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专注肿瘤和年龄相关性疾病两大方向,泉果基金调研迈威生物
Xin Lang Cai Jing· 2025-10-10 05:39
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 ...
迈威生物(688062):药品销售收入稳步放量,管线催化陆续释放
Guolian Minsheng Securities· 2025-09-22 12:46
Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company reported a 2025 H1 revenue of 101 million yuan, a year-on-year decrease of 12.43%, with a net profit attributable to the parent company of -551 million yuan. However, drug sales revenue reached 100 million yuan, showing a significant year-on-year growth of 53.50%, which is the main growth driver [5][13] - The long-acting G-CSF drug, Mai Li Sheng®, was approved for market release, and a new drug technology license agreement worth 500 million yuan was signed with Qilu Pharmaceutical. Additionally, the company granted CALICO exclusive rights to develop, produce, and commercialize IL-11 targeted therapy products outside Greater China, receiving an upfront payment of 25 million USD, with potential milestone payments up to 571 million USD [5][14] Summary by Sections Financial Performance - In 2025 H1, the company achieved a revenue of 101 million yuan, a decrease of 12.43% year-on-year, while the drug sales revenue was 100 million yuan, increasing by 53.50% [5][13] - The company is expected to see revenues of 677 million, 1.484 billion, and 3.260 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 238.86%, 119.25%, and 119.65% [15][16] Research and Development - The company has increased its R&D expenditure by 21.72% year-on-year, focusing on advancing clinical trials and key registration clinical research phases. As of 2025 H1, the company has 10 innovative drugs and 4 biosimilars in its pipeline, including ADCs and monoclonal antibodies [14] Market Position and Future Outlook - The company is positioned to benefit from the approval of innovative drugs and the gradual market release of biosimilars. The expected net profit attributable to the parent company is projected to improve from -859 million yuan in 2025 to -40 million yuan in 2027 [15][16]
迈威生物(688062):创新品种快速推进 BD业务获实质性突破
Xin Lang Cai Jing· 2025-09-04 00:34
Core Viewpoint - The company reported a total revenue of 101 million yuan and a net loss of 551 million yuan for the first half of 2025, with R&D investment amounting to 392 million yuan [1] Group 1: Clinical Development - The core pipeline Nectin-4 ADC (9MW2821) is undergoing multiple clinical studies for various cancers, including a Phase III trial for urothelial carcinoma and cervical cancer, and a Phase II trial for triple-negative breast cancer [2] - B7H3 ADC (7MW3711) received approval for clinical trials in July 2023 and was granted orphan drug designation by the FDA in July 2024 for small cell lung cancer [2] - CDH17 ADC (7MW4911) received FDA approval for clinical trials in August 2025 for late-stage colorectal and gastrointestinal cancers [2][3] Group 2: Product Pipeline and Partnerships - 9MW3811, a humanized monoclonal antibody targeting IL-11, has completed Phase I trials in Australia and China, demonstrating good safety and a half-life of 30 days, with plans for a Phase II trial by the end of 2025 [3] - The company signed an exclusive licensing agreement with CALICO in June 2025 for IL-11 targeted therapies, with a total contract value of up to 571 million USD, including an upfront payment of 25 million USD [4] - The company anticipates significant business development opportunities with its potential pipelines, including Nectin-4 ADC, B7-H3 ADC, CDH17 ADC, and ST2 monoclonal antibody [4] Group 3: Financial Forecast - Revenue projections for the company are estimated at 613 million yuan, 1.03 billion yuan, and 1.80 billion yuan for 2025, 2026, and 2027 respectively, with three products already on the market [4]
迈威生物2025年中报简析:净利润同比下降23.9%
Zheng Quan Zhi Xing· 2025-08-30 23:27
据证券之星公开数据整理,近期迈威生物(688062)发布2025年中报。根据财报显示,迈威生物净利润 同比下降23.9%。截至本报告期末,公司营业总收入1.01亿元,同比下降12.43%,归母净利润-5.51亿 元,同比下降23.9%。按单季度数据看,第二季度营业总收入5637.7万元,同比上升17.52%,第二季度 归母净利润-2.6亿元,同比下降8.47%。 本次财报公布的各项数据指标表现不尽如人意。其中,毛利率78.7%,同比减16.86%,净利 率-545.87%,同比减41.32%,销售费用、管理费用、财务费用总计2.54亿元,三费占营收比250.6%,同 比增22.08%,每股净资产2.05元,同比减62.27%,每股经营性现金流-0.08元,同比增92.65%,每股收 益-1.38元,同比减24.32% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 1.16亿 | 1.01亿 | -12.43% | | 归母净利润(元) | -4.45 Z | -5.51 Z | -23.90% | | 扣非净利 ...
