Investment Rating - The report maintains a "Recommended" investment rating for the healthcare sector [7]. Core Insights - The healthcare sector has shown a mixed performance, with the Shenyin Wanguo Pharmaceutical Bio Index rising by 1.60% from June 23 to June 27, 2025, underperforming the CSI 300 Index by 0.35 percentage points [2][12]. - Year-to-date, the pharmaceutical sector has increased by 6.24%, outperforming the CSI 300 Index by 6.57 percentage points, ranking 11th among 31 sectors [2][14]. - As of June 27, 2025, the valuation of the pharmaceutical sector stands at 27.54 times (TTM overall method, excluding negative values), with a premium of 140.94% compared to the CSI 300 [2][17]. Summary by Sections 1. Market Performance - The pharmaceutical sector's performance from June 23 to June 27, 2025, was a 1.60% increase, ranking 23rd among 31 sectors [12]. - The year-to-date performance shows a 6.24% increase, ranking 11th among 31 sectors [14]. 2. Important Events - The National Healthcare Security Administration released the "2025 Basic Medical Insurance Directory and Commercial Insurance Innovative Drug Directory Adjustment Application Guidelines," marking a significant step for commercial health insurance in the multi-level medical security system [4][21]. 3. Industry Perspective - The inclusion of the commercial insurance innovative drug directory indicates an enhanced role for commercial insurance in the multi-level medical security system, providing greater opportunities for the industry [5][22]. - The report expresses optimism for innovative drugs, overseas expansion, and the clearing of procurement in specific segments, suggesting a focus on companies involved in these areas [22].

Group 1 - In June, private equity firms showed unprecedented activity in research, with 751 private securities managers participating in A-share listed company research, covering 387 stocks across 28 first-level industries, resulting in a total of 1,769 research instances [1] Group 2 - A total of 46 stocks received significant attention from private equity firms in June, with each stock having more than 10 research instances; 32 stocks received between 10 to 19 instances, while 14 stocks had over 20 instances [3] - Maiwei Biotech topped the list with 51 research instances, attracting interest from several major private equity firms [3] - Another notable stock in the pharmaceutical and biotechnology sector, Baili Tianheng, received 29 research instances, ranking among the top ten [3] Group 3 - Research activity was diverse across industries, with 21 first-level industries receiving at least 10 research instances from private equity firms; 11 industries had between 10 to 49 instances, 4 industries had between 50 to 99 instances, and 6 industries exceeded 100 instances [4] - The electronics industry was the most favored by private equity research, with 56 stocks collectively receiving 275 research instances [4] - The pharmaceutical and biotechnology sector followed closely, with 41 stocks receiving a total of 266 research instances [4] - The machinery equipment industry ranked third, with 52 stocks receiving a total of 234 research instances [4] - The computer industry had 36 stocks receiving 213 research instances, while both the automotive and basic chemical industries also surpassed 100 research instances, each with over 25 stocks [4]

