Core Points - Wuhan Heyuan Biotechnology Co., Ltd. (stock code: 688765) was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, opening at 88.00 yuan and closing at 91.10 yuan, a rise of 213.49% with a trading volume of 2.782 billion yuan and a turnover rate of 83.76% [1] - The company is an innovative biopharmaceutical enterprise with a leading global plant bioreactor technology platform [1] - The controlling shareholder and actual controller is Yang Daichang, who held 15.03% of the shares before the issuance and now holds 11.27% after the issuance, maintaining control over 21.93% of the voting rights [1] Financial Summary - The initial public offering (IPO) price was set at 29.06 yuan per share, with a total of 89.45 million shares issued, raising approximately 259.95 million yuan before expenses [2] - The net amount raised after deducting issuance costs was approximately 243.04 million yuan [2] - The total investment for the projects funded by the IPO includes 190.87 million yuan for the recombinant human albumin industrialization base, 79.37 million yuan for new drug research and development, and 10 million yuan for working capital, totaling 280.24 million yuan [4] Financial Performance - Over the past three and a half years, the company reported total revenue of 75.59 million yuan and a net loss of 564 million yuan [5] - Revenue for the years 2022 to 2025 (first half) was 13.40 million yuan, 24.26 million yuan, 25.22 million yuan, and 12.71 million yuan respectively, with net losses of 143.58 million yuan, 186.96 million yuan, 151.37 million yuan, and 81.63 million yuan [6][7] - The company has a high R&D expenditure relative to revenue, with R&D expenses accounting for 440.08% of revenue in the first half of 2025 [7]

Core Viewpoint - He Yuan Bio (688765) has successfully listed on the Sci-Tech Innovation Board, marking it as one of the first newly registered companies in the Sci-Tech Growth tier, with a significant opening increase of 202.82% to a price of 88 CNY per share on its debut [1] Company Overview - He Yuan Bio is an innovative biopharmaceutical company that possesses a globally leading plant bioreactor technology platform [1] - The company has established an independent intellectual property rights system for its rice endosperm cell bioreactor expression system and has developed a comprehensive plant molecular pharming industrialization system [1] - He Yuan Bio has developed multiple products including drugs, pharmaceutical excipients, and research reagents based on its rice endosperm cell bioreactor expression system [1] Product Pipeline - Currently, the company has a total of 8 drug candidates in its research pipeline [1] - The most advanced product, recombinant human serum albumin injection (OsrHSA, HY1001), has received approval from the National Medical Products Administration and has been successfully launched [1] - Additionally, 2 drugs are in Phase II clinical trials, 2 drugs are in Phase I clinical trials, and 1 drug has been approved to commence clinical trials [1] - The company has several other drugs in the research and development stage and has not yet achieved profitability [1]

Core Viewpoint - He Yuan Bio (688765.SH) has initiated its subscription with an issue price of 29.06 yuan per share, aiming to leverage its innovative plant-based biopharmaceutical technology platform for drug development and commercialization [1] Company Overview - He Yuan Bio is an innovative biopharmaceutical company with a leading global position in plant bioreactor technology, specifically utilizing rice endosperm cell bioreactor expression systems [1] - The company has developed a comprehensive industrialization system for molecular pharming and has multiple products including drugs, pharmaceutical excipients, and research reagents [1] Drug Pipeline - As of the date of the prospectus, the company has eight drugs in its research pipeline, with the most advanced being recombinant human serum albumin injection (OsrHSA, HY1001), which is nearing approval for market launch [1][2] - The core product HY1001 has completed its Phase III clinical trial for liver cirrhosis with hypoalbuminemia, achieving its primary and secondary endpoints with good safety profiles [1][3] Clinical Trials and Regulatory Communication - The company has engaged in discussions with the FDA regarding the design of an international multi-center Phase III clinical trial for HY1001, which, upon successful completion, could lead to approval for all current indications of plasma-derived human serum albumin [2][3] Financial Performance - The company reported revenues of approximately 13.40 million yuan, 24.26 million yuan, and 25.22 million yuan for the years 2022, 2023, and 2024 respectively, while incurring net losses of approximately 144 million yuan, 187 million yuan, and 152 million yuan during the same periods [3][4] - Key financial metrics include total assets of 1.06 billion yuan, equity attributable to shareholders of 601.35 million yuan, and a debt-to-asset ratio of 43.37% as of December 31, 2024 [4]

Core Viewpoint - Wuhan Heyuan Biotechnology Co., Ltd. is set to launch an initial public offering (IPO) on the STAR Market, aiming to raise approximately 259.95 million yuan through the issuance of 8,945,135.4 shares at a price of 29.06 yuan per share [2]. Group 1: Company Overview - The company is an innovative biopharmaceutical enterprise with a globally leading plant bioreactor technology platform [2]. - The controlling shareholder and actual controller of the company is Yang Daichang, who directly holds 15.03% of the shares, making him the largest shareholder [2]. - Through various agreements, Yang Daichang controls a total of 29.25% of the voting rights in the company [2]. Group 2: IPO Details - The company plans to raise 240 million yuan for the construction of a human albumin industrialization base, new drug research and development projects, and to supplement working capital [2]. - The expected net proceeds from the IPO, after deducting approximately 16.90 million yuan in issuance costs, are estimated to be 243.04 million yuan [2]. - The IPO is scheduled for online subscription on October 14, 2025, with a maximum subscription limit of 14,000 shares for individual investors [1].

