近日，浙江我武生物科技股份有限公司（300357）发布公告，公司提交的"豚草花粉点刺液"药物临床试 验补充申请已获得国家药品监督管理局批准，同意增加总变应原活性为3500DU/ml、每瓶装量为2毫升 的规格制剂。这标志着我武生物在过敏性疾病诊断领域的布局进一步深化，产品管线更加丰富多元。 我武生物在过敏诊疗领域持续创新，正稳步从一家产品驱动型企业向平台型公司进化。其丰富的研发管 线与扎实的临床推进节奏，为公司长期成长储备了充足动力。在政策与资本的双重助推下，中国创新药 发展的土壤正愈发肥沃，我武生物的征途是星辰大海。 此外，浙江省通过设立产业基金、加强知识产权保护等多元方式强化要素保障，例如开通高价值专利快 速预审服务，将专利授权时限压缩至最短45天，为企业核心创新技术提供了坚实后盾。这一系列精准有 力的地方政策，与我武生物在过敏诊疗领域持续的研发投入和产能扩张同频共振，共同构筑了公司在激 烈市场竞争中的独特优势与发展韧性。 我武生物在2025年前三季度交出了一份亮眼的成绩单：实现营业收入8.53亿元，同比增加16.86%；实现 归母净利润3.45亿元，同比增加26.67%。西南证券的研报指出，2025年三季 ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of 38.26 RMB and a 2026 PE of 41X [4][9]. Core Insights - The company's core product, dust mite drops, is steadily growing, while the new product, artemisia annua drops, is rapidly gaining market share. The prick test solution product line is also expanding, and there are multiple advancements in the R&D pipeline [1][4]. - In the first three quarters of 2025, the company achieved a revenue of 0.85 billion RMB, representing a growth of 16.86%, and a net profit attributable to shareholders of 0.35 billion RMB, which is an increase of 26.67% [4][9]. - The company has effectively controlled costs, leading to profit growth that outpaces revenue growth, primarily due to a decrease in expense ratios and refined sales management [4][9]. Financial Summary - The company’s projected financials show a revenue increase from 848 million RMB in 2023 to 1.525 billion RMB in 2027, with a CAGR of approximately 18.9% [3][5]. - Net profit attributable to shareholders is expected to grow from 310 million RMB in 2023 to 595 million RMB in 2027, reflecting a CAGR of about 21.7% [3][5]. - The earnings per share (EPS) forecast is adjusted to 0.77 RMB for 2025, 0.93 RMB for 2026, and 1.14 RMB for 2027 [4][9]. Product Performance - By product, dust mite revenue reached 0.79 billion RMB (+13.38%), artemisia annua revenue was 44.76 million RMB (+117.58%), and prick test solution revenue was 11.05 million RMB (+94.10%) in the first three quarters of 2025 [4][9]. - In Q3 2025 alone, the company reported a revenue of 0.37 billion RMB (+22.64%) and a net profit of 0.17 billion RMB (+36.44%) [4][9]. R&D Pipeline - The company is advancing its allergen product development, with several products in various stages of clinical trials, including the artemisia annua pollen sublingual drops and dermatitis diagnostic patches [4][9]. - Current R&D products include the house dust mite membrane agent in Phase I, and two dermatitis diagnostic patches in Phase I and II clinical trials [4][9].

Core Points - The stock price of Iwu Biotech has increased by 71.09% year-to-date, but has seen a recent decline of 2.58% over the last five trading days [2] - The company reported a revenue of 853 million yuan for the period from January to September 2025, representing a year-on-year growth of 16.86%, and a net profit of 345 million yuan, up 26.67% [2] - Iwu Biotech's main business revenue is primarily derived from dust mite drops (94.17%), followed by other products such as Artemisia annua flowers (4.35%) and skin prick liquid (1.31%) [2] Financial Performance - As of September 30, 2025, Iwu Biotech has a market capitalization of 18.006 billion yuan, with a trading volume of 35.5466 million yuan and a turnover rate of 0.21% [1] - The company has distributed a total of 913 million yuan in dividends since its A-share listing, with 317 million yuan distributed over the past three years [3] Shareholder Information - The number of shareholders as of September 30, 2025, is 32,400, a decrease of 6.22% from the previous period, while the average circulating shares per person increased by 6.63% to 14,927 shares [2] - Major shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 1.4524 million shares, and new entrants such as Harvest Mutual Fund [3]

