Overseas Contract Orders Reach Nearly RMB27.4 mn and R&D Translation Gains Momentum, with the AEPC Platform Reshaping the R&D Paradigm for Equine Polyclonal Antibody
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Interim Results Highlights |
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Key Financial Indicators
Key Pipeline Progress
Translation of Research Outcomes
Next Steps The Group will comprehensively upgrade and build the “AEPC Platform”, integrating R&D, production, sales and governance through AI and digital capabilities to form a closed loop, promote resource synergy and commonality reuse across its dual-wheel pipelines, reduce the marginal costs of pipeline development and translation, and continuously unlock the platform-level value of equine polyclonal antibody technology. |
HONG KONG, Aug. 31, 2026 /PRNewswire/ — Jiangxi Institute of Biological Products Inc. and its subsidiaries (collectively, “JIANGXI BIO” or the “Group”) (stock code: 6915.HK) announced its unaudited interim results for the six months ended June 30, 2026 (the “Period”). During the Period, adhering to its dual-wheel synergistic pipeline strategy of “human pharmaceutical products + veterinary pharmaceutical products” and leveraging its rare integrated full-industry-chain advantages in antiserum, the Group achieved phased progress in core product market share, clinical pipeline advancement, platform technology breakthroughs and international market expansion.
Resilient Profitability with Accelerated Momentum for Mid-to-Long-Term Translation
Overseas Contracted Orders for Products Rise to Approximately RMB27.4 mn; R&D Investment Increases by Nearly 19% Y-o-Y
In the first half of 2026, the global pharmaceutical industry was undergoing structural adjustment, impacted by geopolitical uncertainties, trade frictions and continued strengthening of compliance regulations. The resource allocation across the industry has become more prudent. Facing a complex external environment, the Group leveraged the clinical essential demand for Human TAT, its fully integrated industry chain advantages and its global market presence to maintain steady development in its core business, expanding sales channels and increasing contracted orders through differentiated marketing strategies to enhance its operational resilience.
During the Period, the Group recorded revenue of approximately RMB83.3 mn, representing a decrease of 16.5% year-on-year (“Y-o-Y”); gross profit amounted to RMB60.3 mn, representing a gross profit margin of approximately 72.3%; and profit for the Period amounted to approximately RMB14.4 mn. Excluding one-off items such as listing expenses and tax rate differential adjustments, adjusted net profit amounted to RMB38.7 mn, representing a decrease of 21.7% Y-o-Y. The changes in results were primarily attributable to the combined effects of: (i) an increase in R&D expenses; (ii) adjustments to relevant national tax policies; (iii) a decrease in investment income; (iv) an increase in depreciation of fixed assets; and (v) one-off listing expenses. During the Period, the Group continued to increase its R&D investment. R&D expenses amounted to approximately RMB11.0 mn, representing an increase of 18.6% Y-o-Y and accounting for 13.2% of revenue, and were primarily used to advance innovative pipeline development and platform technology upgrades, providing strong support for the translation of mid-to-long-term R&D outcomes and sustainable growth.
During the Period, sales revenue from the Group’s core product, Human TAT, amounted to approximately RMB77.5 mn, with sales volume of approximately 9,577,000 units, of which approximately 5,911,000 units were sold in the domestic market and approximately 3,666,000 units in overseas markets. The Group continued to promote the synergistic distribution of ampoule and vial packaging formats and expand end markets, actively strengthening its operational resilience. In the domestic market, terminal coverage reached 27,100 medical institutions (including 1,720 tertiary medical institutions). The vial-packaged products were listed on the centralized pharmaceutical procurement platforms in 32 provinces and cities across China and achieved supplementary follow-up bidding under inter-provincial alliance procurement in 26 provinces and cities. In overseas markets, the Group completed market registrations and renewals in four markets, namely India, the DR Congo, Zanzibar and Ghana, and successfully won government tender orders from Ethiopia, Togo and Mongolia. During the Period, the Group’s cumulative overseas contracted orders reached 6,859,000 units, with a total contract value of approximately RMB27.4 mn.
Steady Progression of the Dual-wheel Pipeline
AI+ Technology Platform Upgrade Activates the Pipeline Innovation Engine
During the Period, the Group advanced the integration of AI and machine learning technologies into antiserum R&D and production, enabling its technologies to evolve toward greater precision, enhanced stability, higher purity and increased platform scalability. The application boundaries of its products were expanded to four major fields: bio-toxicosis, viral infections, bacterial infections and immunomodulation, while continuously extending into equine plasma-derived product applications.
