Core Viewpoint - The company reported a decline in total revenue for the first quarter of 2025, with specific segments showing varied performance, indicating challenges in the CDMO business while maintaining growth in CRO and other services [7][8]. Financial Performance - The company achieved total revenue of 52.84 million yuan, a decrease of 11.29% compared to the same period last year [7]. - Revenue from cell and gene therapy CRO services was 19.86 million yuan, reflecting a growth of 10.59% year-on-year [7]. - Revenue from cell and gene therapy CDMO services was 27.61 million yuan, down 27.74% year-on-year, primarily due to the types of CDMO orders executed and the progress of different projects [7]. - Other main business segments, including research reagents and cell storage services, generated revenue of 5.36 million yuan, an increase of 60.26% year-on-year [7]. Business Development - The company secured over 28 million yuan in new CDMO orders during the reporting period [7]. - It assisted clients in obtaining two IND approvals in the US and China, including one from the FDA, bringing the total to 46 approvals across multiple countries, with 13 from the FDA [7]. Intellectual Property - The company and its subsidiaries registered three new domestic trademarks and one copyright, and applied for two invention patents and six utility model patents during the reporting period [8]. - As of the end of the reporting period, the company held a total of 27 invention patents, 16 utility model patents, 2 design patents, 1 software copyright, 8 works copyrights, 65 domestic trademarks, and 4 international trademarks [8]. Share Buyback - On February 13, 2025, the company approved a share buyback plan to repurchase its A-shares using its own funds and a special loan for stock repurchase [9]. - As of April 10, 2025, the company completed the buyback of 18,726,690 shares, with a total expenditure of approximately 99.94 million yuan [10].

国泰海通证券股份有限公司 关于和元生物技术（上海）股份有限公司 2024 年度持续督导工作现场检查报告 上海证券交易所： 国泰海通证券股份有限公司（以下简称"国泰海通"、"保荐人"）作为和元 生物技术（上海）股份有限公司（以下简称"和元生物"或"公司"）首次公开 发行股票并在科创板上市的保荐人，根据《中华人民共和国公司法》《中华人民 共和国证券法》《证券发行上市保荐业务管理办法》、《上海证券交易所科创板股 票上市规则》（以下简称"《上市规则》"）和《上海证券交易所上市公司自律监管 指引第 11 号——持续督导》等有关法律法规的规定，对公司 2024 年度（以下简 称"本持续督导期间"）的规范运作情况进行了现场检查，现就现场检查的有关 情况报告如下： 一、本次现场检查的基本情况 陈恒瑞、张子慧 （三）现场检查时间 2025 年 4 月 10 日至 2025 年 4 月 17 日 （四）现场检查人员 陈恒瑞、张俊鑫 （五）现场检查内容 1 （一）保荐人 国泰海通证券股份有限公司 （二）保荐代表人 现场检查人员对本持续督导期内发行人公司治理及内部控制、信息披露、独 立性、与关联方的资金往来、募集资金使用情况、关联交 ...