我武生物从事过敏性疾病诊断及治疗产品的研发、生产和销售，所属申万行业为医药生物 - 生物制品 - 其 他生物制品，所属概念板块包括社保重仓、MSCI中国、融资融券、核聚变、超导概念、核电。 经营业绩：营收行业16，净利润行业9 2025年三季度，我武生物营业收入为8.53亿元，在行业34家公司中排名第16。行业第一名长春高新营收 98.07亿元，第二名康弘药业36.24亿元，行业平均数为12.6亿元，中位数为7.34亿元。主营业务构成中，粉 尘螨滴剂收入4.55亿元，占比94.17%；黄花蒿花2102.05万元，占比4.35%；皮肤点刺液632.78万元，占比 1.31%；研发服务56.06万元，占比0.12%；其他23.57万元，占比0.05%。当期净利润3.35亿元，行业排名第 9，行业第一名通化东宝11.88亿元，第二名长春高新10.6亿元，行业平均数为1.66亿元，中位数为5663.37 万元。 我武生物成立于2002年9月19日，于2014年1月21日在深圳证券交易所上市，注册地址和办公地址均位于浙 江省。公司是国内过敏性疾病诊断及治疗领域的龙头企业，在脱敏治疗市场市占率超80%，具有较强的技 术壁 ...

Group 1 - Iwubio's stock price increased by 5.17% on October 28, reaching 34.79 CNY per share, with a trading volume of 392 million CNY and a turnover rate of 2.37%, resulting in a total market capitalization of 18.215 billion CNY [1] - The stock has risen for three consecutive days, with a cumulative increase of 4.58% during this period [1] - Iwubio, established on September 19, 2002, and listed on January 21, 2014, specializes in the research, production, and sales of products for the diagnosis and treatment of allergic diseases [1] Group 2 - The main revenue sources for Iwubio include dust mite drops (94.17%), Artemisia annua flowers (4.35%), skin prick solution (1.31%), research services (0.12%), and others (0.05%) [1] - Among the top ten circulating shareholders, a fund under Harvest Fund Management, Harvest Mutual Selected Stock A (006603), entered the list in the third quarter, holding 4.7118 million shares, which is 0.97% of the circulating shares [2] - The estimated floating profit for the fund today is approximately 8.0572 million CNY, with a floating profit of 6.8321 million CNY during the three-day increase [2] Group 3 - The fund manager of Harvest Mutual Selected Stock A is Hao Miao, who has been in the position for 6 years and 287 days, managing a total fund size of 5.342 billion CNY [3] - During his tenure, the best fund return was 183.83%, while the worst return was -30.55% [3]

Summary of Iwu Biologics Conference Call Company Overview - **Company**: Iwu Biologics - **Industry**: Allergy Treatment and Biologics Key Financial Performance - **Revenue Growth**: - Q3 2025 revenue reached 369 million CNY, a year-on-year increase of 22.64% - Year-to-date revenue for the first three quarters was 853 million CNY, up 16.86% [2][3] - **Net Profit Growth**: - Q3 2025 net profit was 167.8 million CNY, a 36.44% increase year-on-year - Year-to-date net profit for the first three quarters was 345 million CNY, up 26.67% [2][3] Product Performance - **Dust Mite Drops**: - Revenue of 794.2 million CNY, a 13.38% increase year-on-year - New patient growth has not met expectations [2][3][5] - **Artemisia Annua**: - Revenue of 44.75 million CNY, a significant increase of 117.58%, with Q3 growth exceeding 180% [2][3] - **Skin Prick Products**: - Revenue of 11 million CNY from January to September, a 94.1% increase year-on-year [3] Sales and Marketing Strategies - **Sales Optimization**: - Increased resource allocation to sales and marketing, appointing capable personnel and enhancing regional analysis and supervision [4] - **Market Education**: - Focus on educating the market about desensitization therapy, particularly in southern China where dust mite allergies are prevalent [4][6] Clinical Pipeline Progress - **Clinical Trials**: - Dust Mite Ubenimex received clinical approval, with ongoing Phase I and II trials for other products [9] - **Stem Cell Projects**: - Rapid progress in stem cell projects, with a focus on developing proprietary serum and culture media [10][11] Competitive Landscape - **Market Dynamics**: - The desensitization market is large, with Iwu Biologics capturing only a small portion of the market [6] - **Impact of Competition**: - Increased competition is viewed positively as it aids in market education and expansion [6] Financial Outlook - **Expense Trends**: - Overall expense rates are expected to decline in 2025, although a rise is anticipated in Q4 due to seasonal factors [16] - **Future Projections**: - The company aims for sustainable growth through continued market focus and sales strategy optimization [22][24] Challenges and Opportunities - **New Patient Growth**: - New patient numbers for dust mite drops have not met expectations, while Artemisia Annua's growth aligns with seasonal demand [5][17] - **Market Penetration**: - The northern market for Artemisia Annua faces challenges due to seasonal symptoms and requires extensive academic promotion [19] Regulatory and Pricing Considerations - **Insurance Coverage**: - The entry of monoclonal antibody products into insurance may not negatively impact Iwu Biologics, as their treatment approach is complementary [21] - **Pricing Strategy**: - Pricing for new products is under consideration, with expectations for operational space if pricing exceeds certain thresholds [14] Conclusion - Iwu Biologics has demonstrated strong financial performance in 2025, driven by effective sales strategies and product development. The company is well-positioned to capitalize on market opportunities while navigating challenges in patient growth and competition. Future strategies will focus on sustainable growth and market education.

