根据披露的机构调研信息2025年9月1日至2025年9月26日，泉果基金对上市公司迈威生物进行了调研。 基金市场数据显示，泉果基金成立于2022年2月8日。截至目前，其管理资产规模为161.82亿元，管理基 金数6个，旗下基金经理共5位。旗下最近一年表现最佳的基金产品为泉果旭源三年持有期混合A （016709），近一年收益录得54.74%。 截至2025年9月29日，泉果基金近1年回报前9非货币基金业绩表现如下所示： 基金代码基金简称近一年收益成立时间基金经理016709泉果旭源三年持有期混合A54.742022年10月18日 赵诣 016710泉果旭源三年持有期混合C54.122022年10月18日赵诣 018329泉果思源三年持有期混合 A39.492023年6月2日刚登峰 018330泉果思源三年持有期混合C38.952023年6月2日刚登峰 022223泉果消 费机遇混合发起式A31.762024年9月27日孙伟 019624泉果嘉源三年持有期混合A28.882023年12月5日钱 思佳 019625泉果嘉源三年持有期混合C28.372023年12月5日钱思佳 020855泉果泰然30天持有期债券 A ...

Core Viewpoint - The collaboration between Maiwei Biotech and Calico is noteworthy as it marks a significant shift in the innovation drug landscape, leading to a substantial increase in Maiwei's stock price and market capitalization [2][3]. Company Overview - Maiwei Biotech, established 8 years ago, has gained prominence in the innovative drug sector, with its stock price increasing over 140% this year, reaching a market cap close to 240 billion yuan [2]. - The company has a focus on First-in-Class products, emphasizing deep understanding of biological mechanisms and disease relationships as the foundation for innovation [2][8]. Business Development (BD) Strategy - The partnership with Calico, a leader in anti-aging research, was formed after a swift negotiation process of just five months, highlighting the efficiency of the BD project [3]. - Maiwei's previous BD project involved a collaboration with DISC for a monoclonal antibody targeting TMPRSS6, also a First-in-Class product, indicating a trend of proactive interest from potential partners [4]. Clinical Development and Product Pipeline - Maiwei Biotech has multiple ADCs (Antibody-Drug Conjugates) in clinical trials, with 2025 designated as a key year for BD activities, further fueling market enthusiasm [5]. - The company has maintained a steady pace of product approvals since its listing on the STAR Market in 2022, with significant sales growth reported for its biosimilar products [6]. Market Position and Future Outlook - The company aims to build a comprehensive innovation ecosystem, focusing on First-in-Class and Best-in-Class products, while also exploring unique ADC development strategies [7][9]. - Maiwei's approach to BD emphasizes the importance of understanding target mechanisms and disease relationships, setting it apart from many biotech firms that focus solely on technical iterations [8]. Innovative Sales Strategies - The company is considering a "shared sales" model to enhance efficiency and reduce costs by collaborating with other biotech firms to form a unified sales team [11]. - This strategy reflects a flexible approach to navigating the competitive landscape of the Chinese pharmaceutical market, which is characterized by intense competition and a predominance of generic drugs [10].

Core Viewpoint - The collaboration between Maiwei Biotech and Calico is noteworthy as it marks a significant shift in the innovation drug landscape in China, leading to a substantial increase in Maiwei's stock price and market capitalization [1][2]. Company Overview - Maiwei Biotech, established 8 years ago, has gained prominence in the innovative drug sector, particularly with its IL-11 antibody project, which has First-in-Class potential [1][3]. - The company has experienced a stock price increase of over 140% this year, with its market value reaching nearly 240 billion yuan at one point [1]. Business Development (BD) Strategy - The partnership with Calico, which had not acquired external products for a decade, highlights Maiwei's strategic choice to prioritize collaboration with established players in the anti-aging field [2][3]. - Maiwei's previous BD project involved a collaboration with DISC for a monoclonal antibody targeting TMPRSS6, also a First-in-Class product, indicating a consistent strategy of pursuing innovative drug development [3][6]. Financial Performance - Maiwei's sales revenue has shown significant growth, with a 243.53% increase in sales from its three biosimilar products last year, and a 53.50% increase in sales revenue in the first half of this year [5][6]. - The company anticipates further market penetration for its products, particularly in the context of expanding indications for its drugs [5]. Innovation and Research Focus - Maiwei emphasizes deep research into target mechanisms and disease relationships, which differentiates its approach from many biotech firms that focus on technical iterations [7][8]. - The company is developing multiple ADCs (antibody-drug conjugates) with a focus on tailoring Linkers and Payloads to specific tumor characteristics, aiming for Best-in-Class potential [8][9]. Market Position and Future Outlook - The Chinese pharmaceutical market is characterized by a predominance of generic drugs, which poses challenges for biotech firms; however, Maiwei's strategy includes flexible routes to market through licensing and partnerships [10]. - The company is exploring a "shared sales" model to enhance efficiency and reduce costs by collaborating with other biotech firms to form a unified sales team [10].