迈威(上海)生物科技股份有限公司关于以集中竞价交易方式回购股份进展的公告
Shang Hai Zheng Quan Bao· 2025-08-05 18:10
Core Viewpoint - The company has announced an adjustment to its share repurchase plan, increasing the maximum repurchase price from RMB 35.00 per share to RMB 48.00 per share to ensure the smooth implementation of the plan [7][11][17]. Group 1: Share Repurchase Plan Overview - The company approved a share repurchase plan on June 26, 2025, allowing for the repurchase of its A-shares using self-owned funds and/or special loans, with a total repurchase amount between RMB 25 million and RMB 50 million [1][9]. - The repurchase period is set for 12 months from the date of board approval [1][9]. - As of July 31, 2025, the company has not yet implemented the share repurchase [2][10]. Group 2: Adjustment of Repurchase Price - The maximum repurchase price has been adjusted to RMB 48.00 per share due to the company's stock price exceeding the previous limit, which limited the implementation window [11][15]. - The adjustment is based on the company's confidence in its future development and aims to protect shareholder interests [11][16]. - The total repurchase amount remains unchanged, and the repurchase plan's other details are not affected by this adjustment [16][17]. Group 3: Company’s Business and Market Position - The company focuses on oncology and age-related diseases, with 16 core products in various stages of development, including 12 innovative drugs and 4 biosimilars [12]. - The company has several innovative drugs in critical clinical research stages, with notable achievements such as receiving multiple designations from the FDA for its drug 9MW2821 [12]. - The company has established international partnerships and is expanding its market presence, particularly in emerging markets along the Belt and Road Initiative [13].
“上市快+出海热” 国产创新药向新提质迎新机
Shang Hai Zheng Quan Bao· 2025-07-30 18:03
Group 1 - The Chinese innovative drug industry is transitioning from "follow-up innovation" to "global leadership," with a record number of innovative drugs approved in the first half of the year [1][2] - In the first half of 2023, 43 innovative drugs were approved in China, representing a 59% year-on-year increase, compared to only 48 approvals for the entire year of 2024 [2][3] - China's innovative drug R&D pipeline accounts for about one-fourth of the global total, with approximately 3,000 clinical trials conducted annually, placing China at the forefront of global innovative drug development [2][3] Group 2 - Companies like Fosun Pharma and Hengrui Medicine have successfully launched multiple innovative drugs, with Hengrui having 23 first-class innovative drugs and 4 second-class innovative drugs approved domestically [3][4] - The commercialization of innovative drugs is leading to a recovery in performance for domestic pharmaceutical companies, with companies like Luoxin Pharma and MicuRx reporting significant profit increases [3][4] - The trend of Chinese pharmaceutical companies expanding internationally is accelerating, with a shift from license-in to explosive growth in license-out transactions, contributing nearly 50% of the total transaction value globally [4][5] Group 3 - Notable license-out deals include a partnership between 3SBio and Pfizer, with an upfront payment of $1.25 billion and a potential total deal value of $6.05 billion, setting a record for Chinese innovative drugs [5][6] - The rapid growth of license-out transactions is providing substantial cash flow for domestic innovative drug companies, supporting their core pipelines overseas and creating more collaboration opportunities with multinational pharmaceutical companies [6]
迈威生物: 迈威生物2025年第一次临时股东大会会议资料
Zheng Quan Zhi Xing· 2025-07-15 10:26
Core Viewpoint - The company has signed an exclusive licensing agreement with CALICO LIFE SCIENCES LLC for the development, production, and commercialization of IL-11 targeted therapies outside of Greater China, which is expected to enhance its clinical research and long-term development strategy [5][8]. Group 1: Licensing Agreement Details - The agreement allows CALICO to exclusively develop, produce, and commercialize the licensed products in all regions except Greater China [5][7]. - The company will receive an upfront payment of $25 million and potential milestone payments totaling up to $571 million, along with tiered royalties based on net sales of the licensed products [7][8]. - The agreement is not classified as a related party transaction and does not constitute a major asset restructuring as per relevant regulations [5][8]. Group 2: Company and Partner Information - CALICO LIFE SCIENCES LLC, founded in September 2013, focuses on aging biology and age-related diseases, aiming to enhance understanding of biological mechanisms controlling human aging [5][6]. - The CEO of CALICO is Arthur D. Levinson, and the company operates from South San Francisco, California [5][6]. Group 3: Agreement Conditions and Impact - The agreement will take effect upon approval at the company's shareholder meeting and is governed by California law [7][8]. - The collaboration is expected to leverage both parties' strengths, promoting resource sharing and mutual benefits, while not affecting the company's main business or independence [8].
