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 ...

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 expand its presence in the animal health market [1] - Shandong Xinde Technology was established in 1999 and is recognized as a leading animal health company in China [1] - The company engages in the research, production, and sales of a full range of animal health products, including veterinary biological products, traditional Chinese veterinary medicine, chemical preparations, animal feed, and feed additives [1] Group 2 - According to the prospectus, Shandong Xinde Technology ranks ninth among domestic manufacturers in the Chinese animal health market based on projected revenue for 2024 [1] - The company is also ranked among the top three in the Chinese veterinary biological products market for poultry [1]

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]

据港交所2月16日披露，山东信得科技股份有限公司(简称：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。根据灼识咨询的资料，以2024年收入计，该公司是在中国动物保 健市场中排名第九的国产厂商，并在中国禽用兽用生物制品市场排名前三。 据招股书，成立于1999年，该公司是中国领先的动物保健企业。该公司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。 ...

智通财经APP获悉，据港交所2月16日披露，山东信得科技股份有限公司(简称：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。根据灼识咨询的资料，以2024年收入计，该公 司是在中国动物保健市场中排名第九的国产厂商，并在中国禽用兽用生物制品市场排名前三。 据招股书，成立于1999年，该公司是中国领先的动物保健企业。该公司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。 ...