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独角兽疫苗企业三冲港股IPO:中慧生物引领高端疫苗创新
Sou Hu Cai Jing·2025-07-29 05:09

Core Viewpoint - The company Zhonghui Biotech is preparing for its third IPO in Hong Kong, marking a significant step in its growth after achieving core technological breakthroughs and initial commercial success in the innovative vaccine sector [1][4]. Group 1: Company Overview - Zhonghui Biotech, established in 2015, focuses on subunit vaccines, which enhance safety and efficacy by extracting viral surface antigens with over 95% purity [4]. - The company's flagship product, "Hui Er Kang Xin," has shown a serum protection rate exceeding 89% against four flu virus strains, with a notably high rate of 97.98% for H3N2 [4]. - The company holds the only approved quadrivalent influenza subunit vaccine in China, which is expected to generate significant revenue growth, with projected income of 2.6 billion RMB in 2024, a 397.65% increase year-on-year [7][8]. Group 2: Product Pipeline and R&D - Zhonghui Biotech has developed a diverse pipeline of 13 differentiated research projects, including rabies vaccines and a 24-valent pneumonia conjugate vaccine targeting infants and the elderly [6]. - The company is advancing multiple vaccine candidates, with plans for clinical trials and regulatory submissions in 2025, including a rabies vaccine and an RSV vaccine [5][6]. - The company has invested heavily in R&D, with expenditures of 2.83 billion RMB in 2023 and 2.06 billion RMB in 2024, representing 79% of its revenue [14]. Group 3: Financial Performance - The company reported a cumulative loss of 684 million RMB from 2023 to 2024, with a further loss of 87.3 million RMB in Q1 2025 [14]. - As of March 2025, the company had cash reserves of only 115 million RMB against short-term liabilities of 2.54 billion RMB, indicating a significant liquidity challenge [10][14]. - The company’s revenue for 2023 was 52.168 million RMB, which increased to 259.612 million RMB in 2024, reflecting strong sales growth [9]. Group 4: Market Position and Strategy - Zhonghui Biotech's "Hui Er Kang Xin" was launched at a price of 319 RMB per dose, significantly higher than the average price of traditional vaccines, allowing it to quickly penetrate the market [8]. - The company is facing intense competition, with 19 flu vaccines already on the market and more in development, including from international giants like Sanofi [10][14]. - The upcoming IPO aims to raise funds primarily for core product development and international market expansion, particularly in Southeast Asia, to mitigate domestic price competition [16].