Core Viewpoint - The company maintains a buy rating, with steady growth in its core product, dust mite drops, and rapid expansion of the new product, Artemisia annua drops, alongside continuous enrichment of prick test products and multiple advancements in R&D [1][2]. Financial Performance - The company adjusts its EPS forecasts for 2025-2026 to 0.67 and 0.79 yuan, respectively, and introduces a new EPS forecast of 0.92 yuan for 2027, reflecting the acceleration of its second-largest product's growth [2]. - The company expects a stable revenue growth for the year 2024, projecting an operating income of 925 million yuan (+9.10%) and a net profit attributable to shareholders of 318 million yuan (+2.46%) [2]. - In Q4 alone, the company achieved an operating income of 195 million yuan (+11.90%) and a net profit attributable to shareholders of 46 million yuan (+13.82%) [2]. Product Performance - Revenue from dust mite drops reached 886 million yuan (+7.86%) in 2024, remaining the company's pillar business, while Artemisia annua drops generated 27.01 million yuan (+76.43%) [3]. - The approval of pediatric indications and corresponding prick test solutions, along with clinical validation of pollen season treatment plans, has enhanced patient acceptance and expanded market coverage through patient assistance programs [3]. R&D and Product Development - Revenue from prick test products grew significantly, reaching 7.30 million yuan (+103.08%) in 2024, driven by the approval of three new pollen prick test solutions [4]. - The company currently has eight approved prick test products and is conducting clinical research on additional products, indicating a shift in product positioning from auxiliary desensitization products to allergen screening tools [4]. - Ongoing R&D includes the development of inhaled solutions and dermatitis diagnostic patches, with clinical trials for dust mite membrane agents approved, and other treatments in preclinical stages [4].

Investment Rating - The report maintains a "Buy" rating for the company [3][11]. Core Views - The company's core product, Dust Mite Drops, is steadily growing, while the new product, Artemisia Annua Drops, is rapidly gaining market traction. The company is also expanding its product line with various prick test solutions and making continuous progress in R&D [3][11]. - The revenue for 2024 is projected to be 925 million yuan, reflecting a growth of 9.1%, with a net profit of 318 million yuan, an increase of 2.5% [11]. - The company is focusing on enhancing its market presence, particularly in northern regions, and has initiated patient assistance programs to improve product coverage [11]. Financial Summary - **Revenue and Profit Forecasts**: - 2023A: Revenue 848 million yuan, Net Profit 310 million yuan - 2024A: Revenue 925 million yuan (+9.1%), Net Profit 318 million yuan (+2.5%) - 2025E: Revenue 1,061 million yuan (+14.6%), Net Profit 353 million yuan (+11.0%) [5][12]. - **Earnings Per Share (EPS)**: - 2024A: 0.61 yuan - 2025E: 0.67 yuan - 2026E: 0.79 yuan - 2027E: 0.92 yuan [11][12]. - **Valuation Metrics**: - The report assigns a PE ratio of 35X for 2025, with a target price of 23.58 yuan [11][12]. Product Performance - **Dust Mite Drops**: Revenue reached 886 million yuan in 2024, growing by 7.86% [11]. - **Artemisia Annua Drops**: Revenue of 27.01 million yuan, a significant increase of 76.43% [11]. - **Prick Test Solutions**: Revenue of 7.30 million yuan, with a growth of 103.08% due to new product approvals [11]. R&D Progress - The company has multiple projects in the pipeline, including new prick test solutions and clinical trials for various products, indicating a robust R&D strategy [11].

