每经记者｜陈星 每经编辑｜陈俊杰 在医学世界里，人血清白蛋白被誉为"黄金救命药"，它是血液制品中用量最大的品种，却始终被困在传 统的枷锁中——完全依赖人体血浆提取。这不仅让临床供应常年捉襟见肘，也让病毒传播的风险如影随 形。 近日，刚刚登陆科创板的禾元生物却带着"稻米造血"技术，有望打破人血清白蛋白传统制备方法的限 制。 2025年7月，国家药监局公布批准禾元生物研发的重组人白蛋白注射液（水稻）（商品名：奥福民）上 市。2025年8月，禾元生物宣布完成首个处方，首次用于肝硬化低白蛋白血症患者的临床治疗。存在多 种技术路径竞争 业界对重组人白蛋白技术的尝试分为多种路径。在过去几十年里，人们已经在探索用各种表达系统生产 重组人血清白蛋白，其中生产菌株包括大肠杆菌、酿酒酵母、乳酸克鲁维酵母、巴斯德毕赤酵母等。 禾元生物的诞生源于武汉大学教授杨代常团队的技术突破。2006年，杨代常带着技术成果创立禾元生 物。今年7月，禾元生物核心产品HY1001（奥福民重组人白蛋白注射液）获批上市，成为国内首个植物 源重组人白蛋白药物。 资本市场的反应迅速而热烈。科创板上市首日，禾元生物股价大涨超200%，次日继续攀升。截至10月 ...

Core Viewpoint - He Yuan Bio's innovative drug "Aofumin" (recombinant human albumin injection derived from rice) has been approved for market entry, aiming to disrupt the traditional human blood albumin market by eliminating reliance on plasma-derived materials [1][14][27] Company Overview - He Yuan Bio was established in 2006 and has developed a proprietary rice endosperm cell bioreactor expression system over 19 years, leading to multiple drug products and research reagents [6][27] - The company is currently unprofitable but has achieved commercialization of several products, contributing millions in annual revenue [6][7] Product Launch and Market Performance - "Aofumin" was listed on the Sci-Tech Innovation Board at an initial price of 29.06 CNY per share, opening at 88 CNY, reflecting a significant increase of 202.82% [1][2] - As of 9:35 AM, the stock price was 78.2 CNY, with a market capitalization of 314.64 billion CNY [1][2] Revenue Structure - The revenue from drug excipients and research reagents has shown significant growth, with drug excipients contributing 565.74 million CNY in the first half of 2025, representing a 47.25% increase [7] - The total revenue for the first half of 2025 reached 1.197 billion CNY, with research reagents contributing 631.59 million CNY, a 52.75% increase [7] Technological Advancements - He Yuan Bio's third-generation technology platform has overcome key technical challenges in producing recombinant human albumin, allowing for high yield, simple processes, and low-cost production [7][9] - The company has established eight product pipelines, with "Aofumin" being the first to receive approval [11][13] Market Potential and Competitive Landscape - The global recombinant human albumin market is expected to grow, with "Aofumin" positioned as a potential substitute for traditional human blood albumin products [15][19] - The Chinese human blood albumin market is projected to grow from 25.8 billion CNY in 2020 to 57 billion CNY by 2030 [19] Regulatory and Clinical Development - "Aofumin" has been prioritized for review due to its classification as a critical drug for treating severe conditions, receiving approval in July 2025 [14][18] - The company plans to expand the indications for "Aofumin" through global multi-center clinical trials, aiming for approvals in the US and Europe [18][26] Pricing and Commercialization Strategy - The initial retail price for "Aofumin" is reported to be 890 CNY for a 10g specification, with no immediate price advantage over plasma-derived products [23][24] - He Yuan Bio has established a sales network across over 30 provinces in China, partnering with major distributors to enhance market penetration [22][25] Future Outlook - The successful launch of "Aofumin" marks a significant step in the commercialization of plant-derived recombinant human albumin, with potential to reshape the blood product market [27][29] - Continued investment in research and development is expected to enhance production capabilities and expand the product pipeline [27][29]