Market Performance - The Sci-Tech Innovation Board (STAR Market) index rose by 1.18%, closing at 1489.12 points, with a total trading volume of 4.52 billion shares and a turnover of 232.84 billion yuan [1] - Among the tradable stocks on the STAR Market, 296 stocks closed higher, with 10 stocks increasing by over 10% and 25 stocks rising between 5% and 10% [1] Trading Activity - The average turnover rate for the STAR Market was 2.37%, with 3 stocks having a turnover rate exceeding 20% and 14 stocks between 10% and 20% [1] - The highest turnover rate was recorded by C Yicai at 51.17%, with a closing price increase of 3.88% and a daily trading volume of 2.216 billion yuan [1] - C Heyuan, another new stock, saw a significant increase of 24.28% with a turnover rate of 50.96% and a trading volume of 2.171 billion yuan [1] Sector Analysis - In the high turnover stocks, the electronics sector had the most representation, with 32 stocks, followed by power equipment and computer sectors with 15 and 10 stocks, respectively [2] - Among the high turnover stocks, 49 stocks experienced net inflows of main funds, with Huahong Company, Aters, and Goodway receiving the highest net inflows of 449 million yuan, 418 million yuan, and 116 million yuan, respectively [2] Leverage and Financial Performance - A total of 64 stocks in the high turnover category received net purchases of leveraged funds, with notable increases in financing balances for Ju Chen Co., Huafeng Technology, and Western Superconducting, which saw increases of 462 million yuan, 343 million yuan, and 313 million yuan, respectively [3] - Among the high turnover stocks, 52 companies reported their Q3 earnings, with Zhongyou Technology, Shijia Photon, and Huafeng Technology showing significant net profit growth rates of 1074.35%, 727.74%, and 558.51%, respectively [3]

Market Overview - The biopharmaceutical sector increased by 0.7% on October 29, with C禾元 leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Top Gainers in Biopharmaceutical Sector - C禾元 (688765) closed at 113.22, with a significant increase of 24.28% and a trading volume of 208,800 shares, amounting to 2.171 billion yuan [1] - 奥浦迈 (688293) closed at 62.11, rising by 9.97% with a trading volume of 24,900 shares, totaling 149 million yuan [1] - 吴帆生物 (301393) closed at 54.59, up 5.06% with a trading volume of 45,800 shares, amounting to 244 million yuan [1] Other Notable Performers - 诺思兰德 (920047) closed at 25.93, increasing by 4.09% with a trading volume of 52,000 shares, totaling 130 million yuan [1] - 沃森生物 (300142) closed at 11.78, up 3.79% with a trading volume of 521,600 shares, amounting to 614 million yuan [1] - 三生国健 (688336) closed at 61.72, increasing by 3.52% with a trading volume of 86,900 shares, totaling 526 million yuan [1] Decliners in Biopharmaceutical Sector - 百奧泰 (688177) closed at 26.70, down 2.52% with a trading volume of 21,700 shares, totaling 57.768 million yuan [2] - 派林生物 (000403) closed at 15.73, decreasing by 2.30% with a trading volume of 159,000 shares, amounting to 251 million yuan [2] - 康华生物 (300841) closed at 74.59, down 2.06% with a trading volume of 27,800 shares, totaling 208 million yuan [2] Capital Flow Analysis - The biopharmaceutical sector experienced a net outflow of 399 million yuan from institutional investors, while retail investors saw a net inflow of 331 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2][3] Individual Stock Capital Flow - 辽宁成大 (600739) had a net inflow of 38.8721 million yuan from institutional investors, while retail investors had a net outflow of 15.3175 million yuan [3] - C禾元 (688765) saw a net inflow of 36.5446 million yuan from institutional investors, with retail investors experiencing a net outflow of 62.1427 million yuan [3] - 康弘药业 (002773) had a net inflow of 19.6335 million yuan from institutional investors, while retail investors faced a net outflow of 26.8166 million yuan [3]

