Mabwell(SH:688062) Bei Ke Cai Jing·2025-05-14 00:40Core Viewpoint - The chairman and general manager of Maiwei Biotech, Liu Datao, is under investigation by the China Securities Regulatory Commission (CSRC) for suspected short-term trading, which adds uncertainty to the company's ongoing efforts to list on the Hong Kong Stock Exchange amid continuous financial losses [1][2][8]. Company Overview - Maiwei Biotech is an innovative biopharmaceutical company focused on the research, development, production, and sales of therapeutic biological products, primarily in the fields of oncology and age-related diseases [5]. - The company has maintained high research and development (R&D) expenditures, with R&D costs of 759 million yuan, 836 million yuan, and 783 million yuan from 2022 to 2024, while revenues during the same period were only 28 million yuan, 128 million yuan, and 199.8 million yuan, indicating that R&D investments significantly exceed revenue [5]. Financial Performance - Maiwei Biotech has reported continuous losses since its listing on the STAR Market in 2022, with net losses of 955 million yuan, 1.053 billion yuan, and 1.044 billion yuan from 2022 to 2024 [5]. - In 2024, the company achieved a revenue growth of 56.28% year-on-year, with total drug sales revenue reaching 145 million yuan, although it still reported a slight narrowing of net losses [6][7]. - The company’s first-quarter results for 2025 showed total revenue of 44.79 million yuan, a decline of 33.70% year-on-year, and a net loss of 292 million yuan, down 41.85% year-on-year [7]. Upcoming Developments - Maiwei Biotech is in the process of planning an overseas share issuance (H-shares) and aims to list on the Hong Kong Stock Exchange, with the intention of raising funds to enhance its capital strength for future expansion and R&D [7]. - The company has 13 ongoing research projects in its core pipeline, which will require continued substantial R&D investments [7]. Impact of Investigation - The investigation of the chairman is perceived as a potential obstacle to the company's Hong Kong listing plans, although the company has stated that it does not expect any significant impact on its operations [3][8]. - The company is currently cooperating with the CSRC during the investigation and has not provided further details on the progress of the inquiry [3][8].