（原标题：江西生物IPO：新一代TAT与资本动作共振，抗血清龙头的价值突围之路） 近日，江西生物推出新一代破伤风抗毒素（TAT），凭借三大独有技术突破，成功重塑破伤风抗毒素领 域的行业标准。截至招股书递交日，新一代TAT是国内率先去除甲苯、去除防腐剂并植入病毒灭活技 术，同时也是国内已上市TAT领域首款采用西林瓶包装的产品。 江西生物TAT产品源自经过酶切技术和多重纯化工序后制成的马源免疫球蛋白F(ab')₂片段，其不良反应 率，即国家ADR平台收集不良反应报告数量占同期在中国总销量的比率，仅约为0.03%。而新一代TAT 通过取消传统甲苯-、配方不含间甲酚，并引入巴氏灭活工艺，有效降低特定安全风险点，实现安全性 的极大提升。新一代TAT产品比活性最高达90,000 IU/gp，约为《中国药典》（2025年版本三部）最低 要求的约2倍。此外，西林瓶的包装革新，相比安瓿瓶，在安全性、稳定性及无菌保障性方面均有明显 提升，在操作便利性与包装破裂风险控制方面具有潜在优势，更契合急诊快速用药场景。 紧接着，江西生物同步更新并递交港交所上市申请。这一系列动作构成的"技术迭代+资本冲刺"组合 拳，不仅揭开了这家抗血清龙头 ...

Core Viewpoint - Jiangxi Biological Products Research Institute Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CICC and China Merchants Securities International as joint sponsors. This follows a previous application submitted in April 2025 [1]. Company Overview - Jiangxi Biological is the largest provider and exporter of human tetanus antitoxin (TAT) in China and globally, operating a fully integrated antiserum platform. The company has a comprehensive distribution network covering over 23,500 medical institutions, including more than 1,500 tertiary medical institutions in China [3][6]. - The product portfolio includes human TAT, veterinary tetanus antitoxin, PMSG, and various hormone drugs for PMSG treatment. The company is also developing a diverse product pipeline targeting different market segments, including human antivenom and veterinary anti-infection drugs [3][4]. Market Position - According to Frost & Sullivan, the global human antiserum market is projected to grow from $321 million in 2019 to $409 million by 2024, with a compound annual growth rate (CAGR) of 4.9%. It is expected to reach $821 million by 2028 and $2.095 billion by 2033, with respective CAGRs of 19.1% and 20.6% [6]. - Jiangxi Biological holds a market share of 65.8% in China and 36.6% globally for human TAT by 2024, with total sales of 25.4 million doses, including 13.2 million doses sold in China and 12.2 million doses exported [6]. Financial Performance - The company reported revenues of approximately RMB 142 million, RMB 198 million, and RMB 221 million for the fiscal years 2022, 2023, and 2024, respectively. Corresponding profits were approximately RMB 26.5 million, RMB 55.5 million, and RMB 75.1 million [7][8].

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. This follows a previous application submitted in April 2025 [1]. Company Overview - Jiangxi Biological is the largest provider and exporter of human tetanus antitoxin (TAT) in China and globally, operating a comprehensive antiserum platform. The company has a global sales and distribution network covering over 23,500 medical institutions, including more than 1,500 tertiary medical institutions in China [3][6]. - The product portfolio includes human TAT, veterinary tetanus antitoxin, PMSG, and various hormone drugs, with plans to launch additional products upon regulatory approval [3][5]. Market Position - According to Frost & Sullivan, Jiangxi Biological holds a market share of 65.8% in the Chinese human TAT market and 36.6% globally, with projected sales of 25.4 million doses in 2024 [6]. - The company has maintained a dominant position in the Chinese human TAT market for 18 consecutive years, with nearly 100% of its exports going to over 30 countries and regions in Asia and Africa [6]. Financial Performance - Jiangxi Biological reported revenues of approximately RMB 142 million, RMB 198 million, and RMB 221 million for the fiscal years 2022, 2023, and 2024, respectively. The net profits for the same periods were approximately RMB 26.5 million, RMB 55.5 million, and RMB 75.1 million [7][8].

