New Stock Preview | Leading Tetanus Vaccine Company Heading to Hong Kong, Can Chengdu Olymvax Biopharmaceuticals Inc (688319.SH) Tell a Good IPO Story?

Recently, Chengdu Olymvax Biopharmaceuticals Inc (referred to as "Chengdu Olymvax Biopharmaceuticals Inc") officially submitted its listing application to the main board of the Hong Kong Stock Exchange, with CITIC SEC acting as the sole sponsor. If the listing in Hong Kong is successful, Chengdu Olymvax Biopharmaceuticals Inc will become another vaccine company listed in both the "A+H" markets. Since its listing on the Science and Technology Innovation Board in June 2021, Chengdu Olymvax Biopharmaceuticals Inc (688319.SH) has been continuously attracting market attention. This year, with the overall recovery of the pharmaceutical sector, the company's stock price has climbed all the way from around 10 yuan at the beginning of the year to a high of 34.68 yuan in August, with a cumulative increase of over 200%. The market sentiment towards the company is positive. Recently, its stock price has been fluctuating around 25 yuan, with a current market value of approximately 9.8 billion yuan. As an absolute leader in the field of tetanus vaccines in China, Chengdu Olymvax Biopharmaceuticals Inc has long held a market share of around 70% with its leading product, the adsorbed tetanus vaccine, creating a stable revenue base. The company has strategically focused on the "super bacteria vaccine" and "adult vaccine" two major blue ocean areas, building the most comprehensive and fastest developing super bacteria vaccine research pipeline in China. Among them, the core product, the recombinant Pseudomonas aeruginosa vaccine, has entered phase III clinical trials, expected to be the world's first commercially available super bacteria vaccine, with significant scarcity and clinical value. Turning to financial performance, the company's revenue has been on the rise in recent years, reaching 547 million yuan, 494 million yuan, 586 million yuan, and 305 million yuan in the first half of 2022 to 2025, respectively. During the same period, the net profits were 26.576 million yuan, 11.442 million yuan, 15.719 million yuan, and 13.231 million yuan, respectively, with limited and fluctuating profits. It is worth noting that in the first half of 2025, revenue increased by 35.17% year-on-year, and net profit attributable to shareholders reached 13.1969 million yuan, turning losses into profits compared to the same period last year, showing an improvement in short-term operations. The company's gross profit margin has remained above 92%, reflecting the vaccine product's strong pricing power and cost control level. Furthermore, the company's revenue structure displays a high degree of concentration. Currently, among the three commercialized vaccines of the company - adsorbed tetanus vaccine, Hib combination vaccine, and AC combination vaccine, the adsorbed tetanus vaccine is the absolute revenue pillar. In 2024, the product's sales revenue reached 536 million yuan, accounting for 90.99% of total revenue. It has consistently maintained a share of over 70% from 2019 to 2023, stabilizing in recent years at over 90%. Relying on this product, the company has a market share of over 80% in...