Market Overview - The biopharmaceutical sector increased by 1.27% on February 3, with Wanzhe Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Stock Performance - Wanzhe Co., Ltd. (000534) closed at 30.65, with a rise of 10.01% and a trading volume of 313,500 shares, amounting to a transaction value of 921 million yuan [1] - Other notable performers included ST Weiming (002581) with a 5.01% increase, closing at 7.55, and Nearshore Protein (688137) with a 4.84% increase, closing at 44.20 [1] Capital Flow - The biopharmaceutical sector experienced a net outflow of 255 million yuan from institutional investors and 153 million yuan from retail investors, while retail investors saw a net inflow of 408 million yuan [2] - The capital flow for individual stocks showed that Wanzhe Co., Ltd. had a net outflow of 50.83 million yuan from institutional investors, while retail investors contributed a net inflow of 15.59 million yuan [3] Individual Stock Analysis - Eurolin Biotech (688319) had a net inflow of 21.61 million yuan from institutional investors, while ST Weiming (002581) saw a significant net inflow of 13.51 million yuan [3] - Conversely, major outflows were noted in Wanzhe Co., Ltd. and other stocks, indicating varied investor sentiment across the sector [3]

Group 1 - The company, I-Woo Bio (300357), stated that it will fulfill its information disclosure obligations according to the relevant requirements of the "Performance Forecast and Performance Express" section of the Shenzhen Stock Exchange's Growth Enterprise Market listing rules [1]

Market Overview - The biopharmaceutical sector experienced a decline of 1.3% on January 29, with Hualan Vaccine leading the drop [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] Individual Stock Performance - Weigao Bio (002880) saw a closing price of 30.07, with an increase of 4.59% and a trading volume of 88,100 shares, totaling a transaction value of 266 million yuan [1] - Changchun High-tech (000661) closed at 98.30, up 0.92%, with a trading volume of 64,700 shares and a transaction value of 629 million yuan [1] - Other notable performers include Boya Bio (300294) and Zhifei Biological (300122), both with a closing price increase of 0.92% and 0.73% respectively [1] Declining Stocks - Hualan Bio (301207) reported a significant decline of 9.05%, closing at 22.62, with a trading volume of 300,600 shares and a transaction value of 689 million yuan [2] - Junshi Biosciences (688180) fell by 6.02%, closing at 36.82, with a trading volume of 266,100 shares and a transaction value of 1 billion yuan [2] - Other stocks such as Jinkang (688670) and Bohui Innovation (300318) also experienced declines of 5.81% and 4.95% respectively [2] Capital Flow Analysis - The biopharmaceutical sector saw a net outflow of 866 million yuan from institutional investors, while retail investors contributed a net inflow of 682 million yuan [2] - Notable net inflows from retail investors were observed in stocks like Shanghai Laishi (002252) and Weigao Bio (002880) [3] - Conversely, stocks such as Zhixiang Quantai (688443) and Weigao Bio (002880) experienced significant net outflows from institutional and speculative investors [3]

Investment Rating - The report maintains an "Outperform" rating for several companies, including Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [6][7]. Core Insights - The annual J.P. Morgan Healthcare Conference concluded successfully, with positive information from global pharmaceutical companies, including new pipeline disclosures and major deals. The report highlights the high prosperity in the innovative drug sector and recommends continuous investment in innovative drugs and the industry chain [25][26]. - The A-Shares pharmaceutical sector underperformed the market in the third week of January 2026, with the Shanghai Composite Index falling by 0.4% and the SW Pharmaceutical and Biological sector declining by 0.7% [8][27]. - The Hong Kong stock pharmaceutical sector performed in line with the market, while the U.S. pharmaceutical sector underperformed. The Hang Seng Healthcare index increased by 2.4%, and the S&P 500 Healthcare Select Sector decreased by 1.1% [28]. Summary by Sections Section 1: Continuous Recommendation of Innovative Drugs and Industry Chain - The report emphasizes the high prosperity of innovative drugs and maintains overweight ratings for key pharmaceutical companies. It also recommends Biopharma/Biotech companies with promising pipelines and volume increases, as well as CXO and upstream companies benefiting from innovation [6][25]. Section 2: A-Shares Pharmaceutical Sector Performance - In the third week of January 2026, the A-Shares pharmaceutical sector's performance was ranked 17th among Shenwan primary industries, with a decline of 0.7%. The medical service sub-sector showed a positive performance of +3.3% [8][12][27]. Section 3: Hong Kong and U.S. Pharmaceutical Sector Performance - The Hong Kong pharmaceutical sector performed similarly to the market, while the U.S. sector underperformed. Notable gainers in the U.S. included MODERNA (+22%) and QUEST DIAGNOSTICS (+9%), while major decliners included BIOGEN (-12%) and BOSTON SCIENTIFIC (-10%) [28].

