Core Insights - The Social Security Fund has invested in 157 stocks by the end of Q3, with 57 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 increased its holdings in 23 of the 57 continuously held stocks, with significant increases in stocks like Dongfang Tantalum (167.89%), Wanwei High-tech (86.33%), and Sumida (70.56%) [2] - Conversely, 21 stocks saw a reduction in holdings, with notable decreases in Xinji Energy (88.17%), Mingtai Aluminum (77.19%), and Weifeng Electronics (64.38%) [2] Group 2: Sector Distribution - The 57 stocks held by the Social Security Fund are concentrated in the pharmaceutical, basic chemicals, and non-ferrous metals sectors, with 8, 6, and 6 stocks respectively [2] - The pharmaceutical sector includes stocks like Iwu Biological, Aide Biological, and Huate Dain [2] - The basic chemicals sector features stocks such as Lanxiao Technology, Zhongqi Co., and Wanwei High-tech [2] Group 3: Performance Metrics - Among the 57 stocks, 41 reported a year-on-year increase in net profit, with significant growth from companies like Shennong Development (202.82%), Wanwei High-tech (89.77%), and Chifeng Gold (86.21%) [3] - 15 stocks experienced a decline in net profit, with the largest decreases from Zhongqi Co. (622.16%), Vanadium Titanium Co. (181.13%), and Huawang Technology (49.46%) [3] - The sustainability of performance is observed in 23 stocks that have shown consistent year-on-year net profit growth over the past three years [3]

Summary of Iwu Biologics Conference Call Company Overview - **Company**: Iwu Biologics - **Industry**: Allergy Treatment and Biologics Key Financial Performance - **Revenue Growth**: - Q3 2025 revenue reached 369 million CNY, a year-on-year increase of 22.64% - Year-to-date revenue for the first three quarters was 853 million CNY, up 16.86% [2][3] - **Net Profit Growth**: - Q3 2025 net profit was 167.8 million CNY, a 36.44% increase year-on-year - Year-to-date net profit for the first three quarters was 345 million CNY, up 26.67% [2][3] Product Performance - **Dust Mite Drops**: - Revenue of 794.2 million CNY, a 13.38% increase year-on-year - New patient growth has not met expectations [2][3][5] - **Artemisia Annua**: - Revenue of 44.75 million CNY, a significant increase of 117.58%, with Q3 growth exceeding 180% [2][3] - **Skin Prick Products**: - Revenue of 11 million CNY from January to September, a 94.1% increase year-on-year [3] Sales and Marketing Strategies - **Sales Optimization**: - Increased resource allocation to sales and marketing, appointing capable personnel and enhancing regional analysis and supervision [4] - **Market Education**: - Focus on educating the market about desensitization therapy, particularly in southern China where dust mite allergies are prevalent [4][6] Clinical Pipeline Progress - **Clinical Trials**: - Dust Mite Ubenimex received clinical approval, with ongoing Phase I and II trials for other products [9] - **Stem Cell Projects**: - Rapid progress in stem cell projects, with a focus on developing proprietary serum and culture media [10][11] Competitive Landscape - **Market Dynamics**: - The desensitization market is large, with Iwu Biologics capturing only a small portion of the market [6] - **Impact of Competition**: - Increased competition is viewed positively as it aids in market education and expansion [6] Financial Outlook - **Expense Trends**: - Overall expense rates are expected to decline in 2025, although a rise is anticipated in Q4 due to seasonal factors [16] - **Future Projections**: - The company aims for sustainable growth through continued market focus and sales strategy optimization [22][24] Challenges and Opportunities - **New Patient Growth**: - New patient numbers for dust mite drops have not met expectations, while Artemisia Annua's growth aligns with seasonal demand [5][17] - **Market Penetration**: - The northern market for Artemisia Annua faces challenges due to seasonal symptoms and requires extensive academic promotion [19] Regulatory and Pricing Considerations - **Insurance Coverage**: - The entry of monoclonal antibody products into insurance may not negatively impact Iwu Biologics, as their treatment approach is complementary [21] - **Pricing Strategy**: - Pricing for new products is under consideration, with expectations for operational space if pricing exceeds certain thresholds [14] Conclusion - Iwu Biologics has demonstrated strong financial performance in 2025, driven by effective sales strategies and product development. The company is well-positioned to capitalize on market opportunities while navigating challenges in patient growth and competition. Future strategies will focus on sustainable growth and market education.