Core Viewpoint - He Yuan Bio, as a platform technology company, has greater potential than single-product companies, marking a significant breakthrough in the recombinant blood product field in China with its plant-derived recombinant human serum albumin injection approved for market [3][17]. Group 1: Company Overview - He Yuan Bio officially listed on the Sci-Tech Innovation Board on October 28, 2023, with a stock code of 688765.SH, achieving a first-day closing price of 91.10 yuan, a 213.5% increase from the issue price of 29.06 yuan [3]. - The company specializes in research and development of plant-based recombinant protein expression technology, with its core product being the recombinant human serum albumin injection (Aofumin®), which received approval from the National Medical Products Administration in July 2025 [3][17]. Group 2: Investment Insights - The CEO of Yifeng Capital, Zhu Pai, emphasized the importance of the IPO exit channel's reopening for biopharmaceutical companies, which has restored confidence in the primary market [4][8]. - The current investment strategy highlights the significance of early-stage investments, as diverse exit paths, including overseas business development (BD) transactions and state-owned capital activities, have reduced risks associated with early investments [4][19]. Group 3: Market Dynamics - The biopharmaceutical sector has seen a gradual recovery in fundraising and investment activities, driven by favorable international and domestic policies, including anticipated interest rate cuts by the Federal Reserve and supportive measures from the Chinese government [9][10]. - The reopening of the IPO window for unprofitable companies allows primary investors to focus more on the intrinsic value of companies rather than exit concerns [8][10]. Group 4: Future Strategies - Yifeng Capital's strategy for 2024 focuses on two main areas: investment in clear commercialization projects and post-investment management of nearly 100 companies, with a goal of assisting them through challenges [18][19]. - The emphasis on early-stage investments is expected to yield quicker exits, with potential returns enhanced by various exit channels, including strategic mergers and acquisitions [19].

格隆汇10月29日｜上交所：C禾元(688765)今日下午交易触及盘中临时停牌。根据有关规定，自2025年 10月29日13时01分开始暂停C禾元(688765)交易，自2025年10月29日13时11分起恢复交易。 (责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

上交所公告，自2025年10月29日13时01分开始暂停C禾元（688765）交易，自2025年10月29日13时11分 起恢复交易。 ...

Core Viewpoint - He Yuan Bio's recombinant human albumin, derived from genetically modified rice, is positioned to challenge both domestic and international blood product giants, despite the company currently being unprofitable and facing significant market competition [2][3][7]. Group 1: Company Overview - He Yuan Bio (688765.SH) has recently listed on the Sci-Tech Innovation Board after a two-year suspension, marking the restart of the "fifth set" rules [3]. - The company has incurred losses of 480 million yuan over the past three years, with its success hinging on the profitability of its rice-derived blood products [3]. - The IPO price was set at 29.06 yuan per share, aiming to raise approximately 2.6 billion yuan, with 1.657 billion yuan allocated for the establishment of a recombinant human albumin industrialization base [4]. Group 2: Product Details - The core product is "rice blood," a plant-based recombinant human albumin, which is currently the only commercialized product of He Yuan Bio [3]. - The product is priced at 890 yuan for a 10g (20%, 50mL) bottle, which is more than double the price of human blood albumin available in the market [3][15]. - The market for human serum albumin in China was valued at 25.8 billion yuan in 2020, with projections to reach 57 billion yuan by 2030 [10]. Group 3: Market Position and Competition - He Yuan Bio aims to capture nearly 20% of the domestic market for human albumin, which is currently dominated by imported products [5][11]. - The company’s product is positioned as a safer alternative to human-derived albumin, eliminating risks associated with bloodborne pathogens [14]. - Despite the claimed cost advantages, the current pricing strategy suggests that He Yuan Bio's product is more expensive than traditional human blood albumin [15][16]. Group 4: Future Prospects - He Yuan Bio plans to expand its market presence, with a focus on entering the U.S. market and completing clinical trials for additional indications [12]. - The company has established a production line with an annual capacity of 10 tons and plans to expand to 120 million tons by 2026 [10]. - The company is also developing other products using the same technology, including recombinant human lactoferrin and α-1 antitrypsin [19].

