IPO观察｜中慧元通生物再冲港交所，主推流感疫苗比竞品贵近两倍

Core Viewpoint - Zhonghui Yuantong Biotech has submitted its application for listing on the Hong Kong Stock Exchange, reporting an increase in revenue due to the commercialization of its main product, but the company remains in a loss position with ongoing financial pressures [1][4]. Financial Performance - The company reported revenues of 0.5 million yuan, 2.6 million yuan, and 41.3 thousand yuan for the years 2023, 2024, and the first three months of 2025, respectively, with a significant increase in 2024 attributed to the approval of its core product [9]. - Despite the revenue increase, the company reported net losses of 4.25 billion yuan, 2.6 billion yuan, and 870 million yuan for the same periods, primarily due to high R&D and sales expenses [9]. Product Overview - Zhonghui Yuantong Biotech has 13 product lines, with the quadrivalent influenza virus subunit vaccine being the only product that has been commercialized [7]. - The quadrivalent influenza vaccine is priced at 319 yuan, significantly higher than competitors' products, which have been priced as low as 100 yuan [8]. Market Competition - The influenza vaccine market is highly competitive, with 25 types of vaccines currently available in China, including 13 trivalent and 12 quadrivalent vaccines [8]. - The company faces challenges in gaining market acceptance for its higher-priced vaccine amid a recent price war among traditional vaccine manufacturers [8]. Cash Flow and Receivables - The company has a high level of accounts receivable, with trade receivables of 2.8 billion yuan and 2.2 billion yuan for 2024 and the first quarter of 2025, respectively, which exceeds its total revenue [10]. - The average collection period for accounts receivable is 252.1 days, significantly longer than the industry average of 112 days [10]. Funding and Financial Strain - Zhonghui Yuantong Biotech has undergone multiple rounds of financing and has relied heavily on bank loans, accumulating 3.8 billion yuan in new bank loans in 2023 and 7.7 billion yuan in 2024 [12]. - The company's financial expenses have increased significantly, with 2024 expenses reaching 17.71 million yuan, a 168% increase year-on-year [12]. Strategic Decisions - The company previously planned to list on the A-share market in 2021 but withdrew its application, citing the active fundraising environment in the Hong Kong biotech sector and strategic considerations for future international market opportunities [13].