Recently, Jiangxi Biological Products Institute Co., Ltd. (Stock Code: 06915.HK) announced that its wholly owned subsidiary, Chifeng Boen Pharmaceutical Co., Ltd., officially commenced production of its veterinary tetanus antitoxin (Veterinary TAT) production line on July 20 in Chifeng, Inner Mongolia.
The launch marks an important step in Jiangxi Biological’s strategic expansion from human biological products into the animal health sector and represents a key milestone in the company’s “dual-engine development strategy” of human medicine and veterinary medicine.
Five Decades of Antiserum Expertise
Jiangxi Biological traces its origins back to 1969, when it was established as the Jiangxi Branch of the Shanghai Institute of Biological Products under the former Ministry of Health. The company completed its corporate restructuring in 2002 and underwent shareholding reform in 2017. On June 30, 2026, Jiangxi Biological was listed on the Main Board of the Hong Kong Stock Exchange, becoming known as the “first Hong Kong-listed antiserum company.”
According to Frost & Sullivan data, based on 2025 sales volume, Jiangxi Biological’s human tetanus antitoxin products held a 65.8% market share in China and a 45.8% share globally, maintaining the leading position in China for 19 consecutive years.
In 2025, the company sold approximately 29.9 million units of human TAT products, including 16.4 million units exported overseas. Its products have been distributed to more than 30 countries and regions across Asia and Africa.
Financially, Jiangxi Biological’s revenue increased from RMB 198 million in 2023 to RMB 235 million in 2025, while annual profit rose from RMB 55.48 million to RMB 94.79 million. Its overall gross profit margin increased from 67.8% to 76.8%.
However, over 90% of the company’s revenue still comes from human TAT products. Therefore, reducing dependence on a single product and developing new growth drivers has become a key strategic challenge following its listing.
Untapped Growth Potential in the Veterinary TAT Market
Veterinary tetanus antitoxin is mainly used for the prevention and treatment of tetanus infections in animals caused by trauma or surgical procedures. By neutralizing tetanus toxin, it provides passive immune protection for animals.
For a long time, China’s veterinary TAT market has faced structural supply-demand imbalance. On the supply side, large-scale standardized production capacity has remained limited. On the demand side, accelerating livestock farming modernization and rising pet healthcare consumption are driving increasing demand for animal tetanus prevention and treatment.
According to Frost & Sullivan, the global veterinary tetanus antitoxin market is expected to grow from USD 30.2 million in 2024 to USD 76.8 million by 2028, representing a compound annual growth rate (CAGR) of 26.3%.
The Chinese market is expected to grow even faster, increasing from USD 2.2 million in 2024 to USD 9.1 million by 2028, with a CAGR of 42.8%.
Currently, only a limited number of companies in China have obtained approval for veterinary TAT products. With advantages in technology, brand recognition, and distribution networks, leading enterprises are gradually establishing stronger market positions. Jiangxi Biological’s entry is expected to reshape competition in this highly concentrated niche market.
Rapid Transition from Approval to Commercial Production
The production launch followed a series of strategic preparations. On July 3, Jiangxi Biological announced that Chifeng Boen had successfully obtained the Veterinary Drug Product Approval Certificate for veterinary TAT products. The approval was regarded as an important milestone for the company’s expansion into animal healthcare.
The transition from regulatory approval to production within less than three weeks demonstrates the company’s strong preparation in manufacturing capacity and commercialization planning.
Chifeng Boen Pharmaceutical, Jiangxi Biological’s veterinary medicine platform, has established a modern production system that complies with China’s updated Veterinary GMP standards, EU GMP requirements, and US FDA quality system standards.
The company operates three major production areas and eight modern production lines, with product portfolios covering veterinary antiserum, recombinant interferon alpha, porcine spleen transfer factor, chicken bursal factor, reproductive hormones, and other animal health products.
Jiangxi Biological stated that the launch of the veterinary TAT production line represents a major advancement in its “human medicine + veterinary medicine” strategy. It will expand the company’s antiserum business from human healthcare into animal health, while providing production capacity support for the commercialization and large-scale supply of veterinary antiserum products.
Leveraging Human Pharmaceutical Standards for Veterinary Innovation
Jiangxi Biological’s entry into the veterinary medicine sector is not simply a product extension, but rather a systematic transfer of advanced human pharmaceutical technologies.
The company has accumulated comprehensive capabilities across the entire antiserum value chain, including animal breeding, antigen development, host animal immunization, plasma collection, antibody purification, and pharmaceutical formulation.
The company operates a large-scale GMP-compliant horse breeding facility in Zhangye, Gansu Province, and an internationally standardized production facility in Ji’an, Jiangxi Province, creating a complete “farm-to-clinic” integrated industrial chain.
More importantly, Jiangxi Biological is among the few companies globally capable of developing antiserum products using recombinant proteins, mRNA technologies, and serum-free antigen platforms.
These technologies, processes, and quality standards developed through years of human medicine applications are now being transferred into veterinary drug development and manufacturing.
Due to the long development cycle and high technical barriers involved in establishing a complete antiserum industrial chain, new entrants often require 5–10 years to build comparable capabilities. This provides Jiangxi Biological with a significant competitive advantage in the veterinary market.
Building a Second Growth Curve in Animal Health
The global veterinary pharmaceutical market is expected to reach USD 128.1 billion by 2035, while China’s pet healthcare market exceeded RMB 80 billion in 2025. Animal healthcare has become one of the faster-growing segments within the pharmaceutical industry.
For a company that has achieved a leading position in global human antiserum products, expansion into animal health represents not only a way to unlock the value of existing technologies but also a strategic move to reduce product concentration risk and create new growth opportunities.
The official launch of the veterinary TAT production line marks the transformation of this strategy from concept into industrial reality. More than a single product line, it represents a technology transfer pathway from human antiserum to animal healthcare and a significant attempt by a traditional biological products company to establish its second growth engine.
