Core Viewpoint - The chairman and general manager of Maiwei Biotechnology, Liu Datao, is under investigation by the China Securities Regulatory Commission (CSRC) for suspected short-term trading, but this investigation is focused solely on Liu and will not significantly impact the company's daily operations [1] Company Summary - Liu Datao has received a notice of investigation from the CSRC due to allegations of short-term trading [1] - The investigation is specifically targeting Liu Datao as an individual and is not expected to have a major effect on the company's operational activities [1] - The company will continue to monitor the situation and fulfill its information disclosure obligations [1]

Core Viewpoint - The company reported a significant decline in revenue and an increase in net loss for Q1 2025, primarily due to the absence of licensing income and high R&D expenses, despite some progress in its pipeline [1][2][4]. Revenue Summary - Total revenue for Q1 2025 was 44.79 million yuan, a year-on-year decrease of 33.7% - Drug sales revenue reached 44.72 million yuan, showing a growth of 149.77%, but overall revenue decline was attributed to no licensing income this quarter, unlike the previous year when income was recognized from a licensing agreement with DISC MEDICINE [1]. Profit Summary - The net loss attributable to shareholders was 292 million yuan, an increase of 86.07 million yuan compared to the same period last year - High R&D expenses amounted to 209 million yuan, a year-on-year increase of 14.5%, representing 465.62% of total revenue, which was used to advance 16 core pipeline projects [1]. Pipeline Progress - The company made significant advancements in its pipeline, presenting six innovative products and platform research results at the AACR conference - NECTIN-4 ADC was included in the list of breakthrough therapies by the National Medical Products Administration in January 2025 - The monoclonal antibody 9MW1911 completed its clinical trial enrollment for COPD patients and is expected to finish follow-ups in the second half of 2025 - The monoclonal antibody 9MW3011 also completed its first patient enrollment in January 2025 - A collaboration with Insilico Medicine was established to optimize drug design processes using AI algorithms [2][3]. Research Outcomes - At the AACR annual meeting, the company showcased six innovative products and platform research results - ADC candidates demonstrated promising anti-tumor effects, including B7-H3 ADC in combination with PARP inhibitors and a new CLDN1-targeting ADC showing significant efficacy in preclinical studies - The dual antibody platform showed strong anti-tumor activity in preclinical models for acute myeloid leukemia [3]. Profit Forecast - Revenue projections for 2025-2027 are 851 million, 1.514 billion, and 2.08 billion yuan, with year-on-year growth rates of 325.97%, 77.91%, and 37.38% respectively - Net profit attributable to shareholders is forecasted to be -591 million, -280 million, and 104 million yuan, with year-on-year growth rates of 43.4%, 52.65%, and 137.14% respectively [4].

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical and biotechnology industry [8][29]. Core Insights - The industry is experiencing a return to normal growth, with a notable performance in chemical pharmaceuticals, while the overall revenue growth for 2024 is projected to decline by 0.6% year-on-year, marking the first decline in recent years [12][14]. - The report highlights a significant disparity among sectors, with chemical pharmaceuticals showing a remarkable net profit growth of 97.7%, while biological products face substantial short-term performance pressure [17][18]. - The current low allocation and valuation levels present a high cost-performance ratio for investments in the pharmaceutical sector, suggesting it is an excellent time to allocate resources [19][28]. Summary by Sections 1. Innovation in the Pharmaceutical Chain - The report notes that the impact of national procurement and anti-corruption measures is gradually diminishing, leading to a normal release of rigid demand in hospitals [11]. - The overall revenue growth for the industry in 2024 is projected at -0.6%, with net profit and non-recurring net profit declining by 8.1% and 5.9% respectively [12][13]. 2. Investment Recommendations - The report suggests focusing on the innovation drug supply chain (Biotech + CXO + upstream) and certain overseas medical devices, recommending companies such as Aosaikang, Yifang Bio, and WuXi AppTec for investment [29]. - For in-hospital products (traditional Chinese medicine, chemical pharmaceuticals, and medical devices), companies like Hengrui Medicine and Mindray Medical are highlighted as having more certain growth prospects [29]. 3. Market Positioning - The report indicates that the allocation of public fund products in pharmaceutical stocks has decreased from 11.2% in Q1 2024 to 8.7% in Q4 2024, with a slight recovery to 9.1% by Q1 2025 [19][21]. - The pharmaceutical sector's price-to-earnings ratio is at a 10-year low, suggesting potential for growth as innovative products continue to emerge [22][24].

