新股前瞻|信得科技：中国动物保健行业排名第九，打造“海外市场”增长点

Core Viewpoint - The company, Xinde Technology, is set to go public in Hong Kong, aiming for revenue and profit growth by 2025, despite a generally slow-growing animal health market in China and globally [1][9]. Group 1: Company Overview - Xinde Technology is a leading animal health enterprise in China, ranking third in the poultry veterinary biological products sector with a market share of 7.9% [1]. - The company has 20 subsidiaries, with five major contributors to its operations, including Beijing Xinde and Shandong Haili [1]. - The company reported a revenue decline of 0.3% in 2024, followed by a significant increase of 25.2% in the first nine months of 2025 [1]. Group 2: Market and Financial Performance - The global animal health market is projected to reach USD 51.1 billion (approximately RMB 352.6 billion) in 2024, with a compound annual growth rate (CAGR) of only 4.9% over the past five years [1]. - The Chinese market is valued at RMB 68 billion, with a CAGR of 6% [1]. - Xinde Technology's net profit margins were reported at 2.8% for 2024 and 6.3% for the first nine months of 2025, indicating low profitability [1]. Group 3: Product and Revenue Breakdown - The company’s product range includes veterinary biological products, traditional Chinese veterinary medicine, chemical preparations, animal feed, and feed additives [2]. - Vaccine products accounted for 48.5% of revenue in 2024 and increased to 53.8% in the first nine months of 2025 [2][3]. - Chemical preparations also showed growth, contributing 20.3% of revenue in 2024 and 16% in the first nine months of 2025 [2][3]. Group 4: Strategic Business Segments - Xinde Technology operates through three strategic business segments: mature business (poultry products), growth business (international expansion), and nurturing business (pet and aquaculture health products) [5]. - The company has seen over 100% growth in its international business in the first nine months of 2025 [5]. - The company has established a presence in Pakistan, Egypt, and Vietnam, with plans to expand into 31 countries [5]. Group 5: Research and Development - The company invests significantly in R&D, with R&D expense ratios of 7%, 8.2%, and 7.5% from 2023 to the first nine months of 2025 [7]. - Xinde Technology holds 82 invention patents and has developed industry-leading technologies, including the first veterinary transfer factor product approved in China [7][8]. - The company has invested RMB 1.1 billion in advanced manufacturing capacity, establishing four production bases that comply with the latest GMP standards [8]. Group 6: Financial Health and Future Outlook - The company reported a positive operating cash flow of RMB 119 million in the first nine months of 2025 [8]. - Despite a slight increase in debt, the company aims to leverage its upcoming IPO for further growth and market expansion [8]. - The overall performance is expected to improve significantly by 2025, with enhanced profitability and return on equity [8].