Financial Performance - The company's revenue for Q1 2025 was ¥52,847,732.33, representing a decrease of 11.29% compared to ¥59,574,128.09 in the same period last year[3] - The net profit attributable to shareholders was -¥59,477,301.44, an increase in loss compared to -¥42,170,292.32 in the previous year[3] - The net cash flow from operating activities was -¥61,413,681.55, slightly improved from -¥62,542,304.19 in the previous year[3] - The weighted average return on equity was -3.48%, a decrease of 1.39 percentage points from -2.09%[3] - The company experienced a decline in revenue primarily due to decreased income from its cell and gene therapy CDMO business[6] - The company achieved a total revenue of RMB 52.85 million, a decrease of 11.29% compared to the same period last year[11] - The revenue from cell and gene therapy CRO business was RMB 19.86 million, an increase of 10.59% year-on-year, indicating stable growth[11] - The revenue from cell and gene therapy CDMO business was RMB 27.61 million, a decrease of 27.74% year-on-year, primarily due to the types of CDMO orders executed during the reporting period[11] - New CDMO orders exceeded RMB 28 million during the reporting period, with the company assisting clients in obtaining 2 IND approvals in the US and China[11] - Net loss for Q1 2025 was CNY 59,510,258.38, compared to a net loss of CNY 42,298,770.28 in Q1 2024, indicating an increase in losses of 40.6%[20] - The net profit attributable to shareholders of the parent company for Q1 2025 was CNY -59,477,301.44, compared to CNY -42,170,292.32 in Q1 2024, representing a 40.9% increase in losses[21] - Basic and diluted earnings per share for Q1 2025 were both CNY -0.092, compared to CNY -0.066 in Q1 2024[21] Research and Development - The total R&D investment was ¥10,820,956.46, down 23.00% from ¥14,053,882.62 year-on-year, with R&D expenses accounting for 20.48% of revenue[4] - The company plans to optimize its R&D personnel structure and focus on core projects, leading to reduced R&D spending[6] - Research and development expenses for Q1 2025 were CNY 10,820,956.46, down from CNY 14,053,882.62 in Q1 2024, a reduction of 23.5%[20] - The company’s R&D expenses for Q1 2025 were ¥2,257,223.97, down from ¥4,154,358.16 in Q1 2024, a reduction of 45.38%[30] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,194,350,719.20, a decrease of 3.96% from ¥2,284,740,741.02 at the end of the previous year[4] - The total assets of the company as of March 31, 2025, were RMB 2.19 billion, a decrease from RMB 2.28 billion at the end of 2024[16] - Total liabilities as of the end of the reporting period were CNY 571,887,808.95, an increase from CNY 545,193,225.79 at the end of the previous period[17] - The total equity attributable to shareholders of the parent company was CNY 1,622,740,580.83, down from CNY 1,739,792,228.87, a decrease of 6.7%[17] - The total current assets increased to ¥1,055,705,282.14 as of March 31, 2025, compared to ¥1,022,034,773.67 at the end of 2024, reflecting a growth of 3.63%[28] - The total liabilities increased to ¥285,590,552.30 as of March 31, 2025, compared to ¥185,513,971.89 at the end of 2024, indicating a growth of 54.00%[29] Cash Flow and Financing - As of March 31, 2025, the company had cash and cash equivalents of RMB 360.04 million, down from RMB 439.44 million at the end of 2024[15] - The cash and cash equivalents at the end of the period were ¥355,486,612.35, down from ¥562,880,278.98 at the end of the previous period, representing a decrease of 36.83%[25] - The company received cash from investment activities totaling ¥90,580,816.32, significantly higher than ¥28,685,449.94 in the previous period[25] - The cash outflow from investment activities was ¥150,952,902.19, an increase from ¥112,499,033.84 in the previous period[25] - The cash flow from financing activities in Q1 2025 was 49,471,025.59 RMB, compared to 58,191,094.73 RMB in Q1 2024, indicating a decrease of about 15%[34] - The company paid 71,233,500.00 RMB in debt repayments during Q1 2025, a significant increase from 1,233,500.00 RMB in Q1 2024[34] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 11,799[8] - The largest shareholder, Pan Oudong, holds 18.92% of the shares, totaling 122,805,540 shares[8] Other Developments - The company completed a share buyback of 18,726,690 shares for a total payment of RMB 99.94 million[14] - The company registered 3 new domestic trademarks and applied for 2 invention patents and 6 utility model patents during the reporting period[12] - The company’s long-term equity investments amounted to RMB 66.61 million as of March 31, 2025, slightly up from RMB 66.34 million at the end of 2024[16] - The company’s short-term borrowings increased significantly to RMB 180.75 million from RMB 70.05 million at the end of 2024[16]

