Core Viewpoint - Maiwei Biotech (688062) reported a net loss exceeding 1 billion yuan for 2024, with an increasing debt-to-asset ratio surpassing 60%, prompting the company to seek financing to improve its financial position [1][4]. Financial Performance - In 2024, Maiwei Biotech achieved an operating revenue of approximately 200 million yuan, representing a year-on-year growth of 56.28% [1][2]. - The net profit attributable to shareholders was -1.044 billion yuan, slightly improved from -1.053 billion yuan in the previous year [2][3]. - Total assets decreased by 4.03% to approximately 4.276 billion yuan compared to 2023 [2]. Product and R&D Pipeline - Despite having three products on the market, the company has not yet achieved profitability and has accumulated losses [3]. - Maiwei Biotech has 16 products in various stages of development, including 12 innovative drugs and 4 biosimilars, focusing on oncology and age-related diseases [3]. - The company emphasizes the combination use of ADC, IO, and TCE as a significant development direction and plans to explore combination therapies with external products [3]. Financing and Debt Management - The company's reliance on external financing has led to a rising debt-to-asset ratio, which increased from 24% in 2022 to 63.61% in 2024 [4]. - To optimize its debt structure and reduce financial costs, Maiwei Biotech plans to issue targeted debt financing tools not exceeding 500 million yuan [4]. - The company is also planning to list in Hong Kong to meet its funding needs and enhance its international presence [4].

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