股份有限公司 关于召开2025年年度股东会的通知 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： 一、 召开会议的基本情况 （一） 股东会类型和届次 2025年年度股东会 召开日期时间：2026 年 4 月 28 日 15 点 00 分 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2026 年 4 月 28 日 （二） 股东会召集人：董事会 （三） 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 （四） 现场会议召开的日期、时间和地点 召开地点：上海市浦东新区李冰路 576 号创想园 3 号楼 103 会议室 （五） 网络投票的系统、起止日期和投票时间。 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投 票，应按照《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》 等有关规定执行。 （七） 涉及公开征集股东投票权 不涉及 二、 会议审议事 ...

迈威（上海）生物科技股份有限公司 2025 年年度股东会会议资料 2026 年 4 月 | 案 16 | | --- | 迈威（上海）生物科技股份有限公司 2025 年年度股东会会议须知 为了维护全体股东的合法权益，保证股东在迈威（上海）生物科技股份有 限公司（以下简称"公司"）依法行使股东权利，确保 2025 年年度股东会会议 的正常秩序和议事效率，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》"）、中国证券 监督管理委员会（以下简称"中国证监会"）《上市公司股东会规则》以及《迈 威（上海）生物科技股份有限公司公司章程》（以下简称"《公司章程》"） 《迈威（上海）生物科技股份有限公司股东会议事规则》等有关规定，特制定 本须知，请全体出席股东会的人员自觉遵守。 一、 为确认出席会议的股东或代理人或其他出席者的出席资格，会议工作 人员将对出席会议者的身份进行必要的核对工作，请被核对者予以配合。 二、 经公司审核后符合参加本次股东会条件的股东（含股东代理人）、董 事、高级管理人员及其他出席人员方可出席本次会议；公司有权拒绝不符合条 件的人士进入会场。 三、 ...

证券代码：688062 证券简称：迈威生物 公告编号：2026-014 迈威（上海）生物科技股份有限公司 第二届董事会第二十九次会议决议公告 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、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 迈威（上海）生物科技股份有限公司（以下简称"公司"）第二届董事会 第二十九次会议通知于 2026 年 3 月 14 日以书面方式送达全体董事，于 2026 年 3 月 24 日以现场结合通讯方式召开。会议由董事长刘大涛先生主持，会议应到 董事 9 人，实到董事 9 人。会议的召集、召开程序和方式符合《中华人民共和 国公司法》等法律法规以及《迈威（上海）生物科技股份有限公司章程》（以下 简称"公司章程"）的有关规定，会议决议合法、有效。 二、董事会会议审议情况 （一）审议通过《关于公司<2025年年度报告>及摘要的议案》 经审议，董事会认为 2025 年年度报告的编制、审议程序符合相关法律法规 及规范性文件的规定和要求，年度报告的内容真实、准确、完整地反映了公司 报告期内的财务状况和经营成果，不存在虚假记载、误导性 ...

