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]

"根治"过敏是最迫切的需求。 文 ｜ 胡香赟 编辑 ｜ 海若镜 来源｜ 36氪Pro（ID：krkrpro） 封面来源 ｜ 视觉中国 黄色圆柏花粉风暴，继续在北京上空飘扬。 受去年暖冬影响，今年北京的春季花粉期大幅提起。近两周，北京花粉浓度几乎每天都保持在"很高"（>800粒/千平方毫米）级别。而始作俑者圆柏——帝 都绿化带里的绝对"王者"，正借风速将上亿枚直径30微米的"生化武器"空投全城，让二环到六环的市民集体上演"过敏者联盟"。 以下文章来源于36氪Pro ，作者胡香赟 海若镜 36氪Pro . 36氪旗下官方账号。深度、前瞻，为1%的人捕捉商业先机。 图源网络 打喷嚏、流鼻涕，头戴护目镜，兜揣氯雷他定，经验充足的过敏人早早做起了准备。 京东买药数据显示，近期，购买过敏相关药品的用户同比增长40%；仅在北京地区，3月20日以来，过敏相关订单量日环比增长127%，鼻部过敏订单量日 环比增长更是达到了160%。 日益增长的过敏患者，把过敏药买成季节限定爆款，已成为近几年的固定节目。而氯雷他定、布地奈德、西替利嗪、氟替卡松……这些原本晦涩的药物名， 也在大众与过敏的反复纠缠中，成为随口就能说起的常用词。 在中 ...