信得科技递表港交所：2024年政府补助金额超全年利润，C轮融资后估值缩水近四成

Core Viewpoint - Shandong Xinde Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for R&D, product expansion, capacity enhancement, overseas market development, and general corporate purposes. However, the company faces challenges such as increased customer bargaining power and declining average prices for antibody products, which may impact its profitability and revenue in 2024 [1][2][6]. Company Overview - Founded in 1999, Xinde Technology is a leading player in China's animal health sector, focusing on the R&D, production, and sales of a full range of animal health products, including veterinary biological products, traditional Chinese veterinary medicine, chemical drugs, animal feed, and feed additives [2]. - The company ranks ninth among domestic brands in China's animal health market and is among the top three in the poultry veterinary biological products market, despite facing intense competition from over 1,500 manufacturers in the industry [2][3]. Financial Performance - Revenue for the years 2023, 2024, and the first three quarters of 2025 is primarily derived from veterinary biological products, accounting for 63.6%, 64.2%, and 69.1% of total revenue, respectively [3]. - The company reported revenues of RMB 984.63 million in 2023, RMB 981.81 million in 2024, and RMB 700.59 million in the first three quarters of 2025, with profits of RMB 34.76 million, RMB 28.12 million, and RMB 25.59 million for the same periods [6][7]. - In 2024, both revenue and profit are expected to decline, with profits dropping approximately 19% compared to 2023, and the overall gross margin decreasing from 46.3% in 2023 to 46% in 2024 due to increased market competition and lower average prices for antibody products [6][8]. Market Dynamics - The company primarily sells its products within China, with domestic revenue accounting for 98.8%, 97.1%, and 94.7% in the respective years of 2023, 2024, and 2025. Its overseas revenue mainly comes from Pakistan, Egypt, and Vietnam [5]. - The sales strategy is predominantly direct sales, with direct sales channel revenue comprising 70.2%, 69.6%, and 67.9% during the reporting periods [5]. Valuation and Funding - Following the C-round financing, the company's post-investment valuation reached approximately RMB 1.8 billion, reflecting a 168.4% increase from the A-round valuation of about RMB 671 million. However, it represents a 37.5% decrease from the B-round valuation of approximately RMB 2.878 billion [9][10]. - The company has acknowledged that the decrease in valuation reflects the market's estimation during the relevant periods [9]. Governance and Compliance - The company has faced issues regarding the underpayment of social insurance and housing provident fund for employees, with total arrears amounting to approximately RMB 55 million over the reporting periods [11].