IPO雷达｜江西生物再递表港交所，核心单品支撑九成收入，曾生产劣药被罚

Core Viewpoint - Jiangxi Biological has re-submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for product development, new facilities, and operational enhancements [1] Group 1: Company Overview - Jiangxi Biological is the largest provider of human TAT (tetanus antitoxin) in China and globally, with market shares of 65.8% and 36.6% respectively as of 2024 [1] - The company has a sales and distribution network covering over 23,500 medical institutions in China, including more than 1,500 tertiary medical institutions [1] Group 2: Financial Performance - Total revenue increased significantly from RMB 142 million in 2022 to RMB 221 million in 2024, representing a compound annual growth rate (CAGR) of 24.7% [1] - Annual profit surged from RMB 26.5 million in 2022 to RMB 75.1 million in 2024, with a CAGR of 68.5% [1] Group 3: Revenue Sources - Sales of human TAT accounted for 93.9%, 93.0%, 93.3%, 92.4%, and 96.0% of total revenue for the years ending in 2022, 2023, and the first half of 2024, as well as for the six months ending in June 2025 [2] Group 4: Dividend Distribution - Prior to the IPO, Jiangxi Biological distributed a total of RMB 126 million in dividends, which accounted for 80% of its net profit [4] - The company declared dividends of RMB 10 million and RMB 76 million in May and October 2023, respectively, and RMB 40.1 million in September 2024 [4] Group 5: Cash Flow and Financial Health - As of June 30, 2025, the company had cash and cash equivalents of only RMB 40.6 million [5] - The net cash flow from operating activities was RMB 68.6 million in 2023, but it dropped to RMB 10 million by 2025 [5] Group 6: Ownership Structure - Over 70% of the company's equity is concentrated in the hands of its 32-year-old CEO, Jing Yue, with family members involved in ownership and management [5][6] Group 7: Regulatory Issues - Jiangxi Biological faced administrative penalties in 2018 for producing substandard drugs, resulting in the confiscation of 33,366 units of illegal products and fines totaling RMB 1.33 million [8] - In 2019, the company was found to have 13 general defects in its TAT production line, leading to regulatory demands for rectification [10]