Mabwell(SH:688062) Xin Lang Zheng Quan·2025-10-31 16:45Core Insights - Maiwei Biotech, established in May 2017 and listed on the Shanghai Stock Exchange in January 2022, focuses on the research, development, production, and sales of therapeutic biological products, with several products in various clinical stages [1] Financial Performance - For Q3 2025, Maiwei Biotech reported revenue of 566 million yuan, ranking 76th in the industry, significantly lower than the top players like Huadong Medicine (32.664 billion yuan) and Fosun Pharma (29.393 billion yuan), as well as below the industry average of 280 million yuan and median of 83.8 million yuan [2] - The company recorded a net loss of 600 million yuan, ranking last in the industry, while the top performers, Heng Rui Medicine and Fosun Pharma, reported net profits of 5.76 billion yuan and 3.056 billion yuan respectively [2] Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 79.11%, up from 57.64% the previous year, significantly higher than the industry average of 35.26%, indicating potential pressure on debt repayment capabilities [3] - The gross profit margin for Q3 2025 was 93.15%, slightly up from 92.46% year-on-year, and well above the industry average of 57.17%, reflecting strong profitability potential [3] Management and Shareholder Structure - The chairman, Liu Datao, received a salary of 2.7047 million yuan in 2024, an increase of 298,700 yuan from 2023 [4] - The major shareholder is Langrun (Shenzhen) Equity Investment Fund, with actual controllers being Tang Chunshan and Chen Shanna [4] Shareholder Dynamics - As of September 30, 2025, the number of A-share shareholders increased by 9.15% to 19,600, while the average number of shares held per shareholder decreased by 8.38% to 10,400 [5] Business Development and Growth - The company achieved a revenue of 465 million yuan in Q3 2025, a year-on-year increase of 1717.41%, with total revenue for the first three quarters reaching 566 million yuan, up 301.03% [6] - Drug sales revenue for Q3 2025 was 55.32 million yuan, a 120.85% increase year-on-year, and for the first three quarters, it was 156 million yuan, up 72.10% [6] - The company has established three business development partnerships with Qilu Pharmaceutical, Calico, and Kalexo [6] Market Outlook - According to Guolian Minsheng Securities, the company’s drug sales are steadily increasing, with the core driver for performance improvement being the drug for osteoporosis, Mailishu [7] - The company has a pipeline of 10 innovative drugs and 4 biosimilars, covering differentiated areas such as ADC and monoclonal antibodies [7]