Core Viewpoint - Iwu Biologics is positioned as a leading enterprise in desensitization therapy in China, with significant advantages in core products and a diversified layout [1] Product Advantages - The dust mite drop solution maintains the highest market share, demonstrating steady growth due to its safety, convenience, and price advantages [1] - The mugwort pollen allergen sublingual drop solution fills a gap in the treatment of pollen allergies in northern regions, showing rapid volume growth and potential as a new growth point for the company [1] Product Strategy - The company has developed a "south mite, north mugwort" product combination and is also expanding into a series of skin prick liquid products [1] - Additionally, the company is proactively exploring cutting-edge fields such as stem cells and natural medicines, creating multidimensional growth support [1] Financial Projections - The company is projected to achieve net profits attributable to the parent company of 399 million, 493 million, and 600 million yuan for the years 2025, 2026, and 2027 respectively [1] - The current stock price corresponds to price-to-earnings ratios of 41.0, 33.3, and 27.3 times for the years 2025, 2026, and 2027 respectively [1] Investment Rating - The report initiates coverage with a "buy" rating for the company [1]