Jiangxi Biological Products Research Institute Co., Ltd.
江西生物製品研究所
💡 定價範圍HK$9.33–13.06
Offer Price
HK$13.06
Market Cap
HK$40.3B
Listing Date
2026-06-30
Sector
生物科技
📊 Valuation Analysis
P/S ratio
15.9x
合理 — 接近行業平均生物科技 sector P/S benchmark: 8x – 18x
Revenue growth (YoY)
6.6%
Gross margin
76.8%
Net margin
40.3%
Profitability
Profitable
Fair value range by sector P/S benchmark: HK$6.57 – HK$14.77
💰 Financial Summary (FY2025)
Revenue
RMB2.35B
Prior revenue
RMB2.21B
Gross profit
RMB1.81B
Net profit
RMB0.95B
Figures in RMB (some companies converted from their prospectus reporting currency — see notes below).
📝 Key Notes
TAT疫苗龍頭。FY2025收入2.35億人民幣，淨利9,479萬。毛利率76.8%，淨利率40.3%。
🏢 Company Overview
江西生物製品研究所股份有限公司，中國最大的人用破傷風抗毒素(TAT)生產商及出口商，在中國TAT市場佔有率超過60%。產品線包括：(1) 人用破傷風抗毒素（預防及治療破傷風的核心生物製品）；(2) 抗蛇毒血清系列（涵蓋眼鏡蛇、五步蛇、銀環蛇等中國常見毒蛇品種）；(3) 馬抗狂犬病血清。產品列入國家基本藥物目錄(VBP)，覆蓋全國超過3,000家醫療機構。出口至東南亞、非洲、南美洲等20餘個國家，為WHO預認證供應商之一。
🔢 Want to adjust the parameters yourself?
Use the IPO valuation calculator to enter a stock code, adjust revenue and share count, and get a fair value range.
⚠️ For educational reference only and not investment advice. IPO pricing, listing dates and financial data are subject to change — always refer to HKEX announcements and the prospectus. Investing involves risk.