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].

Core Viewpoint - The strong performance of Iwu Biological's stock is driven by its impressive half-year report and a robust growth strategy in the allergy treatment sector [1][2] Financial Performance - Iwu Biological reported a revenue increase to 484 million yuan, with a net profit of 177 million yuan, and a non-recurring net profit growth rate of 21.97%, indicating double-digit profit growth [1] - The company's gross margin rose to 95.37%, and operating cash flow surged by 96.08% year-on-year, reflecting significant improvement in profitability [1] Product Development - The company is advancing seven research projects, including the upgraded "House Dust Mite Membrane Agent" which entered Phase I clinical trials in March 2025, and the "Dermatitis Diagnostic Patch 02" which received clinical trial approval in May [2] - Iwu Biological holds 20 domestic and international invention patents and invested 61.68 million yuan in R&D, accounting for 12.74% of its revenue, with a research team of over 260 members [2] Market Strategy - The company employs a "scholarly team promotion + commercial distribution" model to enhance awareness of sublingual desensitization therapy among doctors and patients [2] - Iwu Biological has strategically positioned itself in cutting-edge fields such as stem cell therapy and antibiotic resistance, ensuring long-term growth potential [2] Industry Context - The increase in allergy disease prevalence and the rising penetration of desensitization treatments provide a favorable backdrop for Iwu Biological, which is the only company in China with two sublingual desensitization formulations [2]

Core Viewpoint - Iwubio (300357.SZ) reported a strong mid-year performance with double-digit growth in both revenue and profit, driven by its core products and a robust innovation system [1][2][3] Financial Performance - Revenue increased to 484 million yuan, a year-on-year growth of 12.81% - Net profit attributable to shareholders reached 177 million yuan, with a year-on-year increase of 18.61% - Deducting non-recurring gains, net profit grew by 21.97% to 173 million yuan - Gross margin improved to 95.37%, and operating cash flow surged by 96.08% to 200 million yuan [1][3][4] Product Performance - The main product, "Dust Mite Drops," generated sales of 455 million yuan, up 10.51% year-on-year - "Artemisia Pollen Drops" sales reached 21.02 million yuan, a growth of 71.37% - "Skin Prick Test Kit" sales amounted to 6.33 million yuan, increasing by 104.38% [2][3][4] R&D and Innovation - R&D investment accounted for 12.74% of revenue, totaling 61.68 million yuan - The company has 7 products in the pipeline, including "House Dust Mite Membrane" which is in Phase I clinical trials - Iwubio holds 13 valid Chinese invention patents and 7 foreign invention patents [4][5][6] Market Strategy - The company employs an efficient sales model combining academic promotion and commercial distribution - Iwubio is expanding its strategic focus to include stem cell therapy and natural medicines, laying a foundation for long-term growth [6]

Financial Performance - In the first half of 2025, the company achieved operating revenue of ¥484,236,510.36, representing a year-on-year growth of 12.81% [2] - The net profit attributable to shareholders was ¥177,008,721.63, an increase of 18.61% compared to the same period last year [2] - Sales revenue from dust mite drops was ¥454,655,215.07, up 10.51% year-on-year [2] - Sales revenue from Artemisia pollen sublingual drops reached ¥21,020,536.26, marking a significant growth of 71.37% [2] - Sales revenue from skin prick solution was ¥6,327,765.88, showing a remarkable increase of 104.38% [3] R&D Pipeline - The "Dust Mite Membrane Agent" entered Phase I clinical trials in March 2025, aimed at enhancing the existing dust mite drop product [3] - The "Dermatitis Diagnostic Patch 02" received approval for clinical trials in May 2025 and entered Phase I trials in August 2025 [3] - The company is expanding its product pipeline in the field of allergic disease diagnostics, addressing various types of allergens [3][4] Sales and Marketing Strategy - The company has promoted a group of young sales managers since the second half of last year, aiming to enhance regional responsibilities and management efficiency [4] - The positioning of skin prick solutions is evolving from auxiliary desensitization products to primary allergen screening tools [4] Future Outlook - The sales outlook for the second half of 2025 for Artemisia pollen sublingual drops is anticipated to be positive, with further details to be disclosed in upcoming reports [5] - The company aims to enrich its pipeline of allergen products and enhance market competitiveness [6][10] - Ongoing research includes mesenchymal stem cell therapies and new antibiotics for drug-resistant tuberculosis, currently in preclinical stages [7][10]

