Mabwell (Shanghai) Bioscience (688062) investor relations material

Executive summary

• H1 2026 revenue rose 209.04% YoY to RMB312.64m, while attributable net loss narrowed to RMB521.71m; R&D spending remained high at RMB431.43m.

• Commercialization expanded across four marketed products, with 15 clinical- or marketed-stage assets, two in Phase III pivotal trials and one application under review.

Financial highlights

• Revenue was RMB312.64m, up 209.04% YoY; drug sales reached RMB211.73m, up 110.07%, and license/service revenue was RMB99.86m.

• Attributable net loss was RMB521.71m versus RMB551.32m YoY; excluding non-recurring items, attributable net loss was RMB518.26m.

• Operating costs were RMB824.54m, including R&D expense of RMB431.43m, up 10.03% YoY; selling expense rose 36.34% to RMB139.35m.

• Operating cash outflow was RMB508.94m versus RMB33.92m a year earlier, reflecting lower license-contract receipts than in the prior period.

Outlook and guidance

• 9MW2821 Phase III trials in urothelial cancer and cervical cancer completed enrollment; interim analyses are planned for H2 2026, with pre-NDA discussions expected depending on results.

• 9MW2821 began a Phase III trial in triple-negative breast cancer in April 2026; 9MW0813 remains under regulatory review, with approval and biosimilar competition affecting potential sales.

• 9MW1911 completed COPD Phase II enrollment; an interim analysis is planned after at least 120 participants’ final-visit data, with a Phase III start targeted around year-end subject to results.

• Initial patient data for 9MW3011 in polycythemia vera are expected in Q3 2026; initial sickle-cell disease data are expected in Q4 2026.