Mabwell(SH:688062) Western Securities·2025-09-09 09:04Investment Rating - The investment rating for the company is upgraded to "Buy" [6][3]. Core Views - The company reported a revenue of 1.01 billion yuan in H1 2025, a decrease of 12.43% year-on-year, with a net loss attributable to shareholders of 5.51 billion yuan [1][6]. - The decline in revenue is primarily attributed to a high base from the previous year due to the exclusive licensing agreement with DISC MEDICINE, INC. for 9MW3011 [1][2]. - The company continues to increase R&D investment and has successfully executed two business development (BD) agreements, which are expected to optimize cash flow [1][2]. Summary by Sections Financial Performance - In H1 2025, the company achieved a drug sales revenue of 1.01 billion yuan, representing a 53.50% increase, with the sales of Duzhu single antibody reaching 995.407 million yuan, up 51.59% [1]. - The projected revenues for 2025, 2026, and 2027 are 8.79 billion yuan, 12.0 billion yuan, and 20.5 billion yuan, reflecting year-on-year growth rates of 340.2%, 36%, and 71.2% respectively [3][4]. Business Development - The company signed a technical licensing agreement with Qilu Pharmaceutical for the injection of Agrestin α (8MW0511) in June 2025, with a total potential payment of up to 500 million yuan [2]. - Another exclusive licensing agreement was established with CALICO LIFE SCIENCES LLC for IL-11 targeted therapy (including 9MW3811), with an upfront payment of 25 million USD and potential milestone payments totaling up to 571 million USD [2]. Innovation Pipeline - The company has a differentiated layout of innovative pipelines, including the second globally advanced ST2 monoclonal antibody (9MW1911) currently in clinical phase II, and the TMPRSS6 monoclonal antibody (9MW3011) which has received FDA fast track designation and orphan drug designation [3].