Chengdu Olymvax Biopharmaceuticals (SH:688319) 智通财经网·2025-12-07 09:58Core Viewpoint - Chengdu Olin Biological Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to become another "A+H" listed vaccine company, following its listing on the Sci-Tech Innovation Board in June 2021 [1] Financial Performance - The company has shown an upward trend in revenue, with figures of 547 million RMB in 2022, 494 million RMB in 2023, 586 million RMB in 2024, and 305 million RMB in the first half of 2025 [2][3] - Net profit figures for the same periods were 26.58 million RMB, 11.44 million RMB, 15.72 million RMB, and 13.23 million RMB, indicating a significant improvement in the first half of 2025 with a profit of 13.20 million RMB, compared to a loss in the previous year [2][3] - The gross margin has consistently remained above 92%, reflecting strong pricing power and cost control [2] Market Position - Olin Biological holds approximately 70% market share in the domestic tetanus vaccine sector, with its main product, the adsorbed tetanus vaccine, being a significant revenue contributor [1][4] - The company has established a comprehensive and rapidly progressing pipeline for "super bacteria vaccines," with its core product, the recombinant Staphylococcus aureus vaccine, entering Phase III clinical trials [1][9] Research and Development - The company is focusing on developing vaccines for "super bacteria" and "adult vaccines," with a robust pipeline that includes five innovative candidates targeting various pathogens [9][11] - R&D investment is projected to reach 134 million RMB in 2024, a 17% increase year-on-year, with the R&D team expanding from 59 members in 2020 to 136 by the end of 2024 [4][11] Cash Flow and Financial Health - The company is experiencing significant cash flow pressure, with a net cash flow from operating activities of -9.73 million RMB in 2024 and -20 million RMB in the first half of 2025 [5] - Despite raising 95.91 million RMB through financing activities, the company’s ability to generate cash internally remains a concern [5] Industry Context - The tetanus vaccine market in China is rapidly growing, with a projected increase from 200 million RMB in 2019 to 800 million RMB by 2024, reflecting a compound annual growth rate of 40.2% [6][8] - The global challenge of antibiotic resistance has heightened the demand for vaccines targeting "super bacteria," positioning Olin Biological favorably within a high-potential market [9][11]