Group 1 - The core viewpoint of the news is that Panjing Investment has conducted research on Maiwei Biotech, focusing on its collaboration with Calico to accelerate the clinical validation and commercialization of IL-11 monoclonal antibody (MW38) in anti-aging and fibrosis-related fields [1] - Maiwei Biotech's IL-11 monoclonal antibody has shown mechanisms of action in anti-aging and anti-fibrosis, with Calico interested in its potential for extending healthy lifespan [1] - MW38 has received clinical access approvals in China, the US, and Australia, with Phase I clinical trials completed in China and Australia, and preparations underway for the US clinical trials [1] Group 2 - Panjing Investment, established in 2016, is recognized as one of China's leading private equity fund managers, focusing on investment opportunities in Chinese listed companies and having a broad layout in overseas markets, especially in Chinese concept stocks [2] - The company emphasizes research-driven investment decisions, building a leading internal research team and maintaining strong relationships with top brokerage research institutes in China [2] - Panjing Investment aims to create long-term sustainable returns for clients by leveraging deep industry and individual stock research, along with solid value judgments to navigate different market cycles [2]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for future stock performance [1]. Core Insights - The company has entered a new phase of business development (BD) with two significant licensing agreements, which are expected to enhance cash flow and support future growth [2]. - The differentiated ADC (Antibody-Drug Conjugate) and TCE (T-cell Engager) platforms show promising potential, with several innovative products in the pipeline targeting various cancers [3]. - The company is strategically commercializing its products, with notable revenue growth in existing therapies and new product approvals anticipated [4]. Financial Projections - Total revenue is projected to grow significantly from 127.84 million in 2023 to 2,091.52 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 69.11% [1]. - The net profit is expected to improve from a loss of 1,053.43 million in 2023 to a loss of 226.00 million by 2027, indicating a trend towards profitability [1]. - The earnings per share (EPS) is forecasted to improve from -2.64 in 2023 to -0.57 in 2027, suggesting a gradual recovery in financial performance [1]. Business Development Highlights - The company has secured exclusive licensing agreements with Calico Life Sciences and Qilu Pharmaceutical, which will provide substantial upfront payments and milestone payments, enhancing liquidity [2]. - The ADC platform is actively developing multiple candidates, including Nectin4 ADC and B7-H3 ADC, with ongoing clinical trials expected to yield significant data in the near future [3]. - The TCE platform is also being developed with innovative strategies to enhance tumor targeting and efficacy, with IND applications anticipated in early 2026 [3]. Commercialization Strategy - The company has achieved significant revenue growth in its existing products, such as the osteoporosis treatment with a revenue increase of 230% year-on-year [4]. - Collaborations with established pharmaceutical companies are expected to leverage their sales capabilities, facilitating rapid market penetration for new products [4]. - The company is exploring unique marketing strategies to address aging-related medication needs in specific regions, potentially expanding its market reach [4].

Core Viewpoint - Maiwei Biotech is focusing on its innovative drug business development (BD) in 2025, aiming for breakthroughs in key pipeline projects such as Nectin-4 ADC, while acknowledging uncertainties in the BD business [1][2]. Group 1: Business Development (BD) Focus - 2025 is a critical year for the company's innovative drug BD business, with a focus on achieving substantial project outcomes [2]. - The company plans to expand its BD pipeline in 2026 to include new generation TCE platform-based projects, which are expected to have global differentiation advantages [2]. - The Nectin-4 ADC is currently in clinical research for multiple indications, with over 800 patients enrolled, and is leading in development progress globally for several indications [1][2]. Group 2: Clinical Research Progress - Three key Phase III clinical trials are ongoing: UC monotherapy, UC combination therapy, and CC monotherapy, with plans for interim analysis in 2026 and 2027 [3]. - The TNBC ADC therapy is in Phase II, with plans to initiate a small sample clinical trial in the U.S. in 2025 [3][4]. - The company is also advancing clinical trials for UC perioperative combination therapy and CC combination therapy, both of which have received approval [3]. Group 3: Product Advantages and Market Potential - The MW282 (Nectin-4 ADC) utilizes a new conjugation technology and has shown significant safety and efficacy, with a large patient population in need of new therapies for TNBC [4][5]. - The MW19 (anti-ST2 monoclonal antibody) is the second globally in clinical development for its target and is expected to read out Phase II data in late 2025 [5]. - The 9MW3011 (for polycythemia vera) is the first targeted TMPRSS6 monoclonal antibody in China, with a clinical trial planned for 2025, and is expected to offer better safety and convenience compared to existing treatments [6]. Group 4: Stock Lock-up and Shareholder Commitments - The company will not have any lock-up stock releases in July 2025, as shareholders have committed to not reducing their holdings until the company achieves profitability [7][8].

证券代码：688062 证券简称：迈威生物 公告编号：2025-034 一、 交易概况 迈威（上海）生物科技股份有限公司（以下简称"公司"或"迈威生物"） 于 2024 年 12 月 15 日召开第二届董事会第十五次会议，审议通过了《关于迈威 重庆引入投资人暨泰康生物以无形资产增资的议案》，同意公司与重庆高新技术 产业开发区管理委员会（以下简称"重庆高新区管委会"）、重庆中新医药大健 康私募股权投资基金合伙企业（有限合伙）（以下简称"大健康基金"）签订《迈 威生物骨健康创新药项目合同》（以下简称"项目合同"），以公司全资孙公司 迈威（重庆）生物医药有限公司（以下简称"迈威重庆"）作为运营本项目的项 目主体，共同投资建设"迈威生物骨健康创新药项目"，本项目计划总投资为人 民币 20.00 亿元，其中公司总投资为不低于人民币 16.00 亿元（本轮投资 10.08 亿元）、以无形资产方式出资；大健康基金拟总投资 4.00 亿元（本轮投资 2.00 亿元），以货币方式出资，最终投资额以实际投资为准。具体详见公司于 2024 年 12 月 16 日在上海证券交易所网站（www.sse.com.cn）披露的《迈威（上海 ...