Core Viewpoint - The company is an innovative biopharmaceutical enterprise with a leading global plant bioreactor technology platform, focusing on the development of recombinant protein drugs and addressing clinical needs through its core product HY1001, which has shown promising results in clinical trials [5]. Company Overview - The company specializes in the biopharmaceutical industry, particularly in the production of recombinant proteins using rice endosperm cell bioreactors [5]. - The core product, HY1001, has completed Phase III clinical trials in China, demonstrating good safety and efficacy [5]. Financial Data - Revenue projections show an increase from 0.13 billion yuan in 2022 to 0.24 billion yuan in 2023, and slightly to 0.25 billion yuan in 2024 [6]. - Net profit is expected to worsen from -1.44 billion yuan in 2022 to -1.87 billion yuan in 2023, before improving to -1.51 billion yuan in 2024 [6]. - The cash flow from operating activities per share is projected to decline from -0.25 yuan in 2022 to -0.46 yuan in 2023, with an expected recovery to -0.20 yuan in 2024 [6]. Industry Context - The company operates within the pharmaceutical manufacturing sector, with a current market price-to-book ratio of 3.43 times, compared to the industry average of 32.08 times [2]. - The comparable companies in the sector, such as ShenZhou Cell and BaiAoTai, have experienced declines in stock prices of -9.02% and -11.87% respectively over the past month [3]. SWOT Analysis - **Strengths**: The company benefits from a unique plant bioreactor technology that allows for high-quality and safe recombinant protein production, with the potential for large-scale manufacturing [11]. - **Opportunities**: The biopharmaceutical sector is expected to grow due to increasing clinical demands, improved payment capabilities, and supportive government policies [12]. - **Weaknesses**: The company faces challenges in validating the commercialization of its core technologies and products, as well as navigating the regulatory approval processes for its plant-based drugs [12].

Core Viewpoint - He Yuan Bio (688765.SH) has initiated its subscription with an issue price of 29.06 yuan per share, aiming to leverage its innovative plant-based biopharmaceutical technology platform for drug development and commercialization [1] Company Overview - He Yuan Bio is an innovative biopharmaceutical company with a leading global position in plant bioreactor technology, specifically utilizing rice endosperm cell bioreactor expression systems [1] - The company has developed a comprehensive industrialization system for molecular pharming and has multiple products including drugs, pharmaceutical excipients, and research reagents [1] Drug Pipeline - As of the date of the prospectus, the company has eight drugs in its research pipeline, with the most advanced being recombinant human serum albumin injection (OsrHSA, HY1001), which is nearing approval for market launch [1][2] - The company has completed the majority of the review process for the New Drug Application (NDA) for HY1001, which targets hypoalbuminemia due to liver cirrhosis [1] - Two additional drugs are in Phase II clinical trials, two are in Phase I clinical trials, and one has been approved to commence clinical trials [1] Clinical Trial Progress - The Phase III clinical trial for HY1001 has met its primary and secondary endpoints, demonstrating good safety [1] - The company plans to conduct a global multi-center Phase III clinical study that includes Chinese patients, aiming for simultaneous submissions to the FDA and EMA upon completion [3] Financial Performance - The company reported revenues of approximately 13.40 million yuan, 24.26 million yuan, and 25.22 million yuan for the years 2022, 2023, and 2024, respectively [3] - Net losses were reported at approximately -144 million yuan, -187 million yuan, and -152 million yuan for the same years [3] - Key financial metrics indicate total assets of 1.06 billion yuan, equity attributable to shareholders of 601.35 million yuan, and a debt-to-asset ratio of 38.52% for the year ending December 31, 2024 [4]

