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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Mabwell (Shanghai) Bioscience
Mabwell (Shanghai) Bioscience (688062) investor relations material
Mabwell (Shanghai) Bioscience Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary28 Oct, 2026
Executive summary
9M revenue rose 9.77% YoY to RMB 621.12m, while Q3 revenue declined 33.61% to RMB 308.48m as lower licensing income outweighed higher drug sales.
9M net loss attributable to shareholders widened to RMB 678.42m from RMB 597.66m; reported Q3 attributable net loss was RMB 156.71m.
Financial highlights
Q3 technology services revenue was RMB 183.63m, down 54.87% YoY; drug sales were RMB 122.89m, up 122.13%.
9M operating expenses included RMB 687.67m in R&D, RMB 237.09m in selling expenses and RMB 153.37m in administrative expenses.
9M operating cash flow was negative RMB 744.77m, versus negative RMB 103.03m in the prior-year period.
Outlook and guidance
9MW1911 completed an interim analysis of its Phase IIb COPD trial using final-visit data from 180 participants; a Phase III protocol consultation application is planned for Q4 2026, subject to interim results.
16 key products were in clinical or marketed stages as of the report date: 12 innovative drugs and 4 biosimilars; 4 were marketed, 1 was under regulatory review and 3 were in pivotal Phase III trials.
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Latest events from Mabwell (Shanghai) Bioscience
- Revenue grew 28.4%, but R&D-led losses widened as launches and the pipeline advanced.688062
Q2 2024 - Sales accelerated, but heavy R&D spending and financing needs sustained deep losses.688062Q4 2024
- Revenue accelerated, but losses and cash outflow remained substantial as the pipeline advanced.688062Q3 2024
- Drug sales accelerated, but heavier R&D and widening losses keep funding and pipeline execution in focus.688062Q2 2025
- Licensing fueled sharp revenue growth, but heavy R&D and leverage sustained deep losses.688062Q4 2025
- Drug sales surged, but lower licensing income and heavy R&D widened the quarterly loss.688062Q1 2025
- Licensing lifted revenue sharply as heavy R&D and clinical execution continued.688062Q3 2025
- Revenue more than tripled, but deep R&D burn and losses persist.688062Q2 2026
- Revenue surged on licensing and drug sales, but losses and operating cash burn persisted.688062Q1 2026
Next Mabwell (Shanghai) Bioscience earnings date
Q4 202625 Mar, 2027
Mabwell (Shanghai) Bioscience
Next Mabwell (Shanghai) Bioscience earnings date
Q4 202625 Mar, 2027
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