研发投入锐减超四成、营收九成依赖单一品类，江西生物闯关IPO

Core Viewpoint - Jiangxi Biological, the largest provider of human tetanus antitoxin in China, has officially submitted its IPO application to the Hong Kong Stock Exchange, showcasing rapid revenue growth but facing significant risks due to reliance on a single product and slow R&D progress [1][3][5]. Financial Performance - Jiangxi Biological's total revenue increased from 142 million yuan in 2022 to 221 million yuan in 2024, with profits rising from 26.5 million yuan to 75.1 million yuan, reflecting a compound annual growth rate (CAGR) of 68.5% [1][3]. - The revenue from human TAT accounted for over 90% of total income during the same period, with sales figures of 133 million yuan, 184 million yuan, and 206 million yuan respectively [3][4]. Product Dependency and Market Risks - The company heavily relies on human TAT, which poses operational risks due to potential changes in healthcare policies that could affect pricing and sales [3][4]. - Despite being included in the national medical insurance directory, any removal could significantly impact sales and profitability [3]. International Market Strategy - To capture markets in Southeast Asia and Africa, Jiangxi Biological has adopted a "low-price for market share" strategy, which has reduced profit margins significantly [4]. - The average export price of human TAT is approximately 3.6 yuan per unit, only 30% of the domestic average price, leading to a gross margin of 60.8% compared to 84.3% domestically [4]. R&D Pipeline and Challenges - The company is expanding its product line to include human antivenom products, but the R&D progress is slow, with significant delays in clinical trials for new products [5][6]. - R&D expenditures decreased by 43.54% in 2024, falling below distribution and administrative costs, indicating a lack of investment in innovation [6][7]. Market Growth Outlook - The human TAT market in China is projected to grow from 21.6 million USD in 2019 to 33.5 million USD in 2024, with a declining growth rate expected in the coming years [7]. - Without new growth points, Jiangxi Biological may face challenges in sustaining its growth trajectory [7].