● 本报记者 魏昭宇 国庆长假期间，A股休市，港股市场表现受到投资者重点关注。10月以来，港股市场整体走势较为震 荡，恒生指数在10月2日涨超1.6%后，随后三个交易日连续调整。 从业绩端来看，优质港股公司正展现出较强的业绩向好趋势。华安基金认为，上半年港股上市公司盈利 能力改善，且呈现出鲜明的"新兴驱动"特征。数据显示，从营业总收入来看，2025年上半年，超过1230 家港股企业实现了营收增长。从一级行业来看，2025年上半年，信息技术、可选消费行业的营业总收入 同比增速均超10%，显著领先于其他行业，成为拉动港股公司盈利增长的核心引擎。 科技板块配置价值凸显 "恒生科技"是不少基金经理在策略会上频繁提及的热词。 近期，全球资本"活水"随着美联储开启新一轮降息周期而流向更多市场。当流动性宽松的闸门再次开 启，估值优势显著、与内地经济联动紧密的港股市场，站在了风口之上。在近期多家公募机构举办的策 略会上，加大对港股的配置成为了共识性的判断。有业内人士表示，外部资金流入港股市场的意愿显著 增强，以港股为代表的中国资产或得到外资的进一步增持。 港股市场或迎增量资金 汇丰晋信基金的基金经理许廷全表示，今年以来港股显 ...

Core Viewpoint - The company, Maiwei Biotech, reported a significant decline in revenue and an increase in net losses for the first half of 2025, while also achieving notable milestones in business development (BD) partnerships and product approvals [1][4][6]. Financial Performance - In the first half of 2025, the company achieved revenue of 101 million yuan, a year-on-year decrease of 12.43%, and a net profit attributable to shareholders of -552 million yuan, with losses widening compared to the same period last year [1]. - The company's stock price reached a historical high of 50.36 yuan per share on August 29, 2023, with a year-to-date increase of over 137% [2]. Product Development and Approvals - The company has maintained a rhythm of approving one product annually since its listing on the STAR Market in 2022, with three products approved from 2022 to 2024, all of which are biosimilars [3]. - The first self-developed innovative drug, Mai Li Sheng (generic name: injection of Agrelin α), was approved in May 2023, marking a key step in the company's transition from biosimilars to innovative drugs [4][5]. Business Development Partnerships - The company has entered into significant BD collaborations, including a partnership with Qilu Pharmaceutical for the commercialization of Mai Li Sheng, which could yield up to 500 million yuan in milestone payments [4]. - Additionally, a licensing agreement with Calico for the IL-11 targeted therapy could result in up to 571 million USD in milestone payments and royalties based on net sales [5]. Research and Development Focus - The company has reported a cumulative loss of over 5.72 billion yuan over the past eight years, with R&D expenses in the first half of 2025 reaching 392 million yuan, an increase of 21.72% year-on-year, accounting for 388% of its revenue [8]. - The company is advancing multiple BD initiatives, emphasizing that 2025 will be a critical year for its innovative drug BD business [6]. Market Challenges - The company faces commercialization challenges for its biosimilars, with significant declines in expected shipments due to production capacity issues and market competition [4]. - The ADC (antibody-drug conjugate) sector is becoming increasingly competitive, prompting the company to explore new pipeline developments to maintain its market position [10].

Core Insights - Business Development (BD) transactions are becoming a crucial pathway for Chinese innovative pharmaceutical companies to advance globalization, with over 40% of significant upfront payments from multinational corporations (MNCs) originating from China in the first half of 2025 [1] - Maiwei Biotech has made substantial progress in BD transactions, reflecting its transition from "generic innovation" to "global innovation" [1][4] Group 1: BD Transactions - Maiwei Biotech recently entered into a collaboration with Calico Life Sciences, receiving a non-refundable upfront payment of $25 million for global rights to develop, produce, and commercialize the IL-11 monoclonal antibody 9MW3811 outside Greater China [2] - The agreement with Calico includes potential milestone payments of up to $571 million and tiered royalties based on global sales, indicating significant long-term revenue potential [2] - Additionally, Maiwei Biotech signed an agreement with Qilu Pharmaceutical for exclusive rights to develop, produce, and commercialize injectable Agonist α in Greater China, with a maximum upfront payment of 500 million RMB and sales milestone payments [3] Group 2: Revenue and Financial Impact - The two BD transactions are expected to generate at least 650 million RMB in short-term revenue, alleviating financial pressure and supporting the development of innovative drug pipelines [3] - The collaborations enhance the company's revenue sources and provide a solid foundation for its domestic market strategy [3] Group 3: R&D and Pipeline Development - Maiwei Biotech has established a comprehensive R&D system that supports its BD activities, with a pipeline consisting of 16 products, including 12 innovative drugs and 4 biosimilars [4] - The company focuses on oncology and age-related diseases, with several ADC pipelines and a strong presence in various therapeutic areas [4][6] - The innovative drug-centric pipeline structure allows for immediate commercialization cash flow while reserving long-term growth potential through innovative drug development [4] Group 4: Technological Platforms - The company has developed four major technological platforms, including specialized platforms for ADCs and bispecific antibodies, which enhance its R&D capabilities [5][6] - The integration of these platforms fosters sustainable innovation and positions the company as an attractive partner for collaborations [6] Group 5: Future Prospects - Maiwei Biotech aims to achieve significant breakthroughs in its BD business by 2025, with ongoing collaborations on key pipelines such as Nectin-4ADC and B7-H3ADC [6] - The company is recognized for its early investments in ADCs, with promising clinical developments for its products, including 9MW2821, which is leading in clinical trials for cervical cancer [6][7]