As of the date of the announcement, the Group had commercialized 3 products, while 5 candidate products had entered new stages of clinical research or commercialization. The development progress of specific pipelines and innovative products is as follows:
- Bio-toxicosis: have initiated Phase II clinical trials with Agkistrodon Halys Antivenom with the first patient enrolled and dosed; completed Phase I clinical trials for Agkistrodon Acutus Antivenom and initiated Phase II clinical trials; and accelerated the antigen design and product development for Polyvalent Snake Antivenom through using AI-assisted antigen design and mRNA-LNP delivery technologies;
- Viral infections: process research was advanced for Equine Rabies Immunoglobulin F(ab’)2 and Respiratory Syncytial Virus (RSV) Antibody candidates. Equine immunization validation for the RSV Antigen had been completed and successfully induced high-titer antibody responses. On the veterinary pharmaceutical products side, the new drug registration application for Recombinant Porcine Interferon α is in progress;
- Bacterial infections: For Equine Anti-Drug-Resistant Bacteria F(ab’)2, the Group completed the recognition of key targets in Pseudomonas aeruginosa by polyclonal antibodies and validated their potential for virulence neutralization. On the veterinary pharmaceutical products side, the Group enriched its veterinary anti-infective product portfolio building upon the commercialization of Veterinary TAT;
- Immunomodulation: Phased breakthroughs were achieved in veterinary pharmaceutical products, with Pig Spleen Transfer Factor and Bursal Peptide Injection obtaining the New Veterinary Drug Registration Certificates. Their commercialization will be advanced successively;
- Equine plasma-derived product applications: With the commercialization of PMSG as a key entry point, the Group accelerated production line upgrades and global market penetration. Meanwhile, it accelerated the exploration of the development potential of multiple functional components in equine plasma and extended into diversified application scenarios such as veterinary regenerative medicine, research and diagnostic reagents, driving the multi-component development and multi-scenario translation of biological resources and expanding the Group’s commercialization potential.
Accelerated Translation of R&D Translations
Unlocking the Potential of the Equine Polyclonal Antibody Platform, and archiving Promising Laboratory Validation Data for Purification Technologies
The continued expansion of the pipeline is underpinned by the Group’s equine polyclonal antibody technology platform. Compared with a single-target pathway, equine polyclonal antibodies are characterized by multi-epitope recognition, rapid response and scalable production. Combined with the diverse immunoglobulin repertoires and large-body-size advantages of horses, this technology provides an important foundation of high protective efficacy, high throughput and cost-effectiveness for the Group’s pipeline R&D and industrialization.
During the Period, the Group deepened its core technological advantages in antiserum and empowered the integrated digital and intelligent upgrade of R&D and manufacturing through AI+, transitioning from the traditional “passive screening” paradigm to “proactive intelligent design” and building a more differentiated technological barrier at the platform level for equine polyclonal antibody.
In antigen development, the Group established an “AI+ fusion protein mRNA antigen” development platform, further enhancing the efficiency of antigen design and subsequent product development.
In antibody preparation, the Group developed an equine F(ab’)2 process platform based on immobilized dual recombinant endopeptidases IdeZ2 and IdeS and, for the first time, established an IdeZ2+IdeS synergistic dual-endopeptidase “one-pot” process based on molecular mechanism design, thereby enhancing R&D and preparation efficiency.
During the Period, the Group also achieved phased validation of cutting-edge research results. At the laboratory research stage, the Group applied two purification technologies, namely ion exchange chromatography and pathogen-specific affinity chromatography, achieving mean increases in specific activity of relevant products of approximately 30% and 400%, respectively, compared with existing products (the average specific activity of products as of December 31, 2025 was 82,000 IU/gp, while the Chinese Pharmacopoeia Standard was 45,000 IU/gp). The relevant results provide innovative support for the quality upgrade of existing products and the engineering, standardization and platform-based development of subsequent pipelines.
Next Step
Comprehensively Upgrading the “AEPC Platform” to Develop the Clinical Value of Dual-wheel Pipelines Across Five Directions
Looking ahead, the Group proposes to upgrade and build the “AEPC Platform (馬源多克隆抗體全產業鏈數智平台)” upon its existing integrated full-industry-chain advantages. Anchored by four core segments: Antigen Development, Equine Immunization, Plasma Processing and Commercialization. The platform horizontally integrates key segments of the industry chain and vertically extends across R&D, production, sales and governance, forming an interconnected innovation closed loop.
Leveraging this platform, the Group will accelerate resource synergy and commonality reuse across the full industry chain under its dual-wheel pipeline strategy, reduce the marginal costs of pipeline development and translation, consolidate its leadership in Human TAT while cultivating incremental global markets, and deepen the development of its equine polyclonal antibody technology platform. On this basis, the Group will advance the integration of AI, biotechnology and the antiserum industry, broaden the boundaries of antiserum indications, deepen the clinical value of equine plasma-derived products, explore diversified commercial opportunities, and bring more high-quality Chinese antiserum products to patients worldwide.
About Jiangxi Institute of Biological Products Inc.
Jiangxi Institute of Biological Products Co., Ltd. (the “Group”) is a globally leading platform-based biopharmaceutical enterprise integrating the full industrial chain of antiserum products. By 2025 sales volume, the Group was the world’s largest provider and exporter of human tetanus antitoxins (Human TAT) and had maintained a dominant position in China’s Human TAT market for 19 consecutive years. Its products are exported to over 30 countries and regions worldwide and have cumulatively served more than one billion patients globally. Pursuing its mission of “Make Quality Medicine for People Worldwide”, and leveraging the industry’s extremely high entry barriers, rare full-industry-chain integration and leading technological advantages, the Group has established a dual-wheel synergistic pipeline of “human pharmaceutical products + veterinary pharmaceutical products”. It focuses on four fields: bio-toxicosis, viral infections, bacterial infections and immunomodulation, while continuously extending into equine plasma-derived product applications. In 2026, the Group upgraded and built the “AEPC Platform”, integrating R&D, production, sales and governance across the full-industry-chain through AI and digital capabilities, deepening the underlying technological barriers of equine polyclonal antibody, providing safer and more effective solutions to address critical unmet medical and animal health prevention and treatment needs globally, and contributing Chinese strength to global public health. For more information, please visit https://en.jxswzp.cn/.
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SOURCE Jiangxi Institute of Biological Products Inc.
