Mabwell (Shanghai) Bioscience (688062) Q3 2026 earnings summary

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.