Core Viewpoint - Jiangxi Biological has submitted a prospectus to the Hong Kong Stock Exchange for a main board listing, following a previous application that lapsed in April 2025. The company is a leading provider of human tetanus antitoxin (TAT) in China and globally, holding significant market shares [1][6]. Market Outlook - Jiangxi Biological's history dates back to 1969, originally as a branch of the Shanghai Institute of Biological Products, and transitioned to a limited liability company in 2002. The current chairman, Jing Yue, controls 76.64% of the voting rights through Hainan Zhizheng and Qianhai Tianzheng [3]. - The global human antiserum market is projected to grow from $321 million in 2019 to $409 million in 2024, with a compound annual growth rate (CAGR) of 4.9%. It is expected to reach $2.095 billion by 2033, with a CAGR of 20.6% [6]. Company Overview - Jiangxi Biological is the largest provider and exporter of human TAT in China, with a market share of 65.8% in the global market and 36.6% in China as of 2024. The company sold 25.4 million doses of human TAT in 2024, with 13.2 million sold domestically and 12.2 million exported [6][9]. - The company has maintained a dominant position in the Chinese human TAT market for 18 consecutive years, holding over 50% market share [6]. Product Portfolio - In addition to human TAT, Jiangxi Biological's product offerings include veterinary tetanus antitoxin, equine chorionic gonadotropin (PMSG), and various hormone drugs. The company is also developing a diverse product pipeline targeting different market segments [7][8]. Financial Performance - The total revenue for Jiangxi Biological during the reporting period (2022-2025) was approximately $142 million, $198 million, $221 million, and $100 million for the first half of 2025, with a CAGR of 24.7%. Net profits were approximately $26 million, $55 million, $75 million, and $37 million, with a CAGR of 68.5% [9]. - Revenue from human TAT accounted for over 93% of total revenue during the reporting period, indicating a heavy reliance on this single product for growth [9]. Recent Developments - Jiangxi Biological has upgraded its product technology and launched a new generation of tetanus antitoxin, becoming the first in China to use a preservative-free, pasteurization virus inactivation process for its TAT product [10].

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 a listing application to the Hong Kong Stock Exchange, with CICC and China Merchants Securities International as joint sponsors [1] Company Overview - Jiangxi Biological is the largest provider and exporter of human TAT (tetanus antitoxin) in China and one of the largest globally, holding a global market share of 36.6% and a domestic market share of 65.8% in 2024 [1] - The company possesses a comprehensive anti-serum platform that includes products such as human TAT, veterinary TAT, and equine chorionic gonadotropin (PMSG), with plans to expand into snake antivenom and rabies immunoglobulin products [1] - 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 [1] Industry Insights - According to Frost & Sullivan, the global human anti-serum market has grown from USD 321 million in 2019 to USD 409 million in 2024, with a compound annual growth rate (CAGR) of 4.9% [1] - The market is projected to continue increasing to USD 821 million by 2028 and reach USD 2.095 billion by 2033 [1]

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 ...