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 ...

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 - 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].