近日，江西生物制品研究所股份有限公司（下称"江西生物"）递交了港股上市申请。这已是其第三次冲 刺上市，也是其从A股转赴港股后的第二次尝试。 根据弗若斯特沙利文的资料，江西生物是中国及全球最大的用破伤风抗毒素（TAT）供应商。在本次招 股书中，江西生物更新了最新的业绩。 数据显示，公司2025上半年实现营收9970.4万元，同比增长12.96%；同期净利润为3683.8万元，同比增 长118.02%。据江西生物表示，2025上半年公司营收增长主要得益于核心产品销售增加，尤其是公司出 口菲律宾、埃塞俄巴销售额增加明显；而净利润的增加则得益于销售推广开支减少、海外市场的扩张。 1 细分领域龙头，垄断全国出口 2019年至2024年全球人用抗血清市场需求复合年增长率为4.9%，预计到2028年将增加至8.21亿美元，年 均增速可达到19.1%。而中国市场同期增速也达到了5.9%，预计到2028年将继续增加至1.32亿美元，年 均增速为19.9%。 按2024年销量计，江西生物在中国、全球市场份额可达到65.8%、36.6%。据悉，江西生物在中国TAT市 场份额已连续18年保持在50%以上。 为此，江西生物持续加码海外 ...

作为中国最大的人用破伤风抗毒素提供商，江西生物正式冲刺港交所IPO。10月26日，江西生物制品研 究所股份有限公司（以下简称"江西生物"）向港交所递交招股书，拟主板挂牌上市。招股书显示，江西 生物近三年业绩快速增长，总收入由2022年的1.42亿元增至2024年的2.21亿元，利润自2646.8万元提升 至7514万元。然而，江西生物高度依赖单一产品，人用TAT（破伤风抗毒素）连续三年贡献逾九成营 收，尽管国内市占率超50%，却面临政策变动与出口低价带来的盈利压力。目前，江西生物虽布局抗蛇 毒血清等管线，但研发进展缓慢，2024年研发投入同比骤降43.54%，未来增长受制于市场增速放缓与 研发突破不足的双重挑战。 | | | | | | 最见进目对目主半损 | | | | | | | 喷钓6月如果止六盘川 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 20224 | | | 2017年 | | | 19249 | | | 2024年 ...

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。 ...

Group 1 - The company, Sairun Biotech (688163.SH), has stated that it currently has no plans to export its anti-snake venom serum [1]

Core Viewpoint - The report outlines the continuous supervision and compliance of Shanghai Sailun Biotechnology Co., Ltd. by the sponsor, Founder Securities, during the first half of 2025, ensuring adherence to relevant regulations and monitoring the company's operations and governance [1][2][3]. Continuous Supervision Work - The sponsor has established a comprehensive supervision system and executed a work plan to monitor the company effectively [2]. - A continuous supervision agreement was signed between the sponsor and Sailun Biotechnology, clarifying rights and obligations during the supervision period [2]. - The sponsor conducted regular communication, site visits, and due diligence to understand the company's operational status [2][3]. Compliance and Governance - The sponsor ensured that the company and its management adhered to laws, regulations, and business rules set by the Shanghai Stock Exchange [2][3]. - The company was guided to establish effective internal control systems, including financial management and accounting practices [3]. Financial Performance - For the first half of 2025, the company reported a revenue of approximately 100.82 million yuan, a 2.82% increase from the previous year [6]. - The net profit attributable to shareholders was approximately 32.98 million yuan, reflecting a 2.07% increase year-on-year [6]. - The company's total assets reached approximately 1.14 billion yuan, a 1.38% increase compared to the end of the previous year [6]. Core Competitiveness - The company has developed proprietary technologies in the field of antivenom and antitoxin products, establishing a strong competitive edge in research and production [10][11]. - The company’s main products, including snake antivenom and tetanus immunoglobulin, are unique in the domestic market, with ongoing improvements in production processes [10][11]. Research and Development - The company’s R&D expenditure accounted for 8.41% of its revenue, a decrease of 4.23 percentage points compared to the previous year [15]. - New product development projects include broad-spectrum snake antivenom and recombinant snake venom coagulase, which are in various stages of research [16][17]. Fund Utilization - The company raised approximately 89.38 million yuan from its initial public offering, with net proceeds of about 78.49 million yuan after deducting issuance costs [18]. - As of June 30, 2025, the company had utilized approximately 283.69 million yuan of the raised funds, with a remaining balance of approximately 559.85 million yuan [18][20]. Shareholding Structure - As of June 30, 2025, there were no shareholding reductions, pledges, or freezes among the company's major shareholders and management [20].

