CMSC has published a research report initiating coverage on JIANGXI BIO (06915) with an "Accumulate" rating and a target price of HK$23.6. The brokerage highlights that the company is accelerating its transformation from a dominant player in the single tetanus antitoxin (TAT) market to a comprehensive antiserum platform, with its pipeline focused on rigid demand areas facing severe supply shortages, which is expected to enter a harvest phase soon.

The report notes that JIANGXI BIO is the world's largest supplier and exporter of human-use TAT and one of the few antiserum companies in China with a fully integrated value chain spanning animal husbandry, antigen immunization, plasma collection, antibody purification, and formulation production. Investors are advised to pay attention to its long-term investment value as a hidden champion in the antiserum sector.

CMSC projects the company's revenue to grow by 28%, 53%, and 56% year-over-year from 2026 to 2028, respectively. The growth is driven by the launch of the next-generation TAT in 2025, which is expected to boost average selling prices, along with deeper domestic volume-based procurement and a recovery in overseas exports. Additionally, starting in 2026, the veterinary drug segment is set to scale up systematically, with adjusted net profit forecast at RMB 140 million for 2028.