上会确定！第五套标准重启后首单！

Core Viewpoint - He Yuan Bio is the first company to be reviewed under the newly established fifth set of standards for the Sci-Tech Innovation Board, following the announcement of the growth tier for unprofitable companies [2][4]. Company Overview - He Yuan Bio, established in 2006, focuses on the research and development of innovative drugs, with its core product HY1001 (recombinant human albumin injection) having completed Phase III clinical trials and included in the priority review process by the National Medical Products Administration [4][5]. - The company has not yet generated revenue from its core innovative drug products, with current income primarily from pharmaceutical excipients and research reagents [5]. Financial and Operational Insights - He Yuan Bio has invested a total of 386 million yuan in R&D from 2022 to 2024, with a workforce of 178 employees, of which 122 are dedicated to R&D, accounting for nearly 70% [5]. - The innovative drug industry typically requires significant R&D investment and long development cycles, which contributes to He Yuan Bio's current lack of profitability [5]. Product Development and Market Position - The core product HY1001 aims to supplement or enhance the levels of human serum albumin in the blood, potentially replacing plasma-derived human serum albumin, which is currently widely used in clinical settings but largely imported [6]. - He Yuan Bio has achieved breakthroughs in increasing the expression levels and purity of recombinant human albumin, reducing production costs and enhancing clinical safety, with related technology awarded the National Technology Invention Award (Second Class) [6]. Industry Context - As of 2024, the 20 companies listed under the fifth set of standards on the Sci-Tech Innovation Board collectively generated over 14 billion yuan in revenue, a growth of over 40% compared to 2023 [8]. - The first quarter of 2025 saw these companies achieve a combined revenue of 3.78 billion yuan, reflecting a year-on-year growth of 29.27% [8]. - The fifth set of standards has supported the listing of high-quality tech companies that have not yet formed significant revenue scales, demonstrating the adaptability and inclusiveness of the Sci-Tech Innovation Board [9].