商业化未果、亏损压顶 禾元生物强行IPO

Core Viewpoint - Wuhan Heyuan Biotechnology Co., Ltd. (referred to as "Heyuan Biotechnology") has been under scrutiny since its IPO application on the Sci-Tech Innovation Board, which has faced delays for over two years. The company has recently updated its financial data, indicating continued losses and no commercialization achieved during the reporting period [1][4][8]. Financial Performance - Heyuan Biotechnology reported a total net loss exceeding 500 million yuan from 2021 to the first half of 2024, with specific annual losses of approximately 134 million yuan, 144 million yuan, 187 million yuan, and 78.59 million yuan respectively [8]. - The company's revenue for the same period was approximately 25.52 million yuan, 13.40 million yuan, 24.26 million yuan, and 9.53 million yuan [8]. IPO Details - The company aims to raise 3.502 billion yuan through its IPO, which is one of the highest amounts among existing companies on the Sci-Tech Innovation Board [1][10]. - The IPO process has included two rounds of inquiries, and the company has yet to receive a chance for a board meeting [4][8]. Product Development - Heyuan Biotechnology is known for its innovative "rice blood production" technology, extracting human serum albumin from rice. Its core product, HY1001, has completed Phase III clinical trials and is expected to receive approval in China by 2025 and in the U.S. by 2026 [4][5][6]. - The company estimates that sales revenue for HY1001 will reach 444 million yuan in 2026 and 1.567 billion yuan by 2030, with significant market potential [6]. Market Position and Competition - As of November 30, 2024, there are no recombinant human serum albumin products available in the domestic market, giving Heyuan Biotechnology a competitive edge [5]. - The company emphasizes the safety and environmental benefits of its recombinant human serum albumin, which is not dependent on plasma sources [5][6]. Production Capacity and Risks - The company plans to invest approximately 1.909 billion yuan in the construction of a production base for recombinant human serum albumin, aiming for an annual capacity of 120 tons [10][11]. - There are concerns regarding whether the new production capacity can be effectively utilized, as well as the feasibility of the investment projects [10][11][12].