数据显示，天弘基金旗下1只基金重仓我武生物。天弘国证生物医药ETF发起式联接A（011040）三季度 持有股数2.04万股，占基金净值比例为0.05%，位居第九大重仓股。根据测算，今日浮盈赚取约3.12万 元。 1月5日，我武生物涨5.4%，截至发稿，报29.88元/股，成交9908.99万元，换手率0.70%，总市值156.45 亿元。 资料显示，浙江我武生物科技股份有限公司位于浙江省德清县武康镇志远北路636号，成立日期2002年9 月19日，上市日期2014年1月21日，公司主营业务涉及从事过敏性疾病诊断及治疗产品的研发、生产和 销售。主营业务收入构成为：粉尘螨滴剂94.17%，黄花蒿花4.35%，皮肤点刺液1.31%，研发服务 0.12%，其他0.05%。 从基金十大重仓股角度 截至发稿，贺雨轩累计任职时间4年190天，现任基金资产总规模94.13亿元，任职期间最佳基金回报 101.32%， 任职期间最差基金回报-62.42%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人 ...

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]

Group 1: Power Industry Insights - The power industry is expected to stabilize as electricity reform accelerates, with a focus on the profitability of thermal power, quality wind power, and opportunities for power equipment exports [6][12] - From January to November 2025, electricity demand in China maintained steady growth, with total electricity consumption reaching 8.62 trillion kWh, a year-on-year increase of 4.8% [6] - The price of thermal coal has rebounded since July 2025, which is anticipated to stabilize electricity prices, with the average monthly trading price in Jiangsu reaching 395.60 RMB/MWh, an increase of 82.80 RMB/MWh [7] Group 2: Hydropower and Nuclear Power - Hydropower companies have shown stable operations, with net interest margins widening in a low-interest-rate environment, making them attractive for long-term investment [8] - The marketization ratio of nuclear power is gradually increasing, with the marketable electricity volume for Lingao and Yangjiang nuclear power plants expected to rise by 14.3% in 2026 [9] Group 3: Green Energy and Equipment - The income policies for green energy have become clearer, with market reforms entering a deeper phase, and the wind power tax subsidy is expected to decline [10] - Investment in domestic power equipment has shown significant growth, with cumulative procurement for the State Grid's transmission and transformation equipment reaching 787.47 billion RMB, a year-on-year increase of 19.6% [11] Group 4: Pharmaceutical Sector - Iwubio - Iwubio is a leading company in the desensitization treatment field, with a strong market position in dust mite drops and a new growth point in the yellow flower pollen sublingual drops [14][15] - The company is expected to achieve net profits of 399 million RMB, 493 million RMB, and 600 million RMB for 2025-2027, with corresponding P/E ratios of 41.0, 33.3, and 27.3 times [14] Group 5: Pharmaceutical Sector - Aladdin - Aladdin has demonstrated significant synergy from external mergers and acquisitions, with revenue for the first three quarters of 2025 reaching 440 million RMB, a year-on-year increase of 17.59% [18] - The company has revised its profit forecasts upward for 2025-2027, expecting net profits of 110 million RMB, 160 million RMB, and 200 million RMB, with corresponding EPS of 0.33, 0.48, and 0.60 RMB [18]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is a leader in the desensitization treatment field, with significant advantages in core products and a diversified layout. Its dust mite drops maintain the highest market share, while the mugwort pollen sublingual drops fill a gap in northern pollen allergy treatment, expected to become a new growth point [5][6]. - The allergic market is expanding, with desensitization therapy showing significant advantages over symptomatic treatments. The domestic anti-allergy drug market is projected to reach 43.67 billion yuan by 2029, driven by rising allergy disease incidence [6][47]. - The company's core products are performing strongly, with the dust mite drops showing a five-year CAGR of 8.86% and revenue of 794 million yuan in the first three quarters of 2025, a 13.38% increase year-on-year. The mugwort pollen drops have a CAGR of 64.71% since their launch in 2021, with a 117.58% increase in revenue in the first three quarters of 2025 [7][8]. Summary by Sections Company Overview - The company, established in 2002, focuses on the research, production, and sales of allergen products, specializing in desensitization drugs and diagnostic reagents [18]. Market Potential - The incidence of allergic diseases is rising, with the anti-allergy drug market in China expected to grow significantly. The desensitization treatment is recognized as the only method that can influence the disease process, unlike symptomatic treatments [6][48]. Product Performance - The dust mite drops have shown strong sales performance, with a revenue CAGR of 8.86% and a gross margin consistently above 95%. The mugwort pollen drops have rapidly gained market share since their launch, with a revenue increase of 117.58% in the first three quarters of 2025 [7][8]. Financial Projections - The company is expected to achieve net profits of 399 million yuan, 493 million yuan, and 600 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 41.0, 33.3, and 27.3 [5][9].