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical sector [6][26]. Core Insights - The report emphasizes the continuous recommendation of innovative pharmaceuticals and medical devices, highlighting the high growth potential in the sector. It maintains "Overweight" ratings for companies such as Heng Rui Medicine, Hansoh Pharmaceutical, Sanofi, Kelun Pharmaceutical, and Enhua Pharmaceutical. It also recommends Biopharma/Biotech companies like Kelun Biotech, BeiGene, and others, as well as CXO and upstream pharmaceutical companies [6][3]. Summary by Sections 1. Continuous Recommendation of Innovative Pharmaceuticals and Medical Devices - The report highlights the high growth potential of innovative drugs and recommends several companies for investment, including Heng Rui Medicine, Hansoh Pharmaceutical, Sanofi, Kelun Pharmaceutical, and Enhua Pharmaceutical. It also suggests Biopharma/Biotech companies like Kelun Biotech, BeiGene, and others, as well as CXO and upstream pharmaceutical companies [6][7]. 2. A-share Pharmaceutical Sector Performance - In the third week of January 2026, the A-share pharmaceutical sector underperformed the broader market, with the Shanghai Composite Index declining by 0.4% and the SW Pharmaceutical and Biotech index falling by 0.7% [8][11]. 3. Hong Kong and US Market Performance - The Hong Kong pharmaceutical sector performed in line with the market, while the US pharmaceutical sector underperformed. In the same week, the Hang Seng Healthcare index rose by 2.4%, and the S&P 500 healthcare sector fell by 1.1% [19][20].

Core Viewpoint - Iwubio has successfully completed Phase I clinical trials for its "house dust mite film agent," indicating a strong potential for further development in allergy treatment [1][3]. Group 1: Clinical Research and Product Development - The Phase I clinical trial for the house dust mite film agent demonstrated good safety performance across all dosage groups (150BU–2700BU) [1]. - Exploratory analysis showed an increase in specific IgE and IgG4 levels in subjects after 28 days of treatment, suggesting an initial immune response [1]. - All dosage groups within the 150BU–2700BU range are eligible to enter Phase II clinical trials, with plans to extend the treatment duration and increase sample size for further efficacy and safety exploration [1]. Group 2: Market Position and Competitive Advantage - Iwubio is a core supplier in the domestic desensitization treatment market, holding scarce market resources and leading technological advantages [2]. - The company’s sublingual dust mite drops are differentiated from competitors' subcutaneous injection products due to their higher safety, ease of use, and portability [2]. - Iwubio's product matrix includes two approved sublingual allergen desensitization agents, effectively covering different allergic patient demographics in China [3]. Group 3: Industry Trends and Market Growth - The prevalence of allergic diseases is rising globally, creating a growing demand for effective treatment solutions [4]. - The global allergy immunotherapy market is projected to reach $2.55 billion by 2025, with a compound annual growth rate of 14.75% expected to push the market beyond $10 billion by 2035 [4]. - Sublingual immunotherapy is gaining popularity due to its safety and convenience, with over 40% of patients preferring home sublingual therapy [4]. Group 4: Strategic Opportunities - Iwubio is positioned to strengthen its leading role in the sublingual desensitization market during the 14th Five-Year Plan period, benefiting from policy support for innovative drug development [5]. - The company aims to become a benchmark biopharmaceutical enterprise with both technological barriers and market competitiveness [5].

