Mabwell(SH:688062) Hua Xia Shi Bao·2025-05-15 07:25Core Viewpoint - The company is facing a governance crisis due to the chairman's investigation for suspected short-term trading, which has raised concerns about its financial stability and ongoing IPO plans [2][3][17]. Financial Performance - The company has not achieved profitability since its establishment, with cumulative losses exceeding 6 billion yuan by the first quarter of 2025 [4][11]. - The net profit for 2022, 2023, and 2024 was reported as -9.55 billion yuan, -10.53 billion yuan, and -10.44 billion yuan respectively, totaling over 3 billion yuan in losses [4]. - In the first quarter of 2025, the company reported a revenue of 44.79 million yuan, a 33.70% decrease year-on-year, with a net profit of -291.73 million yuan, a 41.85% decline from the previous year [6][10]. R&D Investment - The company has maintained a high R&D investment ratio, with R&D expenses accounting for 2735.89%, 653.79%, and 391.86% of revenue in the past three years, indicating a significant imbalance between R&D spending and revenue generation [4][5]. - In the first quarter of 2025, R&D expenses represented 465.62% of revenue, highlighting severe delays in commercialization [5][8]. Product Commercialization - The company has three commercialized products, but their combined sales revenue was only 2 billion yuan in 2024, which is considered low for the industry [11][12]. - The core issues affecting sales performance are identified as weak commercialization capabilities rather than product competitiveness, necessitating improvements in marketing and sales strategies [11][12]. Acquisition Strategy - The company has pursued an aggressive acquisition strategy, acquiring multiple subsidiaries since its inception, leading to a rapid increase in fixed assets, which reached 1.653 billion yuan by the end of 2024 [12][14]. - However, most of these subsidiaries have not been profitable, contributing to the overall financial burden of the company [12][14]. IPO Prospects - The ongoing investigation of the chairman may complicate the company's IPO process, potentially leading to stricter regulatory scrutiny and delays [17]. - The company asserts that the investigation will not significantly impact its IPO plans, but the outcome of the investigation could affect investor confidence and financing capabilities [17].