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]

Core Viewpoint - The company has decided to terminate the research and development project for the Aspergillus niger puncture solution due to the assessment of risks and project progress, focusing on more advantageous projects in its pipeline [1][2]. Group 1: Project Termination - The management evaluated the project and decided to stop further clinical trials for the Aspergillus niger puncture solution [1][2]. - The decision was influenced by the occurrence of delayed reactions during Phase I clinical trials, specifically the appearance of blisters at the puncture site, which occurred in 9.1% of cases [1][2]. - The company cited difficulties in identifying and removing components in the Aspergillus niger solution that could cause delayed reactions, leading to the termination of the project [2]. Group 2: Financial Impact - As of the announcement date, the total development expenditure for the Aspergillus niger puncture solution project was 4.77 million yuan, and the company will fully recognize an impairment provision [2]. - The expected reduction in net profit attributable to the parent company for the year 2025 is estimated to be 3.34 million yuan [2].

Core Viewpoint - The company has decided to terminate the research and development project for the Aspergillus niger prick solution due to a comprehensive evaluation of project progress and associated risks, aiming to better allocate R&D resources towards more advantageous projects [1] Group 1: Project Termination - The company will no longer conduct further clinical trials for the Aspergillus niger prick solution [1] - The project was intended for clinical use in skin prick tests to assist in diagnosing type I hypersensitivity diseases caused by Aspergillus sensitization [1] Group 2: Financial Impact - The termination of the project is expected to reduce the company's total profit for 2025 by 4.7684 million yuan [1] - After considering the impact of corporate income tax, the net profit for 2025 will decrease by 3.3379 million yuan [1]

Core Viewpoint - The company has decided to terminate the research and development project for the allergen skin prick solution for Aspergillus, which will not affect its other research pipelines and operational activities [1] Group 1: Project Termination - The management has announced the termination of the Aspergillus skin prick solution R&D project and will not proceed with further clinical trials [1] - The drug was intended for the auxiliary diagnosis of type I hypersensitivity diseases caused by Aspergillus sensitization, but phase I clinical trials showed delayed reactions that could not be resolved through pharmaceutical means [1] Group 2: Financial Impact - The termination of this project is expected to reduce the company's total profit by 4.7684 million yuan and net profit by 3.3379 million yuan in 2025 [1] Group 3: Current Product Portfolio - The company has already launched 8 types of allergen skin prick solutions, indicating a diversified product portfolio that remains unaffected by this project termination [1]

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].

Group 1: Investment and Fundraising - Hanyu Pharmaceutical plans to raise no more than 968 million yuan for the development of semaglutide and other projects [1] - Ganfeng Lithium intends to introduce investors for a capital increase of up to 2.5 billion yuan [9] Group 2: Strategic Restructuring - Pingmei Shenma Holdings is undergoing a strategic restructuring as directed by the Henan provincial government, which will not affect the company's operations significantly [2][8] - Shennong Holdings is also involved in a strategic restructuring with no change in control or significant impact on operations [7][8] Group 3: Clinical Trials and Approvals - XinNuoWei's subsidiary received approval for clinical trials of a drug for treating mild Alzheimer's disease, marking a significant milestone in the development of biosimilar drugs [3] - Tainkang's subsidiary has received approval for clinical trials of CKBA cream for rosacea, a first-class innovative drug in China [4] - Baili Tianheng's drug, iza-bren, has been included in the list of breakthrough therapies, indicating its potential in treating advanced urinary tract cancer [5] Group 4: Contracts and Projects - Zhongyou Engineering signed an EPC contract worth 2.524 billion USD for a seawater pipeline project in Iraq, expected to positively impact future revenues [6]

Group 1 - The company, Iwubio (300357.SZ), has completed a Phase I clinical study on its developed product "Fumigatus Puncture Solution" to explore its safety and efficacy in Chinese volunteers [1] - The study reported good safety within the set dosage range (55DU/mL-495000DU/mL), with adverse events being classified as Grade 1 or 2, and no serious adverse reactions or events leading to withdrawal [1] - A certain proportion of delayed reactions were observed among subjects, potentially related to the fungal nature of Fumigatus [1] Group 2 - The specificity of the product at all dosages was above 95%, with no dose-related effects observed; however, sensitivity showed an increasing trend with higher dosages, reaching 95% at a dosage of 55000DU/mL [1] - Researchers recommend advancing the product into further clinical studies using dosages of 55000DU/mL and above, while also suggesting exploration of better strategies to reduce delayed reactions from a pharmaceutical perspective before subsequent clinical trials [1]

Core Viewpoint - The clinical study of "Fusarium solani prick solution" developed by the company has successfully completed a Phase I clinical trial in Chinese volunteers, demonstrating good safety and effectiveness within the specified dosage range [1] Group 1: Clinical Study Results - The "Fusarium solani prick solution" showed good safety within the dosage range of 55DU/mL to 495000DU/mL, with adverse events being classified as Grade 1 or 2, and no serious adverse reactions or events leading to withdrawal [1] - A certain proportion of delayed reactions were observed among the subjects, potentially related to the fungal nature of Fusarium [1] - The specificity of the product at all dosages was over 95%, with no dose-related effects observed; sensitivity increased with dosage, reaching 95% at a dosage of 55000DU/mL [1] Group 2: Recommendations for Future Research - Researchers recommend advancing the product to subsequent clinical studies using dosages of 55000DU/mL and above, based on the review requirements of other marketed allergen prick solutions [1] - It is suggested to explore better solutions to reduce delayed reactions from a pharmaceutical perspective before conducting further preclinical studies [1]