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].

10月26日，江西生物制品研究所股份有限公司（下称"江西生物"）向港交所递交招股书，拟在主板上市，中金公司、招商证券国际为联席 保荐人。这是继其于2025年4月11日递表失效后的再一次申请。 江西生物的历史可追溯至1969年，最早为上海生物制品研究所江西分所，2002年7月，由全民所有制企业改制为有限责任公司，由现任董 事长敬玥的父母最终控制，并在2017年完成股改。 截至目前，敬玥通过海南至正、前海天正合计控制76.64%的表决权，敬玥、海南至正及前海天正为一组控股股东。 此前，江西生物曾于2024年6月提交新三板挂牌申请，后于2024年8月主动撤回。 江西生物是中国最大的人用破伤风抗毒素（"人用TAT"）提供商和出口商，也是全产业链贯通的抗血清平台商。 资料显示，破伤风抗毒素是一种抗血清，通过中和破伤风梭菌（导致破伤风的细菌）产生的毒素，为破伤风感染提供即时保护及治疗。抗 血清是指一类含有免疫球蛋白（也称为抗体，即主要由浆细胞产生的蛋白质，被免疫系统用来识别及中和病原体或毒素）或免疫球蛋白 F(ab')2片段的生物制品，由免疫的血浆制备而成。抗血清被用于通过直接给予抗体和即时保护来提供被动免疫，并提供针对 ...

Core Insights - The serum industry, particularly human tetanus antitoxin (TAT), is a critical yet undervalued segment in the biopharmaceutical sector, with significant growth potential and limited competition in China [1][2] - Jiangxi Biological Products Research Institute Co., Ltd. ("Jiangxi Biological") has established itself as a market leader, holding a 65.8% market share in China and 36.6% globally for human TAT as of 2024 [1][3] Group 1: Market Demand and Public Health Value - Tetanus poses a severe public health challenge, with an estimated 614 million cases globally in 2024 and a mortality rate of 41.4%, leading to over 20,000 deaths, particularly in resource-limited regions [2] - The demand for human TAT is expected to grow steadily, with the global market projected to reach $821 million by 2028 and $2.095 billion by 2033, reflecting compound annual growth rates (CAGR) of 19.1% and 20.6% respectively [2] Group 2: Competitive Advantages of Jiangxi Biological - Jiangxi Biological has integrated the entire serum production process, from animal immunization to antibody purification, creating significant technical barriers and cost advantages [4] - The company maintains a high gross margin of around 70% since 2022, supported by its ability to self-supply raw materials efficiently [4] Group 3: Product Pipeline and Innovation - Jiangxi Biological has developed a robust pipeline of products, including TAT, snake antivenom, and rabies immunoglobulin, with clear potential for clinical application and market expansion [5][6] - The company is the only one globally utilizing recombinant proteins, mRNA, and serum-free antigens for serum product development, enhancing its innovation capabilities [4] Group 4: Strategic Growth and International Expansion - Jiangxi Biological has a dual growth strategy, focusing on both domestic and international markets, with exports to over 30 countries, achieving a market share of approximately 90% in key overseas markets like the Philippines and Egypt [7] - The company is also exploring opportunities in the veterinary medicine sector, targeting products like veterinary TAT and PMSG, which have significant commercial potential [7] Group 5: Financial Performance and IPO Prospects - The company anticipates a compound annual growth rate of 24.7% in revenue and 68.5% in net profit from 2022 to 2024, indicating strong financial health [8] - The upcoming IPO in Hong Kong is expected to enhance the company's capital base, enabling further investment in R&D and international expansion [8]

Core Viewpoint - Jiangxi Biological Products Research Institute Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CICC and China Merchants Securities International as joint sponsors [1] Company Overview - Jiangxi Biological is the largest provider and exporter of human tetanus antitoxin (TAT) in China and operates a fully integrated antiserum platform. The company has over 50 years of expertise in the research, production, and sales of antiserum products, establishing a solid market position domestically and internationally [4][5] - Antiserum products are derived from immunized plasma and are used to provide immune protection and treatment against critical infectious diseases, including tetanus, snakebite, and rabies, which pose significant public health challenges, especially in developing countries [4] Market Potential - The global human antiserum market is projected to grow from USD 321 million in 2019 to USD 409 million in 2024, with a compound annual growth rate (CAGR) of 4.9%. It is expected to reach USD 821 million by 2028 and USD 2.095 billion by 2033, with respective CAGRs of 19.1% and 20.6% [5] - The Chinese human antiserum market is anticipated to grow from USD 48 million in 2019 to USD 64 million in 2024, with a CAGR of 5.9%. By 2028, it is expected to reach USD 132 million and USD 291 million by 2033, with CAGRs of 19.9% and 17.0% respectively [5] Market Share - Jiangxi Biological is the largest provider of human TAT in China and globally, holding market shares of 65.8% and 36.6% respectively based on 2024 sales volume. The company has maintained over 50% market share in the Chinese human TAT market for 18 consecutive years [5][6] - The company exports human TAT to over 30 countries and regions in Asia and Africa, accounting for nearly 100% of China's export volume. It is the largest provider in the Philippines and Egypt, with approximately 90% market share in those regions [6] Financial Performance - For the fiscal years 2022, 2023, and 2024, Jiangxi Biological reported revenues of approximately RMB 142 million, RMB 198 million, and RMB 221 million respectively. The net profits for the same years were approximately RMB 26.5 million, RMB 55.5 million, and RMB 75.1 million [6][7]