华泰柏瑞上证科创板综合ETF联接A（023741）成立日期2025年4月18日，最新规模6142.92万。成立以 来收益27.55%。 华泰柏瑞上证科创板综合ETF联接A（023741）基金经理为谭弘翔。 截至发稿，谭弘翔累计任职时间4年187天，现任基金资产总规模273.42亿元，任职期间最佳基金回报 78.18%， 任职期间最差基金回报-37.2%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 9月11日，荣昌生物涨5.06%，截至发稿，报108.37元/股，成交10.22亿元，换手率6.32%，总市值610.78 亿元。 资料显示，荣昌生物制药(烟台)股份有限公司位于中国(山东)自由贸易试验区烟台片区烟台开发区北京 中路58号，成立日期2008年7月4日，上市日期2022年3月31日，公司主营业务涉及公司是一家具有全球 化视野的创新型生物制药企业,自成立以来一直专注于抗体药物偶联物(ADC)、抗体融合蛋白、单抗及 双抗等治疗性抗体药物领域。公 ...

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].