华鑫证券研报指出，长春高新控股子公司长春金赛药业有限责任公司与丹麦ALK-AbellóA/S公司达成变 应原特异性免疫治疗（AIT）产品合作。此次合作金赛药业将获得ALK自主开发的3款产品在中国大陆 范围内的独家代理权益，其中皮下注射剂型已在中国大陆上市，舌下片剂型正处于Ⅲ期桥接临床研究阶 段。中国也是全球最大尘螨脱敏治疗市场，2023年市场总量超过11亿人民币，3年复合增速12%。金赛 药业与ALK合作期限至2039年，经过长期培育，脱敏领域有望成为金赛药业重要的新增长点。另外， 公司伏欣奇拜单抗为国内首款抗白介素1β（IL-1β）全人源单抗，2025年6月正式获批上市，填补了我国 痛风抗炎领域长效精准靶向治疗的空白。研发投入的增加，子公司金赛药业得以吸引新进人才，并构建 起以ADC为核心的肿瘤新药开发平台。给予"买入"投资评级。 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1][9]. Core Insights - The collaboration with ALK-Abelló A/S aims to expand the desensitization treatment market, potentially creating new growth points for the company [5]. - The launch of Fuxin Qibai monoclonal antibody addresses the acute treatment of gout, filling a gap in the long-acting targeted therapy market in China [6]. - The company is increasing its R&D investment, particularly in the oncology sector, with a focus on developing new drugs based on ADC technology [7][8]. - Revenue forecasts for 2025-2027 are projected at 133.25 billion, 136.94 billion, and 137.85 billion yuan respectively, with corresponding EPS of 5.66, 5.88, and 6.00 yuan [9][11]. Summary by Sections Market Performance - The current stock price is 120.5 yuan, with a total market capitalization of 49.2 billion yuan and a total share count of 408 million [1]. Investment Highlights - The partnership with ALK allows the company to exclusively distribute three products in mainland China, enhancing its market share in the desensitization treatment sector [5]. - The pediatric market for allergy treatments is significant, with a prevalence rate of 18.46% among children aged 0-18 in China, indicating a strong potential for growth [5]. - Fuxin Qibai has shown promising clinical results, with a 90% reduction in gout recurrence risk at 12 weeks, suggesting a sales potential exceeding 20 billion yuan [6]. R&D Investment - In the first half of 2025, the company invested 1.335 billion yuan in R&D, a 17.32% increase year-on-year, representing 20.21% of its revenue [7]. - The increase in R&D spending is aimed at attracting new talent and establishing a new drug development platform focused on oncology [8]. Financial Projections - The company anticipates a decline in revenue growth rates, with a forecasted decrease of 7.6% in 2024, followed by a slight recovery in subsequent years [11]. - The projected net profit for 2025 is 2.308 billion yuan, reflecting a 10.6% decrease from the previous year [11].

Investment Rating - The investment rating for Changchun High-tech is "Buy" with a target price not specified [5] Core Views - The collaboration with ALK is expected to open a new era in desensitization treatment in China, focusing on allergen-specific immunotherapy products [1][2] - The partnership includes exclusive rights for three products in mainland China, with a collaboration period until December 31, 2039 [2] - The company is projected to have revenue of 135.96 billion, 141.92 billion, and 151.61 billion CNY for the years 2025, 2026, and 2027 respectively, with net profits of 23.89 billion, 25.45 billion, and 28.09 billion CNY for the same years [3] Summary by Sections Collaboration Details - Changchun High-tech has signed a cooperation agreement with ALK to develop and commercialize allergen-specific immunotherapy products in China [1] - The products include subcutaneous allergen extracts and a skin prick test kit, with Changchun High-tech responsible for sales and promotion in the region [2] Market Potential - China has the largest population of dust mite allergy patients globally, yet the market for allergy immunotherapy is underdeveloped, indicating significant unmet clinical needs [3] Financial Projections - Revenue estimates for 2025-2027 are 135.96 billion, 141.92 billion, and 151.61 billion CNY, with net profits projected at 23.89 billion, 25.45 billion, and 28.09 billion CNY [3] - The company anticipates a decline in revenue and profit due to increased market competition, leading to a downward adjustment in previous forecasts [3] Financial Metrics - The company’s financial metrics include an expected revenue growth rate of 0.97% in 2025, followed by 4.38% and 6.83% in 2026 and 2027 respectively [4] - The projected earnings per share (EPS) for 2025 is 5.86 CNY, with a price-to-earnings (P/E) ratio of 20.58 [4]

