新股消息 | 欧林生物递表港交所 已实现吸附破伤风疫苗等三款产品的商业化

Core Viewpoint - Chengdu Olin Biological Technology Co., Ltd. (Olin Bio) has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1]. Company Overview - Olin Bio is a global, innovation-driven biopharmaceutical company focused on the research, development, production, and commercialization of innovative vaccines. The company's strategic focus is on "super bacteria vaccines" and "adult vaccines," addressing significant unmet medical needs [4]. - Unlike many biotechnology companies that have yet to generate revenue, Olin Bio has a mature and robust commercialization platform, having successfully commercialized three products: adsorbed tetanus vaccine, Haemophilus influenzae type b (Hib) conjugate vaccine, and A/C group meningococcal polysaccharide conjugate vaccine [4][5]. - The company holds a leading market position in China for its adsorbed tetanus vaccine, with a market share exceeding 80% from 2022 to 2024 [4]. Product Pipeline - Olin Bio possesses the most comprehensive pipeline targeting "super bacteria" vaccines globally. The company is strategically developing innovative candidate vaccines against five pathogens, including: - Recombinant Staphylococcus aureus vaccine targeting Staphylococcus aureus, listed as a "high priority" by the WHO [5]. - Oral recombinant Helicobacter pylori vaccine [5]. - Recombinant Pseudomonas aeruginosa vaccine [5]. - Recombinant Acinetobacter baumannii protein vaccine [5]. - Group A Streptococcus vaccine [5]. - The company is also exploring the development of combination vaccines targeting multiple super bacteria to provide broad protection against antibiotic-resistant infections [5]. Financial Performance - Revenue for Olin Bio was approximately RMB 547 million in 2022, projected to be RMB 494 million in 2023, and expected to rise to RMB 586 million in 2024. For the first half of 2024 and 2025, revenues are estimated at RMB 225 million and RMB 305 million, respectively [6]. - The company reported profits of RMB 26.58 million in 2022, with a decline to RMB 11.44 million in 2023, and a projected profit of RMB 15.72 million in 2024. A loss of RMB 30.72 million is anticipated for the first half of 2024, with a recovery to RMB 13.23 million in the first half of 2025 [7][8]. Industry Overview - The global vaccine market (excluding COVID-19 vaccines) is projected to grow from USD 52.9 billion in 2019 to USD 73.8 billion by 2024, with a compound annual growth rate (CAGR) of 6.9%. By 2035, the market is expected to reach USD 149.5 billion, with a CAGR of 6.6% from 2024 to 2035 [9]. - In China, the vaccine market (excluding COVID-19 vaccines) is expected to grow from RMB 42.5 billion in 2019 to RMB 102 billion by 2024, with a CAGR of 19.1%. By 2035, the market is projected to reach RMB 382.5 billion, with a CAGR of 12.8% from 2024 to 2035 [11]. - The tetanus vaccine market in China has seen rapid growth, increasing from RMB 200 million in 2019 to RMB 800 million by 2024, with a CAGR of 40.2% [13].