Financial Performance - The company reported R&D expenses of CNY 976.96 million for the reporting period, an increase of 24.79% compared to the same period last year[3]. - The company raised a net amount of CNY 3,303.43 million during its IPO on the Shanghai Stock Exchange in January 2022[4]. - The company plans not to distribute cash dividends or issue new shares for the 2025 fiscal year due to accumulated losses of CNY -3,775.58 million in the parent company[12][13]. - The company's operating revenue for 2025 reached ¥662,515,554.62, a significant increase of 231.62% compared to ¥199,781,622.22 in 2024[32]. - The net loss attributable to shareholders decreased to ¥969,333,663.43 in 2025 from ¥1,043,919,217.28 in 2024, reflecting a reduction of ¥74,586,553.85[35]. - The sales revenue from pharmaceutical products amounted to ¥249,723,500, which is a 72.71% increase from ¥144,592,000 in the previous year[35]. - The cash flow from operating activities showed a net outflow of ¥290,223,166.42, which is an improvement compared to the outflow of ¥956,443,630.18 in 2024[32]. - The company's total assets increased by 6.56% to ¥4,555,842,397.99 at the end of 2025, compared to ¥4,275,508,853.05 in 2024[32]. - The net assets attributable to shareholders decreased by 77.72% compared to the previous year, primarily due to high R&D investments[36]. - The company reported a net profit attributable to shareholders of -¥969,223,418.62 for 2025, a slight improvement from -¥1,015,103,374.38 in 2024, but a decline from -¥935,228,300.47 in 2023[47]. Research and Development - The company has 14 key products in various stages of development, including 10 innovative drugs and 4 biosimilars, focusing on oncology and age-related diseases[3]. - The company anticipates continued high R&D expenditures in the coming years, with projected expenses of CNY 835.78 million, CNY 782.87 million, and CNY 976.96 million for 2023, 2024, and 2025, respectively[5]. - The company emphasizes the importance of clinical value in drug development, aligning with recent regulatory guidelines to ensure patient-centered outcomes[8]. - The company is investing in R&D for new therapies targeting autoimmune diseases, with a budget increase of 15% for the upcoming fiscal year[22]. - The company has developed and launched several monoclonal antibody injection products, including 9MW0311 (Mairishu®) and 9MW0321 (Mairuijian®)[20]. - The company is actively involved in the development of antibody-drug conjugates, including 9MW2821 (Bulumtatug Fuvedotin) and 9MW2921[20]. - The company has independently undertaken a major national project for new drug creation and is involved in multiple national key R&D programs, enhancing its innovation capabilities[57]. - The company has filed 69 new invention patent applications and received 18 new invention patent grants during the reporting period, bringing the total to 355 applications and 90 granted patents[57]. Product Development and Pipeline - The company has 4 products that have entered the commercialization stage, which is expected to improve its financial condition and help achieve profitability[4]. - The product pipeline includes a mix of preclinical, clinical research, and registered products, indicating a robust development strategy[58]. - The company is advancing its 9MW2821 (ADC) product for Nectin-4, with a mid-analysis expected in H2 2026 and Pre-NDA submission anticipated in the same period[60]. - The company has multiple ongoing clinical trials, including a Phase II trial for triple-negative breast cancer, expected to complete in 2024[60]. - The company is focusing on expanding its oncology pipeline, with several products in various stages of clinical trials, including esophageal cancer and lung cancer[60]. - The company is collaborating with multiple partners for its products, enhancing its market reach and development capabilities[60]. - The company is in the process of developing new therapies for various cancers, with a focus on innovative ADC technologies[60]. - The company is actively pursuing regulatory approvals for its pipeline products, indicating a robust strategy for future growth[60]. Market and Competitive Landscape - The global oncology drug market is projected to grow from $143.5 billion in 2019 to $253.3 billion by 2024, with a CAGR of 12.0%[177]. - The Chinese oncology drug market is expected to increase from $26.4 billion in 2019 to $35.9 billion by 2024, with a CAGR of 6.3%[177]. - The ADC market is anticipated to grow from $2.8 billion in 2019 to $14.1 billion by 2024, reflecting a CAGR of 37.9%[184]. - The Chinese ADC market is projected to expand from $500 million in 2024 to $1 billion in 2025, reaching $14.1 billion by 2032, with a CAGR of 45.9%[184]. - The market for RANKL monoclonal antibodies for treating giant cell tumor of bone (GCTB) is projected to grow from $1.049 billion in 2024 to $2.408 billion by 2028, with a CAGR of 23.1%[199]. - The market for RANKL monoclonal antibodies for osteoporosis treatment is expected to increase from $1.317 billion in 2024 to $4.694 billion by 2028, with a CAGR of 31.6%[199]. Regulatory and Compliance - The company is committed to maintaining compliance with cGMP standards to ensure the quality and safety of its products[22]. - The NHSA aims to implement a disease-based payment management system to enhance the efficiency of medical insurance fund payments and support high-quality development of medical institutions[174]. - The NHSA introduced a commercial health insurance directory for innovative drugs, including 19 high-priced innovative drugs, to support their development[174]. - The Ministry of Industry and Information Technology emphasized the need for the pharmaceutical industry to focus on innovation and enhance the resilience and safety of the pharmaceutical supply chain[175]. Strategic Partnerships and Collaborations - The company has established a partnership with Qilu Pharmaceutical in June 2025, with a contract value of up to 500 million RMB, including a non-refundable upfront payment of 380 million RMB[81]. - The company has signed formal cooperation agreements with 31 countries for 9MW0311 and submitted registration applications in eight countries, including Pakistan, which has already granted approval[70][71]. - The company has signed a strategic cooperation agreement with Ping An Good Doctor to create an integrated online and offline solution for bone health and autoimmune disease management, enhancing patient access to quality medical resources[162]. Challenges and Risks - The company has accumulated losses and will face potential risks, including reliance on external financing for operational cash flow, which may impact R&D and talent acquisition[4]. - The company faces risks related to the approval of its biosimilar product 9MW0813, which is currently under review and could impact sales revenue if not approved[6]. - The company is exposed to risks from centralized procurement policies that could lower the sales prices and gross margins of its biological products[7].

