每经记者｜林姿辰 每经编辑｜张海妮 8月29日晚，迈威生物（688062.SH，股价48元，市值191.81亿元）发布2025年半年报。公司今年上半年实现收入1.01亿元，同比减少12.43%，实现归母净利润-5.52亿元，亏损额较上年 公司股价在8月29日盘中达到50.36元/股，创出历史新高。截至8月29日收盘，公司股价年内涨幅超过137%。 除了今年1月向港交所提交上市申请，公司还有市场关注的BD（商务拓展）消息，即首个自研创新药产品迈粒生（通用名：注射用阿格司亭α）获批，公司与国内仿制药龙头齐鲁制药达成BD合作 目前，公司将BD重点押在多款ADC（抗体偶联药物）管线上。《每日经济新闻》记者注意到，ADC作为重磅交易的集中领域，竞争日益激烈，公司也在近日的现场参观中表示"BD业务本身具有不 自从2022年登陆科创板以来，迈威生物保持着年均1款产品获批的上市节奏。2022年至2024年，公司获批的3款产品——君迈康（通用名：阿达木单抗注射液）、迈利舒（通用名：地舒单抗注射 其中，两款地舒单抗在今年上半年实现销售收入9954.07万元，同比增长51.59%，是公司的营收主力。 当年，迈威生物全资子公司迈威（ ...

每经记者｜林姿辰 每经编辑｜张海妮 除了今年1月向港交所提交上市申请，公司还有市场关注的BD（商务拓展）消息，即首个自研创新药产品迈粒生 （通用名：注射用阿格司亭α）获批，公司与国内仿制药龙头齐鲁制药达成BD合作，以及就另一款药物与谷歌系 抗衰老巨头Calico签下BD合作。 目前，公司将BD重点押在多款ADC（抗体偶联药物）管线上。《每日经济新闻》记者注意到，ADC作为重磅交 易的集中领域，竞争日益激烈，公司也在近日的现场参观中表示"BD业务本身具有不确定性"。 首款自研创新药产品获批一个月后，交给齐鲁制药卖 自从2022年登陆科创板以来，迈威生物保持着年均1款产品获批的上市节奏。2022年至2024年，公司获批的3款产 品——君迈康（通用名：阿达木单抗注射液）、迈利舒（通用名：地舒单抗注射液，适应证为骨折高风险绝经后 妇女的骨质疏松症）、迈卫健（通用名：地舒单抗注射液，适应证为不可手术切除的骨巨细胞瘤）均为生物类似 药。 其中，两款地舒单抗在今年上半年实现销售收入9954.07万元，同比增长51.59%，是公司的营收主力。 不过，这3款生物类似药各自面临商业化难题：受合作方产能不足与渠道收缩影响，君迈康2 ...

Core Viewpoint - Mabwell (Shanghai) Bioscience Co., Ltd. is a biotechnology company focused on innovative drug development, with significant ongoing research and development (R&D) investments, but it is currently not profitable and faces potential risks related to its financial sustainability and operational challenges [1][2][3]. Company Overview - Mabwell has 14 key products in various stages of development, including 10 innovative drugs and 4 biosimilars, primarily targeting oncology and age-related diseases [1]. - The company reported R&D expenditures of 392.09 million yuan in the first half of 2025, a 21.72% increase compared to the same period last year [1]. Financial Performance - For the first half of 2025, the company generated operating revenue of approximately 101.17 million yuan, a decrease of 12.43% from the previous year [9]. - The total profit for the period was a loss of approximately 552.18 million yuan, compared to a loss of 444.34 million yuan in the same period last year [9]. - The net assets attributable to shareholders decreased by 47.86% to approximately 818.07 million yuan compared to the end of the previous year [9]. Industry Context - The global pharmaceutical market is expected to grow significantly, driven by factors such as aging populations, rising chronic disease rates, and increased R&D spending [11]. - The Chinese pharmaceutical market is projected to expand from 1.63 trillion yuan in 2024 to 2.48 trillion yuan by 2032, with a compound annual growth rate (CAGR) of 7.3% [11]. - The oncology drug market is also experiencing rapid growth, with the global market expected to reach approximately 375.9 billion USD by 2028 [13][14]. Regulatory Environment - Recent reforms in China's drug approval processes are aimed at accelerating the development and approval of innovative drugs, which may benefit companies like Mabwell [11]. - The introduction of national centralized procurement for biosimilars may pose challenges to profitability but could also increase market share for these products in the long term [12].