Core Viewpoint - Jiangxi Biological Products Research Institute Co., Ltd. is seeking to go public on the Hong Kong Stock Exchange, focusing on its core product, tetanus antitoxin (TAT), amidst a growing market for traditional antiserum therapies [1][2]. Market Position - Jiangxi Biological holds over 65% market share in China's tetanus antitoxin market and is the largest provider and exporter of human TAT in the country [2][3]. - The global tetanus antitoxin market is projected to reach USD 8.46 million by 2024, with a compound annual growth rate (CAGR) of 24.0% from 2024 to 2028 [2][8]. Financial Performance - The company’s revenue from human TAT accounted for 93.9%, 93.0%, and 93.3% of total revenue in 2022, 2023, and 2024, respectively [4][5]. - Total revenue increased from RMB 141.96 million in 2022 to RMB 220.76 million in 2024, reflecting a CAGR of 15.9% [4][5]. Profitability - Jiangxi Biological's overall gross margin fluctuated significantly, recorded at 75.4%, 67.8%, and 70.3% for the years 2022 to 2024, primarily due to the volatility in the average selling price of human TAT [6][4]. - The gross margin for domestic sales of human TAT was 88.7%, 81.8%, and 84.3% during the same period, influenced by the cost of horse plasma used in production [6]. Product Diversification - The company is actively working to diversify its product offerings beyond human TAT, including the development of snake antivenom and rabies immunoglobulin F(ab')2 [9][10]. - Plans are in place to enhance its veterinary product line, focusing on veterinary tetanus antitoxin and PMSG, with a new production line expected to meet EU GMP standards by Q4 2026 [10][12]. Market Growth Potential - The veterinary tetanus antitoxin market in China is projected to reach USD 2.2 million by 2024, with a CAGR of 42.8% from 2024 to 2028, indicating significant growth potential despite its smaller size [8][9].