Group 1 - The core viewpoint of the article is that Sairun Biotech (688163.SH) has not included its products in the national drug procurement led by the National Healthcare Security Administration [1] - The company currently has no plans to adjust the price of its anti-snake venom serum [1] - The anti-snake venom serum plays a crucial role in quickly neutralizing toxins, reducing harm to patients, shortening recovery time, improving prognosis, and decreasing treatment costs for complications caused by poisoning [1] Group 2 - The article highlights that with ongoing social progress and an increase in public health awareness and demand, the construction of a snakebite treatment system is expected to improve [1] - The key role and usage principles of anti-snake venom serum are anticipated to receive more attention and implementation in clinical settings [1]

Core Viewpoint - The Hong Kong stock market's innovative drug sector has shown strong performance since 2025, with a cumulative increase of nearly 100%, indicating a rising capital market interest. Jiangxi Biological has submitted a listing application to the Hong Kong Stock Exchange, potentially becoming the first "serum stock" in Hong Kong [1]. Industry Overview - Jiangxi Biological focuses on the essential demand in infectious disease prevention, differentiating itself from other innovative drug companies by integrating both human and veterinary medicines, thus enhancing its value growth path amid the competitive landscape of innovative drug targets [3]. - The global infectious disease sector faces a long-term shortage of medical resources, creating a clear growth trajectory for the antiserum industry. Traditional vaccines and antibiotics have limitations, making antiserum increasingly vital in public health systems [4]. Market Potential - The antiserum market is expanding, with Tetanus Antitoxin (TAT) meeting approximately 60% of China's clinical demand, with an annual consumption exceeding 20 million doses. TAT's rapid efficacy and cost advantages make it a preferred choice in price-sensitive markets [5]. - The global TAT market is projected to grow from $8.46 million in 2024 to $20 million by 2028, with a CAGR of 24%. In China, the TAT market is expected to increase from $3.35 million to $6.62 million during the same period, with a CAGR of 18.6% [6]. Company Strengths - Jiangxi Biological is a leading antiserum company with a fully integrated supply chain, ensuring quality and cost-effectiveness. It is the only company globally using inactivated antigens, recombinant proteins, and mRNA antigens for antiserum development [11]. - The company maintains a dominant market position, holding over 50% market share in China for 18 consecutive years, with TAT accounting for 36.6% of the global market and 65.8% of the Chinese market [15]. - The company has a robust pipeline, addressing significant gaps in the market for snake antivenom and other products, with clinical trials planned for various antivenoms starting from 2025 [16][17]. Distribution and Market Reach - Jiangxi Biological has a comprehensive sales network covering 23,500 medical institutions in China, with TAT included in national health insurance, facilitating rapid access to grassroots medical and emergency scenarios [18]. - The company exports TAT to over 30 countries in Asia and Africa, holding a 90% market share in countries like the Philippines and Egypt, demonstrating its competitive edge in international markets [18]. Conclusion - Antiserum is being re-evaluated for its strategic importance in public health. Jiangxi Biological is positioned to leverage technological advancements and its integrated capabilities to enhance its role in the global antiserum supply chain, addressing the needs of millions while contributing to global infectious disease prevention [19].

