Core Viewpoint - Maiwei Biotech has received approval from the China Securities Regulatory Commission (CSRC) to issue up to 62.66 million overseas listed ordinary shares, aiming for a listing on the Hong Kong Stock Exchange, driven by ongoing losses and urgent funding needs for research and development [1][2]. Group 1: IPO Journey - Maiwei Biotech's journey to an IPO in Hong Kong has faced challenges, including a previous application submitted on January 6, which was interrupted by an investigation into the chairman for alleged insider trading [2]. - The chairman, Liu Datao, was found to have engaged in short-term trading of the company's shares, resulting in a warning and a fine of 600,000 yuan, which raised concerns about the company's internal governance [2]. - After the initial application expired, the company resubmitted its listing application on August 29, and the recent approval indicates that it has completed the necessary preparatory work for the listing [2]. Group 2: Financial Performance - Maiwei Biotech has been in a state of continuous loss since its listing on the STAR Market in 2022, with cumulative losses exceeding 3.6 billion yuan from 2022 to the first half of 2025, while total revenue during the same period was only 457 million yuan [4][5]. - The company reported a significant revenue increase of 301.03% in the third quarter of 2025, with total revenue reaching 566 million yuan, although it still faced a net loss of 598 million yuan, which was a 13.89% reduction year-on-year [4]. - The company has invested heavily in research and development, with cumulative R&D expenses exceeding 2.7 billion yuan from 2022 to the first half of 2025, which has contributed to its financial strain [5]. Group 3: Future Outlook - The company emphasizes the need for sufficient funding through its planned H-share listing to alleviate liquidity risks and support ongoing research and development activities [5]. - The approval for the H-share issuance is contingent upon further approvals from relevant regulatory bodies in Hong Kong, indicating that uncertainties remain regarding the completion of the listing process [3].

Summary of the Conference Call for Maiwei Biotech Company Overview - **Company**: Maiwei Biotech - **Date**: November 4, 2025 Key Points Financial Performance - As of September 30, the company reported cash and cash equivalents of 1.439 billion RMB, an increase of over 200 million RMB compared to the end of last year [5] - Revenue for the first three quarters reached 566 million RMB, a year-on-year increase of 300%, driven by growth in technical service fees and a 70% increase in the sales of Dizu monoclonal antibody [5] - The loss for the third quarter significantly reduced to 49 million RMB, a year-on-year decrease of 200 million RMB, marking the first substantial reduction in losses [5] Business Development (BD) Achievements - The company achieved multiple breakthroughs in BD, including collaborations on Bai Jie 11, small nucleic acids, and long-acting Shengmai injections, resulting in over 800 million RMB in cash inflow [6][7] - Several BD pipelines are in progress, including 94 ADR BTC, CDED, and STE U monoclonal antibodies, with expectations for more results in the future [7] Core Projects and Pipeline Progress - The core pipeline includes 9KT 4 ADC, B713 ADC, and CD17 ADC, with multiple products expected to be approved and initiate patient enrollment in both China and the U.S. [8] - The SE2 monoclonal antibody for COPD has completed enrollment of 80 patients in the EB27 clinical trial, with expectations to complete follow-up by the end of the year [3] - The company is also advancing the CDH17 ADC project, which has received overseas authorization with a total amount exceeding 1 billion USD for liver delivery exploration [3][4] Market Expansion and Product Launches - Dizu monoclonal antibody sales approached 100 million RMB in the first half of the year, ranking first among domestic products [16] - The company has signed agreements with over 10 countries to expand biosimilars into emerging markets, with the first launch in Pakistan in August [16] - A supplemental application for bone metastasis indications is expected to be approved in the first half of next year, which could significantly increase revenue [16] Future Development Plans - The company is focusing on four key platforms: antibody discovery, ADC, TCE, and small nucleic acids, with plans to launch more TCE products into clinical trials next year [8] - The company is also developing treatments for age-related diseases, such as the SE2 monoclonal antibody for COPD, with plans for larger sample size trials [8] Clinical Trials and Regulatory Approvals - The company is actively communicating with the FDA regarding clinical trial designs and endpoints, particularly for the Bai Jie 11 project targeting pathological scars [9][28] - The 2,821 project is expected to focus on single endpoint PFS (Progression-Free Survival) to shorten clinical cycles and sample sizes [18][25] Innovations in Drug Development - The siRNA platform has been authorized to Editas, with ongoing development of dual-target siRNA and exploration of liver and CNS delivery systems [12][33] - The company is also developing a new oral small molecule drug for osteoarthritis, which is currently advancing to phase II clinical trials [14] Market Outlook - The company anticipates significant revenue growth from traditional products like Dizu and Adalimumab, with a complete transition to Maiwei's invoicing by 2026 [22] - The aging population in China is expected to drive demand for ophthalmic preparations, particularly for age-related macular degeneration [38] Conclusion - Maiwei Biotech is positioned for growth with a robust pipeline, significant financial improvements, and strategic collaborations, aiming to expand its market presence and enhance its product offerings in the coming years [39]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a significant increase in revenue and has multiple business development (BD) collaborations that are expected to drive future growth [8] - The company has a strong pipeline with clinical advancements in its CDH17 ADC and TCE platform, showcasing its R&D capabilities [8] - Revenue projections for 2025-2027 are estimated at 9.03 billion, 14.31 billion, and 22.72 billion RMB respectively, with a path to profitability expected by 2027 [8] Financial Performance - For the third quarter of 2025, the company achieved a revenue of 465 million RMB, representing a year-on-year growth of 1717.41% [8] - The total revenue for the first three quarters of 2025 reached 566 million RMB, a year-on-year increase of 301.03% [8] - The company's drug sales revenue for the third quarter was 55.32 million RMB, up 120.85% year-on-year, and for the first three quarters, it was 156 million RMB, up 72.10% year-on-year [8] Business Development Collaborations - The company has secured three BD collaborations, including a partnership with Qilu Pharmaceutical for the Agrestin α product, which includes a 380 million RMB upfront payment [8] - Collaborations with Calico and Kalexo involve significant upfront payments and milestone payments, indicating strong commercial potential [8] Clinical Development - The company’s self-developed CDH17 ADC has received approval for clinical trial applications from both the National Medical Products Administration and the FDA [8] - The TCE platform has established a comprehensive antibody library, enhancing its capabilities for targeted cancer therapies [8] Earnings Forecast - Projected revenues for 2025, 2026, and 2027 are 9.03 billion, 14.31 billion, and 22.72 billion RMB respectively, with corresponding net profits expected to be -648 million, -301 million, and 80 million RMB [7][8] - The company is expected to achieve an EPS of -1.62, -0.75, and 0.20 RMB for the years 2025, 2026, and 2027 respectively [7]

