这家疫苗企业再冲IPO！亏损扩大！

Core Viewpoint - Jiangsu Zhonghui Yuantong Biotechnology Co., Ltd. is making a second attempt to list on the Hong Kong Stock Exchange after an unsuccessful application in January 2025, following a withdrawal from the Shanghai Stock Exchange's Sci-Tech Innovation Board in September 2023 [1][2]. Financial Performance - The company has accumulated losses of 771 million yuan over two years, with revenues of 52.168 million yuan, 260 million yuan, and 410,000 yuan for the years 2023, 2024, and the first three months of 2025, respectively. Net profits for the same periods were -425 million yuan, -259 million yuan, and -87.32 million yuan, indicating ongoing unprofitability [5][6]. - In 2023, the company recorded a gross loss margin of 39%, primarily due to high sales costs and significant inventory impairment provisions [6][7]. Product Development - Zhonghui Yuantong focuses on innovative vaccines and traditional vaccine technologies, with two core products: a quadrivalent influenza virus subunit vaccine and an in-development lyophilized rabies vaccine. The quadrivalent vaccine was approved in May 2023, making it the first of its kind in China [4]. - The company has a pipeline of 11 additional vaccines targeting various diseases, indicating a broad research and development focus [4]. Funding and Debt - The company has raised a total of 999.5 million yuan through three rounds of financing but currently faces significant debt, amounting to 938 million yuan, with 896 million yuan in loans as of March 31, 2025 [9]. - The financing rounds included an A round of 130 million yuan in April 2019, an A+ round of 175 million yuan in August 2020, and a B round of 690 million yuan in July 2021, with post-money valuations reaching 4.189 billion yuan [9]. Market Context - The highest market capitalization among vaccine companies in A-shares is held by Zhifei Biological Products, which reported a revenue decline of 79.16% in Q1 2025, indicating challenges within the vaccine sector [10].