迈威生物-U(688062)：BD持续兑现 创新管线快速推进

Core Insights - The company reported a significant revenue increase of 301% year-on-year, reaching 566 million yuan, while the net profit attributable to shareholders was -598 million yuan [1] - The revenue growth was primarily driven by substantial income recognition from licensing agreements with Qilu Pharmaceutical and DISC MEDICINE, INC, along with increased drug sales compared to the previous year [1] Group 1: Licensing Agreements - The company granted Qilu Pharmaceutical rights for the development, production, and commercialization of the long-acting white blood cell booster injection, receiving an upfront payment of 380 million yuan [1] - An exclusive license for the IL-11 monoclonal antibody 9MW3811 was granted to CALICO LIFE SCIENCES LLC for all regions outside Greater China, with an upfront payment of 25 million USD [1] - The company also licensed the dual-target small nucleic acid drug 2MW7141 to Kalexo Bio, Inc. for global exclusive rights, receiving an upfront payment of 12 million USD [1] Group 2: Clinical Development Pipeline - The core product NECTIN-4 ADC 9MW2821 is currently undergoing three pivotal Phase 3 clinical trials in China, targeting various cancer treatments [2] - The ST2 monoclonal antibody 9MW1911 is advancing rapidly in Phase 2 clinical trials, with plans to initiate Phase 3 trials by the end of 2026 [2] - The TMPRSS6 monoclonal antibody 9MW3011 completed its first patient dosing in a Phase 2 clinical trial for PV patients in September 2025 [2] - The IL-11 monoclonal antibody 9MW3811 has had its Phase 2 clinical trial application accepted by the National Medical Products Administration, with a potential start by the end of 2025 [2] Group 3: Financial Projections - Revenue projections for the company are estimated at 886 million yuan, 1.145 billion yuan, and 2.285 billion yuan for 2025, 2026, and 2027 respectively [3] - Net profit projections are expected to be -676 million yuan, -618 million yuan, and -173 million yuan for the same years [3] - The company maintains a "Buy-A" investment rating, with a 6-month target price set at 54.40 yuan based on DCF modeling [3]