Core Viewpoint - The collaboration between Maiwei Biotech and Calico, a leader in anti-aging research, marks a significant shift in the Chinese innovative drug landscape, leading to a substantial increase in Maiwei's stock price and market valuation [4][5][6]. Group 1: Collaboration and Market Impact - Maiwei Biotech's partnership with Calico is noteworthy as it is Calico's first external collaboration in a decade, highlighting the potential of the IL-11 antibody in the anti-aging sector [4][5]. - The collaboration has resulted in a stock price increase of over 140% for Maiwei Biotech this year, with a market capitalization nearing 24 billion yuan [4][5]. - The rapid negotiation process, taking only five months from initial contact to contract signing, exemplifies the efficiency of the deal [5][6]. Group 2: Product Development and Strategy - Maiwei Biotech has a history of pursuing First-in-Class products, with the IL-11 antibody being the first to reach a BD project, contrary to initial expectations [4][6][14]. - The company has also engaged in other BD projects, including a collaboration with DISC for a TMPRSS6 monoclonal antibody, which is also a First-in-Class product [6][14]. - The focus on First-in-Class products stems from a deep understanding of biological mechanisms and disease relationships, differentiating Maiwei from other biotech firms [14][15]. Group 3: Financial Performance and Growth - The sales revenue for Maiwei Biotech's biosimilar products has shown significant growth, with a year-on-year increase of 243.53% for three products last year and a 53.50% increase in the first half of this year [10][10]. - The company anticipates further market penetration for its products, with plans for additional approvals that could significantly increase patient numbers [10][10]. - The strategic decision to develop both innovative drugs and biosimilars has allowed the company to maintain a steady revenue stream while pursuing long-term innovation [10][10]. Group 4: Industry Positioning and Future Outlook - Maiwei Biotech aims to position itself as a pharmaceutical company rather than just a biotech firm, focusing on controlling the entire product lifecycle from development to sales [16][17]. - The company is exploring innovative sales models, such as shared sales teams among multiple biotech firms, to enhance efficiency and reduce costs [18][18]. - With a robust pipeline of First-in-Class and Best-in-Class candidates, Maiwei is well-positioned to capitalize on emerging opportunities in the innovative drug market [15][15].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - 9MW3811, an IL-11 monoclonal antibody developed by the company, is leading globally in clinical progress and has received clinical access in China, the US, and Australia, with completed Phase I trials showing good safety [2][17] - The company has licensed global development and commercialization rights for 9MW3811 (excluding Greater China) to Calico Life Sciences, receiving a non-refundable upfront payment of $25 million and potential milestone payments up to $571 million [2][36] - The market potential for treating pathological scars, including hypertrophic scars and keloids, is significant, with the US market projected to grow from $10.3 billion in 2020 to $12.3 billion in 2025, and further to $18.6 billion by 2030 [40][44] Summary by Sections 1. 9MW3811: Targeting Fibrosis and Aging - 9MW3811 effectively blocks the IL-11/IL-11Ra signaling pathway, addressing unmet needs in fibrosis and aging [2][3] - The mechanism of action for 9MW3811 is well-defined, targeting key aging markers and potentially improving metabolic function and chronic inflammation [3][18] - The product is positioned to address the urgent clinical needs in the pathological scar market, with a projected market size of $5.9 billion in China by 2030 [3][40] 2. Multiple Promising Pipeline Products - 9MW1911, a ST2 monoclonal antibody for COPD, is in Phase Ib/IIa trials with all 80 patients enrolled, aiming for efficacy data by the end of 2025 [4][49] - 9MW2821, a Nectin-4 ADC, is leading globally in clinical progress with promising efficacy data across multiple cancer types, including bladder and triple-negative breast cancer [4][55] - The company is developing additional ADCs and TCE platforms, enhancing its pipeline diversity and potential market impact [4][49] 3. Earnings Forecast and Investment Rating - The revenue forecast for 2025-2027 is maintained at approximately $1.11 billion, $1.24 billion, and $2.09 billion respectively, excluding unrecognized business development payments [5] - The report emphasizes the strong potential of the company's pipeline and maintains a "Buy" rating based on these projections [5]

