禾元生物“闯关”科创板：连续三年亏损 跨界化妆品遇阻

Core Viewpoint - He Yuan Bio has successfully passed the review for its initial public offering on the Sci-Tech Innovation Board, but it continues to face challenges such as ongoing losses and declining revenue [1][4]. Financial Performance - The company reported a significant decline in revenue, with a 37.88% drop in the first quarter of 2025, resulting in a net loss of approximately 48.2 million yuan, which is a 64.38% increase in losses compared to the same period last year [4]. - From 2022 to 2024, He Yuan Bio's revenue was 13.4 million yuan, 24.3 million yuan, and 25.2 million yuan, while the net losses were 144 million yuan, 187 million yuan, and 151 million yuan, totaling approximately 482 million yuan in cumulative losses over three years [3][4]. Capital Raising and Cash Flow - The company has relied on financing activities to maintain operations, with net cash flow from financing activities of 568 million yuan, 72.6 million yuan, and 104 million yuan from 2022 to 2024, while cash flow from operating activities remained negative [4]. Business Strategy and Product Development - He Yuan Bio attempted to diversify into the cosmetics sector with its brand "San de San Ci Fang," but all product registrations have been canceled, indicating a retreat from this market [5][6][7]. - The company is now focusing on the production of recombinant human fibronectin for beauty products, with revenue from other business segments showing a slight increase but still accounting for less than 5% of total revenue [7].