据港交所官网，山东信得科技股份有限公司（以下简称"信得科技"）日前首次向港交所呈交了IPO（首次公开募股）申请文件，工 银国际和中泰国际为联席保荐人。据招股书（申请版本，下同），信得科技拟将此次港股IPO募集资金用于研发计划及扩展产品组 合、扩大产能、拓展海外市场以及营运资金及其他一般公司用途。 《每日经济新闻》记者（以下简称"每经记者"）注意到，尽管信得科技称其在中国动物保健市场中排名靠前，但该行业面临激烈 的竞争，且客户在兽用生物制品及药物采购方面的议价能力提升，或影响其盈利能力。此外，信得科技在2024年因抗体产品的平 均售价下降导致收入和利润"双降"。值得一提的是，信得科技的估值在C轮融资过后达到约18亿元，但较B轮融资及于2022年8月进 行的股份转让后的约28.78亿元的估值缩水了近四成。 客户议价能力提升或降低公司盈利能力 信得科技成立于1999年，是中国一家动物保健企业，其主要从事全系列动物保健及配套产品的研发、生产及销售，产品涵盖兽用 生物制品（如疫苗、抗体、转移因子等）、中兽药、化药制剂、动物饲料及饲料添加剂，实现对家禽、家畜、水产动物及宠物疾 病的预防、诊断、治疗与控制。 招股书援引灼识 ...

------广告------ 动物保健行业头部企业，中国禽用兽用生物制品排名第三的供应商，2025年收入利润双增的信得科技赴港上市。 智通财经APP了解到，近日信得科技向港交所主板递交上市申请书，工银国际、中泰国际为其联席保荐人。该公司是中国领先的动物 保健企业，根据灼识咨询的资料，以2024年收入计，该公司以1.4%的市场份额在中国动物保健市场中排名第九，并以7.9%的市场份额 在中国禽用兽用生物制品市场排名前三。 从业务上看，该公司经营兽用生物制品，其中包括疫苗产品、抗体产品及转移因子、化药制剂、饲料及饲料添加剂及中兽药产品。疫 苗产品占收入大头，2024年及2025年前9月该产品收入保持增长，收入份额分别为48.5%及53.8%，其次化药制剂，产品收入也呈增长趋 势，期间收入份额分别为20.3%及16%。此外， 2025年前9月，抗体产品、转移因子、饲料及饲料添加剂及中兽药产品收入份额分别为 7.6%、7.7%、5.7%及2.8%。 | | | 截至12月31日止年度 | | | | 截至9月30日止九個月 | | | | --- | --- | --- | --- | --- | --- | --- ...

动物保健行业头部企业，中国禽用兽用生物制品排名第三的供应商，2025年收入利润双增的信得科技赴港上市。 | | | 截至12月31日止年度 | | | | 截至9月30日止九個月 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 2023年 | | 2024年 | | 2024年 | | 2025年 | | | 人民幣千元 | % - | 人民幣千元 | % | 人民幣千元 | 6 | 人民幣千元 | | 獸用生物製品 | | | | | | | | | 疫苗產品 | 464.952 | 47.2 | 476.267 | 48.5 | 346.917 | 49.5 | 471.332 | | 抗體產品 | 96,414 | 9.8 | 86,230 | 8.8 | 63,470 | 9.1 | 66,797 | | 轉移因子 | 64.948 | 6.6 | 68,033 | 6.9 | 47.317 | 6.8 | 67.282 | | 小計 | 626.314 | 63.6 | 630.530 | 64.2 | 457.704 | 65.4 ...

