上 市 公 司 医药生物 2025 年 10 月 24 日 我武生物 (300357) ——三季报业绩点评：销售改革成果初显，黄花蒿滴剂和 皮下点刺液快速放量 报告原因：有业绩公布需要点评 | 投资要点： | | --- | 财务数据及盈利预测 | | 2024 | 2025Q1-3 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 925 | 853 | 1,082 | 1,263 | 1,468 | | 同比增长率（%） | 9.1 | 16.9 | 16.9 | 16.8 | 16.2 | | 归母净利润（百万元） | 318 | 345 | 409 | 497 | 593 | | 同比增长率（%） | 2.5 | 26.7 | 28.5 | 21.7 | 19.2 | | 每股收益（元/股） | 0.61 | 0.66 | 0.78 | 0.95 | 1.13 | | 毛利率（%） | 95.2 | 95.4 | 95.1 | 95.1 | 95.1 | | ROE（%） | 13.5 | 13 ...

Group 1 - The core viewpoint of the news is that Iwubio (SZ 300357) is actively engaging with investors, as evidenced by a recent investor meeting where the company's chairman addressed questions [1] - Iwubio's revenue composition for the first half of 2025 shows that pharmaceutical manufacturing accounts for 99.59% of its total revenue, indicating a strong focus on this sector [2] - As of the latest report, Iwubio's market capitalization stands at 17.2 billion yuan, reflecting its valuation in the market [3] Group 2 - The Chinese innovative drug market has seen significant overseas licensing deals, totaling 80 billion USD this year, highlighting the growth potential in the biopharmaceutical sector [3] - There is a contrast between the hot secondary market for biopharmaceuticals and the cooling fundraising environment in the primary market, suggesting challenges ahead for new capital raising [3]

证券代码：300357 证券简称：我武生物 浙江我武生物科技股份有限公司投资者关系活动记录表 编号：2025-006 | 投资者关系活 | □特定对象调研 | □分析师会议 □媒体采访 | | --- | --- | --- | | 动类别 | □业绩说明会 | □新闻发布会 □路演活动 | | | □现场参观 | ■其他（分析师电话会议） | | 参与单位名称 及人员姓名 | 共 49 家机构共计 | 66 名人员参加，详见附件。 | | 时间 | 年 月 日 2025 10 24 | 9:00-9:50 | | 地点 | 电话会议 | | | 上市公司接待 | | 董事长：胡赓熙；总经理：何建明；副总经理/董事会秘书：管祯 | | 人员姓名 | 玮。 一、经营情况介绍 | | | | 经营业绩情况： | | | 投资者关系活 | 2025 年 1-9 | 月，公司实现营业收入 853,360,357.81 元，较上 | | 动主要内容介 | 年 同 期 增 长 | ， 归 属 于 上 市 公 司 股 东 的 净 利 润 为 16.86% | | 绍 | 344,866,533.27 | 元，较上年同期增长 ...

Core Insights - The company reported a revenue of 369 million yuan in Q3 2025, representing a year-on-year growth of 22.64% [1] - The net profit for Q3 2025 was 168 million yuan, showing a year-on-year increase of 36.44% [1] - For the first three quarters of 2025, the company achieved a total revenue of 853 million yuan, which is a 16.86% increase compared to the same period last year [1] Revenue Breakdown - The sales revenue from the product "Dust Mite Drops" was 794 million yuan, reflecting a year-on-year growth of 13.38% [1] - The sales revenue from "Artemisia Flower Pollen Allergen Sublingual Drops" reached 44.76 million yuan, marking a significant year-on-year increase of 117.58% [1] - The sales revenue from skin prick solution was 11.05 million yuan, which is a year-on-year growth of 94.10% [1] Market Strategy - The rapid growth in sales for "Artemisia Flower Pollen Allergen Sublingual Drops" and skin prick solution is attributed to the company's increased marketing efforts for these products [1]

Core Insights - The Social Security Fund has invested in 71 stocks by the end of Q3, with 27 stocks held for over 8 consecutive quarters, indicating a preference for long-term investments [1][2] Group 1: Investment Trends - The Social Security Fund has continuously held 41 stocks for more than 4 quarters, with 27 stocks held for over 2 years, including Iwu Biological and China Glass, which have been held for over 5 years [1][2] - The longest-held stock is Iwu Biological, held for 44 quarters since Q4 2014, with a holding of 26.08 million shares, accounting for 5.39% of the circulating shares [1][3] - By the end of Q3, the largest holdings by the Social Security Fund include China Glass (85.52 million shares), CNOOC Development (55.16 million shares), and China National Materials (47.88 million shares) [1][2] Group 2: Changes in Holdings - Among the 27 continuously held stocks, 7 saw an increase in holdings, with significant increases in Sumeida (70.56%), Huace Navigation (53.54%), and Changhong Meiling (49.76%) [2][4] - 11 stocks experienced a reduction in holdings, with the largest decreases in Yingweike (56.69%), Chengde Lulu (56.24%), and Huaxin Cement (56.14%) [2][4] - 9 stocks maintained their holding levels [2] Group 3: Industry Performance - The 27 continuously held stocks are concentrated in the machinery equipment, basic chemicals, and power equipment sectors, with 3 stocks each in machinery and basic chemicals, and 2 in power equipment [2] - Among the continuously held stocks, 20 reported year-on-year net profit growth, with notable increases from Shengnong Development (202.82%), China Glass (67.51%), and Huida Technology (50.99%) [3] - 6 stocks reported a decline in net profit, with the largest decreases from Zhongqi Co. (622.16%), Huawang Technology (49.46%), and Jingzhu Technology (20.85%) [3]

