重启后首家，IPO过会！科创板第五套标准企业来了→

Core Viewpoint - The successful IPO of Wuhan Heyuan Biotechnology Co., Ltd. marks a significant milestone as the first company to pass the listing review under the fifth set of standards for the Sci-Tech Innovation Board since its restart, reflecting the regulatory support for innovative biotech firms [1][3]. Group 1: Company Overview - Wuhan Heyuan Biotechnology, established in 2006, focuses on the "recombinant human albumin" sector, which is considered a blue ocean market [3]. - The company's core product, HY1001 (recombinant human albumin injection), has completed Phase III clinical trials and is expected to receive approval for market launch soon, potentially becoming the first recombinant human albumin drug in China [3]. - Currently, Heyuan's revenue primarily comes from pharmaceutical excipients and research reagents, with its core innovative drug still in development and not yet generating income, leading to a loss [3]. Group 2: Industry Context - As of now, 20 companies have utilized the fifth set of standards for listing on the Sci-Tech Innovation Board, with 19 being innovative drug development firms and 1 in high-end medical device development [4]. - In 2024, these 20 companies collectively generated over 14 billion yuan in revenue, representing a growth of over 40% compared to 2023, with 16 companies achieving revenues exceeding 1 billion yuan, and 4 surpassing 10 billion yuan [4]. - The first quarter of 2025 saw these companies continue their growth trend, achieving a total revenue of 3.78 billion yuan, a year-on-year increase of 29.27% [4]. - From 2018 to the first quarter of 2025, companies under the fifth set of standards have launched 17 new Class 1 drugs, accounting for approximately 12% of the total number of domestic innovative drugs approved during the same period [4]. Group 3: Regulatory Environment - The successful IPO of Heyuan is seen as a practical example of the China Securities Regulatory Commission's policy to enhance the inclusivity and adaptability of the Sci-Tech Innovation Board, particularly in supporting high-quality technology enterprises [3][4]. - The pace of IPO applications on the Sci-Tech Innovation Board has accelerated, with over 30 applications received in the first half of the year, of which more than 70% are from Sci-Tech Innovation Board companies [5].