这家疫苗企业再冲IPO！亏损扩大！

Core Viewpoint - Jiangsu Zhonghui Yuantong Biotechnology Co., Ltd. (referred to as "Zhonghui Yuantong") is making a second attempt to list on the Hong Kong Stock Exchange after an unsuccessful application in January 2025 and a withdrawal from the Shanghai Stock Exchange's Sci-Tech Innovation Board in September 2023 [1][3] Company Overview - Zhonghui Yuantong, established in 2015, focuses on the research, manufacturing, and commercialization of innovative vaccines and traditional vaccines using new technologies [3] - The company has two core products: a quadrivalent influenza virus subunit vaccine and an in-development lyophilized rabies vaccine [3] - The quadrivalent influenza virus subunit vaccine was approved by the National Medical Products Administration in May 2023 for individuals aged three and above, making it the first and only quadrivalent influenza virus subunit vaccine approved in China as of the last feasible date [3] Financial Performance - For the reporting periods of 2023-2024 and the first three months of 2025, Zhonghui Yuantong reported revenues of 52.168 million yuan, 260 million yuan, and 4.1 million yuan, with net losses of -425 million yuan, -259 million yuan, and -87.32 million yuan, respectively, accumulating losses of 771 million yuan over two years [3][4] - In the first three months of 2024, the company reported revenues of 306,000 yuan and a net loss of -6.333 million yuan, indicating a year-on-year revenue increase but an expanded net loss [4] Inventory and Cost Management - The company has made significant inventory impairment provisions, with a gross loss rate of 39% in 2023 due to high sales costs and significant idle costs from seasonal sales of the influenza vaccine [5] - In 2023 and 2024, Zhonghui Yuantong recorded inventory impairment provisions of 45.69 million yuan and 28.72 million yuan, respectively, due to the late start of sales and overproduction for sales purposes [5] Funding and Debt Situation - Zhonghui Yuantong has raised a total of 999.5 million yuan through three rounds of financing but has accumulated debts of 938 million yuan, with 896 million yuan in loans as of March 31, 2025 [6] - The company’s valuation has increased significantly over the years, from 746 million yuan post-A round financing in April 2019 to 4.189 billion yuan post-B round financing in July 2021 [6] Market Comparison - The leading vaccine company in the A-share market, Zhifei Biological Products Co., Ltd., reported a revenue of 2.374 billion yuan in the first quarter of 2025, a year-on-year decline of 79.16%, with a net loss of -305 million yuan [7] - Another competitor, Hualan Biological Engineering, reported a revenue of 24.2825 million yuan in the same period, a year-on-year decline of 29.05%, with a net profit of 32.7771 million yuan [7] Shareholding Structure - Prior to the IPO, the company’s executive director, chairman, and general manager, along with Jiangsu Qianyu, collectively hold approximately 35.84% of the shares, with Jiangsu Qianyu being viewed as holding about 9.72% of the shares through employee stock ownership platforms [7]