Market Performance - The market experienced a rebound last week, with the CSI Xinhua National Brand Index rising by 4.14% to 2037.67 points [1][2] - The Shanghai Composite Index increased by 2.88%, the Shenzhen Component Index by 4.73%, the ChiNext Index by 8.05%, and the CSI 300 Index by 3.24% [2] Strong Stock Performances - Notable strong performers included: - Zhongji Xuchuang (up 32.23%) - Shiyuan Technology (up 14.54%) - Sunshine Power (up 14.37%) [2] - Other stocks with significant gains included: - Anji Technology and Wowo Bio (both up over 10%) - SMIC and Zhaoyi Innovation (both up over 9%) [2] Year-to-Date Stock Performance - Since the beginning of the second half of the year, Zhongji Xuchuang has surged by 239.03%, leading the gains [3] - Sunshine Power has increased by 145.06%, while other stocks like Lanke Technology and Yiwei Lithium Energy have risen over 70% [3] Market Outlook - According to Fangzheng Fubang Fund, liquidity remains a crucial driver for market development, and future capital inflow will significantly impact market trends [4] - The fund suggests focusing on sectors with solid fundamentals and reasonable valuations, rather than chasing high-performing stocks with poor earnings [4] - Long-term investment opportunities may lie in technology companies with real technological barriers that align with national strategies [4] - Kangmand Capital anticipates a volatile market in the short term due to uncertainties, but the core logic for an upward trend remains unchanged [4] - Xingshi Investment notes that positive incremental information could stabilize market expectations and emotions, with a potential shift in economic momentum towards technology and consumption [4]

Report Summary 1. Reported Industry Investment Rating Not provided in the given content. 2. Core Viewpoints of the Report - The company will continue to focus on the field of allergic disease diagnosis and treatment and optimize its sales management system [31]. - In marketing, the company will increase resource investment, adhere to academic promotion, and promote the sustainable growth of allergen product revenue [31]. - In R & D, the company promotes product layout from a full - life - cycle perspective, and all work is carried out in an orderly manner while effectively controlling R & D expenditures [32]. - The company will continue to optimize details and improve energy efficiency in operation and internal control management to ensure overall stable operation and strive to improve performance in the future [32]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - Research object: Iwu Biological [16] - Industry: Biological products [16] - Reception time: October 24, 2025 [16] - Listed company reception personnel: Chairman Hu Gengxi, General Manager He Jianming, Deputy General Manager and Board Secretary Guan Zhenwei [16] 3.2. Detailed Research Institutions -证券公司: Zhongtai Securities, Kaiyuan Securities, Zhongyou Securities, CITIC Securities, Shenwan Hongyuan Securities, Guotai Haitong Securities, Xingye Securities, Huayuan Securities, Guosheng Securities, Orient Securities, Guoxin Securities, Huatai Securities Shanghai [17][18][19] -基金管理公司: China Merchants Fund, Dacheng Fund, BOC Fund, China - Europe Fund, Jishi Fund, Tianzhi Fund, Shenwan Lingxin Fund, Guolianan Fund, Chuangjin Hexin Fund, Ping An Fund, Tongtai Fund, Hongta Hongtu Fund, Changxin Fund, Huaan Fund, F安达 Fund, Jiaoyin Schroeder Fund, Huatai Berry Fund, Xinda Australia Asia Fund, Noah Fund, Shanghai Hexi Private Fund, Guangdong Huizheng Private Fund [17][18][19][20] -资产管理公司: Shanghai Zhaowan, BOC Asset Management, CITIC Asset Management, Shanghai Zhongyu, Caitong Securities, Shanghai Shifeng, Shanghai Mingyu, Gefei [17][18][19][20] 3.3. Research Institution Proportion Not provided in the given content. 3.4. Main Content Data 3.4.1. Business Situation Introduction - **Operating performance**: From January to September 2025, the company's operating income was 853,360,357.81 yuan, a year - on - year increase of 16.86%, and the net profit attributable to shareholders of the listed company was 344,866,533.27 yuan, a year - on - year increase of 26.67% [27]. - **Product sales**: From January to September 2025, the sales revenue of "Dust Mite Drops" was 794,221,951.72 yuan, a year - on - year increase of 13.38%; the sales revenue of "Artemisia annua Pollen Allergen Sublingual Drops" was 44,756,599.93 yuan, a year - on - year increase of 117.58%; the sales revenue of skin prick solution was 11,046,360.42 yuan, a year - on - year increase of 94.10% [27]. - **Profit distribution**: The company plans to distribute cash dividends of 1.00 yuan per 10 shares (tax - included) based on the total share capital of 523,584,000 shares. The plan needs to be reviewed and approved by the company's shareholders' meeting [27]. - **R & D pipeline**: In July 2025, "Artemisia annua Pollen Allergen Sublingual Drops" obtained a post - marketing clinical trial summary report; in August 2025, "Dermatitis Diagnostic Patch 02" entered Phase I clinical trials; in September 2025, "Aspergillus fumigatus Prick Solution" obtained a Phase I clinical trial summary report [28]. 3.4.2. Q&A Session - **Sales system management**: Since the second half of last year, the company has allocated more resources to sales and marketing, appointed backbone personnel, and adjusted the market area analysis and structure to improve management efficiency [28]. - **Competition pattern**: The company is not worried about competition from Changchun Hi - Tech's cooperation. More enterprises participating in the desensitization market can promote academic promotion and market education [29]. - **R & D progress**: The "House Dust Mite Film" is in Phase I clinical trials; "Dermatitis Diagnostic Patch 01" is in Phase II clinical trials; "Dermatitis Diagnostic Patch 02" is in Phase I clinical trials. Allogeneic mesenchymal stem cell therapy drugs and new anti - drug - resistant tuberculosis small - molecule drugs are in pre - clinical research [29]. - **Pricing of allergen skin prick test**: In June 2025, the National Healthcare Security Administration stipulated that different allergens in the allergen skin test fee can be charged in superposition. Specific prices vary by region [29]. - **Advantages of "House Dust Mite Film"**: It has good sublingual adsorption, better dosing accuracy, and better patient compliance [30]. - **Expense ratio**: The company's expenses from January to September 2025 can be found in the 2025 Q3 report, and the investment in expenses is dynamically planned and allocated according to business [30]. - **Sales of "Artemisia annua Pollen Allergen Sublingual Drops"**: From January to September 2025, the sales revenue was 44,756,599.93 yuan, a year - on - year increase of 117.58%, driven by academic promotion, increased awareness, and post - marketing clinical trials [31]. - **Recommendation in guidelines**: Sublingual desensitization therapy is recommended as a first - line treatment for allergic rhinitis and asthma in relevant domestic guidelines [31].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [6]. Core Insights - The company reported a revenue of 853 million yuan for the first three quarters of 2025, reflecting a year-on-year growth of 16.86%. The net profit attributable to the parent company reached 345 million yuan, up 26.67% year-on-year, exceeding expectations [6]. - Sales reforms and structural adjustments have positively impacted terminal performance, with a notable decrease in sales, management, and R&D expense ratios compared to the same period last year [6]. - Significant revenue growth was driven by the sales of "Artemisia annua sublingual drops" and "subcutaneous prick solution," with respective increases of 117.58% and 94.10% year-on-year [6]. - The company is actively developing new products in the field of allergic diseases, with several products in various clinical trial stages [6]. - The outlook for domestic desensitization treatment remains optimistic, with adjusted profit forecasts for 2025, 2026, and 2027 reflecting continued growth [6]. Financial Data and Profit Forecast - Total revenue projections for 2025 are set at 1,082 million yuan, with a year-on-year growth rate of 16.9%. The net profit attributable to the parent company is expected to be 409 million yuan, representing a growth of 28.5% [2][8]. - The earnings per share (EPS) is projected to increase from 0.61 yuan in 2024 to 0.78 yuan in 2025 [2]. - The company's gross margin is expected to remain stable at around 95% over the forecast period [2]. Market Data - As of October 24, 2025, the company's closing stock price was 32.91 yuan, with a market capitalization of approximately 15.93 billion yuan [3]. - The price-to-earnings (P/E) ratio for 2025 is projected at 42, decreasing to 29 by 2027, indicating a potentially attractive valuation as earnings grow [2][3].