751家私募6月调研387家A股公司电子、医药生物行业最受青睐
Zheng Quan Shi Bao· 2025-07-03 18:49
Group 1 - Private equity funds are actively conducting research, with 751 private equity managers conducting 1,769 surveys on 387 A-share listed companies in June, indicating a strong interest in the market [1][2] - The electronic and pharmaceutical industries are the most favored by private equity, with a total of 541 surveys conducted in these sectors, accounting for over 30% of the total [1][3] - Maiwei Biotech emerged as the most popular stock among private equity, receiving 51 surveys, driven by its collaboration with Calico on anti-aging research [2][3] Group 2 - The electronic industry had 56 stocks receiving a total of 275 surveys, making it the most researched sector, while the pharmaceutical industry had 41 stocks with 266 surveys [3] - The top five private equity firms conducting the most surveys in June were Zhengyuan Fund, Pankin Investment, Shangcheng Asset, Danshuiquan, and Qingli Investment, with Zhengyuan Fund leading at 39 surveys [4] - Star Stone Investment believes that the current market structure needs to change, as the performance of small-cap stocks and dividend stocks is not sustainable [5][6] Group 3 - The "anti-involution" policies are being implemented across various sectors, which is expected to stabilize production capacity and end the prolonged profit decline for listed companies [6] - The overall market risk premium remains high, and the total market value to household deposits is at a historical low, indicating potential for long-term revaluation of A-shares [6] - Opportunities in industries such as artificial intelligence, autonomous driving, and new consumption are emerging, with a focus on mid-level industry opportunities and bottom-up stock selection [6]
中国创新药企迈威生物与谷歌旗下抗衰老公司达成近6亿美元合作
生物世界· 2025-07-01 08:19
Core Viewpoint - Google’s subsidiary Calico Life Sciences has entered into a nearly $600 million biopharmaceutical deal with Mabwell to acquire rights to a research therapy targeting Interleukin-11 (IL-11), including a clinical-stage monoclonal antibody 9MW3811 for age-related diseases [2][3]. Group 1: Deal Details - Mabwell has explored the therapeutic potential of 9MW3811 in age-related diseases during preclinical research, completing Phase 1 clinical studies in China and Australia, showing promise for treating idiopathic pulmonary fibrosis, and has received approval to conduct Phase 1 clinical studies in the United States [3]. - Under the licensing agreement, Mabwell grants Calico exclusive rights to develop, manufacture, and commercialize 9MW3811 outside Greater China. Calico will pay an upfront non-refundable fee of $25 million, with potential additional payments of up to $571 million based on milestones, as well as tiered royalties based on net sales of the licensed product [3]. Group 2: Company Background - Calico was co-founded by Alphabet, Google's parent company, and industry leader Dr. Arthur Levinson, with the aim of understanding the biological principles of aging to help develop interventions that extend and improve lifespan. Calico has established partnerships with several organizations, including AbbVie and the Broad Institute of MIT and Harvard [3]. - Mabwell is an innovative biopharmaceutical company with a full industry chain layout, focusing on tumors and age-related diseases, covering treatment areas such as oncology, autoimmune diseases, bone diseases, ophthalmology, hematology, and infections [4].
东吴证券晨会纪要-20250701
Soochow Securities· 2025-07-01 01:50
Macro Strategy - The macroeconomic indicators show a structural differentiation in domestic demand while external demand remains stable overall, with a focus on improving the efficiency of fund utilization in monetary policy [1][10] - The ECI supply index is at 50.12%, down 0.03 percentage points from last week, while the demand index is at 49.94%, up 0.01 percentage points [10] - The overall economic outlook is cautiously optimistic, with the central bank's tone shifting from "timely adjustments" to "flexibly grasping the implementation of policies" [10] Fixed Income - The report emphasizes a preference for medium to low-priced, high-rated convertible bonds with a remaining maturity of 1-3 years, which can contribute stable cash flow and have a strong willingness to convert [2][13] - The issuance of green bonds totaled approximately 31.44 billion yuan this week, a decrease of 11.72 billion yuan from the previous week, with a total transaction volume of 73.5 billion yuan [3][15] - The issuance of secondary capital bonds amounted to 9.1 billion yuan this week, with a total transaction volume of approximately 199 billion yuan, down 55.5 billion yuan from the previous week [4][16] Industry Recommendations - Maiwei Biotech (688062) is entering a new stage with significant potential in its differentiated ADC+TCE dual platform, with revenue forecasts for 2025 adjusted from 750 million yuan to 1.108 billion yuan [6][20] - Dashishi Co. (01405.HK) is expanding against the trend, benefiting from continued store openings and expected recovery in average transaction amounts [7] - Luzhou Laojiao (000568) is rationally addressing transformation pains while actively seizing opportunities, with profit forecasts adjusted to 12.4 billion, 12.9 billion, and 14.1 billion yuan for 2025-2027 [8][9]