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 ...

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]

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]

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]

Core Viewpoint - Iwubio has demonstrated significant growth in revenue and profit in the first three quarters of 2025, driven by strong sales of its key products and increased market promotion efforts [1][5]. Financial Performance - For the first three quarters of 2025, Iwubio achieved revenue of 853 million yuan, a year-on-year increase of 16.86% [1] - The net profit attributable to non-recurring gains and losses reached 340 million yuan, up 28.92% year-on-year [1] - The net cash flow from operating activities was 287 million yuan, reflecting a substantial increase of 79.11% year-on-year [1] - In Q3 2025, revenue was 369 million yuan, representing a 22.64% year-on-year growth, while the net profit increased by 36.96% to 167 million yuan [1] Product Performance - Sales of the "Dust Mite Drops" reached 794 million yuan, a year-on-year increase of 13.38% [1] - The "Artemisia Pollen Sublingual Drops" generated sales of 44.76 million yuan, up 117.58% year-on-year [1] - Sales of the skin prick solution amounted to 11.05 million yuan, reflecting a 94.10% year-on-year growth [1] - The rapid growth in sales of the latter two products is attributed to increased market promotion efforts [1] Market Position and Demand - Iwubio is a core supplier in the domestic desensitization treatment field, with its products being among the only two approved sublingual allergen desensitization agents in China [2] - The company’s products effectively cover different allergic patient groups, addressing regional variations in allergen distribution [2] - The global allergy immunotherapy market is projected to grow from approximately 1.84 billion USD in 2024 to about 4.02 billion USD by 2032, with a compound annual growth rate of around 10.3% [2] Clinical and Research Development - Iwubio has been actively collaborating with medical institutions to accumulate high-quality clinical evidence, enhancing the implementation of sublingual desensitization therapy [3] - The company’s flagship product, "Dust Mite Drops," has been recognized in 140 research articles indexed by the PubMed database, including 86 SCI papers [3] - The "Artemisia Pollen Sublingual Drops" has also established a solid academic foundation with 13 English research papers published in international SCI journals [3] R&D and Regulatory Developments - In the first three quarters of 2025, Iwubio invested 85.7 million yuan in R&D, accounting for 10.04% of its revenue [4] - The company received updated production licenses for three new products, expanding its product matrix [4] - Iwubio has accelerated its clinical pipeline, with several new products entering clinical trials [5] Strategic Outlook - With high R&D investment, new product qualifications, and ongoing clinical pipeline advancements, Iwubio is well-positioned to expand its product matrix and enhance its market share in the global desensitization treatment field [5]

融券方面，我武生物10月22日融券偿还2100.00股，融券卖出1100.00股，按当日收盘价计算，卖出金额 3.48万元；融券余量10.20万股，融券余额322.63万元，超过近一年90%分位水平，处于高位。 分红方面，我武生物A股上市后累计派现9.13亿元。近三年，累计派现3.17亿元。 10月22日，我武生物跌3.18%，成交额3.23亿元。两融数据显示，当日我武生物获融资买入额3893.00万 元，融资偿还5399.65万元，融资净买入-1506.65万元。截至10月22日，我武生物融资融券余额合计4.30 亿元。 机构持仓方面，截止2025年6月30日，我武生物十大流通股东中，招商国证生物医药指数A（161726） 位居第五大流通股东，持股469.01万股，相比上期减少18.80万股。香港中央结算有限公司位居第七大流 通股东，持股410.96万股，相比上期减少49.18万股。创新药（159992）退出十大流通股东之列。 融资方面，我武生物当日融资买入3893.00万元。当前融资余额4.27亿元，占流通市值的2.58%，融资余 额超过近一年60%分位水平，处于较高位。 责任编辑：小浪快报 资料显示，浙 ...

10月20日，我武生物涨10.07%，成交额7.37亿元。两融数据显示，当日我武生物获融资买入额9796.48 万元，融资偿还6928.49万元，融资净买入2867.99万元。截至10月20日，我武生物融资融券余额合计 4.38亿元。 融资方面，我武生物当日融资买入9796.48万元。当前融资余额4.35亿元，占流通市值的2.53%，融资余 额超过近一年70%分位水平，处于较高位。 截至6月30日，我武生物股东户数3.46万，较上期减少3.53%；人均流通股13999股，较上期增加3.66%。 2025年1月-6月，我武生物实现营业收入4.84亿元，同比增长12.81%；归母净利润1.77亿元，同比增长 18.61%。 分红方面，我武生物A股上市后累计派现9.13亿元。近三年，累计派现3.17亿元。 机构持仓方面，截止2025年6月30日，我武生物十大流通股东中，招商国证生物医药指数A（161726） 位居第五大流通股东，持股469.01万股，相比上期减少18.80万股。香港中央结算有限公司位居第七大流 通股东，持股410.96万股，相比上期减少49.18万股。创新药（159992）退出十大流通股东之列。 责 ...