Core Viewpoint - Iwubio has demonstrated steady growth in its financial performance, with a focus on innovation in the desensitization treatment sector, positioning itself as a leader in a competitive market [1] Group 1: Financial Performance - For the year 2024, Iwubio reported a revenue of 925 million yuan, representing a year-on-year growth of 9.10% [1] - The net profit attributable to shareholders was 318 million yuan, an increase of 2.46% year-on-year [1] - In Q1 2025, the company achieved a revenue of 228 million yuan, up 5.7% year-on-year, with a net profit of 74 million yuan, reflecting a growth of 1.5% [1] - Operating cash flow for Q1 2025 reached 85.88 million yuan, marking a significant increase of 96.2% [1] - Cumulatively, the company has distributed over 850 million yuan in cash dividends since its listing, which is approximately four times the amount raised during its IPO [1] Group 2: Competitive Advantages - Iwubio has established three competitive barriers: technological innovation, product scarcity, and industry leadership [2][3][4] - The company invested 125 million yuan in R&D in 2024, accounting for 13.48% of its revenue, which is above the industry average [2] - Iwubio's product "Dust Mite Drops" is the only sublingual desensitization treatment available in China, providing a significant advantage in terms of safety and convenience compared to subcutaneous alternatives [3] - The market share of Iwubio's "Dust Mite Drops" has consistently remained above 81.72%, confirming its leading position in the domestic desensitization treatment market [4] Group 3: Growth Potential - The allergy treatment market is expected to grow due to the increasing prevalence of allergic diseases, with reports indicating that around 40% of the Chinese population suffers from such conditions [5] - Iwubio's "Dust Mite Drops" and "Artemisia Pollen Sublingual Drops" have shown significant growth, with the latter achieving a 76.43% increase in 2024 [5] - The company is expanding its product offerings in the allergy testing market, with new products like "Pollen Skin Prick Test Solutions" receiving market approval [5] - Iwubio is also venturing into stem cell therapies and natural medicines, aiming to create a second growth curve [6] - The company has identified a drug molecule for antibiotic-resistant tuberculosis and is advancing its clinical research [6] Group 4: Strategic Outlook - Iwubio's strategic positioning in the allergy treatment sector, combined with its innovative approaches in stem cell and natural medicine, suggests a robust growth trajectory [7] - The company is well-positioned to navigate the evolving pharmaceutical landscape, focusing on both maintaining its core allergy treatment business and exploring new therapeutic areas [7]

Group 1: Market Competition and Product Strategy - The domestic allergy treatment market growth has slowed to 8%, with competitors like Novartis and ALK accelerating sublingual desensitization therapy [1] - The company has three dust mite desensitization drugs approved for nationwide sale, including its own "Dust Mite Drops" [1] - The company is not concerned about competition, believing that more participants can help expand the market [1] Group 2: Cost Structure and Financial Management - The company's main product costs remained stable in 2024, with a high gross margin [2] - Future cost optimization will focus on external procurement and production planning, although the potential for significant cost reduction is limited due to high margins [2] - The company has entrusted financial management with an amount of 206.5 million yuan, with an unexpired balance of 194.838 million yuan [2] Group 3: Research and Development Focus - The company is developing new major medical products, including stem cell therapies and natural drugs (anti-drug-resistant antibiotics) [2][4] - Current R&D investments are primarily focused on allergen products, with plans to enter new medical fields [4] - New drug development cycles are long and risky, making it difficult to predict product launch timelines [4] Group 4: Industry Standards and Regulatory Compliance - The company has established its own drug registration standards, which have been approved by the National Medical Products Administration [4] - Participation in industry standard formulation enhances the company's influence and competitiveness in the allergy treatment sector [4]

Core Insights - The company reported a revenue of 925 million yuan for 2024, a year-on-year increase of 9.10%, and a net profit of 318 million yuan, up 2.46% from the previous year [1] - The sales revenue of the "Dust Mite Drops" reached 886 million yuan, growing by 7.86%, while the "Artemisia Pollen Sublingual Drops" saw a significant increase of 76.43% to 27 million yuan [1] - The company is a leading player in the allergy treatment market in China, focusing on the development and sales of allergy diagnosis and treatment products [2] Financial Performance - In Q1 2025, the company achieved a revenue of 228 million yuan, a 5.65% increase year-on-year, with a net profit of 74 million yuan, slightly down by 3.71% [1] - The sales of "Dust Mite Drops" in Q1 2025 were 216 million yuan, up 4.10%, while "Artemisia Pollen Sublingual Drops" increased by 43.52% to 9 million yuan [1] Market Position and Growth Potential - The company is positioned in a high-growth market for allergy treatments, with a potential market size driven by a significant number of allergy sufferers in China, estimated at 420 million people [2][3] - The company is recognized as the absolute leader in domestic desensitization treatment, with a competitive landscape that supports strong growth [3] Research and Development - The company invested 125 million yuan in R&D in 2024, accounting for 13.48% of its revenue, to enhance its product pipeline in allergy treatment [3] - The company holds 12 valid Chinese invention patents and has plans to enter new medical fields, including stem cell therapies and natural medicines [3] Product Development - The company has received approval for several new allergy testing products, expanding its portfolio to a total of 8 approved skin prick test products [4] - The company aims to improve the quality of life and health span of individuals through its innovative allergy treatment solutions [4] Shareholder Returns - The company has a consistent profit distribution policy, with a planned cash dividend of 115 million yuan for 2024, representing 36.24% of its net profit [5] - Since its listing, the company has distributed over 850 million yuan in cash dividends, significantly exceeding its initial fundraising amount [4]

