2025 年 11 月 2 日 公司研究 25Q3 业绩亮眼,脱敏药业务持续推进 ——浩欧博（688656.SH）2025 年三季度报告点评 25Q3 业绩亮眼，多项费用率下降：2025 年 Q3 营业收入同比下降 1.64%，但是 归母净利润大幅增长，主要系 8 月份处置老厂房获得处置收益导致。25Q3，公 司销售费用率为 22.94%，同比-0.93pct；管理费用率为 17.04%,同比-4.64pct； 财务费用率为 0.44%，同比-0.10pct。 自免诊断实力获得认证，产品注册持续推进：25Q3 公司的研发费用 0.12 亿元， 同比增长 4.85%，占营业收入的 11.60%。25 年 8 月，公司自免诊断实力获 NCRC 认证，在参与的 46 个项目比对中，全部取得满分的优异成绩，展现了公司在自 免诊断领域的深厚积淀与专业实力。25Q3 公司在产品注册方面也有新的进展， 过敏原特异性 lgE 抗体检测试剂盒(吸入混合 Sx/磁微粒化学发光法)等三项产品 获得了湖南省药品监督管理局签发的医疗器械注册证。 深入布局诊疗一体化，脱敏药业务持续推进：25 年 9 月，浩欧博与 Inmunotek 公 ...

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]