江西90后姐妹花再闯港股

Core Viewpoint - Jiangxi Biological has submitted its application for listing on the Hong Kong Stock Exchange, marking its third attempt to go public and its second attempt after transitioning from the A-share market. The company is the largest supplier of Tetanus Antitoxin (TAT) in China and globally, with significant revenue growth driven by increased sales, particularly in overseas markets [1][2]. Group 1: Company Performance - In the first half of 2025, Jiangxi Biological achieved revenue of 99.704 million yuan, a year-on-year increase of 12.96%, and a net profit of 36.838 million yuan, up 118.02% year-on-year. The growth in revenue is attributed to increased sales of core products, especially exports to the Philippines and Ethiopia [1]. - From 2022 to 2024, Jiangxi Biological's annual revenue was 142 million yuan, 198 million yuan, and 221 million yuan, with a compound annual growth rate (CAGR) of 24.7%. During the same period, profits were 26.468 million yuan, 55.481 million yuan, and 75.14 million yuan, with a CAGR of 68.5% [2]. Group 2: Market Position - Jiangxi Biological holds a market share of 65.8% in China and 36.6% globally for TAT by 2024. The company has maintained over 50% market share in the Chinese TAT market for 18 consecutive years [2]. - The global demand for human antiserum is expected to grow at a CAGR of 4.9% from 2019 to 2024, reaching 821 million USD by 2028, while the Chinese market is projected to grow at a CAGR of 5.9%, reaching 132 million USD by 2028 [2]. Group 3: International Expansion - In 2024, Jiangxi Biological's total sales of human TAT reached 25.4 million doses, with 13.2 million doses sold in China and 12.2 million doses exported. In the first half of 2025, total sales were 12.2 million doses, with 5.8 million sold in China and 6.4 million exported [3]. - The company has exported human TAT to over 30 countries and regions in Asia and Africa, nearly monopolizing the export market in this field [3]. Group 4: Future Plans - The funds raised from the IPO will be used to further develop antivenom products, expand production facilities, and optimize production technology. The company plans to establish new production bases in Jiangxi and Inner Mongolia and will also invest in hiring new sales and marketing personnel [3]. Group 5: Company History and Management - Jiangxi Biological has a history dating back to 1969 and has undergone several transformations, becoming a modern biopharmaceutical company with over 50 years of research history. The company is currently led by a young management team, including the 29-year-old chairwoman, Jing Yue [4][5][6].