Core Insights - Chinese innovative pharmaceutical companies are transforming from participants in global biotechnology transactions to dominant players, leveraging significant R&D and cost advantages [1][2] - The role of these companies has shifted from being technology importers to important exporters, with License-out transactions becoming a key growth driver [1][3] Group 1: Market Position and Trends - Chinese pharmaceutical companies account for approximately 30% of the global total in business development (BD) transactions [2] - Domestic companies are actively positioning themselves in innovative drug R&D, characterized by a "fast, good, and cost-effective" approach [2] - The R&D pipeline of domestic companies has become a crucial source for overseas firms seeking to introduce new products [2] Group 2: Revenue Sources and Transaction Dynamics - BD revenue has become a significant income source for domestic innovative drug companies, with a notable shift from License-in to License-out transactions since 2021 [3] - The proportion of License-out transactions in the total BD transactions has increased from 45% in 2021 to 91% in 2024 [3] - Internationalization and expansion into overseas markets are now vital for revenue growth among domestic innovative drug companies [3] Group 3: Research Focus and Investment Recommendations - The small nucleic acid drug market is experiencing robust growth, with significant commercial, clinical, and BD transaction activity [4] - Multinational corporations (MNCs) continue to rely heavily on China for key supply chain components, particularly in raw materials and intermediates [4] - Investment recommendations include various innovative drug companies and raw material suppliers, highlighting a diverse range of potential opportunities in the sector [4]

国泰海通证券股份有限公司 关于迈威（上海）生物科技股份有限公司 开立、变更部分募集资金专用账户 并重新签订三方及四方监管协议事项的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通证券"或"保荐机构"） 作为迈威（上海）生物科技股份有限公司（以下简称"迈威生物"或"公司"） 首次公开发行股票并上市持续督导保荐机构，根据《证券发行上市保荐业务管理 办法》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》 《上海证券交易所科创板股票上市规则》《上海证券交易所上市公司自律监管指 引第 11 号——持续督导》《上海证券交易所科创板上市公司自律监管指引第 1 号 ——规范运作》等有关规定，对迈威生物开立、变更部分募集资金专用账户并重 新签订三方及四方监管协议事项进行了核查，具体情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意迈威（上海）生物科技股份 有限公司首次公开发行股票注册的批复》（证监许可〔2021〕3859 号），公司首 次向社会公开发行人民币普通股 99,900,000 股，每股发行价格为人民币 34.80 元， 募集资金总额为人民币 3,476,520,0 ...

证券代码：688062 证券简称：迈威生物 公告编号：2025-068 二、募集资金专用账户开立情况 迈威（上海）生物科技股份有限公司 关于开立、变更部分募集资金专用账户 并重新签订三方及四方监管协议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 迈威（上海）生物科技股份有限公司（以下简称"公司"）于 2025 年 11 月 26 日召开第二届董事会第二十五次会议、第二届监事会第二十次会议，审议 通过了《关于开立、变更部分募集资金专用账户并重新签订三方及四方监管协议 的议案》，同意公司及全资子公司上海朗润迈威生物医药科技有限公司（以下简 称"朗润迈威"）和江苏泰康生物医药有限公司（以下简称"泰康生物"）本次 开立、变更部分募集资金专用账户并重新签订三方/四方监管协议，且授权公司 管理层办理此次募集资金专用账户开立、变更并重新签订三方/四方监管协议相 关事宜。保荐机构国泰海通证券股份有限公司（以下简称"国泰海通证券"或"保 荐机构"）对该事项出具了明确同意的核查意见。现将有关情况公告如下： 一、募集资金基本情况 1 ...

本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 迈威（上海）生物科技股份有限公司（以下简称"公司"）第二届监事会 第二十次会议通知于 2025 年 11 月 21 日以书面方式送达全体监事，于 2025 年 11 月 26 日以现场结合通讯方式召开。会议由监事会主席楚键先生主持，会议 应到监事 3 人，实到监事 3 人。会议的召集、召开程序和方式符合《公司法》 等法律法规以及《迈威（上海）生物科技股份有限公司章程》（以下简称"公司 章程"）的有关规定，会议决议合法、有效。 二、监事会会议审议情况 （一）审议通过《关于开立、变更部分募集资金专用账户并重新签订三方 及四方监管协议的议案》 证券代码：688062 证券简称：迈威生物 公告编号：2025-069 迈威（上海）生物科技股份有限公司 第二届监事会第二十次会议决议公告 表决结果：3 票同意，0 票反对，0 票弃权。 具体内容详见与本公告同日刊登于上海证券交易所网站（www.sse.com.cn） 的《迈威（上海）生物科技股份有限公司关于开立、变更 ...