Group 1 - The article discusses financial performance metrics for various companies, highlighting significant changes in their financial figures from 2023 to 2025 [1][2] - A notable decline in certain metrics is observed, such as a 39.39% decrease in one company's figure from 2023 to 2024 [1] - The overall financial landscape shows a mixed performance, with some companies experiencing substantial losses, such as a 407.69% increase in negative figures for one entity [1] Group 2 - The total revenue for a specific sector is reported at 24,330.32 million, reflecting a 37.95% increase compared to previous figures [2] - Individual company performances vary, with one company generating 12,280.55 million, representing a 19.15% increase [2] - Some companies report negative changes, such as a significant drop of 495.00 million in one category, indicating potential challenges within that segment [2]

和元生物公告，2025年第一季度营收为5284.77万元，同比下降11.29%；净亏损5947.73万元，去年同期 净亏损4217.03万元。 ...

Group 1 - The core viewpoint is that He Yuan Bio is experiencing sustained policy support in the cell and gene therapy (CGT) sector, with indications expanding from tumors to multiple areas, despite a cautious investment environment [1] - The company's CDMO business is affected by a slowdown in investment, leading to short-term fluctuations in gross margin, but the long-term market potential remains significant, with gross margins expected to gradually recover [1] - The CRO business is showing steady growth, with an 8.02% increase in sales revenue and an expanding customer base, while actively exploring overseas markets [1] Group 2 - In the fourth quarter, sales and management expenses increased while R&D expenses decreased, with plans for multiple quality improvement measures in 2025 [1] - He Yuan Bio has established a wholly-owned subsidiary, He Yuan He Mei, in the field of regenerative medicine to achieve large-scale cell production and expand its CRO/CDMO full industry chain services [1] - The company has signed new orders exceeding 270 million, and the GMP capacity utilization rate at the Lingang industrial base continues to improve [1] Group 3 - The company aims to optimize its business model centered around underlying technology, expand into international markets, and strengthen strategic partnerships, aspiring to become a comprehensive service platform in the fields of cell gene therapy and regenerative medicine, with a focus on both domestic and global markets [1]

Core Viewpoint - The company is experiencing fluctuations in its CDMO business due to various factors, including market price sensitivity and increased operational costs, but it aims to enhance its market position and profitability through strategic initiatives and technological advancements [3][5][7]. Industry Overview - The domestic CGT (Cell and Gene Therapy) industry is supported by government policies and regulatory guidelines, leading to a gradual recovery in demand and supply dynamics. The industry is currently in a "supply clearing" phase, with expectations of improved market conditions as macroeconomic factors stabilize [2]. - The CGT sector saw a 4% year-on-year increase in financing events among Chinese CGT companies, indicating sustained long-term value recognition despite a cautious investment environment [2]. Company Performance - In 2024, the company reported a main revenue of 248 million yuan, a year-on-year increase of 21.16%, but faced a net loss of 322 million yuan, a decline of 151.54% [8]. - The company's CDMO business is impacted by a slowdown in investment in the biopharmaceutical sector, leading to increased price sensitivity among clients and fluctuating gross margins [3][8]. Business Segments - The company's CDMO business is focused on advanced therapies in cell and gene treatment, with a significant market potential. The company plans to optimize its operational model and enhance project delivery efficiency to improve gross margins over time [3][5]. - The CRO (Contract Research Organization) segment is experiencing steady growth, with a sales revenue of 85.82 million yuan in 2024, reflecting an 8.02% increase year-on-year. The client base has expanded to over 12,800 research laboratories [4][8]. Future Strategies - The company aims to strengthen its core technology in cell and gene therapy, expand its service offerings, and enhance its international market presence. It plans to leverage strategic partnerships and technological collaborations to explore new business opportunities [7]. - The establishment of a subsidiary focused on regenerative medicine marks a significant step in the company's strategic layout, aiming to address industry challenges and enhance its service capabilities in cell therapy [5][7]. Market Outlook - The Chinese stem cell market is projected to reach 26.5 billion yuan in 2024, with a year-on-year growth of 14%. However, the industry faces challenges such as intensified competition and varying product quality [5]. - The company anticipates a gradual recovery in industry conditions, driven by improved macroeconomic factors and supportive policies, which will enhance the overall market landscape for CGT [2].

