来源：凤凰网财经《公司研究院》 当水稻化身"血液工厂"，中国生物制药史上最大胆的想象之一，终于叩开了资本市场的大门。 10月28日，武汉禾元生物科技股份有限公司（禾元生物，股票代码：688765）以每股29.06元的发行价登陆科创板，当日开盘价即冲上88元，报收于 91.10元，较发行价上涨213.49%，市值突破300亿元。 这场资本首秀背后，是公司"稻米造血"的神秘叙事——此次IPO募资约26亿元，宣称将投向产能扩张与技术研发，试图缓解人血白蛋白供应缺口。这 份承诺，能否经得起现实考验？ 一路狂奔的禾元生物，还要面对挥之不去的多重隐忧：产品的市场接受度能否撑起未来业绩增长；转基因安全证书迟迟未落地，药用水稻规模化种植 的合规性存疑；跨国专利侵权诉讼虽已告一段落，但反诉仍将消耗不少财力与精力…… 狂欢之后，还很难说，这条药用水稻产业化链路，究竟将大获丰收，还是布满待解的荆棘。 01 销售能否支撑业绩增长？ 在生物医药的竞技场上，用稻米来"造血"的故事听起来像科幻小说，而禾元生物确实将这个想象变成了现实。这家2006年成立的公司，一直致力于通 过转基因水稻技术平台生产重组人血清白蛋白。这项被寄予厚望的技术，号 ...

自2005年，禾元生物创始人、董事长杨代常放弃美国优渥条件回到国内，并于次年创办禾元生物至今，公司成功突破了重组人白蛋白药物的底层关键核心 技术，目前1千克糙米已可以产出约20至30克人血清白蛋白。 今年7月，禾元生物自主研发的重组人白蛋白注射液（水稻）获批上市，成为全球首个"稻米造血"1类创新药，并于8月开出首张处方单。目前，禾元生物 公司已构建两大技术平台，拥有8个在研药品管线，其中有2个药品处于II期临床试验阶段，2个药品处于I期临床试验阶段，1个药品已获批开展临床试验。 招股说明书显示，禾元生物此次发行股票 8945.1354万股，拟募集资金24亿元，计划用于重组人白蛋白产业化基地建设、新药研发项目和补充流动资金。 通过此次上市及募投项目的实施，可有效打通"研发、临床、生产、销售"全链条。 今天（10月28日）， 武汉禾元生物科技股份有限公司 （以下简称禾元生物） 正式登陆科创板， 这是科创板适用第五套标准 上市重启后的首家上会案例， 禾元生物成为科创板 科创成长层首批新注册公司。 据悉， 这也是党的二十届四中全会后， 武汉全力打造"五个中心"之际 迎来的首家上市公司。 上市首日， 禾元生物股价大幅上 ...

Core Viewpoint - He Yuan Bio (688765.SH) is set to be available for subscription on the Sci-Tech Innovation Board, focusing on plant-based recombinant protein expression technology and product development, with a leading global platform based on rice endosperm cell bioreactor technology [1][4]. Company Overview - He Yuan Bio is recognized as a pioneer in the "rice hematopoiesis" industry, developing multiple pharmaceutical products, excipients, and research reagents [1][4]. - The company’s core product, HY1001, is a recombinant human albumin injection derived from a rice seed expression system, differing from traditional methods that extract albumin from plasma [4]. Financial Performance - The company reported revenues of 13.40 million yuan in 2022, with a year-on-year decline of 47.49%, followed by an increase of 81.08% to 24.26 million yuan in 2023, and a slight increase of 3.92% to 25.22 million yuan in 2024 [4]. - The net profit attributable to the parent company was -143.58 million yuan in 2022, -186.96 million yuan in 2023, and -151.37 million yuan in 2024, with year-on-year changes of -7.12%, -30.22%, and 19.04% respectively [4]. Market Position and Commercialization - He Yuan Bio has established a production line capable of producing 10 tons of recombinant human albumin annually and has obtained a drug production license [5]. - The company has signed distribution agreements with several pharmaceutical distributors, establishing a sales network across over 30 provinces and cities in China [5]. Research and Development Pipeline - The company has eight drugs in its research pipeline, with HY1001 being the first recombinant human albumin product approved for market in China [5]. - Two additional drugs are in Phase II clinical trials, two in Phase I, and one has been approved to commence clinical trials [5]. Future Outlook - The company anticipates a narrowing of losses, with projected revenue of 12.71 million yuan in the first half of 2025, a year-on-year increase of 33.32%, and a net profit of -81.63 million yuan, a decrease of 3.86% from the previous year [5]. - He Yuan Bio emphasizes that obtaining market approval is just the beginning of commercialization, requiring further market access, education, and promotion to achieve significant sales [6].