Core Viewpoint - He Yuan Bio (688765.SH) has initiated its subscription with an issue price of 29.06 yuan per share, aiming to leverage its innovative plant-based biopharmaceutical technology platform for drug development and commercialization [1] Company Overview - He Yuan Bio is an innovative biopharmaceutical company with a leading global position in plant bioreactor technology, specifically utilizing rice endosperm cell bioreactor expression systems [1] - The company has established a comprehensive industrialization system for Molecular Pharming and has developed multiple products including drugs, pharmaceutical excipients, and research reagents based on its proprietary technology [1] Drug Pipeline - As of the date of the prospectus, the company has eight drugs in its research pipeline, with the most advanced being OsrHSA (HY1001), which has completed most of the review process for its New Drug Application (NDA) and is expected to be approved for market soon [1] - The core product HY1001 targets hypoalbuminemia in liver cirrhosis and has completed its Phase III clinical trial in China, achieving its primary and secondary endpoints with good safety results [1][3] Clinical Trials and Regulatory Communication - He Yuan Bio has engaged in discussions with the FDA regarding the design of an international multi-center Phase III clinical trial for HY1001, which will include Chinese patients [2][3] - The company plans to submit applications for marketing approval to the FDA and EMA after completing the clinical study, aiming for simultaneous market entry in China, the US, and Europe [3] Financial Performance - The company reported revenues of approximately 13.40 million yuan, 24.26 million yuan, and 25.22 million yuan for the years 2022, 2023, and 2024 respectively, while incurring net losses of approximately -144 million yuan, -187 million yuan, and -152 million yuan during the same periods [3][4] - Key financial metrics include total assets of 1.06 billion yuan, equity attributable to shareholders of 601.35 million yuan, and a debt-to-asset ratio of 38.52% for the year ending December 31, 2024 [4]

Core Viewpoint - He Yuan Bio aims to provide green, safe, accessible, and sufficient biopharmaceutical products globally, addressing the challenge of relying on imported human serum albumin due to domestic plasma supply limitations [2][3] Group 1: Company Overview - He Yuan Bio has developed a leading plant bioreactor technology platform, achieving a breakthrough in human albumin expression levels of 20-30g/kg of brown rice [2] - The core product, OsrHSA, received approval from the National Medical Products Administration in July, marking the end of reliance on plasma extraction for human albumin and eliminating risks of human-derived pathogen transmission [2][3] Group 2: Production and Growth Strategy - The company has established a complete industrialization system covering pharmaceuticals, pharmaceutical excipients, and research reagents, completing the transition from technical breakthroughs to industrial implementation [3] - He Yuan Bio has built a cGMP intelligent production line with an annual capacity of 10 tons of OsrHSA raw solution and formulations, with a 120-ton raw solution production line under construction, set to enhance market competitiveness [3] Group 3: Future Outlook - The upcoming IPO is seen as a strategic leap in He Yuan Bio's development, leveraging the advantages of the rice endosperm cell expression platform to enhance operational management and project construction efficiency [3] - The company aims to create a world-class biopharmaceutical firm centered on recombinant protein drugs, continuously enhancing its core competitiveness and industry influence [3]

Group 1 - The company, He Yuan Bio (688765.SH), plans to issue 89.451354 million shares, accounting for 25.02% of the total share capital post-issue, with no shareholder public offering involved [1] - Strategic placement will involve participation from CITIC Jianxin Fund and Haitong Innovation Investment, with maximum subscriptions of 8.945135 million shares and 4.472567 million shares respectively [1] - The company is an innovative biopharmaceutical enterprise with a leading global plant bioreactor technology platform, and its core product HY1001 has completed Phase III clinical trials, demonstrating good safety [1] Group 2 - If the stock issuance is successful, the raised funds (after deducting issuance costs) will be invested in the construction of a recombinant human protein industrialization base, new drug research and development, and to supplement working capital [2]

Company Overview - Wuhan Heyuan Biotechnology Co., Ltd. (Heyuan Bio) is an innovative biopharmaceutical company that has developed a leading plant-based bioreactor technology platform for protein expression [1] - The company has established a proprietary rice endosperm cell bioreactor expression system, which includes upstream and downstream technologies for efficient recombinant protein expression and purification [1] Market Opportunity - The domestic market for recombinant human serum albumin (rHSA) is significant, with a market size of 25.8 billion RMB in 2020 [2] - The supply of human serum albumin drugs in China is constrained, with over 60% of the market relying on imports, indicating a strong clinical and strategic demand [2] Product Development - The core product, HY1001, has completed Phase III clinical trials, demonstrating good safety and efficacy [2] - The New Drug Application (NDA) for HY1001 is expected to be accepted by September 2024, targeting the treatment of "hypoalbuminemia due to liver cirrhosis" [2] Production Capacity - The company has established a commercial-scale production line capable of producing 10 tons of OsrHSA per year and has obtained a drug manufacturing license [2] - A new production line with a capacity of 120 tons of OsrHSA is under construction, covering an area of approximately 70,000 square meters [2] Financial Performance - Heyuan Bio reported revenues of approximately 13.4 million RMB, 24.3 million RMB, and 25.2 million RMB for the years 2022, 2023, and 2024, respectively [3] - The company incurred net losses of approximately 144 million RMB, 187 million RMB, and 151 million RMB for the same periods [3] Key Financial Metrics - Total assets as of December 31, 2024, are projected to be approximately 1.061 billion RMB, with total liabilities leading to an asset-liability ratio of 43.37% [5] - The net profit attributable to the parent company is expected to be -151.4 million RMB for 2024, with a basic and diluted earnings per share of -0.56 RMB [5]