三冲上市！这家破伤风抗毒素龙头九成收入来自一款产品！

Core Viewpoint - Jiangxi Biological is applying for a listing on the Hong Kong Stock Exchange, aiming to raise funds for product development, facility expansion, and operational improvements. The company is a leading provider of human tetanus antitoxin (TAT) in China and globally, holding significant market shares but facing risks due to reliance on a single product for over 90% of its revenue [1][8][12]. Market Outlook - The global human antiserum market is projected to grow from $321 million in 2019 to $409 million in 2024, with a compound annual growth rate (CAGR) of 4.9%. By 2028, it is expected to reach $821 million, with a CAGR of 19.1%, and $2.095 billion by 2033, with a CAGR of 20.6% [8]. - The Chinese human antiserum market is anticipated to grow from $48 million in 2019 to $64.1 million in 2024, with a CAGR of 5.9%. It is expected to reach $132 million by 2028 and $291 million by 2033, with CAGRs of 19.9% and 17%, respectively [8]. Company Overview - Jiangxi Biological, established in 1969, transitioned from a state-owned enterprise to a limited liability company in 2002. The company is currently controlled by a group of shareholders led by Chairman Jing Yue, who holds 76.64% of the voting rights [4][5]. - The company is the largest provider and exporter of human TAT in China, with a market share of 65.8% domestically and 36.6% globally as of 2024. In that year, it sold 25.4 million doses of TAT, with 13.2 million sold in China and 12.2 million exported [8][12]. Financial Performance - Jiangxi Biological's total revenue for the years 2022 to 2025 (first half) was approximately $142 million, $198 million, $221 million, and $100 million, respectively, with a CAGR of 24.7% over the first three years. Net profit for the same period was approximately $26 million, $55 million, $75 million, and $37 million, with a CAGR of 68.5% [12][11]. - The majority of revenue, over 90%, comes from human TAT sales, indicating a heavy reliance on this single product for financial performance [12]. Product and Innovation - In addition to human TAT, Jiangxi Biological offers veterinary TAT, PMSG, and various hormone drugs. The company is also developing a diverse product pipeline targeting different market segments, including human antivenom and rabies immunoglobulin [10]. - Recently, Jiangxi Biological upgraded its product technology, launching a new generation of TAT that utilizes a preservative-free, pasteurization virus inactivation process, marking a technological advancement in the domestic TAT field [13].