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The report highlights that Maiwei Biotech has achieved two licensing agreements, which will enhance cash flow and may indicate a turning point in its operations [5][14] - The pharmaceutical and biotechnology sector has seen a 1.6% increase this week, underperforming the CSI 300 index by 0.35 percentage points, ranking 23rd among 31 sub-industries [7][20] - The report emphasizes the accelerating trend in licensing out Chinese innovative drugs, with the total licensing amount exceeding 51.9 billion USD in 2024, marking a 27.4% year-on-year increase [18][19] Summary by Sections Weekly Insights - Maiwei Biotech's recent licensing agreements include a 25 million USD upfront payment and potential milestone payments totaling up to 571 million USD with CALICO Life Sciences for IL-11 targeted therapy, and a 3.8 billion CNY upfront payment with Qilu Pharmaceutical for 8MW0511 [5][14][15] - The report notes that the cash flow issues for Maiwei Biotech are expected to be significantly alleviated due to these agreements, with further business development opportunities anticipated [6] Subsector Performance - The pharmaceutical and biotechnology sector increased by 1.6% this week, with all sub-sectors showing growth. The hospital sector had the highest increase at 3.92% [7][24] - The report identifies key investment opportunities in various subsectors, including innovative drugs, medical devices, and medical consumables, with specific companies recommended for investment [8][28][29][30] Recommended and Benefiting Stocks - Recommended stocks include Innovent Biologics, Hengrui Medicine, and medical device companies such as YK Medical and Mindray Medical [8][31] - Benefiting stocks in the innovative drug sector include companies like Zai Lab, BeiGene, and others in both A-shares and H-shares [8][34][35] Market Trends - The report indicates that the innovative drug sector is expected to continue its upward trajectory, driven by strong clinical data and increased business development activities [28] - The medical device sector is projected to benefit from government policies promoting equipment upgrades, with a significant increase in procurement expected in the second quarter of 2025 [29][30]

Summary of the Conference Call for Maiwei Biotech Company and Industry Overview - **Company**: Maiwei Biotech - **Industry**: Biotechnology, specifically focusing on innovative drug development Key Points and Arguments 1. **Strategic Partnerships**: Maiwei Biotech has partnered with Qilu Pharmaceutical for the long-acting white blood cell enhancer, generating 500 million CNY in cash and earning sales commissions, aligning with its strategy to focus on global innovative drugs [2][3] 2. **Sales Performance**: The sales of Dexamethasone (You Song) reached 139 million CNY in 2023, marking a year-on-year increase of over 230%, leading in both hospital and outpatient market shares [2][3] 3. **International Collaboration**: The company has secured a partnership with Calico for the IL-11 project, receiving a $25 million upfront payment, which is expected to enhance its overseas market valuation [2][3] 4. **Clinical Development**: Maiwei Biotech is the first Chinese company to advance IL-11 into clinical trials, having completed Phase I trials in China and Canada, and received IND approval in the U.S. [2][5] 5. **Market Potential**: IL-11 is anticipated to target various indications, including tumors and fibrosis-related diseases, with a focus on age-related conditions such as pulmonary fibrosis and cardiovascular fibrosis [6][9] 6. **Calico's Background**: Calico, founded by Google co-founders, emphasizes longevity and anti-aging drug development, integrating life sciences with AI technology [4][9] 7. **Funding and Support**: Calico receives substantial funding from Google and has a strong partnership with AbbVie, which enhances its research capabilities and clinical development experience [7][11] 8. **Future Clinical Trials**: Maiwei Biotech is preparing for the initial technology transfer and clinical sample preparation to expedite the launch of clinical trials in the U.S. [10] Additional Important Insights 1. **Sales Team Requirement**: The long-acting white blood cell enhancer requires a robust sales team of 500 to 1,000 personnel, making the partnership with Qilu a strategic move [3] 2. **Scientific Basis for IL-11**: The choice of IL-11 for longevity indications is supported by research indicating its significant impact on lifespan in older mice and its association with age-related fibrotic diseases [9] 3. **Regulatory Engagement**: Calico is actively engaging with the FDA regarding longevity-related indications, aligning with U.S. policy trends aimed at improving lifespan [9] 4. **AbbVie’s Role**: AbbVie is deeply involved in the IL-11 project, conducting rigorous due diligence and providing strong endorsement for Maiwei Biotech's data [11][12] This summary encapsulates the strategic direction, financial performance, and collaborative efforts of Maiwei Biotech, highlighting its potential in the biotechnology sector.

