Core Viewpoint - He Yuan Bio's innovative "rice blood production" technology aims to revolutionize the production of human serum albumin, traditionally reliant on human plasma extraction, thus addressing supply shortages and reducing virus transmission risks [1][2]. Company Overview - He Yuan Bio, founded by Professor Yang Daichang's team from Wuhan University, recently launched its core product, HY1001 (recombinant human albumin injection), becoming the first plant-derived recombinant human albumin drug approved in China [1][2]. - The company made a significant market impact, with its stock price surging over 200% on its debut on the STAR Market, leading to a market capitalization exceeding 40.5 billion yuan [2]. Technology and Innovation - The "rice blood production" technology involves inserting the human serum albumin gene into rice cells, allowing for the extraction and purification of recombinant human serum albumin with a purity of 99.9999% [2][4]. - This method not only mitigates the risks associated with plasma extraction but also enhances the domestic supply capability of human serum albumin, which is crucial given the increasing demand and reliance on imports [3][4]. Market Demand and Competition - The demand for human serum albumin in China is projected to grow, with imports accounting for 69% of the supply as of 2024, highlighting a significant gap in domestic production [3]. - He Yuan Bio faces competition from four other companies developing recombinant human albumin products, with the fastest progress seen from Tonghua Anruite, which has already received approval for its product in Russia and Kyrgyzstan [5]. Clinical Applications and Future Plans - The primary clinical application for He Yuan Bio's recombinant human albumin is in treating low albumin levels in liver cirrhosis patients, which constitutes about 30% of the overall market [5]. - The company is also focused on expanding its indications and plans to enter the U.S. market, with a timeline to complete Phase III clinical trials by 2025 and submit a market application in 2026 [6].

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]