36氪出海·行业｜中国医疗的全球化实践：三家企业的港股冲刺

Core Insights - The globalization of China's healthcare industry is accelerating, with increasing product exports, overseas licensing, and cross-border medical services [1] - Chinese pharmaceutical companies have significantly increased their overseas business, with total licensing transactions exceeding $60 billion in the first half of 2025, surpassing the total for 2024 [1] - Companies like Jiangxi Biological, Jinfang Pharmaceutical Technology, and Zhuozheng Medical exemplify this globalization trend, each with unique strategies and market positions [1] Group 1: Jiangxi Biological - Jiangxi Biological is the largest provider of human tetanus antitoxin (TAT) in China and globally, holding a market share of 65.8% in China and 36.6% worldwide as of 2024 [2] - The company exports human TAT to over 30 countries in Asia and Africa, accounting for nearly 100% of China's export volume [2] - Revenue from human TAT sales increased from 2022 to 2024, with total revenue rising from 142 million yuan in 2022 to 221 million yuan in 2024 [4] Group 2: Jinfang Pharmaceutical Technology - Jinfang Pharmaceutical Technology focuses on developing new treatment solutions for tumors and autoimmune diseases, with a product pipeline that includes eight candidates, five of which are in clinical development [5] - The company has developed GFH925, a selective KRAS G12C inhibitor, which is the first of its kind in China and the third globally [9] - The global market for KRAS G12C inhibitors is projected to grow from $489 million in 2024 to $3.49 billion by 2033, with a compound annual growth rate (CAGR) of 24.4% [10] Group 3: Zhuozheng Medical - Zhuozheng Medical is the third-largest private mid-to-high-end comprehensive medical service provider in China, with a market share of 1.7% as of 2023 [11] - The company operates 20 medical service institutions in China and three clinics in Singapore, with plans to expand into Malaysia [11][17] - Revenue increased from approximately 473 million yuan in 2022 to 959 million yuan in 2024, with a net profit of 80.2 million yuan in 2024 [18]