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].

Company Overview - The company is an innovative biopharmaceutical enterprise with a globally leading plant bioreactor technology platform, specifically a rice endosperm cell bioreactor expression system [1][3] - The company has developed multiple products including drugs, pharmaceutical excipients, and research reagents based on its rice endosperm cell bioreactor expression system [1] Product Pipeline - As of now, the company has a total of 8 drug candidates in its pipeline, with the fastest progressing product, recombinant human albumin injection (OsrHSA, HY1001), expected to receive approval by July 2025 for the indication of "hypoalbuminemia due to liver cirrhosis" [2] - Five products are currently in clinical trials, while several others are in preclinical research stages [2] Core Technology - The company has established an internationally leading rice endosperm cell bioreactor expression system, which includes upstream and downstream technologies for efficient recombinant protein expression and purification [3] Production Capacity - The company has built a commercial-scale production line capable of producing 10 tons of OsrHSA raw liquid annually and 1 million dosage forms, with a cGMP intelligent production line [4] - A new production line with a capacity of 120 tons of OsrHSA raw liquid is under construction, expected to be completed by September 2024 [4] Intellectual Property - The company holds a total of 21 domestic invention patents and 62 foreign invention patents [4] Research and Development - The company has strong research capabilities, having independently or led 3 national major science and technology projects and 2 provincial key projects [5] - The company has published 20 SCI papers and books related to its core technologies and products [5] Awards and Recognition - The company's core technology has received national awards, including the Second Prize of National Science and Technology Invention and an Excellent Patent Award from the National Intellectual Property Administration [6] Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 was 13.40 million, 24.26 million, 25.22 million, and 12.71 million respectively [7] - Research and development expenses for the same periods were 110.50 million, 159.10 million, 116.79 million, and 55.94 million, indicating significant investment in R&D [8] Development Strategy - The company aims to provide green, safe, accessible, and sufficient biopharmaceutical products globally, focusing on unmet clinical needs and leveraging its technological advantages [9] Competitive Advantages - The company’s main competitive advantages include its ideal recombinant protein drug preparation platform, a large potential market for recombinant human albumin, and the safety and environmental benefits of its products [10] Industry Characteristics - The biopharmaceutical industry is characterized by interdisciplinary applications, continuous technological iteration, long R&D cycles, high investment, and regulatory barriers [15] Market Demand - The clinical demand for human serum albumin drugs in China is significant, with a market size projected to grow from 25.8 billion in 2020 to 57 billion by 2030 [16] Future Innovations - The company plans to focus on original innovations in rice endosperm cell expression technology, accelerate the development of long-acting drugs based on recombinant human albumin, and advance multiple therapeutic recombinant biological products [14]

Company Overview - Leidmann Biochemical Co., Ltd. is a national high-tech enterprise with core competitiveness in in vitro diagnostic reagents, diagnostic instruments, and biochemical raw materials, integrating R&D, production, and sales [2][3] - The company has a comprehensive range of biochemical diagnostic reagents covering liver function, kidney function, blood lipid, diabetes, and myocardial injury tests, making it one of the most complete providers in the domestic in vitro diagnostic industry [3] Financial Performance - In the first half of 2025, the company achieved a revenue of CNY 160.48 million, a decrease of 14.80% year-on-year, with a net profit attributable to shareholders of CNY -4.25 million [3] - The in vitro diagnostic reagent business generated CNY 108.87 million, down 28.13%, accounting for 67.84% of total revenue [3] - The diagnostic instruments business saw a revenue increase of 106.73% to CNY 22.74 million, representing 14.17% of total revenue [3] - The biochemical raw materials business reported a revenue of CNY 7.68 million, down 20.23%, making up 4.78% of total revenue [3] - Other businesses, mainly rental and property management, generated CNY 21.20 million, up 30.37%, accounting for 13.21% of total revenue [3] Impact of Procurement Policies - Approximately 70% of the company's reagent products are included in centralized procurement, leading to a decrease in reagent gross margin by 2.34 percentage points year-on-year [4][5] - The company anticipates that the impact of centralized procurement on gross margins will lessen, with ongoing efforts in cost control and supply chain optimization expected to stabilize profitability [5] Strategic Initiatives - The company plans to acquire a target company, Xiansheng Xiangrui, which specializes in in vivo diagnostic reagents and human vaccines, enhancing its capabilities in tuberculosis diagnosis and treatment [6][7] - The acquisition will be funded through a combination of self-owned funds and bank loans, with nearly CNY 900 million available as of June 2025 [8] - The strategic focus includes expanding the biochemical diagnostic product line and enhancing partnerships with leading domestic and international diagnostic manufacturers [5][7] Shareholder Insights - The controlling shareholder, Gaoxin Keke, has extensive investment experience in the biopharmaceutical sector and aims to leverage resources to enhance Leidmann's position in the life sciences industry [9][10]