Core Insights - The report from Zhongyou Securities highlights that BeiGene achieved a net profit attributable to shareholders of 450 million yuan in the first half of the year, a significant improvement from a net loss of 2.88 billion yuan in the same period last year [1] - In Q2 2025, the company reported a net profit of 540 million yuan, compared to a net loss of 970 million yuan in the same quarter of the previous year [1] - BeiGene has raised its full-year revenue guidance from the previous range of 4.9-5.3 billion USD to a new range of 5.0-5.3 billion USD, while maintaining its guidance for positive GAAP operating profit for the year [1] Financial Performance - The company reported a substantial turnaround in net profit, moving from a loss of 2.88 billion yuan to a profit of 450 million yuan year-on-year [1] - The Q2 2025 results show a net profit of 540 million yuan, indicating a strong recovery compared to the previous year's loss of 970 million yuan [1] Product Performance - The sales of the drug Zebrutinib showed stable growth quarter-on-quarter, while the drug Dazalutamide experienced rapid market expansion [1] - BeiGene is positioned as a leading company in the innovative drug export sector, showcasing strong global commercialization capabilities [1] Future Outlook - The company is approaching a harvest period for its research pipeline, indicating potential for future growth and profitability [1] - The initial coverage of the company has been rated as "Buy," reflecting positive sentiment towards its future performance [1]

Core Viewpoint - The stock of Boan Biotechnology (06955) has seen a significant increase of over 14%, currently trading at 14.36 HKD with a transaction volume of 290 million HKD, indicating strong market interest and confidence in the company's future prospects [1] Financial Performance - Boan Biotechnology has effectively controlled expenses in the first half of the year, although the launch of the new product, Dexamethasone, has led to a temporary decrease in gross margin [1] - The company has experienced a dynamic reduction in R&D expense ratio while maintaining reasonable fluctuations in sales expense ratio, indicating efficient cost management [1] - The company currently has ample cash reserves, which supports the rapid advancement of its innovative drug pipeline [1] Technological Capabilities - Boan Biotechnology has established four major technology platforms: fully human antibody transgenic mouse platform, bispecific TCE technology platform, ADC technology platform, and AI application platform, positioning itself for next-generation IO+ADC therapies [1] - The fully human antibody transgenic mouse platform includes 30 human antibody kappa light chain variable region genes and 110 human antibody heavy chain variable region genes (IgM and IgG1), enabling rapid immune response and high antibody titers, validated across numerous antibody projects [1] - The ADC platform is continuously upgraded, focusing on differentiated toxins and indications, including CLDN18.2 ADC, CD228 ADC, next-generation bispecific ADC, and bispecific toxin ADC [1] Market Potential - Huazhong Securities expresses optimism regarding the comprehensive capabilities of the company's biopharmaceutical platform and the significant market potential of its FIC innovative pipeline [1]