2025年10月24日，我武生物(300357.SZ)发布2025年三季报。 公司最新总资产周转率为0.30次。最新存货周转率为0.71次。 公司股东户数为3.24万户，前十大股东持股数量为3.08亿股，占总股本比例为58.90%，前十大股东持股情况如下： | 序号 | 股东名称 | 持股 | | --- | --- | --- | | l | 浙江我武管理咨询有限公司 | 38.81 | | 2 | 胡慶熙 | 8.35 | | 3 | 全国社保基金――二组合 | 4.98 | | 4 | 陈健辉 | 1.37 | | 5 | 香港中央结算有限公司 | 1.06 | | 6 | 熊小芳 | 0.91 | | 7 | 中国工商银行股份有限公司-嘉实互融精选股票型证券投资基金 | 0.90 | | 8 | 王立红 | 0.88 | | g | 中国农业银行股份有限公司-鹏华医药科技股票型证券投资基金 | 0.82 | | 10 | 应振洲 | 0.77 | 公司最新资产负债率为5.60%。 公司最新毛利率为95.37%。最新ROE为13.08%。 公司摊薄每股收益为0.66元。 公司营业总收入为8.53亿元。归 ...

Core Viewpoint - Iwubio has demonstrated significant growth in revenue and profit in the first three quarters of 2025, driven by strong sales of its key products and increased market promotion efforts [1][5]. Financial Performance - For the first three quarters of 2025, Iwubio achieved revenue of 853 million yuan, a year-on-year increase of 16.86% [1] - The net profit attributable to non-recurring gains and losses reached 340 million yuan, up 28.92% year-on-year [1] - The net cash flow from operating activities was 287 million yuan, reflecting a substantial increase of 79.11% year-on-year [1] - In Q3 2025, revenue was 369 million yuan, representing a 22.64% year-on-year growth, while the net profit increased by 36.96% to 167 million yuan [1] Product Performance - Sales of the "Dust Mite Drops" reached 794 million yuan, a year-on-year increase of 13.38% [1] - The "Artemisia Pollen Sublingual Drops" generated sales of 44.76 million yuan, up 117.58% year-on-year [1] - Sales of the skin prick solution amounted to 11.05 million yuan, reflecting a 94.10% year-on-year growth [1] - The rapid growth in sales of the latter two products is attributed to increased market promotion efforts [1] Market Position and Demand - Iwubio is a core supplier in the domestic desensitization treatment field, with its products being among the only two approved sublingual allergen desensitization agents in China [2] - The company’s products effectively cover different allergic patient groups, addressing regional variations in allergen distribution [2] - The global allergy immunotherapy market is projected to grow from approximately 1.84 billion USD in 2024 to about 4.02 billion USD by 2032, with a compound annual growth rate of around 10.3% [2] Clinical and Research Development - Iwubio has been actively collaborating with medical institutions to accumulate high-quality clinical evidence, enhancing the implementation of sublingual desensitization therapy [3] - The company’s flagship product, "Dust Mite Drops," has been recognized in 140 research articles indexed by the PubMed database, including 86 SCI papers [3] - The "Artemisia Pollen Sublingual Drops" has also established a solid academic foundation with 13 English research papers published in international SCI journals [3] R&D and Regulatory Developments - In the first three quarters of 2025, Iwubio invested 85.7 million yuan in R&D, accounting for 10.04% of its revenue [4] - The company received updated production licenses for three new products, expanding its product matrix [4] - Iwubio has accelerated its clinical pipeline, with several new products entering clinical trials [5] Strategic Outlook - With high R&D investment, new product qualifications, and ongoing clinical pipeline advancements, Iwubio is well-positioned to expand its product matrix and enhance its market share in the global desensitization treatment field [5]

Core Insights - The company reported a revenue of 369,123,847.45 yuan for the third quarter of 2025, representing a year-on-year growth of 22.64% [2] - The net profit attributable to shareholders of the listed company was 167,857,811.64 yuan, showing a year-on-year increase of 36.44% [2] Financial Performance - Revenue for Q3 2025: 369.12 million yuan, up 22.64% year-on-year [2] - Net profit for Q3 2025: 167.86 million yuan, up 36.44% year-on-year [2]

Core Viewpoint - The company reported a significant increase in both revenue and net profit for the first three quarters of 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company's operating revenue for the first three quarters reached 853 million yuan, representing a year-on-year growth of 16.86% [1] - The net profit attributable to shareholders of the listed company was 345 million yuan, showing a year-on-year increase of 26.67% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 340 million yuan, reflecting a year-on-year growth of 28.92% [1] - The basic earnings per share stood at 0.6587 yuan [1]

Core Insights - Iwubio reported a revenue of 369 million yuan for Q3 2025, representing a year-on-year growth of 22.64% [1] - The net profit attributable to shareholders for Q3 2025 was 168 million yuan, showing a year-on-year increase of 36.44% [1] - For the first three quarters of 2025, the company achieved a total revenue of 853 million yuan, which is a 16.86% increase compared to the same period last year [1] - The net profit attributable to shareholders for the first three quarters of 2025 reached 345 million yuan, reflecting a year-on-year growth of 26.67% [1]