证券代码：688062 证券简称：迈威生物 公告编号：2026-008 迈威（上海）生物科技股份有限公司 关于 2026 年度第一期定向科技创新债券发行结果的 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、准确性和完整性依法承担法律责任。 | 债券全称 | 迈威（上海）生物科技股份 有限公司 | | 2026 | 年度第一期 | 债券简称 | 26 | 迈威生物 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | PPN001（科创债） | | | | 定向科技创新债券 | | | | | | | | | | 代码 | 032680183.IB | | | | 期限 | 2 年 | | | | | 起息日 | 2026 3 23 | 年 | 月 | 日 | 兑付日 | 2028 | 年 | 月 3 | 日 23 | 1 | 计划发行总 | 0-10,000（动态发行） | 实 际 | 发 | 行 总 | 额 | 8,500 | | ...

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [4]. Core Insights - The healthcare insurance fund is operating smoothly, with a total income of CNY 3.59 trillion and total expenditure of CNY 3 trillion in 2025, reflecting a stable operation of the fund [6][12]. - The report highlights the importance of focusing on sectors with individual stock alpha or defensive attributes amid increased market volatility due to external shocks [6][12]. - The report emphasizes the potential for price increases in the pharmaceutical sector, particularly in innovative drugs and high-end medical devices, supported by healthcare insurance policies [12]. - NVIDIA's GTC 2026 outlines a comprehensive strategy for integrating AI into the healthcare industry, indicating a significant transformation in the medical value chain [12][19]. Summary by Sections Industry Overview - The pharmaceutical and biotechnology sector has a total market capitalization of CNY 67,613.55 billion and a circulating market value of CNY 61,920.43 billion, with 504 listed companies [2]. Market Dynamics - The report notes that the Shanghai Composite Index fell by 2.19% and the pharmaceutical sector declined by 2.77%, ranking 8th among 31 sub-industries [6][19]. - The report identifies that the performance of individual stocks varies, with companies like Dong-E E-Jiao and China Resources Sanjiu showing positive profit growth [12]. Company Performance - Key recommended stocks include WuXi Biologics, Tigermed, and Sihuan Pharmaceutical, all rated as "Buy" [4]. - The report highlights the performance of specific companies, such as Sanofi and Jizhong Pharmaceutical, which have shown significant weekly gains [28]. Valuation Metrics - The pharmaceutical sector is currently valued at 21.9 times PE based on 2026 earnings forecasts, with a premium of 11% over the overall A-share market [21][22]. - The TTM valuation for the sector stands at 29.9 times PE, below the historical average of 34.8 times PE, indicating potential undervaluation [21][22].

Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical industry as of March 16, 2026 [1] Core Insights - The report emphasizes the importance of products with price leadership amid rising costs in the supply chain due to geopolitical tensions and policy changes affecting raw material prices [2] - The report highlights the significant price increases in pharmaceutical raw materials, particularly vitamins and amino acids, which have seen price increases of 40.54% and 84.66% respectively since the beginning of the year [2] - The report notes the approval of China's first invasive brain-machine interface, marking a significant milestone in the medical device sector [5] - The report indicates a strong trend in China's innovative pharmaceuticals going global, with a notable increase in licensing-out transactions [6] Summary by Sections 1. Supply Chain Dynamics - The report discusses the impact of rising prices in upstream chemical products on pharmaceutical raw materials, stressing that the ability to pass on these costs is crucial for maintaining profitability [2] - It mentions that 90% of monitored products have seen price increases, with the chemical product price index rising by 28.52% since the beginning of the year [2] 2. Market Trends in Disposable Gloves - The report details the price increases in disposable nitrile gloves and PVC gloves due to rising costs of raw materials like butadiene and acrylonitrile, which have increased by 84.43% and 47.30% respectively [3] - It notes that the domestic utilization rate for nitrile gloves has improved, and export prices have been rising since late 2025 [3] 3. Regulatory Environment - The report highlights the impact of dual-use item management on the pricing of key materials, creating significant price disparities between domestic and international markets [4] - It suggests that stricter controls on resources like rare earths could enhance the competitive advantage of domestic medical products [4] 4. Innovations in Medical Devices - The report discusses the approval of the brain-machine interface by the National Medical Products Administration, which is expected to open new market opportunities [5] - It outlines the potential for significant market growth in this area, given the high number of spinal cord injury patients in China [5] 5. International Expansion of Chinese Pharmaceuticals - The report notes that there have been 39 licensing-out transactions in the innovative drug sector, with upfront payments totaling approximately $2.953 billion [6] - It emphasizes that the trend of Chinese pharmaceuticals going global continues to strengthen, with a focus on small nucleic acid drugs and dual antibodies [7] 6. Stock Recommendations - The report recommends focusing on raw material suppliers with price leadership, such as Zhejiang Medicine and Chuan Ning Biological, and highlights companies like Inco Medical and Blue Sail Medical in the disposable glove sector [8] - It also suggests monitoring companies involved in the invasive brain-machine interface and small nucleic acid drugs, indicating potential for growth in these areas [8]

Investment Rating - The report maintains an "Overweight" rating for the industry [5] Core Insights - The pharmaceutical sector is experiencing a divergence in performance, with price increase logic and structural opportunities during the earnings window being noteworthy [7][11] - The report highlights the strong performance of the medical device sector, particularly in brain-computer interface policies and price increases for gloves, which are catalyzing market activity [11] - The "14th Five-Year Plan" has been released, clarifying the direction for the medical industry and system construction, emphasizing innovation in biomedicine and the integration of AI technologies [11][12] Summary by Sections Industry Overview - The pharmaceutical industry comprises 504 listed companies with a total market value of 69,254.89 billion [2] - The circulating market value stands at 63,426.67 billion [2] Market Dynamics - The Shanghai Composite Index rose by 0.19%, while the pharmaceutical sector fell by 0.22%, ranking 13th among 31 sub-industries [11] - The report notes a mixed performance across various segments, with medical devices and biological products showing positive trends [11] Key Recommendations - The report recommends focusing on sectors likely to see price increases, such as gloves and raw materials, as well as innovative drugs and AI applications [11] - Specific companies to watch include Innovent Biologics, Mindray Medical, and others in the innovative drug and medical device sectors [8][12] Policy and Regulatory Developments - The report discusses the approval of the first invasive brain-computer interface medical device, marking a significant milestone in the industry [16] - The "14th Five-Year Plan" outlines key technological advancements and legislative support for emerging industries, including biomedicine and AI [11][13]

