Company Overview - Maiwei Biotech (688062.SH) experienced a significant stock price increase, closing at a historical high of 57.60 yuan per share, with a market capitalization of 23.017 billion yuan [1] - The company has submitted a new application for an IPO in Hong Kong and received formal acceptance for its Phase II clinical trial of 9MW3811 injection for pathological scars, with plans to initiate patient enrollment by the end of this year [1][2] Product Development - 9MW3811 is a humanized monoclonal antibody targeting IL-11, which is closely related to aging-related diseases. The drug has shown potential in treating fibrosis-related diseases by inhibiting the abnormal activation of the IL-11/IL-11Rα signaling pathway [2][3] - The drug has received approval for clinical studies in China, the United States, and Australia for advanced malignancies and idiopathic pulmonary fibrosis, with Phase I trials completed in Australia and China [2] Market Potential - The global incidence of pathological scars (HSK) is approximately 25 million, with around 7.4 million cases in China, projected to exceed 10 million by 2030 [3] - The aging intervention market has seen a surge in investment, with total financing in the sector reaching $8.49 billion in 2024, a 122% increase from $3.82 billion in 2023 [1][4] Strategic Partnerships - In June, Maiwei Biotech entered into an exclusive licensing agreement with Calico, a Google-affiliated anti-aging giant, for the development and commercialization of IL-11 targeted therapies outside of China, potentially yielding up to $571 million in milestone payments and royalties [4][7] Competitive Landscape - Maiwei Biotech is the first company in China to develop an IL-11 antibody drug, with 9MW3811 being the first to explore the pathological scar indication in clinical trials [3] - The competitive landscape includes similar drugs like BI 765423 from Boehringer Ingelheim, which has also entered Phase I clinical trials [2]