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].

江西生物向港交所递交上市申请，中金公司（601995）、招商证券国际为其联席保荐人。 江西生物的销售及分销网络遍布全球，在中国覆盖了超过23500家医疗机构，包括1500多家三级医疗机 构。 根据弗若斯特沙利文的资料，全球人用抗血清市场从2019年的3.21亿美元增加至2024年的4.09亿美元， 复合年增长率为4.9%，预计到2028年将继续增加至8.21亿美元，2033年达到20.95亿美元。 江西生物是中国最大的人用TAT(破伤风抗毒素)提供商和出口商，也是全球最大的提供商之一，2024年 其全球销量市场份额为36.6%，国内市场份额为65.8%。 公司拥有贯通全产业链的抗血清平台，产品包括人用TAT、兽用TAT、孕马血清促性腺激素(PMSG)等， 并计划进一步拓展抗蛇毒血清、马狂犬病免疫球蛋白等产品线。 ...

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. 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 ...