Core Insights - The approval of innovative drugs in China has accelerated, with 43 new drugs approved in the first half of the year, representing a 59% year-on-year increase [5] - Over the past five years, a total of 210 innovative drugs have been approved, indicating a sustained growth trend in the pharmaceutical industry [1] - Approximately 30% of the global innovative drugs currently under development are from China [1] Industry Developments - The biopharmaceutical manufacturing sector in China experienced a profit growth of 36.3% in July [2] - The development of innovative drugs is complex, often requiring the screening of 5,000 to 10,000 molecules to identify potential candidates [2][3] - A specific innovative drug targeting gout is currently undergoing clinical trials, with over 1,500 patients participating [3] Government Support and Policies - The Guangzhou government has implemented policies to foster a supportive environment for the biopharmaceutical industry, including a comprehensive policy support system [3] - The National Medical Products Administration (NMPA) has prioritized new drug approvals, providing early guidance for clinical research to expedite the approval process [4] - Recent measures from the National Healthcare Security Administration and the National Health Commission aim to inject vitality into the development of innovative drugs [5]

Group 1 - The Ministry of Commerce and Jiangsu Provincial Government issued a development plan for the biopharmaceutical industry in the Jiangsu Free Trade Zone, encouraging innovative companies to raise funds through various stock exchanges and bond issuances [1] - The plan supports the establishment of sub-funds for biopharmaceutical investments and allows eligible projects to issue real estate investment trusts (REITs) [1] - In July, profits in the high-tech manufacturing sector increased by 18.9%, with significant contributions from aerospace (40.9% profit growth) and semiconductor industries, where profits grew by 176.1%, 104.5%, and 27.1% in various segments [1] Group 2 - The ChiNext Index saw a strong increase of 1.34%, with notable stock performances from Tianfu Communication (20.00% increase) and Jiejia Weichuang (18.18% increase) [3] - The ChiNext ETF Ping An reported a 4.62% increase over the past week, with a trading volume of 785.82 million yuan [3] - The ChiNext ETF Ping An has a one-year Sharpe ratio of 1.59 and a management fee of 0.15%, which is among the lowest in comparable funds [4]

Group 1 - In July, the revenue of industrial enterprises above designated size increased by 0.9% year-on-year, with total profits reaching 40,203.5 billion yuan from January to July [1] - The manufacturing sector saw a profit increase of 6.8% year-on-year in July, accelerating by 5.4 percentage points compared to June, contributing to a faster overall profit growth for industrial enterprises [1] - High-tech manufacturing played a significant role, with its profit growth accelerating the overall profit growth of industrial enterprises by 2.9 percentage points compared to June [1] Group 2 - The aerospace and equipment manufacturing industry experienced a profit growth of 40.9%, while the integrated circuit manufacturing and semiconductor device manufacturing sectors saw profits increase by 176.1% and 104.5% respectively [1] - The "Two New" policies have shown significant effectiveness, driving profit growth in various sectors, including a 87.9% increase in electronic and electrical machinery manufacturing [2] - Under the consumption upgrade policy, the computer manufacturing sector saw a profit increase of 124.2%, while smart drone manufacturing and household cleaning appliance manufacturing grew by 100.0% and 29.7% respectively [2]

