Core Viewpoint - The cell and gene therapy sector is identified as a groundbreaking frontier with revolutionary treatment potential, becoming a core growth point in the global healthcare industry during a critical window for technological breakthroughs and industrial transformation [1] Group 1: Company Initiatives - The company plans to establish an industrial merger and acquisition fund in collaboration with Shanghai Hongsheng Junhao Equity Investment Fund Management Co., Ltd. and other partners to support its long-term strategic layout in the gene and cell therapy industry [1] - The total fundraising scale of the fund is tentatively set at RMB 500 million, with the company intending to contribute no more than RMB 100 million, accounting for approximately 20% of the fund's total fundraising [1] - The company does not have any obligations to guarantee returns or provide exit guarantees to other investors [1] Group 2: Fund Status - The fund is currently in the preparatory stage, with the partnership agreement yet to be finalized and the necessary business registration and filing with the Asset Management Association of China still pending [1]

（文章来源：每日经济新闻） 每经AI快讯，和元生物（688238.SH）2月5日在投资者互动平台表示，目前欧盟地区业务较少，公司暂 未在欧盟国家设立分子公司，主要销售方式为通过美国子公司进行销售。 ...

Core Insights - Health Road Co., Ltd. has entered the cell therapy field through a strategic partnership with He Yuan Biotechnology (Shanghai) Co., Ltd., marking a significant step in building a comprehensive health service ecosystem [1] - The collaboration with He Yuan Biotechnology, a company listed on the STAR Market, enhances Health Road's capabilities in the cell and gene therapy sector, leveraging He Yuan's integrated platform for research, production, and application [1] - Health Road's existing digital health service platform, with 211.8 million registered users and 905,000 registered doctors, aligns well with the new focus on cell storage, preparation, and exosome preparation [1] Business Model and Strategy - On the B2B side, Health Road has established a network covering over 11,000 medical institutions, enhancing customer loyalty and service value through cell technology support [2] - For the C2C segment, the company plans to introduce innovative product combinations such as "cell storage + health assessment" and "exosome anti-aging + medical health services" to maximize user lifecycle value [2] - The enterprise service segment aims to design innovative products like "insurance + cell therapy" for partners in insurance and banking, further extending the service chain [2] Competitive Advantage - The synergistic effect of this strategy allows Health Road to leverage existing resources for rapid expansion without the need to build clinical channels and user trust from scratch [2] - The strategic positioning in the cell biotechnology sector is seen as forward-looking, utilizing a light asset and strong synergy model to avoid heavy R&D investment risks while maximizing existing ecosystem advantages [2] - As the business model is validated and implemented, Health Road is expected to carve out a unique path in the cell therapy field, creating sustainable growth value for investors [2]

Core Viewpoint - Health Road (02587.HK) has entered the cell therapy sector through a strategic partnership with He Yuan Bio (688238.SH), marking a significant step in building a comprehensive health service ecosystem and demonstrating its intent to rapidly position itself in the industry using a light-asset model [1][2]. Group 1: Differentiated Strategy - The industry is witnessing significant investments, such as ByteDance's 6 billion yuan commitment to a medical complex, highlighting the value of the cell therapy sector [2]. - Health Road adopts a pragmatic approach by leveraging regional agents and ecosystem collaboration, contrasting with the heavy asset investment strategies of industry giants [2]. - He Yuan Bio, a listed company on the Sci-Tech Innovation Board, has established an integrated platform for research, production, and application in cell and gene therapy, showcasing strong industrial capabilities and technical reserves [2]. Group 2: Business Model and Financial Performance - Health Road's proactive business structure optimization has led to an increase in gross margin to 31.2%, indicating improved profitability [3]. - The cell storage and preparation business typically features high gross margins and prepayment characteristics, which will further enhance the company's revenue structure and provide stable cash flow [3]. - With the cell therapy market growing at an annual rate exceeding 50%, this strategic positioning opens new growth avenues for the company [3]. Group 3: Ecosystem Synergy - The new cell therapy business can quickly integrate with Health Road's existing network of over 11,000 medical institutions, enhancing customer loyalty and service value [4]. - The company can leverage its 211.8 million registered users to introduce innovative product combinations, such as "cell storage + health assessment" and "exosome anti-aging + medical health services," maximizing user lifecycle value [4]. - By designing innovative products like "insurance + cell therapy" for partners in insurance and banking, the company can further extend its service chain [4]. Group 4: Strategic Positioning - Health Road's entry into the cell biotechnology sector represents a forward-looking strategic positioning, utilizing a light-asset and strong synergy model to tap into a high-growth market [4]. - This approach minimizes the risks associated with heavy R&D investments while maximizing the use of existing ecosystem advantages [4]. - As the business gradually takes shape and the model is validated, Health Road is expected to carve out a unique path in the cell therapy field, creating sustainable growth value for investors [4].

