Mabwell (Shanghai) Bioscience (688062) Q4 2025 earnings summary

Executive summary

• FY25 revenue rose 231.62% to RMB 662.52m, driven by licensing and service income plus higher medicine sales; attributable net loss narrowed to RMB 969.33m from RMB 1,043.92m.

• Licensing receipts and upfront payments improved operating cash outflow, but R&D spending remained high and year-end liabilities rose, leaving substantial funding and profitability risks.

Financial highlights

• Revenue was RMB 662.52m; licensing and technical services contributed RMB 408.56m, while medicine sales were RMB 249.72m, up 72.71% YoY.

• Attributable net loss was RMB 969.33m versus RMB 1,043.92m in FY24; adjusted for non-recurring items, net loss was RMB 998.86m.

• Operating loss was RMB 955.32m and pretax loss RMB 956.39m; operating costs included R&D of RMB 976.96m, up 24.79% YoY.

• Operating cash outflow improved to RMB 290.22m from RMB 956.44m, supported by licensing advances and milestones; financing cash inflow was RMB 791.92m.

• Total assets were RMB 4.56bn; parent-attributable net assets fell 77.72% to RMB 349.51m, while total liabilities reached RMB 4.02bn.

Outlook and guidance

• FY26 priorities include completing registration review for one product, advancing lead ADC 9MW2821 toward filing, evaluating key Phase III programs and adding exploratory clinical studies.

• Plans include advancing at least 1–2 candidates to IND-enabling studies, expanding international clinical work and licensing, and continuing TCE, ADC and antibody discovery.

• A 12,000L antibody production line is planned to enter service in 2026; capacity build-out and commercial reach are intended to support future launches and sales growth.

• Management aims to strengthen commercial penetration, expand financing channels and pursue an H-share offering; the filing had received CSRC registration and passed the Hong Kong exchange hearing process.