Summary of the Conference Call for Iwu Biological Company Overview - **Company**: Iwu Biological - **Industry**: Allergy treatment and diagnostics Key Financial Performance - **2024 Revenue**: 925 million CNY, up 9.1% YoY - **Net Profit**: 318 million CNY, up 2.46% YoY - **Core Product Revenue**: - Dust Mite Drops: 886 million CNY, up 7.86% YoY - Artemisia Pollen Sublingual Drops: 27 million CNY, up 76.43% YoY - Skin Prick Liquid: 7.3 million CNY, up 103% YoY - **Q1 2025 Revenue**: 228 million CNY, up 5.65% YoY - **Q1 2025 Net Profit**: 74.34 million CNY, down 3.71% YoY, but non-recurring net profit up 1.48% YoY [3][4] Market Expansion and Strategy - **Hospital Coverage**: Current coverage of over 1,000 hospitals, with plans to expand to approximately 4,000 county-level hospitals [3][5] - **New Products**: Three new prick test products (Xuanlingcao, Xiaolianhua, and Catnip) approved as screening tools, expected to drive future sales growth [3][6] - **Sales Strategy**: Focus on strict diagnosis before treatment to maintain market reputation, with increased sales personnel to enhance hospital coverage [3][5][14] R&D and Product Development - **R&D Focus**: - Allergy treatment products - Natural drug development against antibiotic resistance - New drug development based on innovative technologies [3][7] - **Allergy Diagnostic Device**: Development of a machine to interpret prick test results, aiming to speed up nurse operations, with clinical trials planned [3][10] - **New Product Launches**: Dust mite membrane agent positioned as an upgrade to dust mite drops to address inflation and provide flexible pricing [3][25] Dividend Policy - **Increased Dividend Frequency**: Announced a cash dividend of 2.2 CNY per 10 shares for 2025, the highest in company history, with total dividends exceeding 900 million CNY since listing [3][8] Sales and Marketing Adjustments - **Sales System Changes**: Increased emphasis on online promotion and collaboration with major hospitals for broader outreach [3][21] - **Sales Growth**: Significant increase in sales of Artemisia Pollen Drops, indicating strong market demand [3][22] Financial Outlook - **Expense Management**: Anticipated increase in management and sales expenses due to personnel growth and project completions, with a focus on maintaining profitability [3][13] - **Sales Personnel Growth**: Plans to further increase the number of sales personnel to enhance revenue generation [3][14] Market Dynamics - **Impact of New Biologics**: New biologics for allergic rhinitis have minimal impact on the desensitization product market, as they mainly compete within existing symptom control medications [3][17] Future Development Plans - **2025 Goals**: Continue to strengthen the desensitization treatment sector, enhance marketing efforts, and optimize internal processes for efficiency [3][26]

Financial Performance - In 2024, the company achieved a revenue of 925,394,524.96 RMB, a year-on-year increase of 9.10% [2] - The net profit attributable to shareholders was 317,822,381.76 RMB, up 43.52% compared to the previous year [2] - In Q1 2025, the revenue was 228,471,779.62 RMB, reflecting a growth of 5.65% year-on-year [2] - The net profit for Q1 2025 was 74,342,067.14 RMB, a decrease of 3.71% from the same period last year [2] Product Sales Performance - Sales revenue for "Dust Mite Drops" in 2024 was 1,215,804,998.41 RMB, an increase of 4.10% year-on-year [2] - Sales revenue for "Artemisia Flower Pollen Sublingual Drops" reached 9,300,884.66 RMB, marking a growth of 76.43% [2] - Sales revenue for "Skin Prick Test Solution" was 2,336,289.25 RMB, with a significant increase of 104.58% year-on-year [3] R&D Pipeline - As of December 2024, the company has received approval for three new skin prick test products, expanding its portfolio to a total of 8 approved products [3] - The "House Dust Mite Membrane" drug clinical trial application was approved in December 2024, entering Phase I clinical trials in March 2025 [3][6] Dividend Distribution - The company announced a cash dividend of 1.20 RMB per 10 shares, totaling approximately 62,830,080.00 RMB, subject to shareholder approval [4] - Cumulatively, the company has distributed over 850 million RMB in cash dividends since its listing, equivalent to about four times the initial fundraising amount [3] Sales Strategy and Market Position - The company is enhancing its sales management structure and has selected a group of young sales managers to take on more responsibilities [6] - The positioning of the "House Dust Mite Membrane" product focuses on sublingual administration, improving patient compliance and accuracy [7] Conclusion - The company aims to maintain its leading position in the desensitization field while optimizing internal processes and enhancing operational efficiency [8]