Core Viewpoint - Changchun Jinsai Pharmaceutical Co., Ltd. has signed a strategic cooperation agreement with ALK-Abelló A/S to jointly develop and commercialize allergen-specific immunotherapy products in China, enhancing the market presence of desensitization treatments in the region [1][2]. Group 1: Partnership Details - The collaboration includes two allergen-specific immunotherapy products and one skin prick test kit developed by ALK [3]. - Jinsai Pharmaceutical will have exclusive rights to sell ALK's subcutaneous dust mite allergen preparation (Andorra), skin prick test kit (Anci), and sublingual tablet (ACARIZAX) in mainland China until December 31, 2039 [3]. - Starting from October 1, 2025, Jinsai will take over the sales and marketing of ALK's already launched products in mainland China and will collaborate on the clinical development of ACARIZAX [3]. Group 2: Market Potential - The global allergy immunotherapy market is projected to reach $3.2 billion by 2030, with a compound annual growth rate (CAGR) of 9.5% [3]. - China has the largest population of dust mite allergy patients globally, yet the market for allergy immunotherapy remains underdeveloped, with fewer than 1 million patients currently receiving desensitization treatment [3]. Group 3: Product Significance - Desensitization therapy is recognized as the only treatment that can potentially alter the natural course of allergic diseases [4]. - Andorra is a well-established desensitization product with unique efficacy benefits, while ACARIZAX is an innovative sublingual tablet that has been approved in multiple countries [4]. - The partnership aims to enhance the accessibility of these breakthrough products to meet the significant unmet clinical needs in China, where the penetration rate of desensitization therapy is below 4% [7].

Group 1 - The company's revenue from dust mite drops is gradually recovering, with a revenue of 484 million yuan in the first half of 2025, representing a year-on-year increase of 12.81%, and a net profit of 177 million yuan, up 18.61% year-on-year [1] - The sales revenue of dust mite drops reached 455 million yuan, showing a year-on-year growth of 10.51%, while the sales revenue of Artemisia pollen sublingual drops increased significantly by 71.37% to 21 million yuan [1] - The company has effectively controlled expenses, with a net profit margin of 38.66% in Q2 2025, an increase of 6.4 percentage points year-on-year [1] Group 2 - The company is optimistic about the growth potential of Artemisia pollen drops and allergen prick test products, which are expected to contribute to a second growth curve [2] - The approval of Artemisia pollen drops in January 2021 and the addition of pediatric indications in May 2023 are expected to drive sales growth [2] - The company has launched eight allergen prick test products, which will enhance diagnostic business and increase the penetration rate of allergen testing, supporting the growth of therapeutic desensitization drugs [2] Group 3 - Revenue forecasts for 2025-2027 are projected at 1.054 billion, 1.213 billion, and 1.475 billion yuan, with net profits of 382 million, 454 million, and 581 million yuan respectively, corresponding to PE ratios of 43, 36, and 28 times [3] - The high incidence of allergic rhinitis and asthma, along with increasing recognition of desensitization treatment guidelines, supports the long-term penetration of desensitization therapies [3] - The company initiates coverage with a "buy" rating based on these growth prospects [3]

Core Viewpoint - Iwubio reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year, indicating robust growth in the allergy treatment sector [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 484 million yuan, a year-on-year increase of 12.81% [1] - Net profit attributable to shareholders was 177 million yuan, up 18.61% year-on-year [1] - In Q2 2025, total revenue was 256 million yuan, reflecting a 20.07% increase year-on-year, while net profit for the quarter was 103 million yuan, up 42.55% [1] - Gross margin improved to 95.1%, an increase of 0.16% year-on-year, and net margin rose to 35.2%, up 5.93% [1] - Total operating expenses were 202 million yuan, accounting for 41.67% of revenue, a decrease of 1.15% year-on-year [1] Cash Flow and Financial Health - Operating cash flow per share increased by 96.08% to 0.38 yuan, driven by higher cash receipts from sales [3] - The company reported a significant decrease in interest-bearing debt, down 80.21% to 10.13 million yuan, indicating improved financial stability [1][3] - The net increase in cash and cash equivalents was 102.17%, influenced by changes in operating, investing, and financing activities [3] Business Model and Market Position - Iwubio focuses on the treatment of allergic diseases, leveraging its R&D capabilities to develop desensitization products [5] - The company’s business model is primarily driven by marketing efforts, which require careful analysis of the underlying drivers [3] - The company has a historical median ROIC of 19.19%, indicating strong investment returns over the past decade [3] Future Outlook - Analysts project that Iwubio's revenue for 2025 will reach 352 million yuan, with an average earnings per share estimate of 0.67 yuan [4]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [3] Core Views - The company reported a revenue of 925 million yuan for 2024, representing a year-on-year growth of 9.1%, and a net profit attributable to shareholders of 317.8 million yuan, up 2.5% year-on-year [5] - The company is expected to achieve revenue of 1,033 million yuan in 2025, with a growth rate of 11.6%, and a net profit of 351.9 million yuan, reflecting a growth of 10.7% [5] - The company maintains a strong market position with over 80% market share in the domestic allergy treatment sector, and its product pipeline continues to expand [5] Financial Performance Summary - For 2024, the company achieved a gross margin of 95.16% and a stable expense ratio, with sales expense ratio at 39.06% [5] - The company’s R&D expenses for 2024 were 120 million yuan, accounting for 12.95% of revenue [5] - The earnings per share (EPS) for 2024 is projected to be 0.61 yuan, with a P/E ratio of 34.5 [3][5] Revenue and Profit Forecast - The forecasted revenues for 2025-2027 are 1,033 million yuan, 1,171 million yuan, and 1,354 million yuan, respectively, with corresponding year-on-year growth rates of 11.6%, 13.3%, and 15.7% [5] - The net profit forecast for the same period is 351.9 million yuan, 394.0 million yuan, and 450.2 million yuan, with growth rates of 10.7%, 12.0%, and 14.3% [5] Product Pipeline and Market Expansion - The company has successfully expanded its product matrix, with new products such as "Skin Prick Test Solutions" receiving approval for market entry [5] - The company is actively promoting its products in northern markets, leading to significant sales increases, particularly for the Dust Mite Drops and Artemisia Pollen Drops [5]