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].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [6]. Core Insights - The company reported a revenue of 853 million yuan for the first three quarters of 2025, reflecting a year-on-year growth of 16.86%. The net profit attributable to the parent company reached 345 million yuan, up 26.67% year-on-year, exceeding expectations [6]. - Sales reforms and structural adjustments have positively impacted terminal performance, with a notable decrease in sales, management, and R&D expense ratios compared to the same period last year [6]. - Significant revenue growth was driven by the sales of "Artemisia annua sublingual drops" and "subcutaneous prick solution," with respective increases of 117.58% and 94.10% year-on-year [6]. - The company is actively developing new products in the field of allergic diseases, with several products in various clinical trial stages [6]. - The outlook for domestic desensitization treatment remains optimistic, with adjusted profit forecasts for 2025, 2026, and 2027 reflecting continued growth [6]. Financial Data and Profit Forecast - Total revenue projections for 2025 are set at 1,082 million yuan, with a year-on-year growth rate of 16.9%. The net profit attributable to the parent company is expected to be 409 million yuan, representing a growth of 28.5% [2][8]. - The earnings per share (EPS) is projected to increase from 0.61 yuan in 2024 to 0.78 yuan in 2025 [2]. - The company's gross margin is expected to remain stable at around 95% over the forecast period [2]. Market Data - As of October 24, 2025, the company's closing stock price was 32.91 yuan, with a market capitalization of approximately 15.93 billion yuan [3]. - The price-to-earnings (P/E) ratio for 2025 is projected at 42, decreasing to 29 by 2027, indicating a potentially attractive valuation as earnings grow [2][3].

Financial Performance - In the first nine months of 2025, the company achieved a revenue of ¥853,360,357.81, representing a year-on-year growth of 16.86% [2] - The net profit attributable to shareholders was ¥344,866,533.27, reflecting a growth of 26.67% compared to the same period last year [2] - Sales revenue for the "Dust Mite Drops" product was ¥794,221,951.72, an increase of 13.38% year-on-year [2] - Sales revenue for the "Artemisia Pollen Allergen Sublingual Drops" reached ¥44,756,599.93, marking a significant growth of 117.58% [2] - Revenue from skin prick test solutions was ¥11,046,360.42, with a year-on-year increase of 94.10% [2] Dividend Distribution - The company plans to distribute cash dividends of ¥1.00 per 10 shares (before tax) based on a total share capital of 523,584,000 shares, pending approval from the shareholders' meeting [3] Research and Development - The "Artemisia Pollen Allergen Sublingual Drops" received a clinical trial summary report in July 2025, confirming its long-term efficacy [4] - The "Dermatitis Diagnostic Patch 02" for diagnosing IV-type allergic reactions entered Phase I clinical trials in August 2025 [4] - The "Aflatoxin Prick Solution" completed its Phase I clinical trial summary report in September 2025 [4] Sales and Marketing Strategy - The company has increased resource allocation towards sales and marketing, enhancing management efficiency through a refined sales structure [5][6] - The company views increased competition positively, believing it will benefit market education and growth in the desensitization market [7] Product Pipeline - The "Dust Mite Membrane" is currently in Phase I clinical trials, while the "Dermatitis Diagnostic Patch 01" is in Phase II [8] - The company aims to enrich its product pipeline to enhance market competitiveness, with several products in preclinical research [8] Regulatory and Pricing Updates - The National Healthcare Security Administration issued guidelines in June 2025 regarding pricing for allergen skin tests, allowing for cumulative charges for different allergens [9] Summary of Future Directions - The company will continue to focus on the diagnosis and treatment of allergic diseases, optimize its sales management system, and enhance resource investment in academic promotion [11] - Ongoing efforts will be made to improve operational efficiency and control R&D expenditures while ensuring steady growth and returns for investors [11]

Core Insights - The company reported a revenue of 369 million yuan in Q3 2025, representing a year-on-year growth of 22.64% [1] - The net profit for Q3 2025 was 168 million yuan, showing a year-on-year increase of 36.44% [1] - For the first three quarters of 2025, the company achieved a total revenue of 853 million yuan, which is a 16.86% increase compared to the same period last year [1] Revenue Breakdown - The sales revenue from the product "Dust Mite Drops" was 794 million yuan, reflecting a year-on-year growth of 13.38% [1] - The sales revenue from "Artemisia Flower Pollen Allergen Sublingual Drops" reached 44.76 million yuan, marking a significant year-on-year increase of 117.58% [1] - The sales revenue from skin prick solution was 11.05 million yuan, which is a year-on-year growth of 94.10% [1] Market Strategy - The rapid growth in sales for "Artemisia Flower Pollen Allergen Sublingual Drops" and skin prick solution is attributed to the company's increased marketing efforts for these products [1]