Core Viewpoint - Jiangxi Biological Products Research Institute Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, positioning itself as the largest producer of human tetanus antitoxin (TAT) in China and a global leader in the field [2][6]. Company Overview - The company has a history dating back to 1969 and has evolved from a family-owned business to a leading player in the TAT market, with over 50% market share in China for 18 consecutive years [2][3]. - The current leadership under 32-year-old Jing Yue has been pivotal in the company's growth and strategic direction since she took over in 2017 [2][3]. Market Position - Jiangxi Biological Products holds a 36.6% global market share in TAT, with sales projected to reach 25.4 million doses in 2024, and has a market share of approximately 90% in the Philippines and Egypt [3][4]. - The company has established a comprehensive supply chain, from horse breeding to antibody purification, ensuring stable raw material supply [4]. Financial Performance - The company has shown significant revenue growth, with income increasing from 142 million yuan in 2022 to 221 million yuan in 2024, representing a compound annual growth rate (CAGR) of 24.7% [4]. - Net profit surged from 26.5 million yuan in 2022 to 75.1 million yuan in 2024, with a CAGR of 68.5% [4]. Product Portfolio and Innovation - Besides TAT, the company is expanding its product line to include veterinary TAT and other innovative products, with ongoing research in snake antivenom and rabies immunoglobulin [4][5]. - The company is the first in China to implement preservative-free packaging and advanced virus inactivation technologies in TAT production [4]. Industry Outlook - The global human antiserum market is expected to grow from $409 million in 2024 to $2.095 billion by 2033, with a CAGR of 20.6%, indicating strong future potential for the company [5]. - The Chinese market for human antiserum is projected to increase from $6.41 million in 2024 to $29.1 million by 2033 [5]. Conclusion - Under Jing Yue's leadership, Jiangxi Biological Products is not only solidifying its domestic market position but also expanding its international presence, marking it as a significant player in the global antiserum industry [6].

Core Viewpoint - Jiangxi Biological has submitted its application for listing on the Hong Kong Stock Exchange, marking its third attempt to go public and its second attempt after transitioning from the A-share market. The company is the largest supplier of Tetanus Antitoxin (TAT) in China and globally, with significant revenue growth driven by increased sales, particularly in overseas markets [1][2]. Group 1: Company Performance - In the first half of 2025, Jiangxi Biological achieved revenue of 99.704 million yuan, a year-on-year increase of 12.96%, and a net profit of 36.838 million yuan, up 118.02% year-on-year. The growth in revenue is attributed to increased sales of core products, especially exports to the Philippines and Ethiopia [1]. - From 2022 to 2024, Jiangxi Biological's annual revenue was 142 million yuan, 198 million yuan, and 221 million yuan, with a compound annual growth rate (CAGR) of 24.7%. During the same period, profits were 26.468 million yuan, 55.481 million yuan, and 75.14 million yuan, with a CAGR of 68.5% [2]. Group 2: Market Position - Jiangxi Biological holds a market share of 65.8% in China and 36.6% globally for TAT by 2024. The company has maintained over 50% market share in the Chinese TAT market for 18 consecutive years [2]. - The global demand for human antiserum is expected to grow at a CAGR of 4.9% from 2019 to 2024, reaching 821 million USD by 2028, while the Chinese market is projected to grow at a CAGR of 5.9%, reaching 132 million USD by 2028 [2]. Group 3: International Expansion - In 2024, Jiangxi Biological's total sales of human TAT reached 25.4 million doses, with 13.2 million doses sold in China and 12.2 million doses exported. In the first half of 2025, total sales were 12.2 million doses, with 5.8 million sold in China and 6.4 million exported [3]. - The company has exported human TAT to over 30 countries and regions in Asia and Africa, nearly monopolizing the export market in this field [3]. Group 4: Future Plans - The funds raised from the IPO will be used to further develop antivenom products, expand production facilities, and optimize production technology. The company plans to establish new production bases in Jiangxi and Inner Mongolia and will also invest in hiring new sales and marketing personnel [3]. Group 5: Company History and Management - Jiangxi Biological has a history dating back to 1969 and has undergone several transformations, becoming a modern biopharmaceutical company with over 50 years of research history. The company is currently led by a young management team, including the 29-year-old chairwoman, Jing Yue [4][5][6].

Core Viewpoint - The Hong Kong stock market's innovative drug sector has shown strong performance since 2025, with a cumulative increase of nearly 100%, indicating a rising capital market interest. Jiangxi Biological has submitted a listing application to the Hong Kong Stock Exchange, potentially becoming the first "serum stock" in Hong Kong [1]. Industry Overview - Jiangxi Biological focuses on the essential demand in infectious disease prevention, differentiating itself from other innovative drug companies by integrating both human and veterinary medicines, thus enhancing its value growth path amid the competitive landscape of innovative drug targets [3]. - The global infectious disease sector faces a long-term shortage of medical resources, creating a clear growth trajectory for the antiserum industry. Traditional vaccines and antibiotics have limitations, making antiserum increasingly vital in public health systems [4]. Market Potential - The antiserum market is expanding, with Tetanus Antitoxin (TAT) meeting approximately 60% of China's clinical demand, with an annual consumption exceeding 20 million doses. TAT's rapid efficacy and cost advantages make it a preferred choice in price-sensitive markets [5]. - The global TAT market is projected to grow from $8.46 million in 2024 to $20 million by 2028, with a CAGR of 24%. In China, the TAT market is expected to increase from $3.35 million to $6.62 million during the same period, with a CAGR of 18.6% [6]. Company Strengths - Jiangxi Biological is a leading antiserum company with a fully integrated supply chain, ensuring quality and cost-effectiveness. It is the only company globally using inactivated antigens, recombinant proteins, and mRNA antigens for antiserum development [11]. - The company maintains a dominant market position, holding over 50% market share in China for 18 consecutive years, with TAT accounting for 36.6% of the global market and 65.8% of the Chinese market [15]. - The company has a robust pipeline, addressing significant gaps in the market for snake antivenom and other products, with clinical trials planned for various antivenoms starting from 2025 [16][17]. Distribution and Market Reach - Jiangxi Biological has a comprehensive sales network covering 23,500 medical institutions in China, with TAT included in national health insurance, facilitating rapid access to grassroots medical and emergency scenarios [18]. - The company exports TAT to over 30 countries in Asia and Africa, holding a 90% market share in countries like the Philippines and Egypt, demonstrating its competitive edge in international markets [18]. Conclusion - Antiserum is being re-evaluated for its strategic importance in public health. Jiangxi Biological is positioned to leverage technological advancements and its integrated capabilities to enhance its role in the global antiserum supply chain, addressing the needs of millions while contributing to global infectious disease prevention [19].

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].