研发管线丰富。公司聚焦于肿瘤和慢病领域，拥有16 个处于上市或临床阶段的品种。目前3 个生物类似 药已上市，正处于销售快速放量的阶段；三代长效升白针已申请NDA，3 个品种处于Ⅲ期关键注册临床 阶段。 盈利预测和估值建议：公司已有三个产品上市，研产销一体化布局初步完成，目前核心ADC 管线已进 入注册临床阶段，未来可期。预计2025／2026／2027 年总收入分别为6.13、10.30、17.95 亿元。根据峰 值销售额预测市值，公司合理股权价值为134.47 亿元，对应股价为33.65 元。首次覆盖，给予公司"买 入"评级。 Nectin-4 ADC 具备BIC 潜质。Nectin-4 ADC 单药后线以及联合用药一线已进入三期临床，围手术期用 药即将开展，有望在尿路上皮癌治疗领域构筑竞争壁垒；另有宫颈癌后线单药治疗进入三期，单药治疗 对以拓扑异构酶抑制剂为载药的ADC 耐药的TNBC 临床进入二期，海外即将开展桥接1b 期临床。 风险提示：候选药物研发不及预期的风险；相关技术迭代的风险；第三方合作的风险；核心人才流失的 风险；经营风险。 此外，另有两个潜力ADC 品种在临床阶段，其中一个即将开展临床，产 ...

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.7300 | -0.5100 | -43.14 | -0.6000 | | 每股净资产（元） | 3.2 | 6.02 | -46.84 | 8.27 | | 每股公积金(元) | 14.91 | 14.91 | 0 | 14.63 | | 每股未分配利润(元) | -12.73 | -9.90 | -28.59 | -7.35 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 0.45 | 0.68 | -33.82 | 0.04 | | 净利润(亿元) | -2.92 | -2.06 | -41.75 | -2.41 | | 净资产收益率(%) | -20.50 | -8.24 | -148.79 | -7.07 | 数据四舍五入，查看更多财务数据>> | 名称 | 持有数量(万股) | 占总股本比 | 增减情况 | | --- ...

迈威（上海）生物科技股份有限公司2025 年第一季度报告 证券代码：688062 证券简称：迈威生物 迈威（上海）生物科技股份有限公司 2025 年第一季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 单位:元 币种:人民币 一、主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | 本报告期 | 本报告期比上 年同期增减变 | | | --- | --- | --- | --- | | | | 上年同期 | | | | | | 动幅度(%) | | 营业收入 | 44,788,452.49 | 67,555,138.51 | -33.70 | | 归属于上市公司股东的净利润 | - ...

证券代码：688062 证券简称：迈威生物 公告编号：2025-021 迈威（上海）生物科技股份有限公司 关于对全资子公司泰康生物增资的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 增资标的名称：迈威（上海）生物科技股份有限公司（以下简称"公司" 或"迈威生物"）的全资子公司江苏泰康生物医药有限公司（以下简称"泰康 生物"）。 资金来源及增资金额：公司拟使用自有资金向泰康生物增资 40,000 万 元。 统一社会信用代码：91321291678341722J 法定代表人：刘大涛 注册资本：48,000 万元人民币 本次增资已经公司第二届董事会第十八次会议审议通过，无需提交股东 大会审议。 本次增资不构成关联交易，亦不构成《上市公司重大资产重组管理办法》 规定的重大资产重组情形，不会改变公司合并报表范围。 一、本次增资概述 泰康生物系公司的全资子公司，按照公司集团化战略部署，公司拟使用自 有资金向泰康生物增资 40,000 万元，增资完成后，泰康生物注册资本由 48,000 万元增至 88,000 万 ...