Core Insights - The cell therapy market is experiencing rapid growth, with an average annual growth rate exceeding 50%, and is expected to reach a market size of 58.4 billion yuan by 2030 [1] - The implementation of the new regulations for biomedical technology clinical research and application, effective from May 1, 2026, is seen as a foundational law for the industry, promoting a shift towards a comprehensive health management approach [1] Group 1: Company Strategy - Health Road has entered the cell therapy sector through a strategic partnership with He Yuan Bio, indicating its intent to build a comprehensive health service ecosystem [1][2] - The company adopts a light-asset model, focusing on regional agency as a practical approach to accelerate its growth in the cell therapy market [2] - Health Road's collaboration with He Yuan Bio, a company with a robust integrated platform in cell and gene therapy, enhances its industrial capabilities and technological reserves [2] Group 2: Market Positioning - Health Road has established a vast network with 211.8 million registered users and 905,000 registered doctors, allowing it to leverage its existing resources for rapid business expansion [2][4] - The company is focusing on three core areas: cell storage, cell preparation, and exosome preparation, aligning with its comprehensive health service system [2] - The cell storage and preparation business typically has high gross margins and prepayment characteristics, which will further optimize the company's revenue structure and provide stable cash flow [3] Group 3: Competitive Advantage - Health Road's ecosystem enables it to quickly form multi-dimensional synergies, enhancing customer loyalty and service value through its network of over 11,000 medical institutions [4] - The company can introduce innovative product combinations to its vast user base, maximizing user lifecycle value [4] - By leveraging existing resources, Health Road can achieve rapid expansion without the need to build clinical channels and user trust from scratch [4]

Investment Rating - The investment rating for the healthcare industry is "Positive" and maintained [14] Core Insights - The funding levels for Chinese innovative pharmaceutical companies are increasing, leading to a gradual improvement in the research and development (R&D) investment sentiment within the industry. This is expected to usher in a new cycle of prosperity for the innovative drug industry chain [5][12] - The trend of external business development (BD) is likely to benefit the domestic early-stage research industry significantly, as new business models allow early-stage projects to become tradable and monetizable assets, enhancing R&D investment returns [13] Summary by Sections Innovative Chain Development Review - Before 2020, multiple factors converged to initiate a significant rise in China's innovative drug sector, leading to the rapid development of the innovative chain, including CXO and life sciences services [10][30] - From 2020 to the first half of 2022, the global public health crisis accelerated capital inflow into the biopharmaceutical sector, resulting in high demand and a leap in the innovative chain segment, which also triggered a wave of IPOs and substantial supply-side expansion [10][39] - The second half of 2022 to 2024 saw a transition from a heated to a cooling phase, with a significant shift in supply-demand dynamics leading to industry internal competition and pressure on revenues and profit margins [10][54][57] Improvement in R&D Investment Sentiment - Starting from 2025, the R&D investment sentiment in China's innovative drug sector is expected to improve, with companies experiencing increased funding levels. The total amount raised through IPOs and additional offerings in 2025 is projected to reach 201.5 billion yuan, a 145% year-on-year increase [11][62] - The potential milestone payments from external BD are expected to reach 880.5 billion yuan in 2025, marking a 185.9% year-on-year increase, indicating a robust funding environment for innovative drug companies [11] Benefits to Early-stage Research Industry - The new external BD business model enhances the R&D investment return rates for Chinese innovative drug companies, thereby increasing their willingness to invest in R&D [11][13] - The early-stage research industry, including drug discovery CROs and clinical trial services, is expected to benefit significantly from the external BD trend, with leading companies in these segments poised for rapid growth [13]

