来源：中科创星 每日｜荐读 论坛： 新一批敲钟人，已在路上 荐读： 重新发现香港：科创时代的新蓝图 榜单： 全国首只AIC产业母基金来了 热文： 投资人"忙疯了" 12月11日，中科创星先导创业投资基金完成终关募集，基金总规模达到40.8亿元。本次终关签约的新增LP涵盖太保资本长航母基金、海淀区中关村 科学城科技成长基金、蚂蚁集团、广州产投、珠海科技产业集团、南京市创投集团、复旦科创母基金、国联民生等多元化机构。 整体来看，中科创星先导创业投资基金的LP组合，进一步推动了LP结构向"国家级母基金+险资+产业资本+高校资本+区域资本"的多元协同格局升 级。基金自首关以来，在不到半年的时间内已投资46笔项目， 包括AI芯片、TPU、具身智能、AI4Science、AI硬件、量子、可控核聚变、小型裂 变堆，以及基因编辑、免疫细胞治疗、病毒感染预防、生物基色素、农业微生物等领域。 基金"投早投小"特色鲜明，前两轮项目达42笔，占比超过90%，精准覆盖技术萌芽阶段。同时，源头创新转化成效显著，有32笔项目直接来源于科 研院所与高校的成果转化，有效激活了智力资源。 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The cell therapy industry is a precision medicine strategy that involves the infusion of modified or expanded cells to treat diseases or repair tissues, leveraging the inherent functions and plasticity of cells to intervene in disease mechanisms [2] - Immune cell therapy is categorized into two main systems: immune cell therapy and stem cell therapy, with CAR-T, TCR-T, and NK cell therapies being the core focus due to their advanced technology and dense global research pipelines [3] Summary by Sections Cell Therapy Logic - Cell therapy involves using autologous or allogeneic cell materials that are modified and reintroduced into patients to combat diseases or repair tissues [2] Immune Cell Therapy Classification - Immune cell therapy is divided into CAR-T therapy, TCR-T therapy, and NK cell therapy, among others, with CAR-T therapy being the most prominent due to its technological maturity and extensive research pipeline [3] CAR-T Therapy Advantages - CAR-T therapy allows T cells to recognize and eliminate tumor cells without being restricted by MHC expression levels, making it particularly effective for hematological malignancies [9][10] - The therapy targets specific proteins such as CD19, BCMA, and CD22, with ongoing research expanding into solid tumors [11] TCR-T Therapy Advantages - TCR-T therapy can recognize a broader range of antigens, including intracellular ones, thus providing an advantage in targeting complex tumor types [15][16] - It is particularly effective against various solid tumors, with ongoing research focusing on multiple target antigens [17] Global Solid Tumor Incidence and Market Size - The number of global solid tumor cases is projected to increase from 16.5 million in 2019 to 19.2 million by 2024, with a compound annual growth rate (CAGR) of 2.8% [22] - The market for immune cell therapy targeting solid tumors is expected to grow from $1.19 billion in 2019 to $4.35 billion by 2024, with a CAGR of 29.6% [25] Non-Solid Tumor Treatment Market - The market for immune cell therapies targeting non-tumor diseases, such as autoimmune diseases and viral infections, is projected to reach $1.36 billion by 2030, with a CAGR of 83.9% from 2027 to 2030 [32]

Investment Rating - The report indicates a strong investment outlook for the immune cell therapy products industry in China, projecting significant market growth and innovation opportunities [6][23]. Core Insights - The immune cell therapy market in China is experiencing rapid expansion, with the market size increasing from approximately 1.5 billion yuan in 2019 to nearly 5.5 billion yuan in 2023, and is expected to exceed 10 billion USD by 2030 [6][23]. - The industry is focusing on overcoming clinical challenges in solid tumor treatments, with innovative technologies like TCR-T and CAR-NK gaining traction [6][23]. - The regulatory environment is improving, with policies supporting the commercialization of cell therapies and encouraging the use of real-world data [6][20]. Summary by Sections Industry Overview - The immune cell therapy products are defined as biological agents made from activated or genetically modified immune cells, including CAR-T, TCR-T, and NK cells [15][17]. - The development of immune cell therapy in China has progressed through five stages: theoretical foundation, technological exploration, engineering breakthroughs, industrialization, and innovation [17][20]. Market Size - The global immune cell therapy market is projected to grow from 1.189 billion USD in 2019 to 4.353 billion USD in 2024, with a compound annual growth rate (CAGR) driven by breakthroughs in blood cancer treatments [23][24]. - China's market is expected to grow from 220 million USD in 2019 to 750 million USD in 2024, with a potential to surpass 10.85 billion USD by 2030 [23][24]. Industry Chain Analysis - The industry chain consists of upstream suppliers of raw materials and equipment, midstream R&D and production companies, and downstream medical institutions and patients [31][32]. - The cost structure in the upstream production process is shifting towards capital-intensive models, with raw material costs remaining a critical factor [35][38]. Development Trends - The industry is witnessing a surge in IND applications, with 58 approvals expected in 2024, marking a significant increase from previous years [39][41]. - The focus is shifting from homogeneous competition in target markets to breakthroughs in solid tumors and enhancing accessibility [39][42].