Group 1 - The company has a rich pipeline focusing on oncology and chronic diseases, with 16 products in the market or clinical stages, including 3 biosimilars that are rapidly increasing in sales [1] - The Nectin-4 ADC has potential for best-in-class (BIC) status, with ongoing phase III clinical trials for both monotherapy and combination therapy, aiming to establish a competitive barrier in the treatment of urothelial carcinoma [1] - The internationalization process is accelerating, with the expansion of biosimilar markets along the "Belt and Road" initiative, laying the foundation for future innovative products to enter the global market [1] Group 2 - The company has completed an integrated layout for research, production, and sales, with three products already on the market and core ADC pipelines entering the registration clinical stage, indicating promising future revenue [2] - Revenue forecasts for 2025, 2026, and 2027 are projected to be 613 million, 1.03 billion, and 1.80 billion respectively, with a reasonable equity value of 13.447 billion, corresponding to a stock price of 33.65 [2] - The company is preparing for a mainboard listing on the Hong Kong Stock Exchange to further promote its internationalization efforts [1]

Core Viewpoint - The company, Maiwei Biotech, is actively advancing its innovative drug pipeline and has announced a capital increase for its wholly-owned subsidiary, Jiangsu Taikang Biopharmaceutical Co., Ltd, to enhance its operational capabilities and financial strength [15][18][20]. Financial Data - The company reported that its first-quarter financial statements are not audited [3]. - The company has a total of 16 core products in various stages of development, including 12 innovative drugs and 4 biosimilars, focusing on oncology and age-related diseases [5]. Drug Development Progress - The innovative drug 9MW2821 has been included in the list of breakthrough therapies by the National Medical Products Administration (NMPA) and is undergoing clinical trials for multiple cancer types, with over 800 patients enrolled [5][6]. - The drug 9MW1911, targeting chronic obstructive pulmonary disease (COPD), has completed its Phase Ib/IIa clinical trial with 80 patients and is preparing for a larger Phase II trial [6]. - The drug 9MW3011, aimed at treating polycythemia vera (PV), has initiated its first patient enrollment in a Phase Ib clinical study and is set to begin a Phase II study in the U.S. [7]. - The company is also developing 1MW5011 for osteoarthritis, which is currently in Phase II clinical trials [8]. Market Potential - The global market for COPD is projected to reach $60 billion by 2032, with significant growth expected in China [6]. - The company’s innovative drugs are positioned to address unmet medical needs in various therapeutic areas, including oncology and respiratory diseases, indicating a strong market potential [5][6][7]. Capital Increase - The company plans to increase the capital of Jiangsu Taikang Biopharmaceutical by 400 million yuan, raising its registered capital from 480 million yuan to 880 million yuan [16][18]. - This capital increase has been approved by the company's board and does not require shareholder approval, ensuring a streamlined process for enhancing the subsidiary's financial strength [17][20]. Academic and Strategic Collaborations - The company is actively participating in academic conferences and has published research on its drug candidates, showcasing its commitment to innovation and collaboration in the biopharmaceutical field [10]. - Strategic partnerships with AI technology firms are being pursued to enhance drug development efficiency and address unmet clinical needs [10].

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.7300 | -0.5100 | -43.14 | -0.6000 | | 每股净资产（元） | 3.2 | 6.02 | -46.84 | 8.27 | | 每股公积金(元) | 14.91 | 14.91 | 0 | 14.63 | | 每股未分配利润(元) | -12.73 | -9.90 | -28.59 | -7.35 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 0.45 | 0.68 | -33.82 | 0.04 | | 净利润(亿元) | -2.92 | -2.06 | -41.75 | -2.41 | | 净资产收益率(%) | -20.50 | -8.24 | -148.79 | -7.07 | 数据四舍五入，查看更多财务数据>> | 名称 | 持有数量(万股) | 占总股本比 | 增减情况 | | --- ...