Core Viewpoint - I-Well Bio (300357) has announced the completion of a Phase I clinical trial for its "house dust mite film agent," demonstrating safety and tolerability in adult patients with dust mite allergic rhinitis [1] Group 1: Clinical Trial Details - The clinical trial was randomized, double-blind, placebo-controlled, and involved dose escalation [1] - The study evaluated various maintenance doses ranging from 150 BU to 2700 BU, all of which are deemed suitable for Phase II clinical research [1] - Researchers plan to further explore the efficacy and safety of these doses by extending the administration period and increasing the sample size [1]

Core Viewpoint - The company has completed a Phase I clinical trial for its "house dust mite film agent," demonstrating good safety and tolerability in adult patients with dust mite allergic rhinitis in China [1] Group 1: Clinical Trial Results - The clinical trial was randomized, double-blind, placebo-controlled, and involved dose escalation [1] - Safety analysis indicated that all maintenance dose groups (150BU-2700BU) showed good safety, with adverse events classified as grade 1-2, and no serious adverse events or events leading to withdrawal were reported [1] Group 2: Immune Response Indication - Exploratory analysis revealed an upward trend in specific IgE and IgG4 levels related to house dust mites in the treatment groups compared to baseline, suggesting that continuous administration for 28 days may have induced an immune response [1]

证券代码：300357 证券简称：我武生物 公告编号：2026-002 浙江我武生物科技股份有限公司 关于取得屋尘螨膜剂 I 期临床试验总结报告的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 日前，浙江我武生物科技股份有限公司（以下简称"公司"）研发的"屋尘 螨膜剂"（以下简称"本品"）完成了一项"在中国成人尘螨变应性鼻炎患者中 舌下含服'屋尘螨膜剂'的安全性和耐受性临床研究——随机、双盲、安慰剂对 照、剂量递增的 I 期临床试验"，并取得了 I 期临床试验总结报告。现将有关内 容公告如下： 一、基本情况 产品名称：屋尘螨膜剂 注册分类：治疗用生物制品1类 二、试验结果 安全性分析结果显示，屋尘螨膜剂各维持剂量组（150BU-2700BU）的安全 性良好，发生的不良事件均为1~2级，未发生严重不良事件和导致退出的不良事 件。发生的不良反应主要为变应性鼻炎、口腔感觉减退、咽喉刺激、舌水肿、舌 痒、耳瘙痒等，均为局部不良反应。探索性分析结果显示，屋尘螨膜剂各剂量组 试验组的屋尘螨特异性IgE和屋尘螨相关组分特异性IgG4的水平相比基线均出现 上升趋势，提示 ...

Core Viewpoint - Iwubio experienced a decline of 0.58% in stock price on January 15, with a trading volume of 173 million yuan, indicating a potential shift in investor sentiment and market dynamics [1] Financing Summary - On January 15, Iwubio had a financing buy amount of 14.90 million yuan and a financing repayment of 36.21 million yuan, resulting in a net financing outflow of 21.31 million yuan [1] - The total financing and securities balance for Iwubio as of January 15 is 430 million yuan, which accounts for 2.66% of its market capitalization, indicating a relatively high financing balance compared to the past year [1] - The company had a securities lending repayment of 1,500 shares on January 15, with no shares sold, and a remaining securities lending balance of 11,300 shares valued at 349,100 yuan, which is low compared to the past year [1] Business Performance - As of September 30, Iwubio reported a total of 32,400 shareholders, 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] - For the period from January to September 2025, Iwubio achieved an operating income of 853 million yuan, representing a year-on-year growth of 16.86%, and a net profit attributable to shareholders of 345 million yuan, reflecting a growth of 26.67% [2] Dividend and Shareholding Information - Since its A-share listing, Iwubio has distributed a total of 965 million yuan in dividends, with 369 million yuan distributed over the past three years [3] - As of September 30, 2025, among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest with 5.56 million shares, an increase of 1.45 million shares from the previous period [3] - New institutional shareholders include Jiashi Mutual Fund and Penghua Medical Technology Fund, holding 4.71 million shares and 4.30 million shares respectively, while the China Merchants National Bio-Medical Index Fund reduced its holdings by 783,300 shares [3]