Investment Rating - The report maintains an "Overweight" rating for the industry [6] Core Insights - The pharmaceutical sector is experiencing volatility and differentiation, with structural opportunities arising from policy catalysts and performance windows. The Shanghai Composite Index fell by 1.07%, while the pharmaceutical sector dropped by 2.78%, ranking 17th among 31 sub-industries. Notably, the market showed a rebound after initial geopolitical concerns, driven by positive mentions of pharmaceuticals in the government work report [8][14] - The report emphasizes the importance of the upcoming Q1 earnings reports, which are expected to provide positive catalysts, particularly for companies like Ailis, which anticipates a 41% revenue increase and a 44% rise in net profit [8][14] - The government work report highlights the development of emerging industries, including biomedicine, and reiterates the focus on innovative drugs and medical devices. This marks the third consecutive year that "innovative drugs" have been included in the report, indicating a sustained commitment to this sector [8][14] Summary by Sections Market Dynamics - The pharmaceutical sector's performance is influenced by both policy changes and market conditions, with a notable decline in various sub-sectors such as medical services and traditional Chinese medicine [8][14] - The report indicates that the pharmaceutical sector's valuation is currently at 22.4 times PE based on 2026 earnings forecasts, which is a premium of 8.4% compared to the overall A-share market [23] Investment Recommendations - The report suggests focusing on three main investment lines: 1. Leading biotech and biopharma companies that are expected to benefit from improved payment environments and global competitiveness, such as Kangfang Biotech and BeiGene [8][14] 2. Upstream and CXO sectors supported by "patient capital," with companies like WuXi Biologics and Tigermed highlighted as potential beneficiaries [8][14] 3. Cutting-edge fields such as brain-computer interfaces and AI in healthcare, with specific companies recommended for investment [8][14] Company Performance - The report notes that companies in the innovative drug sector have shown strong performance, particularly those with ongoing product developments. Conversely, stocks that previously experienced significant gains are now facing corrections [29]

Investment Rating - The report maintains an "Overweight" rating for the industry [2] Core Insights - The Alzheimer's Disease (AD) sector is transitioning from "symptom improvement" to "disease-modifying therapies (DMT)" in 2026, marking a critical growth phase with the approval of two major amyloid-beta (Aβ) antibody drugs and the emergence of new diagnostic technologies [4][11] - 2026 is expected to be a pivotal year for AD, with significant conferences serving as platforms for academic exchange and market negotiations, focusing on drug administration convenience, the rise of Chinese voices, and the reassessment of diagnostic value [15] - Key drug progress in 2026 includes regulatory decisions on AXS-05 and Leqembi, which could expand the AD treatment market significantly [17] - The AD detection field is set for large-scale clinical adoption, driven by blood tests, AI advancements, and new biomarkers, with a focus on early and precise diagnosis [19] Summary by Sections Industry Overview - The industry comprises 504 listed companies with a total market value of approximately 69,490.56 billion [2] Market Trends - The investment logic is shifting from solely "new drug development" to a comprehensive ecosystem of "early screening + precise treatment + full-course management" [4][11] Key Drug Developments - Major drug approvals and data releases are anticipated throughout 2026, including AXS-05 and Leqembi, which are crucial for market expansion [17][18] Diagnostic Innovations - The trend towards "blood-based" and "intelligent" diagnostics is accelerating, with significant advancements expected in blood biomarkers and AI integration in imaging [19][20] Investment Opportunities - The report highlights the increasing role of Chinese pharmaceutical companies in the global AD landscape, with notable collaborations and innovative drug developments [21][22] Clinical Trials and Research - The domestic clinical pipeline for AD is entering a phase of rapid development, with a focus on precision diagnostics and disease-modifying treatments [24]