Core Viewpoint - The stock of Bohan Biotech (06955) has seen a significant increase of over 14%, currently trading at 14.36 HKD with a transaction volume of 290 million HKD, indicating strong market interest and confidence in the company's future prospects [1] Financial Performance - In the first half of the year, Bohan Biotech effectively controlled expenses, although the launch of the new product, Dexamethasone, led to a temporary decrease in gross margin [1] - The company has experienced a dynamic reduction in R&D expense ratio while maintaining reasonable fluctuations in sales expense ratio [1] - Bohan Biotech currently has ample cash reserves, which supports the rapid advancement of its innovative drug pipeline [1] Technological Capabilities - The company has established four major technology platforms: fully human antibody transgenic mouse platform, bispecific TCE technology platform, ADC technology platform, and AI application platform, positioning itself for next-generation IO+ADC therapies [1] - The BA-huMab fully human antibody transgenic mouse platform includes 30 human antibody kappa light chain variable region genes and 110 human antibody heavy chain variable region genes (IgM and IgG1), enabling rapid immune response and high antibody titers [1] - The ADC platform is continuously upgraded, featuring differentiated toxins and indications, including CLDN18.2 ADC, CD228 ADC, next-generation bispecific ADC, and bispecific toxin ADC [1] Market Potential - Huazhong Securities expresses optimism regarding the company's biopharmaceutical platform's comprehensive capabilities and the significant market potential of its FIC innovative pipeline [1]

Investment Rating - The report indicates a positive outlook for the pharmaceutical and biotechnology sector, with a weekly increase of 1.4%, outperforming the Wind All A index (-1.37%) and the CSI 300 index (-0.81%) [3][8]. Core Insights - The report highlights the acceleration of business development (BD) in small nucleic acid drugs, with significant deals announced by Arrowhead Pharmaceuticals and Novartis, indicating a strong interest in this area from multinational corporations [3][12]. - The report emphasizes the importance of the World Conference on Lung Cancer (WCLC) held from September 6-9, where several key research advancements in lung cancer were presented, suggesting potential investment opportunities in innovative drug companies participating in the conference [3][11]. - The report notes the strong performance of specific stocks within the sector, such as Haichen Pharmaceutical (28.7%), Changchun High-tech (24.2%), and Baihua Pharmaceutical (21.3%), while also identifying underperformers like Shuyou Shen (24%) and Guangsheng Tang (15.8%) [3][11]. Market Weekly Review - The pharmaceutical and biotechnology sector saw a weekly increase of 1.4%, with the best-performing sub-sectors being other biological products (4.86%), chemical products (4.52%), and medical research outsourcing (3.78%) [3][8]. - Conversely, sectors such as hospitals (-2.31%), vaccines (-2.08%), and medical devices (-1.97%) experienced declines [3][8]. - Notable individual stock performances included significant gains for Haichen Pharmaceutical, Changchun High-tech, and Baihua Pharmaceutical, while Shuyou Shen and Guangsheng Tang faced substantial losses [3][11]. Industry News and Key Company Announcements - Arrowhead Pharmaceuticals announced a global licensing and collaboration agreement with Novartis for a siRNA therapy targeting Parkinson's disease, with an upfront payment of $200 million and potential milestone payments totaling up to $2 billion [3][15]. - A strategic collaboration was established between Novartis and Wobang Pharmaceuticals for cardiovascular products, with an upfront payment of $160 million and potential total milestone payments of $5.2 billion [3][13]. - The report also mentions various clinical trial advancements and approvals for several companies, including the approval of new indications for existing drugs and the initiation of new clinical trials [3][16].