Core Viewpoint - Shandong Xinde Technology Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange for a main board listing, aiming to expand its production capacity and enhance R&D in new vaccines and pet medications [2][4] Company Overview - Founded in 1999 and registered in Weifang, Shandong, Xinde Technology is a leading animal health company in China, focusing on the R&D, production, and sales of veterinary biological products, traditional Chinese veterinary medicine, chemical drug formulations, feed, and feed additives [2] - The company ranks 9th among domestic manufacturers in China's animal health market with a market share of approximately 1.4%, and is among the top three in the poultry veterinary biological products market [2] Financial Performance - For the years 2023, 2024, and the first nine months of 2025, the company's revenue was reported at 985 million yuan, 982 million yuan, and 877 million yuan respectively, with gross profit margins of 49.7%, 50.8%, and 55.3% [2] - Net profits for the same periods were 34.76 million yuan, 28.12 million yuan, and 55.67 million yuan [2] - Overseas revenue has seen significant growth, increasing from 12.2 million yuan in 2023 to 46.1 million yuan in the first nine months of 2025, with products entering markets such as Pakistan, Egypt, and Vietnam [2] Strategic Initiatives - The company plans to use the funds raised from the IPO primarily to expand its production base and capacity, enhance R&D investment in new vaccines and pet medications, and expand its domestic and international sales networks [4] - The controlling shareholder is Chairman and President Li Chaoyang, who holds 45.08% of the voting rights, with Sumitomo Corporation, a Fortune Global 500 company, as a strategic shareholder [4]

Group 1 - The core viewpoint of the article is that Shandong Xinde Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to become a leading player in the animal health sector with a comprehensive industry chain and global perspective [1][3][5] Group 2 - Xinde Technology has established itself as a leader in the animal health industry, ranking among the top three in the core segment of avian veterinary biological products and holding a dominant position in several high-barrier niche markets [3][4] - The company has a strong research and development (R&D) platform, employing advanced technologies such as full suspension cell culture for producing high-pathogenic avian influenza vaccines, and has a team of 189 R&D personnel with over 60% holding master's degrees or higher [4] Group 3 - Financial performance has been robust, with a reported revenue of 877 million yuan for the first nine months of 2025, representing a year-on-year growth of 25.2%, and a pre-tax profit increase exceeding 100% [5] - The company's global strategy has led to explosive growth in overseas business, with overseas revenue reaching 46.1 million yuan, a year-on-year increase of 123.8% [5] Group 4 - The funds raised from the Hong Kong listing will be used to enhance R&D capabilities, expand advanced production capacity, and deepen global expansion efforts, with the goal of becoming a globally influential leader in animal health [7]

Company Overview - Shandong Xinde Technology Co., Ltd. is a leading animal health enterprise in China, established in 1999, focusing on the research, production, and sales of a full range of animal health products [3] - The company ranks ninth among domestic manufacturers in the Chinese animal health market, with a market share of 1.4% as of 2024 [4][12] - Its product offerings include veterinary biological products, traditional Chinese veterinary medicine, chemical drug formulations, animal feed, and feed additives [3] Business Model - The company operates on two core drivers: providing precise prevention and control solutions and leveraging innovation and production capabilities to deliver high-quality, cost-effective products [3][5] - It has established four production bases and 34 production lines certified by the new veterinary drug GMP [4] Financial Performance - The company's revenue for the nine months ending September 30 for 2023, 2024, and 2025 was approximately RMB 985 million, RMB 982 million, and RMB 878 million, respectively [6] - The net profit for the same periods was RMB 34.76 million, RMB 28.12 million, and RMB 55.67 million, respectively [7] - The gross profit margin improved from 49.7% in 2023 to 55.3% in 2025 [8] Industry Overview - The global animal health market was valued at USD 40.2 billion in 2019 and is projected to grow to USD 51.1 billion by 2024, with a CAGR of 4.9% [11] - The Chinese animal health market is expected to grow from RMB 509 billion in 2019 to RMB 680 billion by 2024, with a CAGR of 6.0% [12] Market Drivers - The increasing difficulty in animal disease prevention and control due to globalization and cross-border logistics has heightened the demand for effective animal health solutions [16] - The trend towards large-scale farming is evident, with the proportion of large-scale pig farming in China expected to rise from 50% in 2019 to 70% by 2024 [16] - There is a growing demand for pet health care driven by the increasing number of single-person households and an aging population in China [17]