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 20 日 [Table_Summary] 事件概述 公司公告 2024 年报：24 全年实现营业收入 2.48 亿元，同比增 长 21.16%、实现归母净利润-3.22 亿元、实现扣非净利润-3.36 亿元。 分析判断: ► 细胞与基因治疗 CDMO 维持向上增长趋势，战略布局 再生医学业务 公司 24 年实现收入 2.48 亿元，同比增长 21.16%，其中细胞与基 因治疗 CDMO 业务实现收入 1.35 亿元，同比增长 26.12%、细胞与 基因治疗 CRO 业务实现收入 0.86 亿元，同比增长 8.02%，核心业 务延续向上增长趋势。公司 23 年实现归母净利润-3.22 亿元，相 对 23 年的-1.13 亿元呈现放大亏损，我们判断主要受竞争加剧导 致项目价格下降、临港产业基地投产引起运营成本增加以及周浦 医学园区搬迁导致的转移成本和损失等。展望未来，公司继续坚 定布局一体化的细胞与基因治疗 CRO+CDMO 业务，同时战略性布 局再生医学业务，且考虑到未来投融资景气度有望面临进一步改 善，我们判断公司业绩端有望在未来几 ...

Company Overview - He Yuan Bio is a biotechnology company focused on gene therapy, providing CRO services for basic research and CDMO services for drug development [1] - The company offers products including gene therapy CRO, gene therapy CDMO, biological agents, and reagents [1] Financial Performance - For the fiscal year 2024, He Yuan Bio reported revenue of 248 million yuan, representing a year-on-year increase of 21.16% [1] - The net profit for the same period was -321.81 million yuan, showing a year-on-year decline of 151.54% [1] - The gross profit margin was reported at -37.81% [1] Shareholder Information - As of March 31, 2025, the number of shareholders for He Yuan Bio was 12,181, a decrease of 122 from the previous count [1] - The average market value of shares held by each shareholder was 352,800 yuan, with an average holding of 27,600 shares [1] Market Valuation - He Yuan Bio's closing stock price was 5.68 yuan, with a market capitalization of 3.687 billion yuan and a price-to-book ratio of 2.12 [1] - The company's PE (TTM) ratio was reported at -11.46, while the industry average PE (TTM) was 45.89 [2]

Group 1 - The core viewpoint of the article highlights that He Yuan Bio's 2024 annual report shows a revenue of 248 million yuan, representing a year-on-year growth of 21.16%, with its CDMO business revenue reaching 135 million yuan, up 26.12% [2] - He Yuan Bio is recognized as the first CDMO company in the A-share market focused on cell and gene therapy, serving cutting-edge pharmaceutical products rather than traditional drugs, indicating a strong market demand in life sciences [2][3] - The company has made significant progress in expanding its CDMO business, securing over 270 million yuan in new orders and assisting clients in obtaining 12 new drug clinical research application approvals within the year [2] Group 2 - Since 2025, the domestic gene and cell therapy sector has seen supportive policies aimed at promoting healthy industry development, including expedited review processes that shorten the market entry timeline by 60% [3] - The approval process for cell therapy products is accelerating, with recent approvals for products like Amy Maito's injection for acute graft-versus-host disease and the gene therapy drug Bopida's injection for hemophilia B [3] - Industry experts believe that both policy and product developments indicate that the gene and cell therapy field may be entering a period of explosive growth [3] Group 3 - He Yuan Bio has over ten years of experience in the cell and gene therapy field, operating a 77,000 square meter facility equipped with 13 GMP carrier production lines and 20 cell production lines, positioning itself among the leaders in the industry [4] - The company offers one-stop services for drug development, clinical trials, and commercial production, which is rare in the domestic market [4]