Core Viewpoint - The company plans to repurchase shares through a centralized bidding process, with a total repurchase amount ranging from RMB 25 million to RMB 50 million, aimed at enhancing investor confidence and supporting employee stock ownership plans [1][2][3] Summary by Relevant Sections Repurchase Plan Overview - Total repurchase amount: RMB 25 million to RMB 50 million [1] - Source of funds: Company’s own funds and/or special loans for stock repurchase [1][13] - Purpose of repurchase: To be used for employee stock ownership plans or equity incentives [1][5] - Maximum repurchase price: Not exceeding RMB 35.00 per share, which is 150% of the average trading price over the last 30 trading days prior to the board's decision [1][6][13] Implementation Details - Method of repurchase: Through the Shanghai Stock Exchange trading system via centralized bidding [2][6] - Duration of repurchase: Within 12 months from the board's approval date [2][5] - If the stock is suspended for more than 10 consecutive trading days due to major events, the repurchase plan will be postponed until after the stock resumes trading [2][6] Shareholder and Management Plans - No plans for share reduction by major shareholders, including the controlling shareholder and management, in the next 3 to 6 months [2][15] - The proposal for the repurchase was initiated by the company’s chairman and CEO, Liu Datao, based on confidence in the company's future and long-term investment value [15][16] Financial and Market Context - The company has achieved significant progress in its product pipeline, with multiple innovative drugs in various clinical stages, indicating a strong operational performance [8][9][10] - The company believes its current market valuation is significantly undervalued, which supports the rationale for the share repurchase [8][13] Future Considerations - If the repurchased shares are not utilized within three years, they will be legally canceled [5][17] - The company has secured a loan commitment from CITIC Bank for up to RMB 45 million to support the repurchase [13][14]

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].