Core Viewpoint - The report outlines the continuous supervision and tracking of Jiangsu Haooubo Biopharmaceutical Co., Ltd. by Huatai United Securities, highlighting the company's financial performance, risks, and core competitiveness in the in vitro diagnostic reagent industry. Group 1: Risk Factors - The company faces risks related to new product development and registration, as the in vitro diagnostic reagent industry requires significant time and investment for product approval [1][2]. - There is a risk of core technology leakage and loss of key personnel, which could lead to economic losses for the company [2]. - The company may encounter challenges in expanding new business lines, particularly with the Oduoke series products, which are currently limited to specific regions and require effective marketing efforts [2][3]. - The enzyme-linked immunosorbent assay (ELISA) products may be at risk of being replaced by chemiluminescence products due to the latter's technological advantages [3]. - The food-specific IgG testing products face scrutiny regarding their clinical significance, which could impact sales if regulatory bodies withdraw approval [4]. Group 2: Financial Performance - For the year 2024, the company's operating income was approximately 402.34 million yuan, reflecting a 2.01% increase compared to 2023 [9]. - The net profit attributable to shareholders decreased by 22.24% to approximately 36.80 million yuan, primarily due to increased clinical expenses for the Oduoke product and higher stock incentive costs [10]. - The company's total assets increased by 8.80% to approximately 1.03 billion yuan, while the net assets attributable to shareholders rose by 0.17% [9]. Group 3: Core Competitiveness - The company aims to solidify its market share in the allergy testing field and expand its presence in the autoimmune testing sector through advanced chemiluminescence technology [11]. - With over 300 million allergy patients in China, the allergy testing market presents significant growth potential, and the company has established a comprehensive product menu and scale advantages [11][12]. - The company has developed a nationwide sales and service network, with approximately 700 distributors, enhancing its market reach and brand influence [12]. - Continuous investment in research and development is evident, with R&D expenses amounting to approximately 46.27 million yuan, representing 11.50% of operating income [13].