Core Viewpoint - The investigation into Liu Datao, the chairman and general manager of Maiwei Biotech, by the China Securities Regulatory Commission (CSRC) for suspected short-term trading does not significantly impact the company's daily operations [1][2] Company Overview - Maiwei Biotech was established in 2017, focusing on the research, production, and sales of innovative drugs and biosimilars, primarily targeting oncology and age-related diseases [1][2] - The company has three products on the market: Junmaikang, Mailishu, and Maiweijian, but remains unprofitable with cumulative losses [3] Financial Performance - For 2024, Maiwei Biotech reported revenue of 200 million yuan, with 145 million yuan from drug sales and 55.03 million yuan from technical services [3] - The company experienced a 33.7% year-on-year decline in revenue for Q1 2025, with net losses increasing from 206 million yuan to 292 million yuan [4] - R&D expenses remain high, with 783 million yuan spent in the previous year, despite a 6.33% decrease compared to the prior year [3] Shareholding and Management - Liu Datao holds a 3.78% stake in the company, amounting to 15.1 million shares, all of which are subject to lock-up agreements [2] - The actual controllers of Maiwei Biotech are Tang Chunshan and Chen Shanna, with Tang being one of the founders and currently serving as an executive director [2] Debt and Financing Strategy - The company's debt ratio increased significantly from 42.24% at the end of 2023 to 63.61% at the end of 2024 [4] - To address funding issues, Maiwei Biotech has applied for a listing on the Hong Kong Stock Exchange and plans to issue up to 500 million yuan in targeted debt financing tools [4]