Core Viewpoint - The company, Kexing Biopharma, is primarily engaged in the research, production, and sales of veterinary pharmaceuticals, raw materials, traditional Chinese medicine formulations, and feed additives, positioning itself within the animal health industry [2] Group 1: Company Overview - The company operates in the veterinary drug manufacturing sector, which is classified under the pharmaceutical manufacturing industry according to the National Economic Industry Directory [2] - The company is actively responding to national policies by driving development through technological innovation [2] Group 2: Business Strategy - The company is vertically integrating its operations by expanding into the upstream raw material pharmaceutical industry [2] - The company is horizontally expanding into segments such as pet and poultry markets, aiming to create a comprehensive animal health enterprise that combines raw materials, veterinary drug formulations, and animal health products [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown continuous improvement in profitability, with a 10.87% increase in revenue and a 29.62% increase in net profit for the first three quarters of 2025 [7] - The company is focusing on new product launches, with significant R&D investments and a rich pipeline of new veterinary drugs [7] - The company is expected to achieve revenue of 1.038 billion yuan in 2025, with a projected net profit of 428 million yuan, reflecting a growth trajectory [7] Financial Performance Summary - Revenue for 2023 is projected at 1,064 million yuan, with a revenue growth rate of 6.3% [6] - The net profit for 2023 is estimated at 396 million yuan, with a net profit growth rate of -3.3% [6] - The company’s gross margin for the first three quarters of 2025 is 66.96%, an increase of 2.95 percentage points year-on-year [7] - The net profit margin for the same period is 45.62%, up by 6.55 percentage points year-on-year [7] R&D and Product Development - The company invested 71.87 million yuan in R&D in the first three quarters of 2025, representing 9.74% of its revenue [7] - The company has received multiple new veterinary drug registrations, including vaccines for various diseases [7] - Ongoing product development includes vaccines currently in the registration phase, indicating a strong future growth potential [7] Future Projections - Revenue projections for 2025-2027 are 1.038 billion yuan, 1.200 billion yuan, and 1.395 billion yuan respectively [7] - Net profit projections for the same period are 428 million yuan, 519 million yuan, and 610 million yuan respectively [7] - The price-to-earnings ratio (PE) is expected to decrease from 18.9 in 2025 to 13.2 by 2027, indicating potential for value appreciation [7]

Core Viewpoint - The company, Jinhe Biology, reported a strong performance in the first quarter of 2025, with significant growth in revenue and net profit, driven primarily by its veterinary chemical products, particularly the sales of its key product, Jinmeisu [4][12]. Revenue and Profit Growth - In Q1 2025, the company achieved an operating income of 625.15 million yuan, representing a year-on-year increase of 20.35% [4][12]. - The net profit attributable to shareholders was 51.12 million yuan, up 13.23% year-on-year [4][12]. - The gross profit margin stood at 35.78% [12]. Product Performance - Revenue from veterinary chemical products increased by 21.47% year-on-year, with Jinmeisu being a major contributor, especially in the U.S. market, which reached a historical high [2]. - The company plans to enhance its product offerings with the full production of a new factory in 2025, which will produce Jinmeisu, Tetracycline, and Strongly Mycin, thereby extending its product line [2]. Research and Development - R&D expenses grew by 27.03% in 2024, indicating a strong commitment to innovation [3]. - The company is focusing on expanding the application of Jinmeisu and has received approval for its use in additional target animals, including sheep [3]. Market Outlook - The global animal health industry is expected to continue growing, with the domestic market showing significant potential, as evidenced by a compound annual growth rate of 8.43% in the domestic veterinary drug market from 2019 to 2023 [5][11]. - The company is optimistic about the future, particularly in the veterinary biological products market and the pet market, which is also expanding [6][11]. Strategic Initiatives - The company is enhancing its collaboration with Shanghai Jiao Tong University to leverage synthetic biology for product development and innovation [8]. - Plans are in place to expand the pet health business, with a focus on both chemical and vaccine products [8]. Competitive Position - The company has established a strong presence in the overseas market, with 60-70% of its chemical products sold internationally, particularly in the U.S. [10]. - The company aims to strengthen its market position by enhancing customer satisfaction and expanding its product offerings in international markets [10].