Core Insights - Zhejiang Iwu Biological Technology Co., Ltd. has received approval from the National Medical Products Administration for its "Artemisia pollen prick solution," enhancing its product pipeline in the field of allergic disease diagnosis [1][2] - The approval of the new formulation signifies the company's commitment to innovation and its ability to navigate regulatory processes effectively [1][3] Company Developments - The newly approved product has a total allergen activity of 3500 DU/ml and a packaging volume of 2 ml, complementing the company's existing skin prick diagnostic products [1] - The company has achieved significant financial growth, reporting a revenue of 853 million yuan for the first three quarters of 2025, a year-on-year increase of 16.86%, and a net profit of 345 million yuan, up 26.67% [4] - The core product, dust mite drops, generated approximately 340 million yuan in revenue in Q3 2025, reflecting a year-on-year growth of 17.5% [4] Market Position - Iwu Biological holds over 80% market share in the domestic allergy treatment sector, positioning itself as a leading player in a market with substantial growth potential [5] - The company benefits from a favorable regulatory environment in Zhejiang Province, which supports the development of innovative drugs and medical devices through financial incentives and streamlined approval processes [2][3] R&D and Product Pipeline - The company is transitioning from a product-driven model to a platform-based approach, with a diverse R&D pipeline that includes new products like the Artemisia pollen sublingual drops, which have shown efficacy in clinical trials [4][5] - Recent innovations, such as the dermatitis diagnostic patch, indicate a robust clinical advancement strategy that supports long-term growth [4]

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]

Core Viewpoint - Iwubio is a leading enterprise in the field of allergic disease diagnosis and treatment in China, holding over 80% market share in the desensitization treatment market, with strong technical barriers and brand advantages [1] Group 1: Business Performance - For Q3 2025, Iwubio reported revenue of 853 million yuan, ranking 16th among 34 companies in the industry, with the industry leader Changchun High-tech generating 9.807 billion yuan [2] - The main revenue source is dust mite drops, contributing 455 million yuan, accounting for 94.17% of total revenue [2] - The net profit for the same period was 335 million yuan, ranking 9th in the industry, with the top performer Tonghua Dongbao at 1.188 billion yuan [2][6] Group 2: Financial Ratios - As of Q3 2025, Iwubio's debt-to-asset ratio was 5.60%, down from 8.58% year-on-year, significantly lower than the industry average of 26.88% [3] - The gross profit margin stood at 95.37%, slightly up from 95.26% year-on-year, also higher than the industry average of 70.17% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 6.22% to 32,400, while the average number of shares held per shareholder increased by 6.63% to 14,900 [5] Group 4: Future Outlook - Iwubio's revenue for the first three quarters of 2025 increased by 16.86% year-on-year, with net profit rising by 26.67% [6][7] - The company expects steady growth in core product revenues, with projections for net profits of 390 million yuan, 470 million yuan, and 570 million yuan for 2025 to 2027, corresponding to dynamic P/E ratios of 45, 37, and 30 [6] - The company is expanding its pipeline, with promising results from clinical trials for its yellow flower sublingual drops [7]

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.