Core Viewpoint - The company has made significant licensing agreements that enhance cash flow and pave the way for future commercialization of its products, including the injection of Agonist α and IL-11 targeted therapy drugs [1][2]. Group 1: Financial Impact - The total upfront payments from the two transactions amount to over 560 million RMB (3.8 billion + 250 million), which alleviates the company's financial pressure, with an estimated cash balance of approximately 1.23 billion RMB in 2024 [2]. - The agreements include a maximum total transaction amount of 500 million RMB and a tiered royalty percentage based on net sales, which will further support the company's financial health [1]. Group 2: Technological Validation - The two business development targets (8MW0511 and 9MW3811) are self-developed by the company, validating its long-acting fusion protein technology and LALA modification technology's competitive edge [3][4]. - 8MW0511 is the first approved long-acting G-CSF in China, utilizing albumin fusion technology to avoid the toxicity risks associated with PEG modification, demonstrating low immunogenicity and high production efficiency [3]. - 9MW3811 employs LALA modification technology to reduce potential toxicity risks and has shown a long half-life in clinical data, indicating significant market potential in diseases like pulmonary fibrosis [4]. Group 3: Core Assets and Future Potential - The company possesses a proprietary technology platform in the ADC field, with multiple targets and new payloads, showing promising clinical data in combination therapies [5]. - In the TCE field, the company is optimizing target selection and spatial design to reduce cytokine release syndrome (CRS) risks, with preclinical models demonstrating significant tumor suppression effects [5]. - Collaborations with AI companies are being utilized to accelerate target screening and evaluation, enhancing the company's research capabilities [5]. Group 4: Revenue Forecast - The company projects revenues of 851 million, 1.514 billion, and 2.08 billion RMB for 2025-2027, with year-on-year growth rates of 325.97%, 77.91%, and 37.38% respectively [6]. - The expected net profit for the same period is projected to be -591 million, -280 million, and 104 million RMB, with growth rates of 43.4%, 52.65%, and 137.14% respectively [6].

Core Viewpoint - Recently, Maiwei Biotech announced two significant licensing agreements, potentially exceeding a total value of 4.7 billion RMB, which could enhance the company's operational strength and support its long-term development strategy [2][3][5]. Group 1: Licensing Agreements - Maiwei Biotech signed an exclusive licensing agreement with CALICO, a subsidiary of Alphabet, for the IL-11 targeted therapy, which includes the product 9MW3811. The agreement allows CALICO to develop, produce, and commercialize the product outside of China [3][4]. - The agreement with CALICO includes an upfront payment of 25 million USD (approximately 250 million RMB) and potential milestone payments totaling up to 571 million USD (approximately 4.095 billion RMB), along with royalties based on net sales [3][4]. - The second agreement with Qilu Pharmaceutical involves the product 8MW0511, which is an injectable drug for treating febrile neutropenia in cancer patients. This agreement includes an upfront payment of 3.8 billion RMB and potential sales milestone payments, as well as royalties based on net sales [4][6]. Group 2: Company Background and Financials - Founded in 2017, Maiwei Biotech focuses on the research, production, and sales of innovative drugs and biosimilars, primarily in oncology and other therapeutic areas [3][6]. - As of the end of 2024, the company has three products on the market but has not yet achieved profitability, with accumulated losses [3][6]. - In Q1 2025, the company reported revenue of 44.79 million RMB, a year-on-year decline of 33.7%, and a net loss of 292 million RMB, indicating an increase in losses due to high R&D expenditures [7]. - The company is preparing for an IPO on the Hong Kong Stock Exchange to alleviate financial pressures and enhance its international presence [7].