三冲上市！这家破伤风抗毒素龙头九成收入来自一款产品！

Core Viewpoint - Jiangxi Biological has submitted a prospectus to the Hong Kong Stock Exchange for a main board listing, following a previous application that lapsed in April 2025. The company is a leading provider of human tetanus antitoxin (TAT) in China and globally, holding significant market shares [1][6]. Market Outlook - Jiangxi Biological's history dates back to 1969, originally as a branch of the Shanghai Institute of Biological Products, and transitioned to a limited liability company in 2002. The current chairman, Jing Yue, controls 76.64% of the voting rights through Hainan Zhizheng and Qianhai Tianzheng [3]. - The global human antiserum market is projected to grow from $321 million in 2019 to $409 million in 2024, with a compound annual growth rate (CAGR) of 4.9%. It is expected to reach $2.095 billion by 2033, with a CAGR of 20.6% [6]. Company Overview - Jiangxi Biological is the largest provider and exporter of human TAT in China, with a market share of 65.8% in the global market and 36.6% in China as of 2024. The company sold 25.4 million doses of human TAT in 2024, with 13.2 million sold domestically and 12.2 million exported [6][9]. - The company has maintained a dominant position in the Chinese human TAT market for 18 consecutive years, holding over 50% market share [6]. Product Portfolio - In addition to human TAT, Jiangxi Biological's product offerings include veterinary tetanus antitoxin, equine chorionic gonadotropin (PMSG), and various hormone drugs. The company is also developing a diverse product pipeline targeting different market segments [7][8]. Financial Performance - The total revenue for Jiangxi Biological during the reporting period (2022-2025) was approximately $142 million, $198 million, $221 million, and $100 million for the first half of 2025, with a CAGR of 24.7%. Net profits were approximately $26 million, $55 million, $75 million, and $37 million, with a CAGR of 68.5% [9]. - Revenue from human TAT accounted for over 93% of total revenue during the reporting period, indicating a heavy reliance on this single product for growth [9]. Recent Developments - Jiangxi Biological has upgraded its product technology and launched a new generation of tetanus antitoxin, becoming the first in China to use a preservative-free, pasteurization virus inactivation process for its TAT product [10].