Core Viewpoint - The chairman and general manager of Maiwei Biotech, Liu Datao, is under investigation by the China Securities Regulatory Commission (CSRC) for suspected short-term trading, which adds uncertainty to the company's ongoing efforts to list on the Hong Kong Stock Exchange amid continuous financial losses [1][2][8]. Company Overview - Maiwei Biotech is an innovative biopharmaceutical company focused on the research, development, production, and sales of therapeutic biological products, primarily in the fields of oncology and age-related diseases [5]. - The company has maintained high research and development (R&D) expenditures, with R&D costs of 759 million yuan, 836 million yuan, and 783 million yuan from 2022 to 2024, while revenues during the same period were only 28 million yuan, 128 million yuan, and 199.8 million yuan, indicating that R&D investments significantly exceed revenue [5]. Financial Performance - Maiwei Biotech has reported continuous losses since its listing on the STAR Market in 2022, with net losses of 955 million yuan, 1.053 billion yuan, and 1.044 billion yuan from 2022 to 2024 [5]. - In 2024, the company achieved a revenue growth of 56.28% year-on-year, with total drug sales revenue reaching 145 million yuan, although it still reported a slight narrowing of net losses [6][7]. - The company’s first-quarter results for 2025 showed total revenue of 44.79 million yuan, a decline of 33.70% year-on-year, and a net loss of 292 million yuan, down 41.85% year-on-year [7]. Upcoming Developments - Maiwei Biotech is in the process of planning an overseas share issuance (H-shares) and aims to list on the Hong Kong Stock Exchange, with the intention of raising funds to enhance its capital strength for future expansion and R&D [7]. - The company has 13 ongoing research projects in its core pipeline, which will require continued substantial R&D investments [7]. Impact of Investigation - The investigation of the chairman is perceived as a potential obstacle to the company's Hong Kong listing plans, although the company has stated that it does not expect any significant impact on its operations [3][8]. - The company is currently cooperating with the CSRC during the investigation and has not provided further details on the progress of the inquiry [3][8].

Core Viewpoint - The chairman of Maiwei Biotech, Liu Datao, is under investigation by the China Securities Regulatory Commission (CSRC) for suspected short-term trading, which raises concerns about the company's governance and operational stability [2][3]. Financial Performance - Over the past six years, Maiwei Biotech has accumulated a total revenue of 410 million yuan, while suffering a net loss of approximately 5.4 billion yuan [6][7]. - In 2023 and 2024, the company reported consecutive losses exceeding 1 billion yuan, with net losses of 1.053 billion yuan and 1.044 billion yuan respectively [6][7]. - The Q1 2025 report shows a revenue of 44.79 million yuan, a year-on-year decrease of 33.70%, and a net loss of 292 million yuan, a decline of 41.85% [8][10]. Product and Sales Performance - Maiwei Biotech has successfully launched three major products, contributing to a sales revenue of 145 million yuan in 2024, which represents a year-on-year increase of 243.53% [6][7]. - The sales revenue from the drug Deshu Single Antibody reached 139 million yuan in 2024, marking a year-on-year growth of 230.17% [6]. Cost Structure - Sales expenses have surged significantly, with figures of 21.24 million yuan, 78.53 million yuan, and 143 million yuan from 2021 to 2023, reflecting increases of 810.26%, 269.76%, and 81.99% respectively [9]. - In 2024, sales expenses reached 192 million yuan, accounting for 96% of the company's revenue during the same period [9]. Research and Development - Research and development expenses from 2021 to 2023 were 623 million yuan, 759 million yuan, and 836 million yuan, with year-on-year growth rates of 7.08%, 21.86%, and 10.17% respectively [9]. - In 2024, R&D expenses decreased to 783 million yuan, a decline of 6.33% [10]. Debt and Financial Health - As of Q1 2025, the company's debt-to-asset ratio reached 69.86%, the highest since its listing [10]. - The company reported cash and cash equivalents of 1.12 billion yuan, a year-on-year decrease of 34.99%, while short-term and long-term borrowings increased to 1.073 billion yuan and 962 million yuan, reflecting increases of 58.46% and a decrease of 5.87% respectively [10].