Investment Rating - The report indicates a positive investment outlook for the Cell and Gene Therapy (CGT) industry, highlighting its potential as a trillion-dollar market driven by technological breakthroughs and accelerated commercialization [4]. Core Insights - The CGT industry encompasses a wide range of applications, including cell therapy and gene therapy, aimed at curing various diseases. The industry faces high technical barriers and stringent quality control, but the increasing number of CGT drugs entering the IND and BLA stages suggests stable market growth [4][5]. - China has emerged as a major region for clinical trials of immune cell therapies, with significant advancements in CGT drug development. The market is expected to grow further with more product approvals and exploration of new targets [4][22]. - Despite a tightening funding environment, cell therapy drug development targeting solid tumors remains a hot area of investment [4][34]. Industry Definition - Cell and Gene Therapy (CGT) refers to the process of using modified cells, either autologous or allogeneic, for disease treatment. It includes cell therapy, which can be categorized into immune cell therapy, stem cell therapy, and other somatic cell therapies, and gene therapy, which modifies gene expression or repairs abnormal genes [5][6]. Industry Characteristics - **Wide Application Fields**: CGT technologies aim to cure various diseases by directly intervening in patients' genetic material or cellular components, covering genetic diseases, malignant tumors, infectious diseases, and chronic diseases [13]. - **High Technical Barriers**: The production of CGT drugs is complex and requires strict quality control, leading to high costs and long production times [14]. - **Rich Pipeline**: The number of CGT drugs entering IND and BLA stages has increased significantly, with China becoming a leading region for clinical trials since 2016 [15][27]. Market Size - The CGT industry market size grew from 0.26 billion RMB in 2019 to 32.72 billion RMB in 2023, with a compound annual growth rate (CAGR) of 233.71%. It is projected to reach 526.50 billion RMB by 2028, with a CAGR of 58.04% [32][33]. Future Market Drivers - The rich pipeline of CGT therapies and the expected approval of more products will drive market growth. As of now, over 70 CGT products have been successfully launched globally, with gene therapy dominating the pipeline [35][42]. Competitive Landscape - The CGT industry is characterized by a competitive landscape where multinational pharmaceutical giants possess strong R&D capabilities and extensive clinical experience. The report identifies a tiered structure among companies, with leading firms like WuXi AppTec and Eternal Sunshine Biopharmaceuticals at the forefront [41][42]. Regulatory Environment - Recent policies have been introduced to support the development of innovative drugs, including CGT products, which will influence the industry's structure and promote high-quality economic growth [40].

Core Viewpoint - The company has developed a "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" action plan for 2025, aimed at enhancing operational quality and efficiency while safeguarding investor rights and promoting sustainable development [1][12]. Group 1: Business Focus and Core Competitiveness - The company focuses on cell and gene therapy technology services, providing CRO services for basic research and CDMO services for drug development [1][2]. - The company aims to ensure steady growth in its existing CRO business while exploring new business opportunities and technologies to enhance profitability [2][3]. - In the CDMO sector, the company plans to leverage its production capacity and technical advantages to support clinical projects and attract more orders [3][4]. Group 2: Investor Returns and Shareholder Rights - The company emphasizes investor returns and has decided not to distribute dividends for 2024 due to operating losses, prioritizing financial stability and long-term shareholder interests [8][9]. - A share buyback plan will be implemented to enhance shareholder value and market recognition [9][10]. Group 3: Information Disclosure and Investor Communication - The company prioritizes high-quality information disclosure and has established multiple channels for investor communication, including performance briefings and online platforms [10][11]. - Efforts will be made to improve transparency and respond to market concerns, ensuring investors are well-informed about the company's operations and strategies [11][12]. Group 4: Governance and Sustainable Development - The company is committed to enhancing its governance structure and compliance with legal regulations, focusing on sustainable development and ESG initiatives [11][12]. - A robust governance framework will be maintained to ensure effective oversight and decision-making, benefiting both the company and its shareholders [12][13].

在细胞和基因治疗 CRO 业务领域，①确保现有优势业务的稳健增长的同时， 重点跟进自主研发成果的应用以及引进创新产品的落地，加强组学等新业务的产 能建设和市场推广，以满足客户多样化研究需求，不断扩大客户群体；②以工具 病毒载体制备服务、细胞株制备服务为突破点，积极开拓海外科研服务市场，提 升品牌知名度，为 CRO 业务长期发展奠定市场基础；③不断挖掘 CRO 客户早研阶 段的新药管线或创新技术转化需求，为 CDMO 业务导入寻找更多合作机遇，同时 推动基础研究成果转化，提升 CRO 服务价值。 1 一、聚焦主营业务，提升核心竞争力 公司聚焦并深耕细胞和基因治疗技术服务领域多年，专注于为细胞和基因治 疗的基础研究提供基因治疗载体研制、基因功能研究、药物靶点及药效研究等 CRO 服务；为细胞和基因治疗药物的研发提供工艺开发及测试、IND-CMC 药学研 究、临床样品及商业化产品的 GMP 生产等 CDMO 服务；为再生医学及抗衰领域提 供细胞制备、重组蛋白/外泌体等细胞衍生物生产、细胞存储等技术服务。 近两年来受到创新药行业整体发展波折的影响，公司 CDMO 业务业绩出现亏 损；面对国内生物医药领域面临的新挑战， ...

