中惠生物更新招股书：仅一款疫苗商业化，市场已成“红海”

Core Viewpoint - Jiangsu Zhonghui Biotechnology Co., Ltd. has submitted a new prospectus for its IPO, highlighting that it currently has only one commercialized vaccine, which is facing intense market competition and has not yet achieved annual profitability [1][5]. Company Summary - Zhonghui Biotechnology has only one commercialized product, a quadrivalent influenza virus subunit vaccine, which was launched in May 2023 and is the only approved quadrivalent influenza subunit vaccine in China [2]. - The company has two core products: the quadrivalent influenza vaccine and a freeze-dried rabies vaccine, along with 11 other products in development [1][2]. - The company has raised over 1 billion yuan in multiple financing rounds, with the latest post-investment valuation at approximately 4.189 billion yuan [1]. Financial Performance - The financial data shows that Zhonghui Biotechnology has been operating at a loss, with revenues of 52 million yuan, 260 million yuan, and 413,000 yuan for the first three months of 2023, 2024, and 2025 respectively, and corresponding net losses of 425 million yuan, 259 million yuan, and 87 million yuan [2]. Market Competition - The domestic market for influenza vaccines is highly competitive, with 26 types of influenza vaccines already on the market, including 12 quadrivalent vaccines [3]. - The average bidding price for influenza vaccines has decreased significantly, from 126 yuan per dose in 2022 to 93 yuan per dose in 2024, indicating price pressure in the market [3]. - In the rabies vaccine sector, there are 23 types of rabies vaccines available, with 20 more in clinical development, suggesting a crowded market for Zhonghui's rabies vaccine as well [4].