Group 1 - A-share weight loss drug concept stocks collectively rose, with Hanyu Pharmaceutical up over 14% following the FDA's accelerated approval of Novo Nordisk's Wegovy for treating metabolic dysfunction-associated fatty liver disease [1] - The competition in the GLP-1 weight loss drug sector is intensifying, expanding from weight loss efficacy to related complications like fatty liver disease, indicating a broad market potential [1] - Investors should note that many domestic companies are primarily raw material manufacturers or in early development stages, leading to a lag in performance realization [1] Group 2 - Shenlian Biological's stock experienced two consecutive trading limit increases, but the company cautioned investors that its main business is veterinary biological products, while the HIV monoclonal antibody pipeline is operated independently by a joint venture [2] - The distance to commercialization for the innovative drug pipeline remains significant, highlighting potential risks associated with stock price volatility deviating from the company's fundamentals [2] Group 3 - Maiwei Bio announced that its ADC innovative drug 7MW4911 received FDA approval for clinical trials, marking a significant step in its internationalization of innovative drugs [3] - The ADC field is highly competitive, necessitating close monitoring of the subsequent clinical data for 7MW4911 [3] Group 4 - Zhifei Biological reported a net loss of 597 million yuan for the first half of 2025, with revenue declining by 73.06% year-on-year, reflecting pressures from vaccine hesitancy and intensified competition [4] - The company plans no cash dividends or stock bonuses, indicating a challenging recovery outlook in the short term [4] Group 5 - Aimeike's half-year report showed a 29.57% year-on-year decline in net profit, with revenue down 21.59%, amid increasing competition and differentiated consumer demand in the medical beauty sector [5] - The acquisition of South Korea's REGEN company may help Aimeike strengthen its position in the medical aesthetic injection market [5]

Core Viewpoint - Gastrointestinal (GI) cancers, including liver, stomach, pancreatic, neuroendocrine tumors, and colorectal cancer, are major causes of cancer-related deaths globally, accounting for approximately 24.6% of all cancer diagnoses and 34.2% of cancer deaths [2] Group 1: Cancer Statistics and Challenges - Colorectal cancer (CRC) ranks third in incidence and second in mortality among all cancers globally, while pancreatic cancer, despite its lower incidence, has the highest mortality rate [2] - Effective screening strategies are primarily limited to CRC, stomach, and esophageal cancers, leading to late-stage diagnoses in many cases, often with no possibility of cure [2] - Nearly 50% of patients diagnosed at an early stage may experience disease recurrence, resulting in poor overall prognosis [2] Group 2: Treatment Challenges and Innovations - Surgical interventions and postoperative chemotherapy have reduced mortality rates, but adverse reactions and drug resistance remain significant challenges [2] - Immunotherapy has emerged as a promising treatment method, yet its efficacy is currently limited to a small subset of patients, highlighting the urgent need for better therapeutic targets and new treatments in GI cancers [2] Group 3: Research on 7MW4911 - A recent study published in Cell Reports Medicine demonstrated that the CDH17-targeted antibody-drug conjugate (ADC) 7MW4911, conjugated with the DNA topoisomerase inhibitor MF-6, showed promising therapeutic effects against multidrug-resistant GI tumors in mouse models [3][6] - CDH17 is highly expressed in GI cancers, with nearly 100% expression in colorectal cancer clinical samples and 23%-88% in other GI cancers, correlating with tumor progression and poor clinical outcomes [5] - Preclinical evaluations indicated that 7MW4911 exhibited strong tumor-killing activity and significant tumor growth inhibition in various GI cancer models, along with favorable pharmacokinetics and safety profiles in non-human primate studies [7][8][10]

