破伤风疫苗龙头赴港，欧林生物能否讲好IPO故事？

Core 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, 494 million, 586 million, and 305 million RMB for the years 2022, 2023, 2024, and the first half of 2025 respectively [2][3] - Net profit figures for the same periods were 26.58 million, 11.44 million, 15.72 million, and 13.23 million RMB, indicating a significant improvement in the first half of 2025 with a profit of 13.20 million RMB, reversing previous losses [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 strong sales network covering 30 provinces and municipalities in China, with over 2,000 direct commercial relationships with district and county-level disease control centers [4] Research and Development - The company is focusing on developing vaccines for "super bacteria" and adult vaccines, with a comprehensive pipeline that includes the recombinant Staphylococcus aureus vaccine, which is in Phase III clinical trials [4][9] - 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 to 136 members since 2020 [4][11] Market Growth Potential - The tetanus vaccine market in China is expected to grow from 2 billion RMB in 2019 to 8 billion RMB by 2024, with a compound annual growth rate (CAGR) of 40.2% [6] - The global incidence of tetanus is around 1 million cases annually, with 300,000 to 500,000 deaths, highlighting the ongoing public health challenge [6] Cash Flow and Financial Health - The company is experiencing 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 self-sustaining ability remains a concern [5]