本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 4 月 21 日 （二） 股东大会召开的地点：上海市浦东新区李冰路 576 号创想园 3 号楼 103 会议室 证券代码：688062 证券简称：迈威生物 公告编号：2025-020 迈威（上海）生物科技股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 138 | | --- | --- | | 普通股股东人数 | 138 | | 2、出席会议的股东所持有的表决权数量 | 199,591,712 | | 普通股股东所持有表决权数量 | 199,591,712 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 49.9478 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 49 ...

北京植德（上海）律师事务所 关于迈威（上海）生物科技股份有限公司 2024 年年度股东大会的 法律意见书 植德沪（会）字[2025]0005 号 关于迈威（上海）生物科技股份有限公司 2024 年年度股东大会的 法律意见书 植德沪（会）字[2025]0005 致：迈威（上海）生物科技股份有限公司（贵公司） 北京植德（上海）律师事务所（以下简称"本所"）接受贵公司的委托，指 派律师出席并见证贵公司 2024 年年度股东大会（以下简称"本次会议"）。 本所律师参加本次会议进行见证，并根据《中华人民共和国公司法》（以下 简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司股东会规则》（以下简称"《股东会规则》"）、《律师事务所从事 证券法律业务管理办法》（以下简称"《证券法律业务管理办法》"）、《律师 事务所证券法律业务执业规则（试行）》（以下简称"《证券法律业务执业规则》"） 等相关法律、行政法规、规章、规范性文件及《迈威（上海）生物科技股份有限 公司章程》（以下简称"《公司章程》"）的规定，就本次会议的召集与召开程 序、召集人资格、出席会议人员资格、会议表决程序及表决结果等事宜 ...

迈威（上海）生物科技股份有限公司 2024 年年度股东大会会议资料 2025 年 4 月 | 2024 年年度股东大会会议须知 2 | | --- | | 2024 年年度股东大会会议议程 4 | | 2024 年年度股东大会会议议案 6 | | 议案一、关于公司《2024 年年度报告》及摘要的议案 6 | | 议案二、关于公司《2025 年度财务预算报告》的议案 7 | | 附件一：2025 年度财务预算报告 8 | | 议案三、关于公司《2024 年度财务决算报告》的议案 9 | | 附件二：2024 年度财务决算报告 10 | | 议案四、关于公司 2024 年度利润分配方案的议案 13 | | 议案五、关于续聘公司 2025 年度审计机构的议案 14 | | 附件三：拟聘会计师事务所的基本情况 15 | | 议案六、关于公司《2024 年度董事会工作报告》的议案 17 | | 附件四：2024 年度董事会工作报告 18 | | 议案七、关于公司《2024 年度监事会工作报告》的议案 25 | | 附件五：2024 年度监事会工作报告 26 | | 议案八、关于公司 2025 年度董事、监事薪酬方案的议 ...

Core Viewpoint - The company, Maiwei Biotech, is facing severe financial challenges, including significant losses and cash flow issues, prompting multiple rounds of financing to sustain operations [1][2][4][5]. Financial Performance - Maiwei Biotech reported a revenue of 200 million yuan in 2024, a year-on-year increase of 56.28%, but still incurred a net loss of 1.044 billion yuan, with losses slightly narrowing by 0.9% compared to the previous year [1]. - Cumulative losses over three years reached 3.052 billion yuan, with daily cash burn averaging nearly 2.8 million yuan [2]. - The company's operating cash flow has been negative for three consecutive years, totaling a cash outflow of 2.458 billion yuan [4]. Financing Activities - The company has initiated a series of financing efforts, including a recent plan to issue up to 500 million yuan in targeted debt financing tools [1][5]. - The credit and financing limits have been increased from 2.3 billion yuan to 6.2 billion yuan over the past year [5]. Research and Development - Maiwei Biotech has invested heavily in R&D, with cumulative expenses reaching 2.378 billion yuan from 2022 to 2024, which is 6.7 times the total revenue during the same period [2]. - The company has three commercialized products but has struggled to generate significant sales, with total drug sales in 2023 amounting to only 42.09 million yuan, far below expectations [3]. Market Position and Challenges - The company aimed to replicate the success of peers like Heng Rui Medicine but has faced challenges in product sales and market penetration [3]. - The asset-liability ratio has surged from 24% at the time of listing to 63.61%, indicating increasing financial risk [4]. Management and Operational Issues - The company has experienced significant turnover in its management team, with key personnel leaving, which may impact its operational capabilities [8]. - The R&D team has been reduced by 30% from 568 members in 2022 to 403 in 2024, raising concerns about the company's innovation potential [8]. Future Outlook - Despite attempts to secure funding through various channels, the company must address low R&D efficiency and a scattered strategic focus to avoid a cycle of financing and losses [9].