Group 1 - The core viewpoint of the news is that Panjing Investment has conducted research on Maiwei Biotech, focusing on its collaboration with Calico to accelerate the clinical validation and commercialization of IL-11 monoclonal antibody (MW38) in anti-aging and fibrosis-related fields [1] - Maiwei Biotech's IL-11 monoclonal antibody has shown mechanisms of action in anti-aging and anti-fibrosis, with Calico interested in its potential for extending healthy lifespan [1] - MW38 has received clinical access approvals in China, the US, and Australia, with Phase I clinical trials completed in China and Australia, and preparations underway for the US clinical trials [1] Group 2 - Panjing Investment, established in 2016, is recognized as one of China's leading private equity fund managers, focusing on investment opportunities in Chinese listed companies and having a broad layout in overseas markets, especially in Chinese concept stocks [2] - The company emphasizes research-driven investment decisions, building a leading internal research team and maintaining strong relationships with top brokerage research institutes in China [2] - Panjing Investment aims to create long-term sustainable returns for clients by leveraging deep industry and individual stock research, along with solid value judgments to navigate different market cycles [2]

Core Viewpoint - Maiwei Biotech is focusing on its innovative drug business development (BD) in 2025, aiming for breakthroughs in key pipeline projects such as Nectin-4 ADC, while acknowledging uncertainties in the BD business [1][2]. Group 1: Business Development (BD) Focus - 2025 is a critical year for the company's innovative drug BD business, with a focus on achieving substantial project outcomes [2]. - The company plans to expand its BD pipeline in 2026 to include new generation TCE platform-based projects, which are expected to have global differentiation advantages [2]. - The Nectin-4 ADC is currently in clinical research for multiple indications, with over 800 patients enrolled, and is leading in development progress globally for several indications [1][2]. Group 2: Clinical Research Progress - Three key Phase III clinical trials are ongoing: UC monotherapy, UC combination therapy, and CC monotherapy, with plans for interim analysis in 2026 and 2027 [3]. - The TNBC ADC therapy is in Phase II, with plans to initiate a small sample clinical trial in the U.S. in 2025 [3][4]. - The company is also advancing clinical trials for UC perioperative combination therapy and CC combination therapy, both of which have received approval [3]. Group 3: Product Advantages and Market Potential - The MW282 (Nectin-4 ADC) utilizes a new conjugation technology and has shown significant safety and efficacy, with a large patient population in need of new therapies for TNBC [4][5]. - The MW19 (anti-ST2 monoclonal antibody) is the second globally in clinical development for its target and is expected to read out Phase II data in late 2025 [5]. - The 9MW3011 (for polycythemia vera) is the first targeted TMPRSS6 monoclonal antibody in China, with a clinical trial planned for 2025, and is expected to offer better safety and convenience compared to existing treatments [6]. Group 4: Stock Lock-up and Shareholder Commitments - The company will not have any lock-up stock releases in July 2025, as shareholders have committed to not reducing their holdings until the company achieves profitability [7][8].

Core Viewpoint - The recent large-scale business development (BD) transactions in the biopharmaceutical industry have sparked market enthusiasm and investor anticipation for future significant deals [1][2]. Group 1: BD Transactions - Maiwei Biotech (688062.SH) disclosed two BD transactions on June 27, with a total upfront payment of 559 million yuan and a potential total transaction value of 4.6 billion yuan [1]. - The first transaction involves an exclusive licensing agreement with Calico Life Sciences for the IL-11 targeted therapy 9MW3811, which includes an upfront payment of $25 million (approximately 179 million yuan) and potential milestone payments of up to $571 million (approximately 4.1 billion yuan) [3][4]. - The second transaction is a licensing agreement with Qilu Pharmaceutical for the injection of Agrelistat α, with a total transaction value of up to 500 million yuan, including an upfront payment of 380 million yuan [5][6]. Group 2: Financial Performance and Strategy - Maiwei Biotech aims to achieve profitability and balance its financials, emphasizing the importance of increasing commercial sales revenue and advancing its innovative products for both domestic and international markets [3][8]. - The company reported revenues of 27.73 million yuan in 2022, 128 million yuan in 2023, and 200 million yuan in 2024, with significant year-on-year growth rates [7]. - Despite revenue growth, the company faced cumulative losses of 3.053 billion yuan due to high R&D expenditures, leading to a cash flow challenge with 1.073 billion yuan in short-term loans [8]. Group 3: Market Outlook and Industry Trends - The BD transactions are seen as a crucial cash flow supplement for innovative drug companies, with industry analysts noting a trend of leading companies moving towards profitability [9]. - The international capital market is beginning to reassess the value of Chinese innovative drugs, supported by favorable policies and a more diversified payment system for market expansion [10]. - The successful execution of BD transactions and the advancement of clinical pipelines will be critical for Maiwei Biotech's long-term positioning in the global value chain of innovative drugs [10].