An imo shortlist algebra question

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Find all functions $f:(0,\infty)\to (0,\infty)$ such that : $$\frac{(f(w))^2 + (f(x))^2}{f(y^2) + f(z^2)} =\frac{w^2+x^2}{y^2+z^2} $$ for all positive real numbers $x,y,w,z$ satisfying $wx = yz$.

When I saw this question I was just blown away. Can anybody please explain the answer in detail?

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This is from the 2008 shortlist: enter image description here