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].
“稻米造血”比人血贵一倍 禾元生物如何打败“血头”