Mabwell (Shanghai) Bioscience Co., Ltd. (Mabwell-B; 02493) reported interim results for the six months ended 30 June 2026.

Financial Highlights • Revenue jumped 209.1% year-on-year to RMB 312.45 million, driven by stronger sales of Junmaikang (adalimumab biosimilar) and higher out-licensing income from Calico and Disc. • Gross profit reached RMB 235.88 million, up 198.6%. Gross margin stood at 75.5%, versus 78.2% a year earlier, reflecting the larger share of product sales. • R&D expenses rose 10.0% to RMB 431.43 million, underscoring continued investment in the 15-asset pipeline. • Selling and distribution costs climbed 36.4% to RMB 139.35 million amid expanding commercial activities. • Net loss narrowed 5.1% to RMB 524.20 million; basic and diluted loss per share improved to RMB -1.26 from RMB -1.38. • Operating cash outflow widened to RMB 508.94 million. Financing inflows of RMB 1.43 billion—including a HK$1.20 billion H-share placement in April—lifted cash and equivalents to RMB 2.29 billion at period-end. • Total assets rose to RMB 5.29 billion; equity increased to RMB 1.05 billion. The gearing ratio (borrowings and lease liabilities/total equity) fell to 253.6% from 454.8% at end-2025.

Operational Progress • Four products commercialised: Junmaikang (adalimumab), Maiweijian and Mailishu (denosumab biosimilars), and Mailisheng (long-acting G-CSF). Pharmaceutical sales doubled to RMB 211.70 million. • Lead asset 9MW2821 (Nectin-4 ADC) is in four Phase III registration trials across urothelial carcinoma, cervical cancer and triple-negative breast cancer; interim analyses targeted for H2 2026. The candidate holds multiple Breakthrough Therapy and Fast Track designations from NMPA and FDA. • Pipeline totals 11 innovative drugs and four biosimilars. Key developments in H1 2026 include first-patient-in for U.S. trials of 7MW4911 (CDH17 ADC) and completion of enrollment for several Phase III and Phase II studies across oncology, immunology and orthopedics. • R&D infrastructure expanded with antibody and ADC manufacturing facilities achieving additional GMP milestones and capacity increases. • Global reach advanced: 9MW0321 (denosumab) and 9MW0813 (aflibercept biosimilar) secured marketing approvals in Pakistan and new licensing pacts in Southeast Asia and the Middle East.

Outlook Management will prioritise pivotal trials and regulatory submissions for 9MW2821, accelerate clinical progress of late-stage assets, and continue leveraging recent capital to support R&D, manufacturing scale-up and international commercial collaborations.