Core Viewpoint - The Biotech Index (970038) experienced a decline of 2.26% on November 21, closing at 2111.48 points, with a total trading volume of 19.114 billion yuan and a turnover rate of 1.64% [1] Group 1: Index Performance - On the day, only one constituent stock, Prolo Pharmaceutical, saw an increase of 1.41%, while 49 stocks declined, with Iwu Biological leading the drop at 5.0% [1] - The top ten constituent stocks of the Biotech Index are primarily in the biopharmaceutical sector, with significant weightings for companies like Mindray Medical (12.58%) and Changchun High-tech (4.87%) [1] Group 2: Market Capitalization and Price Movements - The total market capitalization of the top ten stocks ranges from 2365.59 billion yuan for Mindray Medical to 285.91 billion yuan for Lepu Medical, indicating a diverse range of company sizes within the index [1] - Price movements for the top stocks include declines for major players such as Mindray Medical (-1.88%) and Changchun High-tech (-2.73%) [1] Group 3: Capital Flow - The Biotech Index constituents saw a net outflow of 1.929 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.724 billion yuan [3] - Notable capital flows include Peak High-Tech with a net inflow of 22.415 million yuan from institutional investors, while other stocks like Jiayuan Pharmaceutical experienced significant outflows [3]

Core Viewpoint - The company, Iwu Biologics (300357.SZ), has received approval for a supplementary application for clinical trials of its drug "Artemisia Pollen Puncture Solution" from the National Medical Products Administration, indicating progress in its product development pipeline [1] Group 1 - The approved clinical trial is aimed at diagnosing Type I hypersensitivity diseases related to ragweed pollen allergy through skin prick tests [1]

Core Viewpoint - The company Iwu Biologics (300357.SZ) has received approval for a supplemental application for clinical trials of its drug "Ragweed Pollen Skin Prick Solution," which is aimed at diagnosing type I hypersensitivity diseases related to ragweed pollen allergy [1] Group 1 - The drug is classified as a therapeutic biological product and is formulated as a skin prick reagent [1] - The approved formulation has a total allergen activity of 3500 DU/ml and comes in a 2 ml bottle [1] - The company will fulfill its information disclosure obligations based on the progress of the clinical trials [1]

Core Viewpoint - The company has received approval for a supplementary application for clinical trials of "Artemisia pollen prick solution" from the National Medical Products Administration, allowing for an increase in total allergen activity to 3500 DU/ml with a packaging specification of 2 ml per bottle [1] Group 1 - The company has downloaded the "Approval Notification for Supplementary Application of Drug Clinical Trials" from the National Medical Products Administration [1] - The approved supplementary application pertains to the "Artemisia pollen prick solution" [1] - The new specification allows for a total allergen activity of 3500 DU/ml [1]

证券代码：300357 证券简称：我武生物 公告编号：2025-042 号 浙江我武生物科技股份有限公司 关于获得豚草花粉点刺液药物临床试验补充申请批 准通知书的公告 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。 日前，浙江我武生物科技股份有限公司（以下简称"公司"）从国家药品监 督管理局政务服务门户网站下载获得《药物临床试验补充申请批准通知书》（通 知书编号：2025LB00830），由公司提交的"豚草花粉点刺液"（以下简称"本 品"）药物临床试验补充申请获得批准。现将有关内容公告如下： 一、基本情况 药品名称：豚草花粉点刺液 药品注册申请人：浙江我武生物科技股份有限公司 根据《中华人民共和国药品管理法》及有关规定，经审查，本品为已获得批 准的药物临床试验申请的补充申请，此次药物临床试验补充申请符合药品注册的 有关要求，同意本品按照批准内容继续开展临床试验。批准内容如下：同意增加 总变应原活性为3500DU/ml，每瓶装量为2毫升规格制剂。 二、后续流程 豚草花粉点刺液本次获得《药物临床试验补充申请批准通知书》，增加了总 变应原活性为3500DU/ml，每 ...

Core Insights - The biopharmaceutical sector experienced a decline of 0.98% on November 18, with He Yuan Bio leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Stock Performance Summary - Notable gainers included: - Aopu Mai (688293) with a closing price of 58.80, up 3.38% on a trading volume of 15,900 shares and a transaction value of 93.39 million [1] - Jin Hu Ke (688670) at 26.80, up 2.88% with a volume of 116,300 shares and a transaction value of 319 million [1] - Te Bao Bio (688278) at 77.08, up 1.22% with a volume of 10,800 shares and a transaction value of 82.57 million [1] - Notable decliners included: - Bu Yuan Bio (688765) at 79.95, down 3.89% with a volume of 56,800 shares and a transaction value of 458 million [2] - San Sheng Guo Jian (688336) at 67.60, down 3.87% with a volume of 68,100 shares and a transaction value of 469 million [2] - Wo Wu Bio (300357) at 31.77, down 3.23% with a volume of 77,900 shares and a transaction value of 250 million [2] Capital Flow Analysis - The biopharmaceutical sector saw a net outflow of 981 million from institutional investors, while retail investors contributed a net inflow of 819 million [2] - Key stocks with significant capital flow included: - Hua Lan Vaccine (301207) with a net inflow of 48.51 million from institutional investors [3] - Rong Chang Bio (688331) with a net inflow of 23.62 million from institutional investors [3] - Jin Ke (688670) with a net inflow of 5.53 million from institutional investors [3]

