Hualan Vaccine GEM opened for subscription, and in recent years, its revenue has mainly relied on influenza vaccines

(People's Daily health client Zhao Mengmeng) Domestic influenza vaccine leader Hualan Biological Vaccine Co., Ltd. is about to be listed. On February 8, Hualan Vaccines began the subscription of new shares on the ChiNext board, and the IPO intends to publicly issue 40.01 million shares, accounting for 10% of the total share capital after the issuance, with an issue price of 56.88 yuan per share, a price-earnings ratio of 25.31 times, and is expected to raise 2.276 billion yuan.

Influenza vaccine leader, the current product structure is single

Founded in 2005, Hualan Vaccine is mainly engaged in the research and development, production and sales of human vaccines under Hualan Biologics, and has the largest influenza vaccine production base in China, with operating income of 803 million yuan, 1.049 billion yuan and 2.426 billion yuan respectively in 2018-2020, with a compound growth rate of 73.86% in revenue and a compound growth rate of 85% in net profit.

Source: Warland Vaccine Prospectus

According to the prospectus, in 2018-2020, the operating income of Hualan vaccine mainly came from the production and sales of influenza vaccine, ACYW135 meningococcal polysaccharide vaccine and recombinant hepatitis B vaccine (Hanson yeast); among them, the sales revenue of influenza vaccine accounted for 86.87%, 99.42% and 99.81% of operating income, respectively, accounting for a relatively high proportion and showing an upward trend year by year.

Among the influenza vaccines, the quadrivalent influenza virus cleavage vaccine is even more dominant. In 2018, the quadrivalent influenza vaccine of Hualan Vaccine was exclusively listed in China, and the revenue of the quadrivalent influenza vaccine reached 600 million yuan in the year of listing, accounting for 74.73% of the operating income of that year, and after two years of rapid growth, the revenue increased to 2.346 billion yuan, accounting for 96.68%. It can be said that the current Revenue of Hualan Vaccine only relies on the single product of quadrivalent influenza virus cleavage vaccine.

There are more than ten kinds of products under research, covering influenza, rabies and other diseases

The vaccine industry is typically a technology- and R&D-driven industry. In terms of R&D investment, from 2018 to 2020, the R&D investment of Hualan Vaccine was 52.9765 million yuan, 73.042 million yuan and 110 million yuan, accounting for 6.60%, 6.96% and 4.57% of the operating income of the year, respectively.

Thanks to the strong R&D and industrialization capabilities of Hualan Vaccine in the field of vaccines, as early as 2009, Hualan Vaccine developed the world's first batch of H1N1 influenza virus lysis vaccines; in 2015, the influenza vaccine produced passed WHO pre-certification, becoming the fifth enterprise in the world and the first in mainland China to pass who pre-certified influenza vaccines; in 2018, it became the first enterprise in China to list a tetravalent influenza virus lysis vaccine.

In the investor exchange session, Sun Shubin, general manager of Hualan Vaccine, said, "At present, the company's products under development include children's quadrivalent influenza virus lysis vaccine, human rabies vaccine, adsorption tetanus vaccine, lyophilized group A group C meningococcal conjugate vaccine, H7N9 influenza whole virus inactivated vaccine, adsorbed cell-free diphtheria daptophane combined vaccine, recombinant coronavirus pneumonia vaccine, new coronavirus inactivated vaccine, lyophilized nasal spray recombinant new coronavirus attenuated live and other vaccines, and the product layout covers influenza, rabies, epidemic meningitis, Many diseases such as whooping cough, diphtheria, tetanus and novel coronavirus pneumonia. ”

It is reported that the funds raised by the IPO will be used for the development, industrialization and capacity building of the core product influenza vaccine and the existing product supply guarantee, the development and industrialization of the lyophilized human rabies vaccine, the multiple bacterial vaccine, the new pneumonia vaccine, and the construction project of the new vaccine research and development platform.

Editor-in-charge: Zhao Mengmeng

Proofreading: Qi Yu