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 ...