全球首创“稻米造血”，科创成长层“第一股”今日申购

Core Viewpoint - He Yuan Bio (688765.SH) is set to be available for subscription on the Sci-Tech Innovation Board, focusing on plant-based recombinant protein expression technology and product development, with a leading global platform based on rice endosperm cell bioreactor technology [1][4]. Company Overview - He Yuan Bio is recognized as a pioneer in the "rice hematopoiesis" industry, developing multiple pharmaceutical products, excipients, and research reagents [1][4]. - The company’s core product, HY1001, is a recombinant human albumin injection derived from a rice seed expression system, differing from traditional methods that extract albumin from plasma [4]. Financial Performance - The company reported revenues of 13.40 million yuan in 2022, with a year-on-year decline of 47.49%, followed by an increase of 81.08% to 24.26 million yuan in 2023, and a slight increase of 3.92% to 25.22 million yuan in 2024 [4]. - The net profit attributable to the parent company was -143.58 million yuan in 2022, -186.96 million yuan in 2023, and -151.37 million yuan in 2024, with year-on-year changes of -7.12%, -30.22%, and 19.04% respectively [4]. Market Position and Commercialization - He Yuan Bio has established a production line capable of producing 10 tons of recombinant human albumin annually and has obtained a drug production license [5]. - The company has signed distribution agreements with several pharmaceutical distributors, establishing a sales network across over 30 provinces and cities in China [5]. Research and Development Pipeline - The company has eight drugs in its research pipeline, with HY1001 being the first recombinant human albumin product approved for market in China [5]. - Two additional drugs are in Phase II clinical trials, two in Phase I, and one has been approved to commence clinical trials [5]. Future Outlook - The company anticipates a narrowing of losses, with projected revenue of 12.71 million yuan in the first half of 2025, a year-on-year increase of 33.32%, and a net profit of -81.63 million yuan, a decrease of 3.86% from the previous year [5]. - He Yuan Bio emphasizes that obtaining market approval is just the beginning of commercialization, requiring further market access, education, and promotion to achieve significant sales [6].