Core Viewpoint - He Yuan Bio, as a platform technology company, has greater potential than single-product companies, marking a significant breakthrough in the recombinant blood product field in China with its plant-derived recombinant human serum albumin injection approved for market [3][17]. Group 1: Company Overview - He Yuan Bio officially listed on the Sci-Tech Innovation Board on October 28, 2023, with a stock code of 688765.SH, achieving a first-day closing price of 91.10 yuan, a 213.5% increase from the issue price of 29.06 yuan [3]. - The company specializes in research and development of plant-based recombinant protein expression technology, with its core product being the recombinant human serum albumin injection (Aofumin®), which received approval from the National Medical Products Administration in July 2025 [3][17]. Group 2: Investment Insights - The CEO of Yifeng Capital, Zhu Pai, emphasized the importance of the IPO exit channel's reopening for biopharmaceutical companies, which has restored confidence in the primary market [4][8]. - The current investment strategy highlights the significance of early-stage investments, as diverse exit paths, including overseas business development (BD) transactions and state-owned capital activities, have reduced risks associated with early investments [4][19]. Group 3: Market Dynamics - The biopharmaceutical sector has seen a gradual recovery in fundraising and investment activities, driven by favorable international and domestic policies, including anticipated interest rate cuts by the Federal Reserve and supportive measures from the Chinese government [9][10]. - The reopening of the IPO window for unprofitable companies allows primary investors to focus more on the intrinsic value of companies rather than exit concerns [8][10]. Group 4: Future Strategies - Yifeng Capital's strategy for 2024 focuses on two main areas: investment in clear commercialization projects and post-investment management of nearly 100 companies, with a goal of assisting them through challenges [18][19]. - The emphasis on early-stage investments is expected to yield quicker exits, with potential returns enhanced by various exit channels, including strategic mergers and acquisitions [19].

在本土政策对创新药的持续加码与国际市场对中国创新的认可升温双重利好下，我国生物医药行业正迎 来高质量发展的黄金周期。面对海量创新机会，专业投资机构如何精准识别具备长期价值的优质标的？ 谈及当前行业的热门赛道，陶峰指出，"肿瘤、自身免疫及代谢领域目前仍是热门赛道，此外CNS(中枢 神经系统)、罕见病等领域也各具特色，不同疾病领域的产品研发有着不同的追求与亮点。"他特别强 调，中国生物医药企业正呈现多元创新态势，"既有跟随式创新，即在已知靶点基础上优化分子、提升 效率，更快推进临床；更有越来越多的原创性突破，其生物学机制由中国科研院所或高校发现，并在中 国本土推进产业化落地。" 如何发掘能实现商业价值最大化的投资标的？ 博远资本创始合伙人陶峰在接受21世纪经济报道记者采访时，分享了他对生物医药投资逻辑的思 考，"从行业价值天花板的高度来看，能否解决全球未被满足的临床需求、是否符合大型药企的管线选 择标准，这无疑是我们做早期投资的核心准则。" 陶峰进一步解析，对于年销售额数百亿规模的跨国药企而言，其产品选择标准清晰明确：目标产品需具 备至少数十亿销售额的潜力，而这类产品往往指向未被满足的临床需求，或是能在重要疾病领 ...