禾元生物：四年累亏超6亿，多风险交织下的“未盈利”样本

Core Viewpoint - He Yuan Bio (688765.SH), a pre-profit biopharmaceutical company listed on the STAR Market, is facing significant challenges including expanding losses, tight cash flow, uncertainties regarding the commercialization of its core products, and controversies over information disclosure, making it a typical case for observing the survival status of unprofitable STAR Market enterprises [1][7]. Group 1: Continuous Losses and Cash Flow Pressure - He Yuan Bio expects a net profit loss of between 143 million to 167 million yuan for 2025, with cumulative losses exceeding 480 million yuan over the past three years, bringing total losses over four years to over 600 million yuan [2][8]. - The company's main product, recombinant human albumin, accounts for about 80% of revenue, but its selling price has declined from 151.46 yuan per gram in 2022 to 112.69 yuan in the first half of 2025, leading to a continuous decrease in gross margin [2][8]. - The company has incurred over 60 million yuan in litigation-related expenses with Ventria Bioscience, further eroding profits, while cash flow from operating activities has been negative for years, with cash reserves plummeting from 388 million yuan in 2022 to 75 million yuan by September 2025 [2][8]. Group 2: Main Business and Cost Control Challenges - The company attributes its losses to its core product, Aofumin (recombinant human albumin injection), being in the market introduction phase and production ramp-up, yet R&D expenditures have reportedly decreased in 2024 [3][9]. - High professional service fees in management expenses due to litigation reflect challenges in cost control and risk management [3][9]. - The company purchased liability insurance for all directors and executives shortly after its IPO, indicating a self-warning about operational risks despite the relatively small amount of expenditure, raising market scrutiny over its financial discipline [3][9]. Group 3: Core Product Commercialization and Information Disclosure Concerns - The future of He Yuan Bio largely depends on the commercialization prospects of its core product HY1001, but revenue forecasts for 2026 to 2030 have been quietly reduced from 7.255 billion yuan to 5.470 billion yuan, a cut of nearly 1.8 billion yuan, without clear explanation in the prospectus [4][10]. - The product lacks commercial validation, having experienced serious adverse events during Phase I clinical trials, raising concerns about its market readiness [4][10]. - Discrepancies in information disclosure have led to doubts about the rigor and transparency of the company's forecasts, which could continue to affect investor confidence in a market increasingly focused on R&D progress and commercialization capabilities [4][10]. Group 4: Industry Reflection - The case of He Yuan Bio reflects the common predicament faced by many unprofitable STAR Market companies, which must balance expanding losses, tight cash flow, uncertainties in product commercialization, and regulatory compliance in information disclosure [5][11]. - While the STAR Market's fifth set of standards has opened financing avenues for hard tech companies, sustainable business models, robust financial controls, and transparent disclosures remain essential to meet market and investor expectations [5][11]. - For He Yuan Bio, accelerating the commercialization of its core products, improving cash flow, and rebuilding market trust are critical challenges that must be addressed [5][11].