Group 1 - The core point of the article is the approval of HICARA, a CAR-T therapy developed by Hengrun Dazheng, marking a significant advancement in China's immunotherapy landscape for treating relapsed or refractory large B-cell lymphoma [1] - HICARA is the first fully domestically developed CAR-T product targeting CD19 in China and the fourth CAR-T therapy targeting this antigen approved in the country [1] - Hengrun Dazheng is focused on innovative biopharmaceuticals, particularly in the development of CAR-T and CAR-NK therapies for malignant hematological diseases and solid tumors, with five class 1 new drug clinical approvals currently in progress [1] Group 2 - The company is in the process of an IPO on the Sci-Tech Innovation Board, aiming to raise approximately 2.539 billion yuan by issuing up to 50 million shares [1] - Major shareholders include well-known investment firms such as Yingke Value, Hongtu Medical, and Zhangjiang Torch, with a notable stake held by Yangming Kangyi, which owns about 1.35% of the company [2] - Yangming Kangyi focuses on high-tech, high-growth, and high-value-added enterprises in the biopharmaceutical sector, with backing from leading companies like Pianzaihuang [2] Group 3 - Since 2024, the company has been actively participating in the "Yuanshan Plan" in Zhangzhou, planning to establish six industry funds with a total scale of 6 billion yuan in collaboration with local state-owned enterprises [3] - Existing funds include the Zhangzhou Yuanshan Health Industry Fund and the Pianzaihuang Yingke Life Health Industry Equity Fund, with Pianzaihuang being a significant investor [3]

Core Viewpoint - Hengrun Dazheng, a biotech company focused on immune cell therapy, is attempting to go public on the Sci-Tech Innovation Board despite being unprofitable and facing significant financial losses. The company has not yet commercialized any products and is at risk of delisting if it fails to meet financial performance criteria post-IPO [1][2][5]. Financial Performance - Hengrun Dazheng has reported substantial losses over the past three years, with net losses of CNY 274 million, CNY 283 million, and CNY 188 million from 2022 to 2024. As of the end of 2024, the cumulative undistributed profits stand at -CNY 904 million [2][3]. - The company has incurred high R&D expenses, amounting to CNY 242 million, CNY 256 million, and CNY 152 million from 2022 to 2024, contributing to its financial losses [3]. - Cash flow from operating activities has been negative, with net cash flows of -CNY 209 million, -CNY 226 million, and -CNY 141 million during the same period, leading to a significant reduction in liquid assets [3]. Liquidity and Solvency - Hengrun Dazheng's liquidity ratios, including current and quick ratios, have been declining, indicating insufficient debt repayment capacity. The debt-to-asset ratio has increased significantly, reaching 84.76% by the end of 2024, which is considerably higher than the average of comparable companies [3][4]. Product Development and Market Position - The company is developing a pipeline of 11 projects, including CAR-T and CAR-NK therapies, with the most advanced products HR001 and HR003 expected to enter the market by 2025. However, these products face competition from at least six already approved CAR-T therapies in China [7][8]. - The efficacy and safety of Hengrun Dazheng's core products have been questioned, with HR001 showing an overall response rate (ORR) of 68%, which is lower than competitors, and HR003 showing an ORR of 86%, also below market standards [9][10]. IPO and Valuation - Hengrun Dazheng plans to issue up to 50 million shares, aiming to raise CNY 2.539 billion for R&D and operational expenses. The estimated post-IPO valuation exceeds CNY 10 billion, which is considered high given the competitive landscape and the company's current lack of revenue [11].

Core Viewpoint - ST Xiangxue (300147.SZ) reported a decline in revenue and profit for 2024, indicating a low point in business operations, but there are positive aspects in business management, new drug development, and corporate governance that may signal future growth opportunities for investors [1][2]. Business Operations - The company's largest revenue segment, traditional Chinese medicine materials, saw a year-on-year revenue increase of 25.69%, reaching 936 million yuan, contributing 280 million yuan in gross profit [1]. - ST Xiangxue has established a comprehensive industrial chain in the traditional Chinese medicine sector, including production and sales, with cultivation bases in regions such as Ningxia, Sichuan, Yunnan, and Guangdong [1]. New Drug Development - The company is advancing its first-class new drug TAEST16001 injection, which has entered the phase II clinical trial and was presented at the ASCO annual meeting [2]. - TAEST16001 is the first TCR-T cell therapy drug in China to receive IND approval, targeting advanced esophageal cancer and non-small cell lung cancer [2]. - The drug has shown a best response rate of 50% and a median progression-free survival of 5.9 months, indicating significant clinical efficacy and manageable safety [2]. Corporate Restructuring - In April, the company entered a pre-restructuring process, with a temporary administrator appointed to manage debt claims and conduct audits and evaluations [3]. - The restructuring plan aims to improve the company's asset-liability structure and enhance its operational and profitability capabilities, facilitating a return to sustainable and high-quality development [3].