HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

Pre-IPO Star Sports Medicine (PHIP Updates) - Some Points Worth the Attention

Pre-IPO UISEE Technologies (PHIP Updates) - The Business, the Concerns and the Outlook

Pre-IPO Robotphoenix Intelligent Technology (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Sigenergy Technology (PHIP Updates) - The Strength and the Concerns

Pre-IPO Mabwell (Shanghai) Bioscience - The ADC Technology Is Outdated

Pre-IPO Victory Giant Technology (A/H Listing) - The Business and the Outlook

Pre-IPO Jintan - About the Business Model, the Risks and the Peer Comparison

Equity Capital Markets

Mabwell (Shanghai) Bioscience / Equity Capital Markets

<ul>
<li>The high revenue growth in 2025 was mainly driven by one-time upfront payment in licensing deals, which is unsustainable. If future external cooperation weakens, the revenue scale will shrink significantly.</li>
<li>Compared with the peak sales forecast in the 2022 prospectus of Mabwell in SSE Star Market, the actual revenue from Mabwell's sales of drugs in 2025 was significantly below expectations. </li>
<li>Therefore, we prefer a conservative IPO pricing. For example, we think valuation of Mabwell would be lower than peers such as Remegen, Junshi, Kelun Bio, CSPC.</li>
</ul>


The high revenue growth in 2025 was mainly driven by one-time upfront payment in licensing deals, which is unsustainable. If future external cooperation weakens, the revenue scale will shrink significantly.
Compared with the peak sales forecast in the 2022 prospectus of Mabwell in SSE Star Market, the actual revenue from Mabwell's sales of drugs in 2025 was significantly below expectations. 
Therefore, we prefer a conservative IPO pricing. For example, we think valuation of Mabwell would be lower than peers such as Remegen, Junshi, Kelun Bio, CSPC.


Sichuan Kelun-Biotech Biopharmaceutical (6990 HK)

Pre-IPO Mabwell (Shanghai) Bioscience (PHIP Updates) - Some Points Worth the Attention