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]

Financial Performance - In the first nine months of 2025, the company achieved a revenue of ¥853,360,357.81, representing a year-on-year growth of 16.86% [2] - The net profit attributable to shareholders was ¥344,866,533.27, reflecting a growth of 26.67% compared to the same period last year [2] - Sales revenue for the "Dust Mite Drops" product was ¥794,221,951.72, an increase of 13.38% year-on-year [2] - Sales revenue for the "Artemisia Pollen Allergen Sublingual Drops" reached ¥44,756,599.93, marking a significant growth of 117.58% [2] - Revenue from skin prick test solutions was ¥11,046,360.42, with a year-on-year increase of 94.10% [2] Dividend Distribution - The company plans to distribute cash dividends of ¥1.00 per 10 shares (before tax) based on a total share capital of 523,584,000 shares, pending approval from the shareholders' meeting [3] Research and Development - The "Artemisia Pollen Allergen Sublingual Drops" received a clinical trial summary report in July 2025, confirming its long-term efficacy [4] - The "Dermatitis Diagnostic Patch 02" for diagnosing IV-type allergic reactions entered Phase I clinical trials in August 2025 [4] - The "Aflatoxin Prick Solution" completed its Phase I clinical trial summary report in September 2025 [4] Sales and Marketing Strategy - The company has increased resource allocation towards sales and marketing, enhancing management efficiency through a refined sales structure [5][6] - The company views increased competition positively, believing it will benefit market education and growth in the desensitization market [7] Product Pipeline - The "Dust Mite Membrane" is currently in Phase I clinical trials, while the "Dermatitis Diagnostic Patch 01" is in Phase II [8] - The company aims to enrich its product pipeline to enhance market competitiveness, with several products in preclinical research [8] Regulatory and Pricing Updates - The National Healthcare Security Administration issued guidelines in June 2025 regarding pricing for allergen skin tests, allowing for cumulative charges for different allergens [9] Summary of Future Directions - The company will continue to focus on the diagnosis and treatment of allergic diseases, optimize its sales management system, and enhance resource investment in academic promotion [11] - Ongoing efforts will be made to improve operational efficiency and control R&D expenditures while ensuring steady growth and returns for investors [11]

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 ...