Core Insights - A new biotechnology company, Lianwei Chuangyuan (Shanghai) Biotechnology Co., Ltd., has been established with a registered capital of 80 million yuan [1] - The company is co-owned by Maiwei Bio (688062) and Shanghai Lianwei Xiechuang Medical Information Consulting Partnership (Limited Partnership) [1] - The business scope includes medical research and experimental development, as well as various technical services and consulting [1] Company Summary - The registered capital of the newly formed company is 80 million yuan [1] - The legal representative of the company is Gui Xun [1] - The company is involved in multiple areas including technology service, development, consulting, exchange, transfer, and promotion [1] Industry Summary - The establishment of this biotechnology company reflects ongoing investment and interest in the medical research and biotechnology sector [1] - The collaboration between established entities like Maiwei Bio and consulting partnerships indicates a trend towards consolidation and resource sharing in the industry [1]

Group 1: Core Insights - The current wave of innovative drugs is driven by China's participation in new technologies, with advancements in ADC, bispecific antibodies, second-generation IO, and GLP-1 [1] - The global pharmaceutical transaction volume has steadily increased, with total transaction amounts rising from $56.9 billion to $187.4 billion over the past decade, while China's transaction amounts surged from $3.1 billion to $57.1 billion [1] - By 2024, China's transaction volume is expected to account for approximately 30% of global pharmaceutical transactions [1] Group 2: Sector Analysis - In oncology, the combination of IO and ADC therapies remains strong, with significant transactions in the PD-1 bispecific antibody space; the sales of Pembrolizumab are projected to reach $29.482 billion in 2024 [2] - The autoimmune disease sector is witnessing a shift as older drugs face patent expirations, with new opportunities emerging in Th2 and Th17 pathways; Dupilumab is expected to lead with $14.1 billion in sales in 2024 [2] - The cardiovascular and metabolic disease market continues to grow, with GLP-1 receptor agonists projected to exceed $50 billion in global sales in 2024 [3] Group 3: Future Technologies - New technologies such as next-generation ADCs, TCE therapies, universal/in vivo CART technologies, gene therapy, and small nucleic acid technologies are anticipated to lead future disease treatments [4]

来源：市场资讯 （来源：深蓝观） 李昀 | 撰文 王晨 | 编辑 今年，港股融资形式大好，不少公司想抓住这一波机会，因此IPO也出现了严重堵车的情况。 据中证报，今年以来，港股市场已有87只新股IPO上市，IPO募资总额超2400亿港元，位居全球交易所首位。今年以来共有16家 A股上市公司成功登陆港股市场，超80家A股上市公司已在港交所排队。 港交所行政总裁陈翊庭在接受媒体采访时也透露，目前正在处理的上市申请大概有300家。 今年在香港上市的生物医药企业也格外多。恒瑞、映恩等23家企业登录港股，仅上个月最后一周就有8家企业相继提交上市申 请。 "并不单单是要赶港股行情上升的窗口期，"一名投资人这样解释创新药的IPO热，"同时还要抓住这一波出海的机会。其实还是 挺生死攸关的。没有融资，就做不了BD需要的数据，很可能就错过这十几年难遇的红利。" 一位长期关注一级市场的投资人向我们表示，当前企业在选择上市地点时，港股依然是优先项：节奏更快、确定性更高、募资 更灵活、市场反馈更直接。尤其在创新药领域，大多数企业仍处于未盈利阶段，而科创板尽管近来有"开闸"迹象，但多数创新 药企业仍难以满足其盈利或细分指标要求。在这样的 ...

Investment Rating - The report does not explicitly state an investment rating for the industry [2] Core Insights - The pharmaceutical and biotechnology sector experienced a decline of 6.88% from November 17 to November 21, underperforming compared to the Wind All A index (-5.13%) and the CSI 300 index (-3.77%) [3][8] - All sub-sectors within the industry reported losses, with raw materials (-8.6%), offline pharmacies (-8.58%), and other biological products (-7.99%) leading the decline [3][8] - Major companies in the IVD sector are increasingly investing in cancer early screening, with Abbott announcing a $21 billion acquisition of Exact Sciences and Roche entering a partnership with Freenome valued at over $200 million [3][12] - Flu activity is on the rise, with the percentage of flu-like illness cases reported in southern provinces reaching 6.7%, up from 5.5% the previous week, and higher than the same period in previous years [3][11] Summary by Sections Market Weekly Review - The pharmaceutical and biotechnology sector fell by 6.88%, underperforming the broader market indices [8] - All sub-sectors declined, with raw materials and offline pharmacies showing the largest drops [8] - Individual stock performances varied, with Hainan Haiyao increasing by 23.8% while Jindike fell by 25.5% [11] Industry News and Key Company Announcements Important Industry Events - The report highlights the increase in flu cases in both southern and northern provinces, surpassing levels from previous years [11] Industry News - GE HealthCare announced a $2.3 billion acquisition of Intelerad, indicating a focus on cloud and AI solutions in healthcare [12] - Significant acquisitions and partnerships in the cancer diagnostics space were noted, including Abbott's acquisition of Exact Sciences and Roche's collaboration with Freenome [12][15] Company Announcements - Various companies announced significant developments, including clinical trial approvals and new drug applications, reflecting ongoing innovation in the sector [15][16]

