Maiwei Biology (688062. SH) and Aojie Technology (688220. SH), whose shares have been falling since they were just listed, have ushered in bad news, and the company will continue to lose money.
On January 25, Maiwei biological disclosed that it is expected to realize a net profit attributable to the owners of the parent company of about -666 million yuan to -782 million yuan in 2021, and the loss narrowed by 3.73% to 21.76% year-on-year.
On the same day, Aojie technology released a performance forecast. It is expected to achieve an operating revenue of 2.138 billion yuan in 2021, an increase of about 1.057 billion yuan compared with the same period last year, an increase of 97.78% year-on-year; It is estimated that the net profit attributable to the parent company in 2021 will be -564 million yuan, and the loss will be reduced by 1.763 billion yuan year-on-year, 75.76% year-on-year.
Coincidentally, the two companies were officially listed on the science and innovation board in January 2021, and their share prices have fallen below the issue price so far.
Aojie technology was listed on January 14, 2022, and the initial IPO price was 164.54 yuan / share; However, the company’s share price opened at 130 yuan / share on the first day of listing, and it still fell sharply by 33.75% on that day. On January 26, the share price of Aojie technology fell another 3.43% to 91.91 yuan / share, down more than 44% from the issue price.
Share price of Aojie science and Technology Innovation Board since its listing
Four days later, Maiwei biology was listed on the science and Innovation Board on January 18, 2022, with an issue price of 34.8 yuan / share. However, on the first day of listing, the company opened at 32 yuan / share lower than the initial price, and the share price on the first day of listing decreased by 29.6%. On January 26, the share price of Maiwei biology fell another 3.98% to 22.17 yuan / share, down 36.29% from the issue price.
Share price of Maiwei Biotechnology Innovation Board since its listing
Behind the decline in share prices, investors may be worried about losses.
Public information shows that Aojie technology is a platform chip enterprise providing wireless communication and super large-scale chips. The company was established in 2015 and has been in a state of loss. From 2018 to 2020, the company lost 537 million yuan, 584 million yuan and 2.327 billion yuan respectively. With the advance loss of 564 million yuan in 2021, the cumulative loss of the company in the last four years was about 4.012 billion yuan. From 2018 to 2020, Aojie technology’s R & D expenses were 524 million yuan, 597 million yuan and 2.111 billion yuan respectively, with a cumulative R & D investment of 3.232 billion yuan, accounting for 202.74% of the cumulative operating revenue in the last three years.
Soar technology admitted that the company has the risk of sustained losses in the short term after listing. “If the scale effect of the company’s operation cannot be fully reflected, the company may not be able to make profits or make profit distribution in the short term in the future. It is expected that the company will not be able to make cash dividends in the short term after the initial public offering and listing.”
The main business of Maiwei biology is the R & D, production and sales of therapeutic biological products, specifically antibody drugs including human therapeutic monoclonal antibodies, bispecific / bifunctional antibodies and ADC drugs, as well as cytokine recombinant protein drugs with long-acting or special modification. From 2018 to 2020, the company lost 225 million yuan, 928 million yuan and 643 million yuan respectively; Plus the highest advance loss of 782 million yuan in 2021, it has accumulated a loss of 2.578 billion yuan in recent four years. From 2018 to 2020, the company’s R & D expenses were 169 million yuan, 363 million yuan and 581 million yuan respectively.
Maiwei biology bluntly said that the company’s products are in the research and development stage, and no products have been approved for listing, and no products have achieved sales revenue; The company cannot ensure that the varieties under research can obtain the marketing license, and even if it obtains the marketing license from the drug regulatory authority and realizes commercial production as planned. “For some time to come, the company is expected to continue to make losses, and the accumulated outstanding losses will continue to expand.”
Since late October 2021, a number of new shares on the scientific innovation board and gem have broken on the first day of listing. Northeast Securities Co.Ltd(000686) according to the recent research report, the main reason for the breaking of A-Shares is that the change of inquiry rules has increased the issuance price. At the same time, the similar stagflation environment and the weakening of market sentiment have formed a catalytic effect on the breaking.
