证券代码：688238 证券简称：和元生物 公告编号：2026-003 （二）变更原因 公司自 2013 年成立以来，以"赋能细胞基因治疗，共守生命健康"为使命， 深耕细胞和基因治疗核心领域并不断扩展产业链，致力打造成为以细胞和基因治 1 疗为核心的国际化产业集团，推动细胞和基因治疗及相关健康产业的技术开发及 转化应用，造福生命健康。目前公司主营业务已覆盖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 细胞与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三大板块。 和元生物技术（上海）股份有限公司 关于变更公司名称、修订《公司章程》并办理工商变 更登记的公告 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 2026 年 2 月 4 日召开了第四届董事会 ...

证券代码：688238 证券简称：和元生物 公告编号：2026-002 和元生物技术（上海）股份有限公司 关于参与设立产业并购基金暨关联交易的公告 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、准确性和完整性承担法律责任。 重要内容提示： 产业并购基金名称及投资方向：和元弘盛产业投资基金合伙企业（有限 合伙）（暂定名，以下简称"产业并购基金"或"基金"，以企业登记机关最终核 准登记为准），该基金根据国家生物医药发展战略及上海先导产业发展战略，将 主要定位在细胞与基因治疗产业链及其上下游相关行业的并购与投资。 1 确定性； 2）基金具有投资周期长、流动性较低等特点，就本次投资，公司将面临较 长的投资回收期，并且基金在投资过程中将受宏观经济、监管政策、投资标的经 营管理、交易方案、投后管理等多种因素影响，因此本次投资对公司未来财务状 况及经营成果的影响存在不确定性，可能存在投资收益不及预期的风险； 3）基金其他合伙人尚未完全确定，最终产业并购基金募资规模金额存在不 确定性。 一、参与产业并购基金暨关联交易概述 拟投资金额、在基金中的占比：产业并购基金募资规模 ...

证券代码：688238 证券简称：和元生物 公告编号：2026-004 一、 召开会议的基本情况 （五） 网络投票的系统、起止日期和投票时间。 和元生物技术（上海）股份有限公司 关于召开2026年第一次临时股东会的通知 本公司董事会及全体董事保证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： （一） 股东会类型和届次 2026年第一次临时股东会 召开日期时间：2026 年 2 月 26 日 14 点 00 分 召开地点：上海市临港新片区沧海路 3888 号 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2026 年 2 月 26 日 至2026 年 2 月 26 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过 股东会召开日期：2026年2月26日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 （二） 股东会召集人：董事会 （三） 投票方式：本次股东会所采用的表决方式是现场 ...

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, representing 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]

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]

Group 1 - The core viewpoint is that He Yuan Bio (688238.SH) currently has limited business operations in the EU and has not established subsidiaries in EU countries, primarily selling through its US subsidiary [2] Group 2 - The company is actively engaging with investors through an interactive platform to provide updates on its business operations [2] - The sales strategy focuses on leveraging the US subsidiary for market penetration in regions outside of the EU [2]

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]