证券代码：300357 证券简称：我武生物 公告编号：2025-015 号 浙江我武生物科技股份有限公司 关于会计政策变更的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 （二）变更前采用的会计政策 本次会计政策变更前，公司执行财政部修订和发布的《企业会计准则——基 本准则》和各项具体会计准则、企业会计准则应用指南、企业会计准则解释公告 1 特别提示： 浙江我武生物科技股份有限公司（以下简称"公司"）根据中华人民共和国 财政部（以下简称"财政部"）颁布的相关规定进行会计政策变更，根据《深圳 证券交易所上市公司自律监管指引第2号——创业板上市公司规范运作》等有关 规定，本次会计政策变更是公司根据法律、法规和国家统一的会计制度的要求进 行的变更，无需提交公司董事会和股东会审议。本次会计政策变更不会对公司 2024年度财务报表产生影响。 一、会计政策变更概述 （一）变更原因及日期 2023年10月，财政部发布了《企业会计准则解释第17号》（财会[2023]21 号，以下简称"解释17号"），规定了"关于流动负债与非流动负债的划分"、 "关于供应商融资安排的披露 ...

为贯彻落实中央政治局会议提出的"要活跃资本市场、提振投资者信心"、 国务院常务会议提出的"要大力提升上市公司质量和投资价值，要采取更加有力 有效措施，着力稳市场、稳信心"的要求，进一步提升浙江我武生物科技股份有 限公司（以下简称"公司"）质量和投资价值，公司于 2024 年 3 月 8 日披露了 《关于"质量回报双提升"行动方案的公告》（公告编号：2024-001 号）。关于"质 量回报双提升"行动方案的进展情况如下： 证券代码：300357 证券简称：我武生物 公告编号：2025-016 号 浙江我武生物科技股份有限公司 一、 深耕脱敏领域，保持国内领先地位 关于"质量回报双提升"行动方案的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 公司是一家专业从事过敏性疾病诊断及治疗产品的研发、生产和销售的高科 技生物制药企业，在我国脱敏治疗市场具备领先地位。公司主要上市销售的药品 包括粉尘螨滴剂（国药准字 S20060012，商品名：畅迪）、黄花蒿花粉变应原舌下 滴剂（国药准字 S20210001，商品名：畅皓）、以及粉尘螨皮肤点刺诊断试剂盒 （国药准字 ...

证券代码：300357 证券简称：我武生物 公告编号：2025-011 号 浙江我武生物科技股份有限公司 关于使用闲置自有资金购买理财产品的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 1、投资种类：商业银行等金融机构发行的中低风险、流动性好、安全性高 的理财产品。 2、投资金额：公司及子公司使用闲置自有资金最高不超过11亿元（含本数） 购买中低风险理财产品。 3、特别风险提示：尽管理财产品都经过严格的评估，且属于中低风险投资 产品，但理财产品仍可能受到市场波动的影响，投资收益具有不确定性。敬请投 资者注意相关风险并谨慎投资。 一、投资情况概述 1、投资目的 公司及子公司将按照法律法规及公司内控的规定严格控制风险，对理财产品 1 进行严格评估、筛选，选择包括但不限于商业银行等金融机构发行的中低风险、 流动性好、安全性高的理财产品，上述投资品种不含投资境内外股票、证券投资 基金等有价证券及其衍生品。 4、投资期限 自获公司董事会审议通过之日起12个月内有效。 5、资金来源 为提高浙江我武生物科技股份有限公司（以下简称"公司"）资金的使用效 ...