本月港股三大指数走强，恒生指数累计上涨2.91%，科技指数累计上涨2.83%，国企指数累计上涨2.36%。 恒生指数本月呈现冲高回落态势，月初曾下探23690点，随后震荡上行至本月高位25735点。然而涨势未能延续，指数于月末回落至25000点下方。从月线 来看，恒生指数已连续三个月上涨。 我们玩港股打新为什么还要关注二级市场？因为没有二级市场的繁荣，IPO市场就是无根之木，无源之水。 二、公司概况 中慧生物成立于2015年，总部位于江苏泰州，是一家专注于创新疫苗和采用新技术方法的传统疫苗研发、制造和商业化的生物科技公司。 公司研发管线以双核心驱动与多元化突围方式展开。 已商业化产品慧尔康欣，是国内首款且唯一获批的亚单位四价流感疫苗，与传统的裂解疫苗相比，亚单位疫苗只含有病毒的关键成分，具有更好的安全性 和更低的不良反应风险。公司还在开发适用于6-35月龄人群的四价流感病毒亚单位疫苗，NDA已于2024年6月获国家药监局受理，预计2025年第三季度获 批。 核心在研产品，冻干人用狂犬病疫苗（人二倍体细胞），采用WHO推荐的"金标准"人二倍体细胞技术，避免动物细胞潜在致癌风险。目前已完成I期临 床，安全性良好， ...

Core Viewpoint - The company Zhonghui Biotech is preparing for its third IPO in Hong Kong, marking a significant step in its growth after achieving core technological breakthroughs and initial commercial success in the innovative vaccine sector [1][4]. Group 1: Company Overview - Zhonghui Biotech, established in 2015, focuses on subunit vaccines, which enhance safety and efficacy by extracting viral surface antigens with over 95% purity [4]. - The company's flagship product, "Hui Er Kang Xin," has shown a serum protection rate exceeding 89% against four flu virus strains, with a notably high rate of 97.98% for H3N2 [4]. - The company holds the only approved quadrivalent influenza subunit vaccine in China, which is expected to generate significant revenue growth, with projected income of 2.6 billion RMB in 2024, a 397.65% increase year-on-year [7][8]. Group 2: Product Pipeline and R&D - Zhonghui Biotech has developed a diverse pipeline of 13 differentiated research projects, including rabies vaccines and a 24-valent pneumonia conjugate vaccine targeting infants and the elderly [6]. - The company is advancing multiple vaccine candidates, with plans for clinical trials and regulatory submissions in 2025, including a rabies vaccine and an RSV vaccine [5][6]. - The company has invested heavily in R&D, with expenditures of 2.83 billion RMB in 2023 and 2.06 billion RMB in 2024, representing 79% of its revenue [14]. Group 3: Financial Performance - The company reported a cumulative loss of 684 million RMB from 2023 to 2024, with a further loss of 87.3 million RMB in Q1 2025 [14]. - As of March 2025, the company had cash reserves of only 115 million RMB against short-term liabilities of 2.54 billion RMB, indicating a significant liquidity challenge [10][14]. - The company’s revenue for 2023 was 52.168 million RMB, which increased to 259.612 million RMB in 2024, reflecting strong sales growth [9]. Group 4: Market Position and Strategy - Zhonghui Biotech's "Hui Er Kang Xin" was launched at a price of 319 RMB per dose, significantly higher than the average price of traditional vaccines, allowing it to quickly penetrate the market [8]. - The company is facing intense competition, with 19 flu vaccines already on the market and more in development, including from international giants like Sanofi [10][14]. - The upcoming IPO aims to raise funds primarily for core product development and international market expansion, particularly in Southeast Asia, to mitigate domestic price competition [16].