Mabwell(SH:688062) Xin Jing Bao·2025-05-25 03:00Core Viewpoint - Maiwei Biotech has not achieved profitability since its IPO three years ago, facing regulatory scrutiny due to declining product shipment volumes, slow hospital access, and debt repayment pressures [2][3][5]. Financial Performance - As of the end of 2024, Maiwei Biotech's short-term borrowings and long-term borrowings due within one year amount to 1.035 billion yuan [3]. - The company reported a net loss of approximately 1.044 billion yuan for 2024, with cumulative losses exceeding 3 billion yuan from 2022 to 2024 [3][4]. - The cash and cash equivalents balance is approximately 1.228 billion yuan, indicating a tight liquidity situation [3]. Product Performance - The shipment volume for Junmaikang in 2024 was 48,821 units, a decrease of 66.61% year-on-year, while Maiweijian shipped 12,530 units with 75 hospitals approved [5]. - The slow market access for Maiweijian is attributed to its limited approved indications compared to the original drug, which has three approved indications [7]. Strategic Initiatives - The company plans to address short-term debt pressures by optimizing revenue structure and matching debt maturities, aiming to reduce reliance on external financing [3][9]. - Maiwei Biotech is pursuing a Hong Kong IPO to enhance liquidity, with the application submitted in January 2025 [9][10]. Regulatory Issues - The chairman of Maiwei Biotech is under investigation by the China Securities Regulatory Commission for suspected insider trading, which may impact the IPO process [10].