Group 1: Company Overview - He Yuan Bio is a pioneer in the "rice blood-making" industry, focusing on plant-derived recombinant protein expression technology[7] - The company's core product, recombinant human serum albumin injection (HY1001), was approved for market in July 2025, making it the first recombinant human albumin drug approved in China[12] - The market for human serum albumin in China is projected to grow from 25.8 billion RMB in 2020 to 57 billion RMB by 2030, with a compound annual growth rate (CAGR) of 8.25%[12] Group 2: Financial Metrics - As of September 23, 2025, comparable companies have a median market capitalization of 24.899 billion RMB, with a median price-to-earnings ratio of 26.60 times[20] - He Yuan Bio's revenue from 2022 to H1 2025 was 0.13 billion, 0.24 billion, 0.25 billion, and 0.13 billion RMB, respectively, which is below the average of comparable companies[24] - The company's R&D expenses from 2022 to H1 2025 were 1.10 billion, 1.59 billion, 1.17 billion, and 0.56 billion RMB, with a compound growth rate of 2.81%, slightly above the comparable average of 2.06%[29] Group 3: Market Position and Risks - He Yuan Bio has a unique first-mover advantage in the recombinant human albumin market, with no other similar products approved in China as of August 2025[12] - The company faces risks related to not yet being profitable, as most of its products are still in the R&D phase[43] - There is a risk that the supply of medicinal rice may not meet the demands of large-scale commercial production, which could impact operations[44]
禾元生物：稻米造血开创者，国内首款重组人白蛋白已上市：——注册制新股纵览 20250924
Shenwan Hongyuan Securities·2025-09-24 11:15