MABWELL-B

Mabwell (2493.HK) accelerated its decline in the afternoon session, closing at HKD 20.82, down 5.19% from the previous close of 21.96, hitting a fresh 52-week low. The stock initially surged to an intraday high of 22.06 in the morning before reversing, forming a spike-and-drop pattern. Q1 revenue surged 201.58% YoY to HKD 144.7 million, yet the net loss remained at HKD 274.3 million with EPS of -0.6885 and a net margin of -189.6%, continuing to pressure the stock. Despite recent NMPA clearance for 9MW5211 in vitiligo trials and the IND approval for LILRB4/CD3 bispecific 6MW5311, the price has fallen 33.82% from its 52-week high of 31.46 and sits well below both the 20-day MA (23.265) and 60-day MA (24.199), indicating technical weakness. However, pipeline progress including the Phase III initiation of Nectin-4 ADC 9MW2821 in triple-negative breast cancer and ASCO presentations may offer support going forward.

Mabwell closed at HK$22.020, down 4.76% from yesterday's HK$23.120, with an intraday low of HK$21.900 touching near its 52-week low of HK$20.16. The stock opened at HK$23.78 but declined sharply in the morning session, falling to HK$22.200, then extended losses to HK$21.900 in the afternoon before a slight recovery. Q1 2026 revenue jumped 201.58% to HK$144.66 million, yet net loss remained at HK$274.30 million, with EPS of -HK$0.6885 improving 11.94% YoY. The company trades at a PB of 81.31x and remains unprofitable, though it recently received NMPA clearance for vitiligo drug 9MW5211 and initiated a Phase III trial for Nectin-4 ADC 9MW2821 in triple-negative breast cancer. The stock is 30.01% below its 52-week high of HK$31.46 and trades below both the MA20 (HK$23.461) and MA60 (HK$24.375), reflecting persistent technical weakness.

Mabwell opened lower and continued to decline in the morning session, falling as much as 5.3% to an intraday low of HKD 22.22 before recovering slightly to HKD 22.72, down 3.2% from the previous close of HKD 23.46. The weakness was driven by Q1 2026 earnings showing a net loss of HKD 274.3 million, despite revenue surging 201.58% YoY to HKD 144.7 million. The net profit margin remained deeply negative at -189.62%, with EPS of -HKD 0.6885, and ROE deteriorating to -424.16%. The market continues to price a high valuation premium, with PB at 83.9x and PE at -9.75x. However, recent regulatory milestones—including NMPA and FDA clearance for multiple clinical trials and a planned up to RMB 1 billion targeted debt issue—may provide a counterbalance.

Mabwell Bioscience closed higher intraday, primarily driven by the company's announcement of NMPA approval for a vitiligo clinical trial of its novel autoimmune antibody 9MW5211. The stock opened at HKD 22.320, dipped to a session low of HKD 22.160, then rallied to an intraday high of HKD 24.180 before retracing to close at HKD 23.240, up 4.1% on volume of 297,600 shares. Q1 revenue surged 201.58% YoY to HKD 144.7 million, while net loss narrowed 12.2% to HKD 274.3 million. However, ROE remained deeply negative at -424.16%, and the stock trades at a PB of 85.8 times, still 4.0% below its intraday high.

迈威生物今日盘中冲高回落，上午盘初触及 24.44 港元后持续走低，下午盘一度跌至 21.82 港元，最终收于 22.50 港元，较 52 周高点 31.46 港元折价约 28.5%，年内累计下跌 20.8%，且股价仍低于 20 日均线（23.99 港元）及 60 日均线（24.50 港元）。盘后消息面催化密集：公司获国家药监局批准开展白癜风新药 9MW5211 临床试验，同时有一项 LILRB4/CD3 双抗 6MW5311 的 IND 申请获受理，不过同日披露的拟发行不超过 10 亿元人民币债务融资计划，可能令市场对短期资本结构承压产生担忧。