Group 1 - The second batch of 249 Macau designated drugs has been approved for use in Hengqin, enhancing the availability of medications for Macau residents in the Guangdong-Macau Deep Cooperation Zone [1] - The first batch included 296 drugs approved for use in April 2024, bringing the total to 367 drugs and 545 specifications available for designated medical institutions [1] - The second batch includes medications for cardiovascular diseases, metabolic diseases, respiratory diseases, and infections, expanding the variety of available treatments [1] Group 2 - Gansu Province's drug regulatory authority has announced five typical cases of drug-related violations, emphasizing the enforcement of drug safety and health regulations [2] - Cases include the use of inferior drugs by a clinic and the sale of prescription drugs without a licensed pharmacist present [2] Group 3 - Six innovative drugs are proposed for inclusion in breakthrough therapy designations, including IN10018, MRG004A, ATG-022, LM-302, RC148, and BI 1810631, indicating ongoing advancements in drug development [3] - These drugs target various conditions, including cancer and other serious diseases, showcasing the focus on innovative therapies [3] Group 4 - Merck has received approval for a new 200-day dosing regimen for its antiviral drug Prevymis (Letermovir), aimed at preventing CMV infections in at-risk adult patients [4] Group 5 - Changchun High-tech's subsidiary has received approval for clinical trials of Cabergoline tablets, a dopamine receptor agonist for treating hyperprolactinemia, with no similar products currently on the market [5] - This approval is expected to facilitate the clinical development of the product to meet unmet medical needs [5] Group 6 - Tiantan Biological has completed Phase I clinical trials for its recombinant human coagulation factor VIII-Fc fusion protein, showing a significantly extended half-life compared to existing products [6] - The product currently has no domestic or imported competitors available [6] Group 7 - Iwubio has initiated Phase I clinical trials for its dermatitis diagnostic patch, which is designed to assist in diagnosing allergic contact dermatitis [7] - The product is classified as a Class 1 therapeutic biological product, with further clinical trials planned [7] Group 8 - Xinghao Pharmaceutical reported a 32.01% decline in net profit for the first half of 2025, with revenue of 308 million yuan, a decrease of 4.08% year-on-year [8] Group 9 - Nanwei Medical announced a 17.04% increase in net profit for the first half of 2025, with revenue of 1.565 billion yuan, reflecting a growth of 17.36% [9] - The company plans to distribute a cash dividend of 5.00 yuan per share to shareholders [9] Group 10 - Zhonghui Biological's stock surged over 160% on its first trading day, closing at 33.28 HKD per share, significantly above its IPO price of 12.9 HKD [10] - The company's market capitalization exceeded 13 billion HKD [10] Group 11 - Libo Bio has completed nearly 100 million yuan in Pre-A round financing, led by Tian Shili Capital and Panlin Capital, indicating strong investor interest in RNA-targeted drug development [11] Group 12 - Fosun Pharma has granted global development and commercialization rights for its investigational product XH-S004 to Expedition, with potential milestone payments totaling up to 6.45 billion USD [12] Group 13 - Peking University Medicine faces significant revenue and profit declines due to the termination of its long-term service contract with Peking University International Hospital, with projected losses of approximately 600 million yuan in sales and 40 million yuan in net profit [13] - The company is exploring new directions for transformation, but faces uncertainty regarding its future operations [13]

Core Viewpoint - The company has initiated the first subject enrollment for the Phase I clinical trial of the "Dermatitis Diagnostic Patch 02" aimed at exploring its safety in patients with allergic contact dermatitis in China [1] Group 1: Product Development - The "Dermatitis Diagnostic Patch 02" is designed for patch testing to assist in diagnosing allergic contact dermatitis related to sensitizers such as carso, p-phenylenediamine, and formaldehyde [1] - This product expands the company's research pipeline in the field of allergic disease diagnostics, potentially addressing the allergen detection needs of a broader range of allergic disease patients [1] Group 2: Clinical Trial Progress - The product has officially entered Phase I clinical trials, although the results of these trials carry uncertainties [1] - Subsequent phases, including Phase II, Phase III clinical trials, and the application for market approval, will follow before the product can be commercially available, with progress and outcomes remaining uncertain [1]

证券日报网讯 8月11日晚间，我武生物发布公告称，日前，公司研发的"皮炎诊断贴剂02贴"在济宁市第 一人民医院完成了"一项在中国变应性接触性皮炎患者中探索皮炎诊断贴剂02贴安全性的Ⅰ期临床研 究"的首例受试者入组，正式进入该临床试验。 （编辑 任世碧） ...

我武生物（300357）公告，公司提交的"皮炎诊断贴剂02贴"药物临床试验申请获得国家药品监督管理局 批准。该产品用于斑贴试验，辅助诊断与卡松、对苯二胺、甲醛致敏相关的变应性接触性皮炎。公司将 进行I期、II期、III期临床试验及上市许可申请等主要环节，结果存在不确定性。目前，公司正在积极筹 备I期临床试验，并将根据进展情况及时履行信息披露义务。 ...