Mabwell(SH:688062) Chang Jiang Shang Bao·2025-05-12 00:27Core Viewpoint - The chairman of Maiwei Biotech, Liu Datao, is under investigation by the China Securities Regulatory Commission (CSRC) for suspected short-term trading, which raises concerns about the company's governance and operational stability [2][3]. Financial Performance - Over the past six years, Maiwei Biotech has accumulated a total revenue of 410 million yuan, while suffering a net loss of approximately 5.4 billion yuan [6][7]. - In 2023 and 2024, the company reported consecutive losses exceeding 1 billion yuan, with net losses of 1.053 billion yuan and 1.044 billion yuan respectively [6][7]. - The Q1 2025 report shows a revenue of 44.79 million yuan, a year-on-year decrease of 33.70%, and a net loss of 292 million yuan, a decline of 41.85% [8][10]. Product and Sales Performance - Maiwei Biotech has successfully launched three major products, contributing to a sales revenue of 145 million yuan in 2024, which represents a year-on-year increase of 243.53% [6][7]. - The sales revenue from the drug Deshu Single Antibody reached 139 million yuan in 2024, marking a year-on-year growth of 230.17% [6]. Cost Structure - Sales expenses have surged significantly, with figures of 21.24 million yuan, 78.53 million yuan, and 143 million yuan from 2021 to 2023, reflecting increases of 810.26%, 269.76%, and 81.99% respectively [9]. - In 2024, sales expenses reached 192 million yuan, accounting for 96% of the company's revenue during the same period [9]. Research and Development - Research and development expenses from 2021 to 2023 were 623 million yuan, 759 million yuan, and 836 million yuan, with year-on-year growth rates of 7.08%, 21.86%, and 10.17% respectively [9]. - In 2024, R&D expenses decreased to 783 million yuan, a decline of 6.33% [10]. Debt and Financial Health - As of Q1 2025, the company's debt-to-asset ratio reached 69.86%, the highest since its listing [10]. - The company reported cash and cash equivalents of 1.12 billion yuan, a year-on-year decrease of 34.99%, while short-term and long-term borrowings increased to 1.073 billion yuan and 962 million yuan, reflecting increases of 58.46% and a decrease of 5.87% respectively [10].