Mabwell(SH:688062) Xin Lang Cai Jing·2025-05-07 02:38Core 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].