Investment Rating - The report continues to recommend the innovative drug and medical device industry chain, indicating a high level of investment interest in this sector [1][5]. Core Views - The report highlights the high prosperity in innovative drugs, suggesting potential value revaluation for companies such as Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [2][5]. - It emphasizes the importance of Biopharma/Biotech companies with innovative pipelines and performance entering a volume increase phase, including Innovent Biologics, BeiGene, and others [2][5]. - The report also points out the recovery potential for leading medical equipment companies like United Imaging Healthcare, Lepu Medical, and others [2][5]. Summary by Sections A-Shares Performance - In the second week of November 2025, the A-Shares pharmaceutical sector outperformed, with the SW Pharmaceutical and Biological index rising by 3.3% while the SHCOMP fell by 0.2% [2][30]. - The pharmaceutical commerce, chemical raw materials, and chemical preparations sub-sectors showed strong performance, with increases of 5.7%, 5.1%, and 4.4% respectively [2][30]. - Notable stock gains included GDK (+61.6%), HPGC Renmintongtai Pharmaceutical Corporation (+61.1%), and Chengda Pharmaceuticals Co., Ltd. (+58.3%) [2][30]. Hong Kong and U.S. Market Performance - The Hong Kong pharmaceutical sector also outperformed, with the Hang Seng Healthcare index increasing by 6.8% and the Hong Kong Biotechnology index by 7.1% [2][31]. - In the U.S., the S&P Healthcare Select Sector rose by 3.9%, significantly outperforming the S&P 500, which only increased by 0.1% [2][32]. Valuation Metrics - As of November 14, 2025, the premium level of the pharmaceutical sector relative to all A-Shares is at a normal level, with a current relative premium rate of 77.0% [2][15]. - The report provides earnings forecasts and valuation metrics for various companies, indicating expected growth rates and price-to-earnings ratios for the coming years [6][7].

Core Viewpoint - The company has decided to terminate the research and development project for the smoke mold prick liquid due to various factors including project progress and associated risks, reallocating resources to focus on more advantageous projects in its pipeline [1][3]. Financial Impact - The termination of the smoke mold prick liquid project will reduce the company's total profit for 2025 by 4.7684 million yuan, leading to a decrease in net profit of 3.3379 million yuan after considering corporate income tax [1][3]. - The cumulative development expenditure for the smoke mold prick liquid project amounts to 4.7684 million yuan, which will be fully impaired according to accounting standards [3]. Clinical Trial Insights - The smoke mold prick liquid was intended for skin prick tests to assist in diagnosing type I hypersensitivity diseases caused by smoke mold sensitization [2]. - During the phase I clinical trial, a delayed reaction occurred in 9.1% of participants, characterized by blisters at the prick site, which typically appeared 48 to 72 hours post-test and lasted 5 to 10 days [2]. - The company found it challenging to identify and remove components in the smoke mold prick liquid that could cause delayed reactions, leading to the decision to halt further clinical trials [3]. Company Performance - As of the third quarter of 2025, the company reported a revenue of 855 million yuan, a year-on-year increase of 16.86%, and a net profit attributable to shareholders of 345 million yuan, up 26.67% [3]. - The company has eight approved allergen skin prick liquids for sale, and the termination of the smoke mold prick liquid project will not significantly impact other ongoing projects or overall operations [3]. Market Position - The company's latest stock price is 33.65 yuan, which has doubled since mid-September 2024 but remains significantly lower than its historical high of 96.93 yuan in early 2021, with a current market capitalization of 17.6 billion yuan [4].

Group 1: Company Announcements - 合富中国's stock price increased by 256.29% over 14 trading days, significantly outperforming the industry and Shanghai Composite Index, leading to a suspension for verification starting November 17 [1] - 工业富联's GB300 achieved mass production in Q3, with improved yield and testing efficiency, positively impacting Q4 gross margin [2] - 天孚通信's controlling shareholder plans to transfer 8.5 million shares, representing 1.09% of total equity, due to personal funding needs [4] - 璞泰来 plans to invest 7.6 billion yuan in a new integrated film coating project, aiming to meet growing demand in the battery and energy storage sectors [5] - 电投能源 intends to acquire 100% of Baiyin Hua Coal Power for 11.149 billion yuan, financing through share issuance and cash [6] - 中微公司 reported that a shareholder completed a reduction of 12.52 million shares, totaling 3.351 billion yuan [7] - 瑞德智能 plans to invest 10 million yuan in a leading company in the power plant robotics sector [8] - 盘古智能 aims to acquire control of a petrochemical company by purchasing 11.97% of its shares for 24.64 million yuan [9] - 泰达股份 signed a memorandum for a waste-to-energy project in Egypt [10] - 杭氧股份 is set to establish a venture capital fund focusing on low-temperature technology and nuclear fusion [11] Group 2: Financial Performance and Regulatory Approvals - 复星医药's subsidiary received FDA approval for a biosimilar drug, with applications pending in China and Europe [21] - 长春高新 received approval for a clinical trial of a new growth hormone drug, with no similar products currently available in China [20] - 海辰药业 obtained a drug registration certificate for a new injection product [22] - 上海机场 reported a 12.46% year-on-year increase in passenger throughput for October [23] Group 3: Shareholder Actions - 深桑达 A plans to publicly transfer 80% of a subsidiary's shares with a minimum price of 1.857 billion yuan [12] - 中电港's major shareholder reduced its stake by 1% between October 31 and November 13 [15] - 康龙化成's major shareholders plan to collectively reduce their holdings by up to 1.5% [16] - 科兴制药's controlling shareholder intends to transfer 5% of its shares [17]

Core Points - Company management has decided to terminate the research and development project for the fungal product, due to a comprehensive evaluation of project progress and associated risks [2] - The total development expenditure for the fungal product project amounts to 4.7684 million yuan, which will be fully impaired, impacting the company's financials [2] - The impairment will reduce the company's total profit for the year 2025 by 4.7684 million yuan, leading to a decrease in net profit attributable to the company of 3.3379 million yuan after considering corporate income tax [2]