禾元生物董事长杨代常：瞄准百亿级进口替代市场，加快“稻米造血”产业化破局丨e公司访谈

Core Viewpoint - He Yuan Bio is at a critical stage of transitioning from technological breakthroughs to market penetration, focusing on accelerating the market access and sales volume of its product, Aofumin, while striving for profitability and establishing a positive cycle between R&D and commercialization [1] Group 1: Market Opportunity - The company aims to target the domestic replacement market for human serum albumin, which has a significant demand of approximately 1,000 tons annually in China, with 60%-70% of this demand currently relying on imports [2] - Achieving import substitution could represent a potential market space of over 20 billion yuan for the company [2] Group 2: Technological Advancements - The company has developed a recombinant protein high-efficiency expression platform that can achieve expression levels of 30g/kg, with a patented protein purification platform that can reach a purity of 99.9999% [2] - The company is also working on a new production line with an annual capacity of 120 tons of recombinant human albumin, expected to be completed by 2026, which will further reduce production costs and enhance competitiveness [3] Group 3: Commercialization Challenges - Despite having a leading technology and clear market potential, the company faces significant challenges in commercializing Aofumin, particularly in gaining access to national health insurance and hospital entry [5][9] - The company has established a professional sales team to promote the product and has signed agreements with multiple distributors to facilitate nationwide sales [9] Group 4: Future Growth Strategy - The company is focusing on expanding the indications for Aofumin, currently approved only for treating low albumin levels in liver cirrhosis, by preparing for post-marketing clinical studies and pursuing international approvals [10][11] - The company has outlined a "two new, one big" strategy for new drug development, targeting new targets, new concepts, and large market varieties, to ensure a sustainable growth pipeline [13][15] Group 5: Capital Market Perspective - He Yuan Bio's listing under the fifth set of standards on the Sci-Tech Innovation Board symbolizes a shift in market valuation logic from solely profit-driven to a dual assessment of technological barriers and commercialization potential [15] - The company emphasizes the importance of achieving profitability to support R&D through its cash flow rather than relying solely on financing [15]