A股定增终止不足3个月 欧林生物闯关港交所

Core Viewpoint - Olin Bio is seeking to list on the Hong Kong Stock Exchange to become an "A+H" listed company, aiming to raise funds for innovative vaccine research and to reduce reliance on its core product, the adsorbed tetanus vaccine [1][5]. Group 1: Company Overview - Olin Bio, founded by industry veteran Fan Shaowen and his daughter Fan Fan, has become a key player in the vaccine market, particularly with its adsorbed tetanus vaccine, which has significantly contributed to its revenue [2][3]. - The company achieved a revenue of 589 million yuan in 2024, representing an 18.7% year-on-year increase, and a net profit of 20.76 million yuan, also up by 18.2% [3]. Group 2: Financial Performance - In the first half of 2025, Olin Bio reported a revenue of 306 million yuan, a 35.17% increase year-on-year, and a net profit of approximately 13.2 million yuan, marking a turnaround from previous losses [3]. - The adsorbed tetanus vaccine accounted for 90.99% of total revenue in 2024, with a sales revenue of 536 million yuan, indicating a 15.7% increase [3]. Group 3: Challenges and Risks - Olin Bio faces significant challenges, including a high dependency on the adsorbed tetanus vaccine, which has consistently contributed over 90% of its revenue, exposing the company to market fluctuations and competitive pressures [7]. - The company is also under financial strain, with negative cash flows from operating activities and substantial funding needs for ongoing vaccine development and international expansion [7]. - The competitive landscape is intensifying, with both price competition in traditional vaccines and technological competition in innovative vaccines, potentially compressing profit margins [7].