Core Viewpoint - He Yuan Bio (688765.SH) is set to be listed on the Sci-Tech Innovation Board, focusing on plant-based recombinant protein expression technology and product development, with a leading global plant bioreactor technology platform [1][4]. Company Overview - He Yuan Bio is recognized as a pioneer in the "rice hematopoiesis" industry, developing multiple pharmaceutical products using a rice endosperm cell bioreactor expression system [1][4]. - The company has launched its core product, HY1001, a recombinant human albumin injection derived from rice, which received approval from the National Medical Products Administration in July 2023 [4][6]. Financial Performance - The company reported revenues of 13.40 million yuan in 2022, with a year-on-year decline of 47.49%, followed by an increase of 81.08% to 24.26 million yuan in 2023, and a slight increase of 3.92% to 25.22 million yuan projected for 2024 [5]. - The net profit attributable to the parent company showed losses of 143.58 million yuan in 2022, 186.96 million yuan in 2023, and a projected loss of 151.37 million yuan in 2024, with a year-on-year decline of 7.12%, 30.22%, and an increase of 19.04% respectively [5]. Market Position and Competition - He Yuan Bio is the first company to pass the registration process under the fifth set of standards for the Sci-Tech Innovation Board and is the first new issuance in the Sci-Tech Growth Layer [5]. - The company has established a sales network across over 30 provinces and cities in China, having signed distribution agreements with major pharmaceutical distributors [5][6]. - He Yuan Bio has eight drug candidates in its pipeline, with two in Phase II clinical trials and two in Phase I trials, alongside one drug approved for clinical trials [6]. Investment and Funding - The company plans to invest 19.09 billion yuan in the construction of a plant-based recombinant human serum albumin industrialization base, 7.94 billion yuan in new drug research and development, and 8.00 billion yuan to supplement working capital [3][5].

Group 1 - The core innovation of "rice-derived" recombinant human albumin injection is now in use across multiple hospitals in China, with dozens of patients already treated [1] - Recombinant human albumin is crucial for treating conditions like liver cirrhosis and is traditionally sourced from human plasma, which is limited and over 60% of it is imported in China [1] - The new "rice-derived" method involves inserting the human albumin gene into rice, allowing the plant to produce albumin, which is then extracted and purified, achieving a purity of 99.9999% [1][2] Group 2 - The research on recombinant human albumin began in the 1980s, but previous attempts to produce it in various organisms faced challenges such as low yield and high purity requirements [2] - The founder of He Yuan Biotechnology, Yang Daichang, successfully increased the expression level of recombinant human albumin in rice to 30 grams per kilogram, overcoming production bottlenecks [2] - He Yuan Biotechnology has received a production license for its 1 million unit commercial production line, with a factory set to produce 12 million units annually by 2026, marking a significant advancement in China's capabilities in this field [2]

Core Viewpoint - Wuhan Heyuan Biotechnology Co., Ltd. is set to be the first company reviewed by the Sci-Tech Innovation Board under the new listing standards, focusing on innovative technology in biopharmaceuticals, specifically using rice to produce recombinant human albumin, addressing supply bottlenecks in critical bioproducts [1][2]. Group 1: Market Opportunity - The market for human serum albumin in China reached 36.1 billion yuan in 2023, with projections to grow to 57 billion yuan by 2030, yet over 60% of the supply is reliant on imports [2]. - The company targets this market gap by utilizing rice as a "bioreactor" to produce high-purity recombinant human albumin, significantly enhancing domestic production capabilities [2][3]. Group 2: Technological Innovation - Heyuan Biotechnology has developed two key technology platforms: Oryz HiExp for high expression of OsrHSA and Oryz Pur for efficient purification, achieving a purity level of over 99.9999% [3]. - The innovative "rice blood-making" technology has gained recognition, with the founder's story highlighted as a model of innovation in the biopharmaceutical field [3]. Group 3: Product Pipeline and Clinical Trials - The core product, HY1001, is expected to complete its Phase III clinical trial for treating liver cirrhosis-related hypoalbuminemia by May 2024, showing efficacy comparable to plasma-derived albumin [4]. - If approved, HY1001 will be the world's first recombinant protein drug produced using rice cell expression systems, providing a sustainable solution to the reliance on imported human albumin [5]. Group 4: Future Prospects and Funding - The company plans to raise 240 million yuan to expand its production capacity from 10 tons to 130 tons annually and to support new drug development projects [8]. - Upon full implementation, Heyuan Biotechnology aims to establish a complete industrial chain from "medicinal rice cultivation to albumin extraction and drug manufacturing" [9].