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].
稻米造血”比人血贵一倍 禾元生物如何打败“血头