Core Viewpoint - Shanghai Serum Bio-Technology Co., Ltd. reported a steady growth in revenue and net profit for the first half of 2025, with a focus on the development and production of antiserum and antitoxin products, particularly in the field of biological safety and toxin treatment [1][2]. Company Overview and Financial Indicators - The company achieved an operating income of 100.82 million yuan, a 2.82% increase compared to the same period last year [2][3]. - The total profit reached 37.77 million yuan, reflecting a 1.92% increase year-on-year [2][3]. - The net profit attributable to shareholders was 32.98 million yuan, up 2.07% from the previous year [2][3]. - The net assets attributable to shareholders were 1.11 billion yuan, a 1.03% increase from the end of the previous year [2][3]. Industry and Main Business Situation - The company operates in the pharmaceutical manufacturing industry, specifically in the biopharmaceutical sector focusing on antiserum and antitoxin production [4][5]. - The company is a leader in the antiserum and antitoxin field, producing unique products such as antivenom for snake bites and tetanus immunoglobulin, which have reached advanced production levels [4][5]. - The antivenom products are the only effective treatments for snake bites in China, with no direct substitutes available [4][5]. Research and Development - The company is actively engaged in the research and development of new antivenom products, including specific antivenoms for viper bites and bee venom, which are currently in various stages of clinical trials [10][12]. - The company has established a strong technical foundation in the production of antiserum and antitoxin, with proprietary technologies in antigen purification, immune response enhancement, and virus inactivation [15][18]. - New projects include the development of broad-spectrum antivenom and recombinant snake venom coagulants, aimed at improving treatment options for snake bites and enhancing surgical hemostasis [10][12][13]. Market Expansion - The company has strengthened its market presence through educational initiatives and improved public awareness regarding snake bite treatment, enhancing the accessibility of its products [13][14]. - The company is also working on improving the procurement and distribution of its rabies antiserum, which has shown significant results in clinical applications [14].

Group 1 - The establishment of designated hospitals for snakebite treatment in Guangzhou has significantly improved the treatment outcomes for snakebite patients [2] - The number of designated snakebite treatment hospitals in Guangzhou has increased from 2 to 11 since September 2022, ensuring that patients can receive timely medical care close to their location [2] - Hospitals are well-stocked with various types of antivenom, including those for pit viper, five-step snake, cobra, and silver-ringed snake, alleviating public concerns about antivenom shortages [2] Group 2 - City representatives suggest enhancing public awareness regarding snakebite prevention, emergency response, and treatment, including promoting designated hospitals and self-rescue techniques [3] - There is a proposal to conduct scenario simulation classes in schools and communities to educate parents and students on snakebite treatment knowledge [3] - Continuous monitoring and advocacy for increased publicity and emergency response capabilities at designated hospitals are emphasized to ensure public safety [3]

Core Viewpoint - The article highlights the rising concern over snakebite incidents in China, emphasizing the importance of immediate medical response and the availability of antivenom in hospitals [1][2]. Summary by Sections Snakebite Statistics and Trends - China experiences approximately 250,000 to 280,000 cases of snakebites annually, predominantly affecting middle-aged and elderly individuals [1]. - The peak activity period for snakes is from April to October, with the highest incidence of bites occurring from July to September [1]. First Aid Guidelines - Key steps for first aid after a snakebite include moving away from the danger, observing the snake's characteristics, removing jewelry and tight clothing, minimizing movement, and calling emergency services immediately [1][2]. Antivenom Availability - There are four types of antivenom available in China: antivenom for cobra, viper, silver ring snake, and five-step snake [2]. - Different snake species require specific antivenom, with common venomous snakes in the region including the short-tailed viper, silver ring snake, cobra, and king cobra [2]. Hospital Resources in Changsha - Various hospitals in Changsha have stocked different types of antivenom: - Xiangya Hospital of Central South University has four types of antivenom [3]. - Hunan Provincial People's Hospital also stocks four types of antivenom [5]. - Hunan University of Traditional Chinese Medicine First Affiliated Hospital has four types of antivenom available [6]. - Changsha Central Hospital has two types of antivenom and can procure others quickly [8]. - Other hospitals like Changsha First Hospital and Changsha Fourth Hospital also maintain stocks of various antivenom types [9][10].