Core Viewpoint - Maiwei Biotech (Shanghai) Co., Ltd. is under investigation by the China Securities Regulatory Commission (CSRC) for suspected short-term trading by its chairman and general manager, Liu Datao, which is stated to not significantly impact the company's daily operations [1][3]. Company Overview - Maiwei Biotech was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on January 18, 2022, with an IPO price of 34.8 yuan per share, raising approximately 3.477 billion yuan [3]. - The company focuses on the development of drugs for tumors and age-related diseases, with a product pipeline that includes over 10 drug assets [5]. Financial Performance - The company's revenue for 2023 was approximately 1.28 billion yuan, with a net loss of about 1.059 billion yuan. For the first ten months of 2024, revenue increased to around 1.60 billion yuan, but the net loss remained significant at approximately 864 million yuan [8][9]. - In 2024, the revenue reached about 2.00 billion yuan, reflecting a growth of approximately 56.28% compared to 2023, but the net loss was still around 1.044 billion yuan [8][9]. - In the first quarter of 2025, the company reported revenue of approximately 44.79 million yuan, a decline of 33.70% year-on-year, with a net loss of about 292 million yuan [10]. Investment and Funding - The company plans to raise funds through a listing on the Hong Kong Stock Exchange to support clinical trials and the development of its core products [5]. - The total investment for various projects amounts to approximately 338.15 million yuan, with significant allocations for antibody industrialization and drug research and development [4]. Management and Compensation - Liu Datao received a total compensation of approximately 31.78 million yuan in 2023, which included direct salary and substantial stock-based payments [11][12]. - For the first ten months of 2024, Liu's compensation was about 27.05 million yuan, indicating a high level of executive pay despite the company's ongoing losses [11].

Core Viewpoint - Maiwei Biopharma is advancing multiple key pipeline products in critical registration clinical research stages, with its core pipeline 9MW2821 being the first of its kind globally to enter Phase III for cervical cancer [2][3] Group 1: Pipeline and Clinical Trials - The company has 16 pipeline products in various stages, including 12 innovative drugs and 4 biosimilars, focusing on oncology and age-related diseases [2] - 9MW2821 is involved in multiple indications, including urothelial carcinoma (UC), cervical cancer (CC), triple-negative breast cancer (TNBC), and esophageal cancer (EC), with over 800 patients enrolled in clinical trials [3] - Three Phase III clinical trials are ongoing for 9MW2821, making it the first domestic product for UC and the second globally [3] Group 2: ADC Development Platform - Maiwei Biopharma is enhancing its proprietary ADC drug development platform to improve the efficacy and safety of ADC molecules [3] - The company’s ADC platform utilizes site-specific conjugation technology, resulting in higher uniformity and reduced batch-to-batch variability compared to traditional methods [3] Group 3: Commercial Performance - In 2024, the company achieved revenue of 200 million yuan, a year-on-year increase of 56.28%, with sales of its drug for bone diseases and tumors reaching 139 million yuan, a 230% increase [5] - The company has three marketed products and is expecting to launch another innovative drug in December 2023, with potential approval in 2025 [5] Group 4: Strategic Collaborations - Maiwei Biopharma signed a contract for a bone health innovation drug project with the Chongqing High-tech Industrial Development Zone, aiming to promote its products in local medical institutions [5] - The project is expected to cover over 1 million elderly individuals annually through new service models [5]