Core Viewpoint - Jiangxi Biological has submitted an IPO application to the Hong Kong Stock Exchange, showing rapid revenue and profit growth driven by its human tetanus antitoxin product, but faces uncertainties due to over-reliance on a single product and complex equity relationships [1][2]. Financial Performance - Total revenue is projected to grow from 142 million yuan in 2022 to 221 million yuan in 2024, with a compound annual growth rate (CAGR) of 24.7% [1][2]. - Profit is expected to increase from 26.468 million yuan in 2022 to 75.14 million yuan in 2024, with a CAGR of 68.5% [1][2]. - In the first half of 2025, revenue grew by 13.0% and profit surged by 118.0% [2]. Product Dependency - Revenue from human tetanus antitoxin (TAT) accounted for 93.9% to 96.0% of total revenue from 2022 to the first half of 2025, indicating a high dependency on a single product [2][3]. Market Dynamics - 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 CAGR of 9.1% [3]. - Future growth rates are expected to decline, with a CAGR of 18.6% from 2024 to 2028, and further dropping to 5.7% from 2028 to 2033 [3]. R&D and Product Pipeline - R&D expenses were 16.4 million yuan in 2022, 24.2 million yuan in 2023, and are projected to drop by 43.39% to 13.7 million yuan in 2024 [4]. - The company is developing additional products, but they are in early stages, with market entry not expected until 2026 or later [3][4]. Equity Structure and Governance - The equity structure is highly concentrated, with the majority of shares controlled by a family entity, raising governance concerns [5][6]. - Significant cash dividends were distributed prior to the IPO, totaling 127 million yuan, which is over 80% of the net profit during the same period [7].
江西生物IPO：单一产品依赖症明显“第二曲线”遥遥无期 历史沿革疑云密布递表前大额分红
Xin Lang Zheng Quan·2025-11-14 05:40