Financial Performance - The company's revenue for Q1 2025 was ¥44,788,452.49, representing a decrease of 33.70% compared to ¥67,555,138.51 in the same period last year[4] - The net profit attributable to shareholders was -¥291,728,135.28, worsening from -¥205,658,524.39 year-on-year[4] - The basic and diluted earnings per share were both -¥0.73, compared to -¥0.51 in the same period last year[4] - The net loss for Q1 2025 was CNY 292,457,640.37, compared to a net loss of CNY 206,210,666.06 in Q1 2024, indicating a worsening of 41.8%[27] - The company recorded a negative comprehensive income of CNY 292,498,768.44 for Q1 2025, compared to a negative comprehensive income of CNY 206,087,581.46 in Q1 2024[27] - The total comprehensive income attributable to minority shareholders for Q1 2025 was -729,505.09 RMB, compared to -552,141.67 RMB in Q1 2024, indicating a decline[29] Research and Development - Research and development (R&D) expenses totaled ¥208,545,133.67, an increase of 14.49% from ¥182,152,879.71 in the previous year[4] - R&D expenses accounted for 465.62% of revenue, up by 195.98 percentage points from 269.64% in the previous year[5] - The company continues to invest heavily in clinical trials for multiple research projects, contributing to high R&D expenses[8] - The company is focusing on differentiated innovation in R&D, achieving notable results in its pipeline[12] Clinical Trials and Product Development - The company has 16 core products in various stages, including 12 innovative drugs and 4 biosimilars, focusing on oncology and age-related diseases[11] - The innovative drug 9MW2821 has been included in the breakthrough therapy list by the National Medical Products Administration, targeting advanced urinary tract cancer[12] - Clinical trials for 9MW2821 have enrolled over 800 patients, with three key Phase III trials currently ongoing[12] - The company’s 9MW1911 drug for chronic obstructive pulmonary disease (COPD) has completed the enrollment of 80 patients in Phase Ib/IIa trials and is in the follow-up stage[14] - The company is preparing for a larger sample size Phase II clinical trial for 9MW1911, which is the first drug of its kind to enter clinical trials in China[14] - The company has received clinical trial approval for JS207, aimed at treating advanced solid tumors[12] - The clinical safety and efficacy of 9MW2821 have been validated, with significant potential in treating various cancers[12] - The company’s innovative drug 9MW3011 for treating Polycythemia Vera (PV) has completed the first patient enrollment in an open-label Ib phase clinical study, with plans for a phase II study in the US in the first half of 2025[15] - 9MW3011 is the first targeted TMPRSS6 monoclonal antibody for PV treatment globally, with 78% of patients unable to control hematocrit levels and a significant thrombotic event rate of 34-41%[15] - The company’s product 1MW5011 for osteoarthritis is in phase II clinical trials, with advantages over existing intra-articular therapies, including oral administration and better long-term treatment compliance[17] - The company’s antibody-drug conjugate 7MW3711 has received clinical trial approval for a multi-center study in advanced solid tumors, expected to start in April 2025[17] - The company’s biosimilar drug 9MW0813 has submitted a pre-NDA communication request to the National Medical Products Administration, with a formal NDA submission planned for 2025[17] Financial Position - The total assets at the end of the reporting period were ¥4,191,356,415.53, a decrease of 1.97% from ¥4,275,508,853.05 at the end of the previous year[5] - The equity attributable to shareholders decreased by 18.59% to ¥1,277,151,626.39 from ¥1,568,877,364.27 at the end of the previous year[5] - Total liabilities increased to CNY 2,928,033,610.17, up from CNY 2,719,730,804.72, representing a growth of 7.7%[24] - The company's equity attributable to shareholders decreased to CNY 1,277,151,626.39 from CNY 1,568,877,364.27, a decline of 18.6%[24] - The cash and cash equivalents decreased to CNY 80,860,527.91 from CNY 86,293,283.11, a drop of 6.0%[23] - The company reported cash and cash equivalents of approximately CNY 1.12 billion, a slight decrease from CNY 1.19 billion at the end of 2024[22] Cash Flow - The net cash flow from operating activities was -¥216,616,741.17, an improvement from -¥330,596,938.03 in the same period last year[4] - Cash inflows from operating activities in Q1 2025 totaled 59,382,060.81 RMB, down 34.4% from 90,544,176.33 RMB in Q1 2024[30] - Cash outflows from operating activities in Q1 2025 were 275,998,801.98 RMB, a decrease of 34.5% compared to 421,141,114.36 RMB in Q1 2024[30] - Cash inflows from investing activities in Q1 2025 were 32,155,778.45 RMB, down 70.2% from 107,716,644.21 RMB in Q1 2024[31] - The net cash flow from investing activities for Q1 2025 was -54,977,359.47 RMB, an improvement from -175,788,921.01 RMB in Q1 2024[31] - Cash inflows from financing activities in Q1 2025 amounted to 751,840,000.00 RMB, a decrease of 44.6% from 1,360,160,000.00 RMB in Q1 2024[31] - The net cash flow from financing activities for Q1 2025 was 181,132,528.98 RMB, down 68.9% from 584,440,756.11 RMB in Q1 2024[31] - The ending cash and cash equivalents balance for Q1 2025 was 1,136,965,756.42 RMB, compared to 1,721,702,106.25 RMB at the end of Q1 2024, indicating a decrease of 33.9%[31] Market Presence and Strategy - The company has shipped a total of 418,088 units of its product Mai Li Shu® and has established access in 1,986 hospitals across 30 provinces[19] - The company’s product Mai Wei Jian® was approved for market on March 29, 2024, with 14,320 units shipped by the end of the reporting period[19] - The company has received a drug production license from the Shanghai Municipal Drug Administration, enhancing its capabilities as a marketing authorization holder[20] - The company is actively integrating AI technology into its biopharmaceutical development, partnering with leading AI firms to improve research efficiency[19] - The company is actively expanding its market presence in oncology and respiratory diseases, with a strong emphasis on innovative therapies[12]