Group 1 - The core viewpoint of the news is that He Yuan Bio is experiencing a decline in stock price and financial performance, indicating potential challenges in the biotechnology sector focused on gene therapy [1] - As of the first quarter of 2025, He Yuan Bio reported a revenue of 52.84 million yuan, a year-on-year decrease of 11.29%, and a net loss of approximately 59.48 million yuan, reflecting a year-on-year decline of 41.04% [1] - The company's gross profit margin is reported at -36.44%, indicating significant financial strain [1] Group 2 - He Yuan Bio's current market capitalization is approximately 3.881 billion yuan, with a price-to-earnings (PE) ratio of -11.45 [2] - The company has a price-to-book (PB) ratio of 2.39, which is higher than the industry average of 2.64 [2] - The biotechnology industry average PE ratio is 38.04, while the median is 42.05, suggesting that He Yuan Bio is underperforming compared to its peers [2]

证券代码：688238 证券简称：和元生物 公告编号：2025-038 和元生物技术（上海）股份有限公司 关于变更持续督导保荐代表人的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 和元生物技术（上海）股份有限公司（以下简称"公司"）于近日收到公司 首次公开发行股票并在上海证券交易所科创板上市（以下简称"首发项目"）的 保荐机构国泰海通证券股份有限公司（原名为"海通证券股份有限公司"，以下 简称"国泰海通证券"、"保荐机构"）出具的《国泰海通证券股份有限公司关 于更换和元生物技术（上海）股份有限公司持续督导保荐代表人的函》。 国泰海通证券原委派陈恒瑞先生、张子慧先生为公司首发项目的保荐代表 人，负责保荐工作及持续督导工作，持续督导期至 2025 年 12 月 31 日。因原保 荐代表人张子慧先生工作发生变动，无法继续从事对公司的持续督导工作，为保 证持续督导工作的有序进行，国泰海通证券委派保荐代表人王莉女士（简历详见 附件）接替张子慧先生的工作，继续履行对公司持续督导保荐责任。 本次保荐代表人变更后，公司首发项目的持 ...

Group 1 - Shengxiang Bio plans to increase its investment in Hunan Shengwei Kunteng Biotechnology Co., Ltd. by 100 million yuan to enhance its industrial chain layout in the POCT field, resulting in a 44.6441% stake in Shengwei Kunteng after the investment [1] - Yaguang Technology's subsidiary Chengdu Yaguang signed a product pre-production agreement worth 101 million yuan, accounting for 10.56% of the company's audited revenue for the last fiscal year [1] Group 2 - Chutianlong's shareholder plans to reduce its stake by up to 3%, equating to 13.83 million shares, due to personal funding needs [2] - Naipu Mining intends to invest up to 45 million USD in Swiss Veritas Resources AG, acquiring a 22.5% stake to extend its industrial chain [2][3] Group 3 - Diri Medical's shareholder plans to reduce its stake by up to 3%, totaling 814.83 thousand shares, due to funding needs [4] - Kangtai Medical's controlling shareholder plans to reduce its stake by up to 2.99%, equating to 12 million shares [5] Group 4 - Iwu Bio's controlling shareholder plans to transfer up to 450 thousand shares through block trading, representing 0.86% of the total share capital [7] - Guokai Hengtai's four shareholders plan to collectively reduce their stake by up to 4.7%, totaling 22.94 million shares [9] Group 5 - *ST Zhongcheng submitted a hearing application to the Shenzhen Stock Exchange in response to a delisting notice [10] - Donghua Software's actual controller and associated parties plan to reduce their stake by up to 1%, totaling 32.05 million shares [12] Group 6 - Shandong Molong's shareholder reduced its H-share holdings by 107 million shares, representing 13.39% of the total share capital [12] - Yinbang Co.'s shareholder plans to reduce its stake by up to 1%, totaling 821.92 thousand shares [13] Group 7 - Jinxinnong reported April sales of 10.65 million pigs, generating sales revenue of 139 million yuan, with an average selling price of 15.05 yuan per kilogram [14] - Dongfang Jiasheng purchased 9.54 million shares of Zhonggu Logistics for approximately 99.72 million yuan, representing 4.18% of the company's net assets [15] Group 8 - Linglong Tire's controlling shareholder received a financing commitment of up to 270 million yuan for stock repurchase [16] - Wuchan Jinlun's shareholder plans to reduce its stake by up to 3%, totaling 619.77 thousand shares [18] Group 9 - Pengyao Environmental's directors and executives plan to collectively reduce their stake by up to 0.07% [19] - Ruihu Mould's controlling shareholder plans to reduce its stake by up to 1.92%, totaling 401.89 thousand shares [20] Group 10 - Electric Alloy's shareholder plans to reduce its stake by up to 0.63%, totaling 210.88 thousand shares [22] - Shanghai Xinyang's controlling shareholder plans to reduce its stake by up to 0.64%, totaling 200 thousand shares [24] Group 11 - Sujiao Ke's controlling shareholder plans to acquire up to 2% of the company's shares from a fund [26] - Heyuan Bio's shareholders plan to reduce their stake by up to 1%, totaling 649.04 thousand shares [27]

