（原标题：江西生物IPO：新一代TAT与资本动作共振，抗血清龙头的价值突围之路） 近日，江西生物推出新一代破伤风抗毒素（TAT），凭借三大独有技术突破，成功重塑破伤风抗毒素领 域的行业标准。截至招股书递交日，新一代TAT是国内率先去除甲苯、去除防腐剂并植入病毒灭活技 术，同时也是国内已上市TAT领域首款采用西林瓶包装的产品。 江西生物TAT产品源自经过酶切技术和多重纯化工序后制成的马源免疫球蛋白F(ab')₂片段，其不良反应 率，即国家ADR平台收集不良反应报告数量占同期在中国总销量的比率，仅约为0.03%。而新一代TAT 通过取消传统甲苯-、配方不含间甲酚，并引入巴氏灭活工艺，有效降低特定安全风险点，实现安全性 的极大提升。新一代TAT产品比活性最高达90,000 IU/gp，约为《中国药典》（2025年版本三部）最低 要求的约2倍。此外，西林瓶的包装革新，相比安瓿瓶，在安全性、稳定性及无菌保障性方面均有明显 提升，在操作便利性与包装破裂风险控制方面具有潜在优势，更契合急诊快速用药场景。 紧接着，江西生物同步更新并递交港交所上市申请。这一系列动作构成的"技术迭代+资本冲刺"组合 拳，不仅揭开了这家抗血清龙头 ...

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 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 Institute of Biological Products Inc. (referred to as "Jiangxi Biological") has submitted a prospectus to the Hong Kong Stock Exchange for an IPO, marking its second attempt after a previous application lapsed in April 2025 [2]. Business Overview - Jiangxi Biological is the largest provider and exporter of human tetanus antitoxin (human TAT) in China and operates a fully integrated antiserum platform with over 50 years of expertise in research, production, and sales [6][8]. - The company's human TAT is included in the national Class A medical insurance list and the national essential drug list, providing it with a high level of market recognition and full insurance reimbursement advantages [6]. - Jiangxi Biological has a global sales and distribution network covering over 23,500 medical institutions in China, including more than 1,500 tertiary medical institutions [6]. Product Portfolio - In addition to human TAT, Jiangxi Biological's product offerings include veterinary tetanus antitoxin, equine serum gonadotropin (PMSG), and various hormone drugs for PMSG treatment [6]. - The company is developing innovative products targeting high-potential markets, including human antivenom serum and equine rabies immunoglobulin F(ab')2 [6]. Shareholder Structure - Prior to the IPO, the shareholder structure shows that Ms. Jing Yue holds a combined 76.64% stake through Hainan Zhizheng and Qianhai Tianzheng [9][10]. Board of Directors and Management - The board consists of 9 members, including 4 executive directors led by Ms. Jing Yue as the chairperson and Mr. Yao Xiaodong as the general manager [13][14][15]. Financial Performance - Jiangxi Biological's revenue for the years 2022, 2023, 2024, and the first half of 2025 were RMB 141.96 million, RMB 198.02 million, RMB 220.76 million, and RMB 99.70 million respectively, with corresponding net profits of RMB 26.47 million, RMB 55.48 million, RMB 75.14 million, and RMB 36.84 million [16]. IPO Advisory Team - The IPO advisory team includes CICC and CMB International as joint sponsors, with Deloitte as the auditor [18].

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. This follows a previous application submitted in April 2025 [1]. Company Overview - Jiangxi Biological is the largest provider and exporter of human tetanus antitoxin (TAT) in China and globally, operating a fully integrated antiserum platform. The company has a comprehensive distribution network covering over 23,500 medical institutions, including more than 1,500 tertiary medical institutions in China [3][6]. - The product portfolio includes human TAT, veterinary tetanus antitoxin, PMSG, and various hormone drugs for PMSG treatment. The company is also developing a diverse product pipeline targeting different market segments, including human antivenom and veterinary anti-infection drugs [3][4]. Market Position - According to Frost & Sullivan, the global human antiserum market is projected to grow from $321 million in 2019 to $409 million by 2024, with a compound annual growth rate (CAGR) of 4.9%. It is expected to reach $821 million by 2028 and $2.095 billion by 2033, with respective CAGRs of 19.1% and 20.6% [6]. - Jiangxi Biological holds a market share of 65.8% in China and 36.6% globally for human TAT by 2024, with total sales of 25.4 million doses, including 13.2 million doses sold in China and 12.2 million doses exported [6]. Financial Performance - The company reported revenues of approximately RMB 142 million, RMB 198 million, and RMB 221 million for the fiscal years 2022, 2023, and 2024, respectively. Corresponding profits were approximately RMB 26.5 million, RMB 55.5 million, and RMB 75.1 million [7][8].

Core Viewpoint - Jiangxi Biological has submitted a listing application to the Hong Kong Stock Exchange, with CICC and China Merchants Securities International as joint sponsors. This follows a previous application submitted in April 2025 [1]. Company Overview - Jiangxi Biological is the largest provider and exporter of human tetanus antitoxin (TAT) in China and globally, operating a comprehensive antiserum platform. The company has a global sales and distribution network covering over 23,500 medical institutions, including more than 1,500 tertiary medical institutions in China [3][6]. - The product portfolio includes human TAT, veterinary tetanus antitoxin, PMSG, and various hormone drugs, with plans to launch additional products upon regulatory approval [3][5]. Market Position - According to Frost & Sullivan, Jiangxi Biological holds a market share of 65.8% in the Chinese human TAT market and 36.6% globally, with projected sales of 25.4 million doses in 2024 [6]. - The company has maintained a dominant position in the Chinese human TAT market for 18 consecutive years, with nearly 100% of its exports going to over 30 countries and regions in Asia and Africa [6]. Financial Performance - Jiangxi Biological reported revenues of approximately RMB 142 million, RMB 198 million, and RMB 221 million for the fiscal years 2022, 2023, and 2024, respectively. The net profits for the same periods were approximately RMB 26.5 million, RMB 55.5 million, and RMB 75.1 million [7][8].

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].

导 语：公司虽然提到多元化战略，但目前仍高度依赖单一产品，若未能有效拓展新业务，未来 增长可能受限。 据江西生物制品研究所股份有限公司在港交所递交的招股书内容，公司已迈出了冲刺港股 IPO 的关 键一步，中金公司和招商证券国际担任联席保荐人。此次 IPO 计划将为公司发展注入新的活力，但 在这背后，也伴随着诸多值得投资者深入探讨的因素。 江西生物定位为人用破伤风抗毒素（人用 TAT）提供商和出口商、抗血清平台商。招股书引用弗若 斯特沙利文资料显示，按 2024 年销量计，江西生物在中国及全球人用 TAT 市场份额分别高达 65.8% 及 36.6%，是当之无愧的行业龙头，且在中国市场已连续 18 年保持 50% 以上的份额。 公司业务围绕人用药和兽药产品展开，人用 TAT 是核心产品，在 2022 - 2024 年，其销售收入占公 司总收入的比例均超 90%。 除了成熟的人用 TAT 业务，公司还拥有兽用破伤风抗毒素、孕马血清促性腺激素（PMSG）等产 品，部分产品完成上市批准重新注册后将投放市场。 此外，公司在研管线布局了人用抗蛇毒血清、 马狂犬病免疫球蛋白 F (ab') 2 及多种兽用抗感染药物，展现出 ...