（编辑 李家琪） 记者从和元生物获悉，截至2025年年末，和元生物累计协助客户获得60余个临床试验批件，其中14个批 件获得了美国食品药品监督管理局的批准。产能方面，和元生物建成了百万份级细胞库并实现一键存取 与全程可视化管理；另外，在再生医学赛道上，公司建成了14条全自动化生产线，构建起规模可达100 升的细胞培养体系，配备超过5000平方米的cGMP标准细胞制备中心与自动化存储设施，形成了覆盖细 胞存储、制备及外泌体生产的一体化平台，实现从技术探索到产业转化的闭环交付。 技术层面的持续投入为公司构筑起差异化竞争壁垒。2025年，和元生物病毒载体再升级-VPack包装系 统、AAV-PANX等独家产品实现高产；在基因编辑方面，和元生物独家引进了微光基因Cas12蛋白与 VLP递送专利；在核酸递送方面，和元生物获得了虹信生物国际范围LNP-mRNA递送系统实施许可（含 再许可权）。 分析人士指出，在技术加速迭代、政策逐步完善的背景下，和元生物凭借全链条服务能力与规模化交付 体系，已在CGT产业化进程中占据有利位置。随着公司在技术、产能与生态合作上的持续投入，其行业 领先地位有望进一步巩固，也为整个细胞与基因治 ...

Core Viewpoint - The company, He Yuan Biotechnology (Shanghai) Co., Ltd., anticipates a net loss for the year 2025, although the loss is expected to be reduced compared to the previous year, indicating a potential improvement in financial performance despite ongoing challenges in the industry [2][4]. Group 1: Performance Forecast - The company expects a net profit attributable to shareholders of the parent company to be between -237 million to -195 million yuan for 2025, representing a reduction in loss of 84.81 million to 126.81 million yuan compared to the previous year, with a decrease in loss margin of 26.35% to 39.41% [2][4]. - The anticipated net profit, excluding non-recurring gains and losses, is projected to be between -244 million to -201 million yuan, reflecting a reduction in loss of 91.91 million to 134.91 million yuan year-on-year, with a decrease in loss margin of 27.36% to 40.16% [2][4]. Group 2: Previous Year Performance - In 2024, the total profit was -312.63 million yuan, with a net profit attributable to shareholders of the parent company at -321.81 million yuan, and a net profit excluding non-recurring gains and losses at -335.91 million yuan [6]. Group 3: Reasons for Performance Changes - The company is focusing on its core business in cell and gene therapy CRO/CDMO, leveraging national and industry development policies to strategically position itself in the regenerative medicine application field. The operational strategy emphasizes enhancing customer resource reserves, brand influence, and industry development [8]. - Despite an overall increase in revenue across various business segments, the CDMO business continues to face challenges such as insufficient downstream investment and low customer order prices, leading to significant losses [9]. - The company has conducted preliminary impairment tests on inventory, long-term assets, and contract orders due to the ongoing losses in the CDMO business, which has impacted the current net profit [10].

Core Viewpoint - He Yuan Bio announced an expected net profit attributable to the parent company for the year 2025 to be between -237 million to -195 million yuan, indicating a reduction in losses compared to the previous year [2] Financial Performance - The company anticipates a reduction in losses by 84.81 million to 126.81 million yuan, representing a decrease in loss margin of 26.35% to 39.41% compared to the same period last year [2] - The expected net profit attributable to the parent company, excluding non-recurring gains and losses, is projected to be between -244 million to -201 million yuan, with a reduction in losses of 91.91 million to 134.91 million yuan, reflecting a decrease in loss margin of 27.36% to 40.16% year-on-year [2]

Core Viewpoint - The company expects to report a net loss attributable to shareholders for the year 2025, with projections ranging from -237 million to -195 million yuan, indicating a reduction in losses compared to the previous year [1] Financial Performance - The anticipated net loss represents a decrease in losses by 84.81 million to 126.81 million yuan compared to the same period last year [1] - The reduction in loss percentage is estimated to be between 26.35% and 39.41% [1]