中国经济网北京5月9日讯和元生物(688238.SH)昨日晚间发布公告称，近日，公司收到股东股东浙江华睿盛银创业投资有限公司(以下 简称"华睿盛银")及其一致行动人出具的《关于股东减持计划的告知函》。 公司股东华睿盛银及其一致行动人拟通过集中竞价、大宗交易的方式减持所持公司股份，减持股份数量合计不超过6,490,367股，占 公司总股本比例不超过1%。上述减持自公告披露之日起15个交易日后的3个月内进行。 其中，华睿盛银计划减持数量不超过1,100,000股，计划减持比例不超过0.1695%；诸暨富华产业转型升级基金合伙企业(有限合伙)(以 下简称"诸暨富华")计划减持数量不超过1,000,000股，计划减持比例不超过0.1541%；浙江华睿胡庆余堂健康产业投资基金合伙企业 (有限合伙)(以下简称"华睿胡庆余堂")计划减持数量不超过1,000,000股，计划减持比例不超过0.1541%；浙江华睿火炬创业投资合伙 企业(有限合伙)(以下简称"华睿火炬")计划减持数量不超过1,910,275股，计划减持比例不超过0.2943%；杭州华睿嘉银股权投资合伙 企业(有限合伙)(以下简称"华睿嘉银")计划减持数量不超过1 ...

证券代码：688238 证券简称：和元生物 公告编号：2025-037 和元生物技术（上海）股份有限公司 股东减持股份计划公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律 责任。 重要内容提示： 大股东持股的基本情况 截至本公告披露日，和元生物技术(上海)股份有限公司(以下简称"公司") 股东浙江华睿盛银创业投资有限公司（以下简称"华睿盛银"）持有公司股份 19,672,145 股，占公司总股本的比例为 3.0310%；诸暨富华产业转型升级基金合 伙企业（有限合伙）（以下简称"诸暨富华"）持有公司股份 7,052,900 股，占 公司总股本的比例为 1.0867%；浙江华睿胡庆余堂健康产业投资基金合伙企业 （有限合伙）（以下简称"华睿胡庆余堂"）持有公司股份 4,614,693 股，占公 司总股本的比例为 0.7110%；浙江华睿火炬创业投资合伙企业（有限合伙）（以 下简称"华睿火炬"）持有公司股份 3,916,087 股，占公司总股本的比例为 0.6034%；杭州华睿嘉银股权投资合伙企业（有限合伙）（以下简称"华 ...

Jin Mao Law Firm 金 茂 律 師 事 務 所 40th Floor Rund Center 222 East Van An Road, Shanghai 200002, PR 海市延安东路 227 号外滩中 Tel/电话:(8621) 6249 6040 Fax/传真:(8621) 6248 2266 Website/网址: www.jinmao.com.cn 上海市金茂律师事务所 关于和元生物技术(上海)股份有限公司 2024年年度股东大会之法律意见书 致:和元生物技术(上海)股份有限公司 和元生物技术(上海)股份有限公司(以下简称"公司")2024年年度股东大 会(以下简称"本次股东大会")于 2025年5月8日下午在公司会议室召开。上 海市金茂律师事务所(以下简称"本所")经公司聘请并接受公司委托,委派马也 律师、赵可沁律师(以下简称"本所律师")出席本次股东大会,并根据《中华人 民共和国公司法》(以下简称"《公司法》")、《中华人民共和国证券法》(以 下简称"《证券法》")、中国证券监督管理委员会公布的《上市公司股东会规则》 (以下简称"《股东会规则》")等相关法律、法规和规范性文件以 ...

证券代码：688238 证券简称：和元生物 公告编号：2025-036 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 100 | | --- | --- | | 普通股股东人数 | 100 | | 2、出席会议的股东所持有的表决权数量 | 176,805,041 | | 普通股股东所持有表决权数量 | 176,805,041 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 28.0505 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 28.0505 | （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长潘讴东先生主持，采用现场表决与 （一） 股东大会召开的时间：2025 年 5 月 8 日 （二） 股东大会召开的地点：上海市临港新片区沧海路 3888 号 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： 和元生物技 ...