Mabwell (Shanghai) Bioscience (688062) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue was RMB464.7m, up 1,717.41% YoY, driven mainly by licensing income; 9M revenue reached RMB565.8m, up 301.03% YoY.

• 9M net loss attributable to shareholders narrowed to RMB597.7m from RMB694.1m YoY, while R&D investment rose 48.05% to RMB712.2m.

Financial highlights

• Q3 net loss attributable to shareholders was RMB46.3m; Q3 adjusted net loss, excluding non-recurring items, was RMB48.8m.

• 9M revenue comprised RMB406.9m in technology services and RMB156.1m in drug sales, up 715.52% and 72.10% YoY, respectively.

• 9M operating loss was RMB582.9m versus RMB692.0m in 9M 2024; net loss was RMB599.6m versus RMB696.0m.

• 9M basic and diluted EPS were both -RMB1.50, compared with -RMB1.74 in 9M 2024.

Outlook and guidance

• 9MW1911 COPD Phase II enrollment is underway; interim analysis is planned after at least 120 participants complete their final visit, with Phase III potentially starting by end-2026 based on Phase II results.

• 9MW3811's Phase II trial for pathological scars may start before end-2025; the Phase II application was accepted in August.

• 9MW0813, an aflibercept biosimilar, had its marketing application accepted in September 2025.