Core Viewpoint - Wuhan Heyuan Biotechnology Co., Ltd. has successfully passed the IPO review despite three consecutive years of losses, marking a significant milestone as the first company to benefit from the reactivation of the fifth set of listing standards for unprofitable enterprises on the Sci-Tech Innovation Board [2][3]. Group 1: Company Overview - Heyuan Biotechnology was established in 2006 and focuses on innovative drug research and development, primarily generating revenue from non-core products such as research reagents, with projected revenue of 25.21 million yuan in 2024 [2]. - The company has reported losses of 144 million yuan, 187 million yuan, and 151 million yuan from 2022 to 2024, totaling over 480 million yuan in cumulative losses [2]. Group 2: Product and Technology - The core product, HY1001 (plant-derived recombinant human serum albumin injection), is a first-class new drug that has completed phase III clinical trials and is expected to be the first domestically approved recombinant human serum albumin drug, addressing the current 60% import dependency in China [3]. - The "rice blood-making" technology, which utilizes rice embryo cell expression systems, has been recognized with a national technology invention award and is seen as a unique technological pathway that combines synthetic biology and medicine [3]. Group 3: Market and Regulatory Context - The fifth set of standards for the Sci-Tech Innovation Board appears tailored for companies like Heyuan Biotechnology, requiring a minimum market value of 4 billion yuan and at least one core product approved for phase II clinical trials [3]. - The successful IPO of Heyuan Biotechnology serves as a potential model for other unprofitable enterprises in cutting-edge fields such as artificial intelligence and biomedicine [2]. Group 4: Risks and Challenges - The company faces several risks, including the need to successfully launch its core product and demonstrate its efficacy to capture the anticipated market share [4]. - Ongoing patent disputes with Ventria Bioscience may hinder international sales and could result in significant compensation costs if the company loses the case [9]. - If profitability is not achieved in the future, the quality of information disclosure and communication with investors may pose substantial challenges [9].