Core Viewpoint - The company reported steady revenue growth and a continuous expansion of its core product matrix, with a positive outlook for future performance driven by increased market penetration and new product launches [1][2][4]. Financial Performance - In 2024, the company achieved operating revenue of 925 million yuan, a year-on-year increase of 9.10%, and a net profit attributable to shareholders of 318 million yuan, up 2.46% [1]. - For Q1 2025, the company reported operating revenue of 228 million yuan, a year-on-year increase of 5.65%, but a net profit decrease of 3.71% to 74 million yuan [1][2]. Product Performance - The company’s core products, particularly the dust mite drops, showed strong sales, generating 886 million yuan in 2024, a growth of 7.86% [2]. - The yellow flower pollen drops saw significant growth, with revenue reaching 27.01 million yuan in 2024, a year-on-year increase of 76.43%, driven by enhanced marketing efforts in northern markets [2]. - The skin prick solution also performed well, with revenue of 7.30 million yuan, reflecting a growth of 103.08% [2]. R&D and Product Pipeline - The company has expanded its product pipeline, with eight skin prick products approved for market launch and ongoing clinical trials for new drugs [2]. - The "house dust mite membrane agent" is entering Phase I clinical trials, while a new chemical drug is in Phase II [2]. Profitability and Cost Management - The overall gross margin remained stable at 95.16% in 2024 and 94.76% in Q1 2025 [3]. - The sales expense ratio increased to 39.06% in 2024 and 40.37% in Q1 2025, attributed to increased promotional activities [3]. - R&D expenses were 120 million yuan in 2024, reflecting a 6.85% increase, with a R&D expense ratio of 12.95% [3]. Future Outlook - Revenue projections for 2025-2027 are set at 1.033 billion, 1.171 billion, and 1.354 billion yuan, with expected growth rates of 11.6%, 13.3%, and 15.7% respectively [4]. - Net profit forecasts for the same period are 352 million, 394 million, and 450 million yuan, with growth rates of 10.7%, 12.0%, and 14.3% [4]. - The company maintains a leading market share of over 80% in the domestic allergy treatment market, with a strong outlook for continued growth [4].

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]

Core Viewpoint - The article highlights the urgent demand for effective allergy treatments in China, driven by a significant increase in allergy cases and the corresponding rise in medication sales, indicating a burgeoning market opportunity for pharmaceutical companies [3][8][9]. Market Dynamics - The pollen concentration in Beijing has surged, leading to a 40% year-on-year increase in allergy medication purchases, with specific orders for nasal allergy medications rising by 160% [8]. - The allergy medication market in China, currently valued at a low penetration compared to global standards, is projected to exceed $20 billion by 2030 due to increasing patient awareness and payment capabilities [8][9]. Product Trends - Traditional allergy medications like Loratadine have seen a significant sales increase, with total retail sales surpassing 7.6 billion yuan in the past five years, maintaining an annual growth rate of over 10% [11][13]. - New formulations and delivery methods, such as oral liquids and syrups, are being explored by pharmaceutical companies to enhance market competitiveness [11]. Innovation in Allergy Treatments - The introduction of innovative biologics, such as Dupilumab, which targets IL-4Rα, marks a significant advancement in allergy treatment, showing promising clinical results in alleviating symptoms [17]. - The global clinical trial landscape for allergy treatments has expanded, with over 1,600 studies registered, indicating a strong focus on developing new therapies [14]. Pricing and Market Challenges - Biologics, while effective, come with high price points, which may deter patients who prefer cost-effective options. Balancing efficacy and affordability remains a challenge for companies in this sector [19][20]. - Desensitization therapy, although lengthy, is viewed as a potential long-term solution for allergy sufferers, with companies like Iwubio reporting significant sales growth in their desensitization products [21]. Future Outlook - The allergy medication market is poised for growth, with numerous companies entering the space, seeking to capitalize on the increasing demand for effective treatments [21].