Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Insights - The company reported a revenue of 292 million yuan for the first three quarters of 2025, a year-on-year decline of 4.84%, while the net profit attributable to shareholders was 26 million yuan, down 1.41% year-on-year. However, in Q3 2025, the company achieved a revenue of 103 million yuan, a slight decline of 1.64% year-on-year, but the net profit increased significantly by 113.01% to 14.02 million yuan [1][2] - The company has made progress in its desensitization drug business, with successful completion of the first batch of subject administration in the Phase III clinical trial of the MM09 sublingual spray in collaboration with Inmunotek [3] - The company has received NCRC certification for its self-immune diagnostic capabilities, achieving full scores in all 46 projects it participated in, showcasing its expertise in the self-immune diagnostic field [2][3] Financial Performance Summary - For Q3 2025, the company's sales expense ratio was 22.94%, down 0.93 percentage points year-on-year; management expense ratio was 17.04%, down 4.64 percentage points year-on-year; and financial expense ratio was 0.44%, down 0.10 percentage points year-on-year [2] - The company’s R&D expenses for Q3 2025 were 12 million yuan, a year-on-year increase of 4.85%, accounting for 11.60% of revenue [2] - The company’s projected net profits for 2025-2027 have been adjusted to 36 million, 47 million, and 60 million yuan respectively, reflecting a downward revision of 3%, 6%, and 6% from previous estimates [3] Valuation Metrics - The current price corresponds to a PE ratio of 291 for 2025, 222 for 2026, and 173 for 2027 [3][4] - The company is positioned as a leading player in the domestic allergy testing and self-immune testing sectors, with expectations for growth driven by the integration of allergy diagnosis and treatment [3]

Core Viewpoint - The company has signed an exclusive strategic cooperation agreement with Inmunotek S.L. to introduce and sell the Oraltek® series of desensitization drugs in the Chinese market, addressing the needs of allergy patients and enhancing the development of the allergy diagnosis and treatment industry [1] Group 1: Strategic Cooperation - The company will exclusively introduce Inmunotek's Oraltek® series of desensitization drugs to the Chinese market [1] - This partnership aims to implement the company's new business in the domestic desensitization drug sector [1] Group 2: Clinical Trials and Regulatory Approvals - The company's wholly-owned subsidiary, Shanghai Haobio Pharmaceutical Co., Ltd., has successfully completed the first batch of subject enrollment for the Phase III clinical trial of the desensitization drug MM09 sublingual spray [1] - Three products related to cat hair, dog hair, and house dust mites have received the "clinical urgently needed imported drug approval" under the "Guangdong-Hong Kong-Macao Greater Bay Area" policy [1]