证券代码：688062 证券简称：迈威生物 公告编号：2025-021 迈威（上海）生物科技股份有限公司 关于对全资子公司泰康生物增资的公告 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。 重要内容提示： 增资标的名称：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"）的全资子公司江苏泰康生物医药有限公司（以下简称"泰康 生物"）。 资金来源及增资金额：公司拟使用自有资金向泰康生物增资 40,000 万 元。 统一社会信用代码：91321291678341722J 法定代表人：刘大涛 注册资本：48,000 万元人民币 本次增资已经公司第二届董事会第十八次会议审议通过，无需提交股东 大会审议。 本次增资不构成关联交易，亦不构成《上市公司重大资产重组管理办法》 规定的重大资产重组情形，不会改变公司合并报表范围。 一、本次增资概述 泰康生物系公司的全资子公司，按照公司集团化战略部署，公司拟使用自 有资金向泰康生物增资 40,000 万元，增资完成后，泰康生物注册资本由 48,000 万元增至 88,000 万 ...

迈威生物公告，2025年第一季度营收为4478.85万元，同比下降33.70%；净亏损2.92亿元，去年同期净 亏损2.06亿元。 ...

Group 1 - The innovative pharmaceutical ETF (560900) has risen by 1.80%, with the underlying index, the China Innovative Drug Industry Index (931152), increasing by 1.60% [1] - Key stocks such as Kailaiying (002821) rose by 10.01%, Maiwei Biotech (688062) by 7.23%, and Rongchang Biotech (688331) by 6.57% [1] - Galaxy Securities indicates that innovative pharmaceutical companies are in a critical transformation period, with Changchun High-tech's R&D investment reaching 2.69 billion yuan in 2024, a year-on-year increase of 11.20%, accounting for nearly 20% of revenue [1] Group 2 - Morgan Asset Management is integrating its "Global Vision Investment Technology" product line to assist investors in capturing investment opportunities in quality tech companies globally [2] - The actively managed Morgan Emerging Power Fund aims to grasp emerging industry trends from a long-term perspective, while the Morgan Smart Connectivity Fund focuses on opportunities in the AI sector [2] - The Morgan Pacific Technology Fund selects quality tech companies in the Pacific region [2] Group 3 - The passive investment options include the Morgan Hang Seng Technology ETF (513890) for exposure to Hong Kong tech assets and the Morgan China Innovative Drug Industry ETF (560900) for Chinese innovative pharmaceutical companies [3] - The Morgan NASDAQ 100 Index Fund provides one-click access to global tech leaders [3]