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 - 欧林生物 is a global, innovation-driven biopharmaceutical company focused on the research, development, production, and commercialization of innovative vaccines, particularly targeting unmet medical needs in "super bacteria vaccines" and "adult vaccines" [2][3]. Company Overview - 欧林生物 has successfully commercialized three products: Tetanus Toxoid Vaccine, Hib Conjugate Vaccine, and AC Conjugate Vaccine, establishing a strong commercial platform that generates stable cash flow [2]. - The company holds a leading market position in China for its Tetanus Toxoid Vaccine, with a market share exceeding 80% from 2022 to 2024 [2]. Product Pipeline - 欧林生物 has the most comprehensive pipeline targeting "super bacteria" vaccines globally, with candidates developed for five high-priority pathogens identified by the World Health Organization [2][3]. - The candidates include vaccines for Staphylococcus aureus, Helicobacter pylori, Pseudomonas aeruginosa, Acinetobacter baumannii, and Group A Streptococcus [2]. Financial Performance - Revenue for 欧林生物 is projected to be approximately RMB 5.47 billion in 2022, RMB 4.94 billion in 2023, and RMB 5.86 billion in 2024, with a six-month revenue of RMB 2.25 billion for 2024 and RMB 3.05 billion for 2025 [4]. - The company reported profits of RMB 26.58 million in 2022, RMB 11.44 million in 2023, and RMB 15.72 million in 2024, with a loss of RMB 30.72 million for the first half of 2024 [5][6]. Market Overview - The global vaccine market (excluding COVID-19 vaccines) is expected to grow from USD 52.9 billion in 2019 to USD 73.8 billion by 2024, with a CAGR of 6.9% [7]. - The Chinese vaccine market (excluding COVID-19 vaccines) is projected to increase from RMB 42.5 billion in 2019 to RMB 102 billion by 2024, with a CAGR of 19.1% [9]. Specific Market Insights - The Tetanus vaccine market in China is experiencing rapid growth, expected to rise from RMB 200 million in 2019 to RMB 800 million by 2024, with a CAGR of 40.2% [11]. - The Hib vaccine market in China is anticipated to grow from RMB 500 million in 2024 to RMB 2.4 billion by 2035, with a CAGR of 15.7% [13]. - The Meningococcal vaccine market in China is projected to grow from RMB 2.6 billion in 2019 to RMB 2.7 billion by 2024, with a stable CAGR of 1.4% [15].