新股申购丨九源基因一手入场费2537.33港元，引入复星医药等多家基石

九源基因招股概况

2024年11月20日至25日，九源基因（02566.HK）正式开启其在港股的招股之旅，拟全球发售4539.88万股H股。其中，香港公开发售占约10%，国际发售占约90%，发售价定为每股发售股份11.48至12.56港元。预期H股将于2024年11月28日上午9时在香港联合交易所开始买卖，每手200股H股进行交易。

公司概况与业务亮点

九源基因，成立于1993年，是中国一家拥有超过30年研发、生产及商业化生物药品及医疗器械经验的生物制药公司。公司专注于四大快速增长的治疗领域：骨科、代谢疾病、肿瘤及血液，这些领域于2023年合计占中国药物总销售额的51.5%（根据灼识咨询资料），展现出强大的市场潜力和发展前景。

九源基因的产品组合多元化，已上市产品及原料药组合稳健支撑其财务业绩。近年来，公司的收益和纯利均保持稳健增长，2021年至2023年收益分别为13.07亿元、11.25亿元、12.87亿元，纯利分别为1.19亿元、5990万元、1.2亿元。2024年上半年，公司收益达到7.02亿元，纯利为1.05亿元，显示出强劲的盈利能力。

募资用途与未来发展

此次港股IPO，九源基因预计募集资金净额约为4.68亿港元（假设发售价为每股H股12.02港元，即发售价范围的中位数，并扣除相关费用）。募集资金将主要用于以下方面：

• 约40%将分配至集团战略性重点治疗领域的选定在研产品的持续研发，包括代谢疾病、骨科、肿瘤等领域的在研产品；
• 约30%将用于集团现有及接近商业化产品的营销及商业化，扩大销售及市场团队，加强市场宣传及开发；
• 约10%将用于寻求战略合作，以进一步提升公司的竞争力和市场地位；
• 约10%将用于集团的制造系统，建设新生产线并升级及进一步自动化现有生产设施；
• 余下款项将用于集团的营运资金及其他一般企业用途。

上市意义与展望

九源基因的港股上市，不仅将为公司带来更加广阔的融资平台，还将借助香港的国际金融中心地位，进一步提升其全球影响力和品牌知名度。作为生物制药领域的佼佼者，九源基因的成功上市将为整个行业注入新的活力，同时也为投资者提供了参与生物医药领域发展、分享行业增长红利的机会。

展望未来，九源基因将继续秉承“创新驱动发展，科技引领未来”的理念，不断加强研发创新和市场拓展，努力成为全球领先的生物制药公司。在资本市场的助力下，九源基因有望开启更加辉煌的新篇章，为投资者创造更大的价值回报。

 

Nine source gene offering overview

From November 20 to 25, 2024, Jiuyuan Gene (02566.HK) officially opened its IPO journey in Hong Kong stocks, intending to sell 453,398,800 H shares globally. Of these, the Hong Kong public offering accounted for about 10% and the international offering accounted for about 90%, with the offer price set at HK $11.48 to HK $12.56 per offer share. H Shares are expected to start trading on the Hong Kong Stock Exchange at 9:00 am on 28 November 2024, with each lot of 200 H shares to be traded.

Company overview and business highlights

Jiuyuan Gene, founded in 1993, is a biopharmaceutical company in China with more than 30 years of experience in the development, production and commercialization of biological drugs and medical devices. The company focuses on four fast-growing therapeutic areas: orthopedics, metabolic diseases, oncology and blood, which together account for 51.5% of total drug sales in China in 2023 (according to Insight Consulting data), demonstrating strong market potential and development prospects.

The company's diversified product portfolio and its portfolio of marketed products and apis supported its financial performance. In recent years, the company's income and net profit have maintained steady growth, from 2021 to 2023 revenue of 1.307 billion yuan, 1.125 billion yuan, 1.287 billion yuan, net profit of 119 million yuan, 59.9 million yuan, 120 million yuan. In the first half of 2024, the company's revenue reached 702 million yuan and its net profit was 105 million yuan, showing strong profitability.

Fundraising purposes and future development

In the Hong Kong IPO, Jiuyuan Gene expects to raise a net amount of approximately HK $468 million (assuming an offering price of HK $12.02 per H share, which is the middle of the offering price range, and deducting related expenses). The funds raised will be used for the following purposes:

 Approximately 40% will be allocated to the ongoing research and development of selected products in the Group's strategic priority therapeutic areas, including products in research in metabolic diseases, orthopedics, oncology and other areas;

 Approximately 30% will be used for marketing and commercialisation of the Group's existing and near-commercial products, expanding the sales and marketing team, and strengthening marketing promotion and development;

 Approximately 10% will be used to seek strategic cooperation to further enhance the company's competitiveness and market position;

 Approximately 10% will be used for the Group's manufacturing systems, the construction of new production lines and the upgrading and further automation of existing production facilities;

 The balance will be used for the Group's working capital and other general corporate purposes.

Significance and prospect of listing

The Hong Kong stock listing of Jiuyuan Gene will not only bring the company a broader financing platform, but also take advantage of Hong Kong's status as an international financial center to further enhance its global influence and brand awareness. As a leader in the biopharmaceutical field, the successful listing of Jiuyuan Gene will inject new vitality into the entire industry, and also provide investors with the opportunity to participate in the development of the biopharmaceutical field and share the growth dividend of the industry.

Looking forward to the future, Jiuyuan Gene will continue to uphold the concept of "innovation-driven development, science and technology leading the future", continue to strengthen research and development innovation and market expansion, and strive to become the world's leading biopharmaceutical company. With the help of the capital market, Jiuyuan Gene is expected to open a more brilliant new chapter and create greater value returns for investors.