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].

Core Viewpoint - The Chinese innovative pharmaceutical industry is experiencing a significant breakthrough, marked by a surge in new drug approvals and business development (BD) transactions, leading to a re-evaluation of the sector's market value and a shift in investor expectations towards stable dividends [1][3][11]. Group 1: Market Dynamics - The innovative drug sector in China has seen a strong rise in the secondary market, with the A-share and Hong Kong stock markets' innovative drug indices increasing by 32.79% and over 70% respectively from April 8 to June 16 [3][4]. - Notable individual stocks, such as Shuyou Pharmaceutical and Changshan Pharmaceutical, have seen their prices double, with Shuyou's stock price increasing by over 500% since April 8 [3][6]. - The core drivers of this market rally include active BD transactions and the commercialization of innovative drugs, as investor sentiment shifts from pessimism to optimism regarding domestic medical demand [3][4]. Group 2: Regulatory and Policy Support - The National Medical Products Administration (NMPA) has been actively optimizing the clinical trial review and approval process for innovative drugs, aiming to enhance the efficiency of drug development and reduce time to market [1][10]. - Recent policy changes are expected to further support innovative drug research and development, with a focus on clinical value [10][11]. Group 3: Business Development Trends - Chinese innovative pharmaceutical companies are increasingly engaging in BD transactions, with a record-breaking upfront payment of $12.5 billion from Pfizer to 3SBio for an ADC pipeline, highlighting the growing interest from international firms [7][8]. - The first quarter of 2025 saw a significant increase in License-out transactions, with 41 deals totaling $369.29 billion, indicating a shift in funding strategies for innovative drug companies [8][9]. - The trend of License-out has become a primary funding source for unprofitable innovative drug companies, allowing them to monetize their pipelines amid a challenging financing environment [8][9]. Group 4: Commercialization and Profitability - The commercialization of innovative drugs is gaining momentum, with 20 new class 1 innovative drugs approved in the first five months of the year, setting a record for the past five years [10][11]. - Leading innovative pharmaceutical companies are reaching breakeven points, with companies like BeiGene expected to achieve positive operating profits by 2025, marking a significant milestone for the industry [11][12]. - As companies begin to realize profits, their negotiating power in BD transactions is increasing, allowing them to retain more favorable terms in agreements with international partners [12][13]. Group 5: Competitive Landscape - The competition in the innovative drug sector is intensifying, particularly in the ADC and bispecific antibody platforms, with over 100 companies entering the PD-1/PD-L1 space, leading to a crowded market [13][14]. - Companies are focusing on developing First-in-Class pipelines to differentiate themselves and avoid the pitfalls of homogenous competition [13][14]. - The need for innovative drug companies to enhance their clinical and commercialization capabilities is critical for competing on a global scale and reducing reliance on international partners [14][15].