Core Viewpoint - He Yuan Bio, an unprofitable innovative pharmaceutical company, has listed on the Sci-Tech Innovation Board, aiming to challenge domestic and international blood product giants with its unique plant-based recombinant human albumin derived from rice [1][2]. Group 1: Company Overview - He Yuan Bio's core product is "rice-derived blood," specifically the world's first plant-based recombinant human albumin, which is currently its only commercialized product [1]. - The company has incurred losses of 480 million yuan over the past three years, and its ability to achieve profitability hinges on the success of its rice-derived albumin [1]. - The IPO price was set at 29.06 yuan per share, with plans to raise approximately 2.6 billion yuan, of which 1.657 billion yuan is allocated for building an industrialization base for recombinant human albumin [1]. Group 2: Market Position and Competition - He Yuan Bio aims to capture nearly 20% of the domestic human albumin market, which is valued at 258 billion yuan in 2020 and projected to reach 570 billion yuan by 2030 [3][4]. - The company has established a commercial production line with an annual capacity of 10 tons and plans to expand to 120 tons by 2026 [3]. - The current market for human albumin in China is heavily reliant on imports, with imported products accounting for 66% of the market as of mid-2025 [3][4]. Group 3: Product Pricing and Cost Structure - He Yuan Bio's recombinant human albumin is priced at 890 yuan per 10g (20%, 50mL) bottle, which is more than double the price of human-derived albumin, typically priced between 350-400 yuan [2][6]. - The company claims that its plant-based albumin production will eventually lower costs compared to plasma-derived products, with a projected price of around 38 yuan/g once it enters the market [7]. - The company is actively seeking to have its product included in the medical insurance directory to enhance market access and affordability [7]. Group 4: Clinical Development and Future Plans - Currently, He Yuan Bio's recombinant human albumin has only one approved indication for treating liver cirrhosis with low albumin levels, which represents about 30% of the overall market [4][5]. - The company is focused on expanding its clinical trials in the U.S., with plans to complete Phase III trials by 2025 and submit for market approval in 2026 [5]. - Other products in development include recombinant human lactoferrin and recombinant human α-1 antitrypsin, with ongoing clinical trials for various indications [8].

北京商报讯（记者 丁宁）10月29日，禾元生物（688765）盘中股价不断上攻，一度涨逾25%。 截至北京商报记者发稿，禾元生物报113.88元/股，涨幅达25.01%。 ...

Core Viewpoint - He Yuan Bio, an unprofitable innovative pharmaceutical company, has listed on the Sci-Tech Innovation Board, challenging domestic and international blood product giants with its unique plant-based recombinant human albumin derived from rice [2][3]. Company Overview - He Yuan Bio's core product is "rice-derived blood," specifically the world's first plant-based recombinant human albumin, which is currently its only commercialized product. The company has incurred losses of 480 million yuan over the past three years [2]. - The IPO price was set at 29.06 yuan per share, aiming to raise approximately 2.6 billion yuan, with 1.657 billion yuan allocated for the construction of an industrialization base for recombinant human albumin [2]. Market Potential - The recombinant human albumin market in China was valued at 25.8 billion yuan in 2020, with projections of reaching 57 billion yuan by 2030. He Yuan Bio aims to capture nearly 20% of the domestic market [4]. - The company has established a commercial production line with an annual capacity of 10 tons and plans to expand to 120 tons by 2026 [4]. Competitive Landscape - He Yuan Bio's plant-based recombinant human albumin directly competes with human-derived blood products and aims to address the limited domestic blood plasma supply, which has led to a reliance on imports [3][4]. - The company claims that its product is safer due to the absence of blood plasma donation and has comparable efficacy to human-derived albumin [6]. Pricing Strategy - The current market price for He Yuan Bio's recombinant human albumin is 890 yuan per 10g, significantly higher than the 350-400 yuan range for human-derived products [6][9]. - The company anticipates that production costs will decrease with scale, and it plans to apply for inclusion in the medical insurance directory to potentially lower prices further [9]. Product Development - He Yuan Bio is currently focused on the clinical trial for its recombinant human albumin, with plans to complete Phase III trials in the U.S. by 2025 and submit for market approval in 2026 [5]. - Other products in development include recombinant human lactoferrin and recombinant human α-1 antitrypsin, with ongoing clinical trials for various indications [10].

北京商报讯（记者丁宁）10月29日，禾元生物（688765）低开高走，盘中一度涨近12%。 交易行情显示，禾元生物10月29日低开1.2%，开盘价为90.01元/股，盘中最高触及102.18元/股。截至北 京商报记者发稿，禾元生物报100.2元/股，涨幅为9.99%。 值得一提的是，禾元生物于10月28日上市，上市首日，公司股票大幅收涨213.49%。 ...