科创板第五套标准重启！禾元生物IPO即将上会

Core Viewpoint - The establishment of a growth tier in the Sci-Tech Innovation Board (STAR Market) and the resumption of the listing of unprofitable companies under the fifth set of standards is a significant move to support innovative technology enterprises, exemplified by He Yuan Bio's upcoming listing as the first company under these new standards [2][4]. Group 1: Company Overview - He Yuan Bio is primarily engaged in the research and development of innovative drugs, with its core product HY1001 (recombinant human albumin injection) being a class 1 new drug that has completed phase III clinical trials and is under priority review by the National Medical Products Administration [2]. - Since its establishment, He Yuan Bio has invested a total of 386 million yuan in R&D from 2022 to 2024, with 122 out of 178 employees dedicated to research, accounting for nearly 70% of the workforce [2]. Group 2: Financial Performance and Market Trends - In 2024, 20 companies listed under the fifth set of standards on the STAR Market achieved a combined revenue exceeding 14 billion yuan, representing a growth of over 40% compared to 2023, with 16 companies generating over 1 billion yuan in revenue [3]. - The average R&D investment for these 20 companies in 2024 was 500 million yuan, surpassing the A-share average of 364 million yuan [4]. - As of June 2023, 19 out of the 20 companies have launched core products, and a total of 17 class 1 new drugs have been introduced to the market since 2018, accounting for approximately 12% of the total approved domestic innovative drugs during the same period [4].