Core Insights - The interbank market's "Technology Innovation Bonds" have shown significant growth since their launch on May 7, with over 530 billion yuan issued to 276 companies by November 21, indicating a strong interaction between product innovation and financing for tech enterprises [1][2] Group 1: Market Expansion and Participation - The participation of private enterprises in the issuance of technology bonds has notably increased, with 55 private companies issuing 107.4 billion yuan, accounting for 20% of the total issuance in the interbank market and 88% of the total issuance by private enterprises [2] - The introduction of 24 new high-quality enterprises to the bond market has diversified the issuer structure, with a total issuance of 9.75 billion yuan from these new entrants [2] Group 2: Geographic Distribution and Product Structure - The issuance of technology bonds has covered 29 provinces, regions, and municipalities, with the highest issuance in Beijing, Guangdong, Zhejiang, Shandong, and Jiangsu, collectively accounting for over 60% of the total issuance [3] - The majority of technology bonds have a medium to long-term structure, with over 60% of the bonds issued having a term of five years or more, aligning with the long development cycles of tech enterprises [3] Group 3: Financial Innovation and Risk Management - The development of innovative financial tools, such as risk-sharing mechanisms, has facilitated the participation of private equity investment institutions in the technology bond market, with five institutions successfully issuing bonds totaling 1.35 billion yuan [5][6] - The use of risk-sharing tools has enhanced the attractiveness of the market, with significant funds being directed towards critical sectors like integrated circuits, artificial intelligence, and biomedicine [7] Group 4: Impact on Investment and Capital Flow - The "debt-for-investment" model has effectively mobilized funds, with nearly 50% of the raised capital already in use, leading to over 100 billion yuan being directed towards key technology sectors [7] - The establishment of venture capital funds has accelerated investment in hard tech enterprises, demonstrating the financial sector's role in supporting technological innovation [7]

Core Insights - The pharmaceutical MNC supply chain has extremely high entry barriers, requiring years for supplier certification through cross-departmental audits in technology, quality, EHS, and compliance. Once included in the qualified supplier list, a strong lock-in effect is formed, making it difficult for new entrants to disrupt the existing supply structure even if they meet technical standards, thus demonstrating a strong first-mover advantage [4][7]. - MNCs demand far more than conventional quality compliance, emphasizing full-process controllability and risk management capabilities. Compliance with guidelines such as EU GMP and ICHQ is required, along with the establishment of traceability systems and safety stock. Any process changes or relocation of production sites must undergo strict and time-consuming certification [4][7]. - In procurement decisions, MNCs are relatively insensitive to price factors, prioritizing the integrity of the supply chain over cost. For MNCs, API costs represent only a small portion of their terminal formulation sales, leading them to pay a premium for stable, traceable, and zero major quality incident supply capabilities, viewing supply chain resilience as a core competitive advantage rather than a cost item. Thus, entering the MNC supply chain often means effectively avoiding "price internalization" [4][7]. - Investment recommendations include innovative drug and device companies such as Furuya Co., Aonlikang, Shutaishen, Weichuang Bio, and others. From the perspective of CXO and raw materials, companies like WuXi AppTec, Jiuzhou Pharmaceutical, Chengda Pharmaceutical, and others are suggested for attention [4][7]. Market Performance Overview - As of November 21, 2025, the TTM-PE of the pharmaceutical and biotechnology industry is 48.84 times, which is 100% higher than the historical lowest PE valuation of 24.38 times on January 3, 2019. The premium rate relative to the CSI 300 is 252%, exceeding the historical lowest valuation premium of 124% on February 6, 2018, by 128 percentage points, and is 11 percentage points higher than the average valuation premium rate of 241% over the past decade [8][12]. - From November 17 to November 21, 2025, the pharmaceutical and biotechnology sector experienced a decline of 6.88%, ranking 22nd among 27 sub-industries. The chemical raw materials sector saw the largest decline at -8.60% [12][15]. Industry Dynamics - Pfizer's Class 1 new drug, Matacizumab, was approved for marketing on November 21, 2025, for the routine prevention and treatment of bleeding in patients with severe hemophilia A or B [20]. - Boehringer Ingelheim's Class 1 new drug, BI764198, was proposed for inclusion as a breakthrough therapy on November 18, 2025, targeting primary focal segmental glomerulosclerosis [21]. - The PD-1 inhibitor H drug, Surulutumab, developed by Fuhong Hanlin, was officially included as a breakthrough therapy on November 20, 2025, for gastric cancer treatment [22]. - On November 17, 2025, FDA approved the biosimilar of Tysabri, developed by Sandoz, for multiple sclerosis and Crohn's disease [23].