Group 1: Stablecoin Regulation in Hong Kong - The implementation of the Stablecoin Regulation began on August 1, with 77 applications received by the Hong Kong Monetary Authority (HKMA) by August 31, from various sectors including banks, tech companies, and e-commerce [1] - The HKMA reiterated that only a limited number of stablecoin licenses will be issued in the initial phase of the regulation [1] Group 2: Market Developments - Hong Kong Exchanges and Clearing Limited (HKEX) announced an optimization of its collateral arrangements, reducing the financing cost for non-cash collateral from 0.5% to 0.25% [3] - The total trading amount of Hong Kong Stock Connect by brokers reached HKD 12.76 trillion in the first half of 2025, with cross-border business stock reaching CNY 19.7 trillion [4] Group 3: Corporate Actions - JD Group announced a voluntary public acquisition offer for CECONOMY AG at a price of €4.60 per share [5] - New World Development's controlling shareholder is considering injecting approximately HKD 10 billion into the company, seeking partners for a joint venture [6] - Weihai Bank entered into a conditional agreement to issue up to 430 million domestic shares [7][8] - Zheshang Bank plans to invest CNY 9.94 billion to increase its stake in Zheshang Financial Leasing to 54.04% [9] Group 4: Industry Performance - BYD reported August sales of 373,600 new energy vehicles, a slight increase from 373,100 units year-on-year, with a cumulative sales growth of 23% for the first eight months [13] - Geely's total vehicle sales in August reached 250,200 units, a year-on-year increase of approximately 38% [14] - NIO delivered 31,305 vehicles in August, marking a 55.2% year-on-year growth [16] - XPeng Motors achieved a record delivery of 37,709 smart electric vehicles in August, a 169% increase year-on-year [16] Group 5: Regulatory Approvals - Fuhong Hanlin received FDA approval for two products, BILDYOS® and BILPREVDA®, for specific osteoporosis treatments, marking a significant milestone in the company's international market presence [18][19]

Investment Highlights - The company is covered for the first time by CICC with an "outperform" rating and a target price of HKD 102.91, based on DCF valuation, positioning it as a leading innovative biopharmaceutical enterprise in China [1] - The company has adopted a dual strategy of innovation and internationalization, achieving domestic and international approvals for 6 and 4 products respectively by the end of 2024, establishing itself as a leader in domestic biopharmaceuticals [1] - Revenue has grown significantly from CNY 91 million in 2019 to CNY 5.724 billion, with a CAGR of 129%, while overseas revenue increased from CNY 2.62 million to CNY 678 million, expected to account for 11.9% of total revenue in 2024 [1] Innovation Pipeline - The company has developed a diverse innovation pipeline covering approximately 50 molecules, focusing on cutting-edge areas such as monoclonal antibodies, multi-antibodies, and ADCs [1] - HLX43 is the world's first PD-L1 ADC to enter clinical phase II, offering safety and competitive advantages, with low hematologic toxicity supporting its future use in first-line treatments and combination immunotherapy [1] - HLX22 has entered phase III international multicenter clinical trials for first-line treatment of advanced gastric cancer, with expectations to redefine standard therapies based on efficacy and safety data [1] Biosimilar Development - The company has a rich pipeline of biosimilars, leveraging first-mover advantages in the domestic market, with smooth commercialization progress anticipated [2] - It is expected that the domestic biosimilar procurement price reduction will be rational, allowing the company to achieve volume-based pricing [2] - The company has made strides in internationalization, with overseas revenue from Hanquyou reaching approximately CNY 120 million in 2024, a year-on-year increase of nearly 30%, and FDA approval achieved [2] Financial Forecast and Valuation - The company’s EPS is projected to be CNY 1.46 and CNY 1.55 for 2025 and 2026 respectively, with a CAGR of 1.2% [2] - Using a DCF valuation method with a WACC of 9.0% and a perpetual growth rate of 2.0%, the reasonable valuation for 2025 corresponds to a target price of HKD 102.91, implying an upside potential of 28.6% [2]

Core Viewpoint - The chairman of Maiwei Biotech, Liu Datao, has been penalized for short-term trading of the company's stock, violating securities laws, and must return related profits to the company [2][6]. Company Overview - Liu Datao has served as the general manager and director of Maiwei Biotech since June 1, 2020, and became chairman on June 1, 2023, earning a total salary of 7.4 million yuan over the past three years [5]. - Under Liu's leadership, Maiwei Biotech has made significant progress in product research and development, focusing on innovative drugs and biosimilars, with a portfolio that includes antibodies, ADC drugs, and recombinant proteins [6]. Financial Performance - Since its establishment in 2017, Maiwei Biotech has consistently reported losses, with a cumulative net loss exceeding 6 billion yuan as of the first quarter of 2025, primarily due to substantial R&D investments totaling over 4.425 billion yuan [8]. - The company has faced cash flow challenges, with 1.119 billion yuan in cash on hand against 1.073 billion yuan in short-term loans and 210 million yuan in current non-current liabilities, alongside 962 million yuan in long-term debt [8]. Product Pipeline and Market Strategy - As of the first quarter of this year, Maiwei Biotech has 16 core products in various stages of development, including 12 innovative drugs and 4 biosimilars, with 3 products already on the market [6]. - The company is rapidly advancing its international strategy, having secured formal agreements for its products in multiple countries, including submissions for market approval in Pakistan and Indonesia [6].