Core Viewpoint - The new FDA regulation mandating the addition of taurine in infant formula and pet food has significantly impacted the global food industry, leading to a surge in demand and prices for taurine, with Chinese company Yong'an Pharmaceutical becoming a key player in this market [1][3]. Group 1: Market Dynamics - The price of food-grade taurine skyrocketed by 75% within a month, with quotes reaching 25,000 yuan per ton, compared to 13,000 yuan per ton in March 2025 [3]. - The global taurine market is characterized by a supply-demand imbalance, with an annual demand of approximately 160,000 tons and existing production capacity of only 140,000 tons, resulting in a supply gap of about 20,000 tons [9]. Group 2: Company Positioning - Yong'an Pharmaceutical holds over 90% of the global taurine production capacity and is the only company with FDA and EFSA certifications, allowing it to charge a premium price of 82,000 USD per ton for its pharmaceutical-grade taurine [10]. - The company has seen a 120% year-on-year increase in exports of its pharmaceutical-grade products to the US and EU markets [10]. Group 3: Industry Trends - The demand for taurine is driven by various applications, including functional beverages and high-end pet food, with the young consumer demographic in China showing a 20% annual growth in taurine consumption [5]. - The pet food market has seen a penetration rate of over 35% for premium products, with some cat food containing taurine levels ten times higher than those for humans [5]. Group 4: Competitive Landscape - The taurine industry is highly concentrated, with three main players: Yong'an Pharmaceutical, Shengyuan Environmental Protection, and New Hecheng, which together dominate the market [9]. - Shengyuan Environmental Protection is set to launch a new 40,000-ton food-grade taurine project in the second half of 2025, potentially altering the competitive dynamics in the mid-to-low-end market [13].

Core Viewpoint - The research highlights the potential of adenosine, derived from the traditional herb "异叶茴芹," as a promising early intervention for silver ring snake envenomation, showing significant protective effects in animal models [4][10]. Group 1: Research Findings - The study published in the Journal of Advanced Research demonstrates that adenosine can achieve a 100% survival rate in mice injected with silver ring snake venom when administered intraperitoneally at a dose of 25 mg/kg [4][10]. - Adenosine effectively mitigates the neuro-muscular blockade caused by the snake venom, preserving acetylcholine receptor function and maintaining normal respiratory muscle activity [8][10]. - The research identifies ten major compounds from the herb, with adenosine being particularly effective against silver ring snake venom [6][10]. Group 2: Clinical Implications - Adenosine is a naturally occurring substance in the human body and has been approved for clinical use in treating other conditions, indicating a clear safety profile [10]. - The study emphasizes the need for exploring more convenient administration methods for adenosine, especially in emergency field scenarios, to enhance its practical application [10]. - Future research will involve validating the detoxifying effects of adenosine in larger animal models and developing suitable clinical emergency administration protocols [10].

Core Viewpoint - The recent death of a young female tourist in Sanya due to a suspected snake bite has raised concerns about the availability and adequacy of antivenom supply in hospitals, particularly in regions with high incidences of snake bites [1][2][4]. Antivenom Production and Availability - Currently, there is only one company, Sairun Biotech, that produces antivenom in China, with only four types available: for pit vipers, cobras, five-step snakes, and banded krait [6][7]. - In 2024, Sairun Biotech reported a revenue of 158 million yuan from antivenom sales, a slight increase of 1.17% year-on-year, with a production volume of 172,900 vials, up 46.68% from the previous year [7]. Treatment Protocols and Challenges - The treatment of snake bites is highly dependent on the experience of medical professionals, emphasizing the need for timely administration of antivenom based on clinical symptoms rather than waiting for definitive identification of the snake species [3][4]. - The guidelines recommend early and adequate use of antivenom, which is crucial for improving patient outcomes [5][4]. Regional Variations in Antivenom Storage - Hospitals in regions with high snake bite incidents, such as Xiangtan, Guangzhou, and Lishui, maintain stocks of the four types of antivenom based on local snake species prevalence [8][9]. - Some hospitals may not stock antivenom due to high costs, short shelf life, and the financial burden of expired products [10][9]. Public Health Implications - Snake bites are a significant public health issue in China, with an estimated 250,000 to 280,000 cases annually, predominantly affecting individuals over 50 years old [4]. - The lack of awareness and access to proper treatment can lead to severe complications and fatalities, highlighting the need for better public health education and resources [13][12]. Future Developments - There is potential for market growth in antivenom production, as current offerings do not cover all snake species, and additional companies are exploring the development of new antivenoms [13][15]. - Sairun Biotech is currently conducting clinical research on antivenom for viper bites, which could expand treatment options in the future [15][16].