Mabwell(SH:688062) Bei Ke Cai Jing·2025-09-01 14:12Core Viewpoint - Maiwei Biotech has re-submitted its application for H-share issuance and listing in Hong Kong, leading to a significant stock price increase of 20% on September 1, 2023, with a cumulative increase of 65.52% since its listing, resulting in a market capitalization of 23.017 billion yuan [1] Group 1: Company Overview - Established in 2017, Maiwei Biotech is an innovative biopharmaceutical company focusing on oncology and age-related diseases, with four commercialized products as of now [2] - The company has a pipeline of over ten products in various stages of clinical development [2] Group 2: Financial Performance - Despite high R&D investments, the company has incurred cumulative losses of 6.2714 billion yuan since its inception, with over 3.6 billion yuan in losses from 2022 to mid-2025 [3] - Revenue from 2022 to mid-2025 was only 457 million yuan, with a 12.43% year-on-year decline in revenue for the first half of 2023 [3] - The company reported a net profit attributable to shareholders of -552 million yuan for the first half of 2023 [3] Group 3: Market Competition - Maiwei Biotech faces intense competition in the market for its biosimilar products, particularly the adalimumab biosimilar, which saw a 66.61% decline in shipments in 2024 [4] - The company is also experiencing slow market access for its other biosimilar products, indicating a lack of competitive advantage [5] Group 4: Funding and Financial Strategy - The company relies heavily on external financing for operations, with a significant increase in debt ratio from 42.24% in 2023 to 77.54% in mid-2025 [7] - To address cash flow issues, the company plans to diversify its financing channels and maintain a high leverage ratio to support ongoing R&D investments [8] - Maiwei Biotech has also proposed to issue up to 500 million yuan in targeted debt financing tools to optimize its debt structure and reduce financial costs [11]