Core Viewpoint - Maiwei Biotech (688062) reported a net loss exceeding 1 billion yuan for 2024, with an increasing debt-to-asset ratio surpassing 60%, prompting the company to seek financing to improve its financial position [1][4]. Financial Performance - In 2024, Maiwei Biotech achieved an operating revenue of approximately 200 million yuan, representing a year-on-year growth of 56.28% [1][2]. - The net profit attributable to shareholders was -1.044 billion yuan, slightly improved from -1.053 billion yuan in the previous year [2][3]. - Total assets decreased by 4.03% to approximately 4.276 billion yuan compared to 2023 [2]. Product and R&D Pipeline - Despite having three products on the market, the company has not yet achieved profitability and has accumulated losses [3]. - Maiwei Biotech has 16 products in various stages of development, including 12 innovative drugs and 4 biosimilars, focusing on oncology and age-related diseases [3]. - The company emphasizes the combination use of ADC, IO, and TCE as a significant development direction and plans to explore combination therapies with external products [3]. Financing and Debt Management - The company's reliance on external financing has led to a rising debt-to-asset ratio, which increased from 24% in 2022 to 63.61% in 2024 [4]. - To optimize its debt structure and reduce financial costs, Maiwei Biotech plans to issue targeted debt financing tools not exceeding 500 million yuan [4]. - The company is also planning to list in Hong Kong to meet its funding needs and enhance its international presence [4].

Group 1 - Galaxy Fund recently conducted research on 10 listed companies, including Baile Tianheng, Maiwei Bio, and Zhonghang Heavy Machinery [1][2][3] - Baile Tianheng achieved revenue of 582.27 million yuan in 2024, a year-on-year increase of 936.31%, and net profit of 370.75 million yuan, turning a profit [1] - Maiwei Bio made progress in ADC and TCE platforms, collaborating with Insilico Medicine to enhance ADC development efficiency using AI technology [2] - Zhonghang Heavy Machinery's 2025 revenue target is 11.5 billion yuan, with a profit target of 1.3 billion yuan, and expects stable demand in Q1 2024 [3] Group 2 - Olin Bio is advancing its recombinant pneumococcal vaccine phase III clinical trial, with over 5,600 cases enrolled [3] - Haizheng Pharmaceutical anticipates growth in raw materials, formulations, and e-commerce by 2025, with a focus on reducing costs and enhancing product competitiveness [4] - Semir Apparel reported total revenue of 14.63 billion yuan in 2024, a 7.06% increase, with children's apparel accounting for 70.21% of revenue [5] Group 3 - Huayang Group's automotive electronics business is optimizing customer structure, with an increase in major clients and new projects [6] - Huafeng Chemical's gross margin declined due to lower margins in basic chemical products, but it is optimistic about future demand for spandex [7] - Ruifeng New Materials is addressing increased accounts receivable due to new and existing customer sales, while planning to enhance its global market share through innovation [8] Group 4 - Weixing Co. achieved significant growth in its button and zipper business, with zipper revenue increasing by 16% and button revenue by 22% in 2024 [9] - The company aims for a revenue target of 5 billion yuan in 2025, focusing on becoming a global and innovative fashion accessory leader [9] - The company is also expanding its production capacity and enhancing its competitive advantages through product diversity and innovation [9]