Core Insights - In July, profits of large-scale industrial enterprises decreased by 1.5% year-on-year, but the decline narrowed by 2.8 percentage points compared to June, marking two consecutive months of narrowing [1][2] - High-tech manufacturing profits turned from a 0.9% decline in June to an 18.9% increase in July, significantly contributing to the overall profit growth of large-scale industrial enterprises [1][3] Group 1: Industrial Profit Trends - The operating income of large-scale industrial enterprises grew by 0.9% year-on-year in July, with a cumulative growth of 2.3% from January to July, creating favorable conditions for profit recovery [2] - The total profit of large-scale industrial enterprises from January to July was 40,203.5 billion yuan, a year-on-year decrease of 1.7%, with the decline narrowing by 0.1 percentage points compared to the first half of the year [2] - Medium and small enterprises showed significant profit improvement, with profits of medium and small enterprises turning from declines of 7.8% and 9.7% in June to increases of 1.8% and 0.5% in July, respectively [2] Group 2: Manufacturing Sector Performance - Manufacturing profits increased by 6.8% year-on-year in July, accelerating by 5.4 percentage points compared to June, contributing to a 3.6 percentage point increase in overall industrial profits [3] - The raw material manufacturing sector saw profits turn from a 5.0% decline in June to a 36.9% increase in July, with the steel and petroleum processing industries achieving profits of 18.09 billion yuan and 3.46 billion yuan, respectively [3] - High-tech manufacturing profits grew rapidly, with notable increases in the aerospace sector (40.9%) and semiconductor-related industries, including integrated circuit manufacturing (176.1%) and semiconductor device manufacturing (104.5%) [3] Group 3: Policy Impact on Profit Growth - The implementation of the "Two New" policies has led to significant profit growth in related industries, with profits in electronic and electrical machinery manufacturing increasing by 87.9% in July [4] - The "old-for-new" policy for consumer goods has driven profit increases in computer manufacturing (124.2%) and smart drone manufacturing (100.0%) [4] - Related industries such as computer peripheral equipment manufacturing and sensitive components manufacturing also saw profits rise by 57.0% and 51.9%, respectively [4]

Group 1 - The profit level of industrial enterprises continues to improve, with a 0.9% year-on-year increase in operating revenue in July and a 1.5% year-on-year decline in profit, which is a narrowing of 2.8 percentage points compared to June [1] - From January to July, the operating revenue increased by 2.3%, creating favorable conditions for profit recovery, while the profit decline for the same period narrowed by 0.1 percentage points compared to the first half of the year [1] - The gross profit margin turned from a 1.3% decline in June to a 0.1% increase in July, indicating a positive trend in profitability [1] Group 2 - Manufacturing profits grew rapidly, with a 6.8% year-on-year increase in July, accelerating by 5.4 percentage points compared to June, contributing significantly to the overall profit recovery of industrial enterprises [2] - The raw material manufacturing sector saw a turnaround, with profits increasing by 36.9% in July, while the consumer goods manufacturing sector experienced a 4.7% decline, which is a narrowing of 3.0 percentage points compared to June [2] - High-tech manufacturing profits surged by 18.9% in July, with notable growth in aerospace and semiconductor industries, where profits increased by 40.9% and 176.1% respectively [2] Group 3 - The "Two New" policies have shown significant results, leading to rapid profit growth in related industries, such as a 87.9% increase in profits for electronic and electrical machinery manufacturing in July [3] - The consumer goods replacement policy has driven profits in computer manufacturing and smart drone manufacturing to grow by 124.2% and 100.0% respectively [3] - Profits for medium and small enterprises improved significantly, with private enterprises showing a 2.6% profit increase, surpassing the national average by 4.1 percentage points [3] Group 4 - In the context of external uncertainties and insufficient domestic demand, there is a need to implement policies that enhance stability and flexibility, expand domestic demand, and promote the transformation and upgrading of traditional industries [4]

Core Insights - In July, industrial production above designated size in China maintained stable growth, contributing to a reasonable rebound in price levels [1] - The implementation of a series of policies has led to a continuous recovery in corporate profitability [1] Industry Performance - High-tech manufacturing profits shifted from a decline of 0.9% in June to a growth of 18.9% in July, accelerating the overall profit growth of industrial enterprises by 2.9 percentage points compared to June [1] - The aerospace manufacturing sector saw a profit increase of 40.9%, driven by advancements in technology and development in China's aerospace industry [1] - In the semiconductor sector, profits surged significantly with integrated circuit manufacturing up by 176.1%, semiconductor device manufacturing by 104.5%, and discrete semiconductor device manufacturing by 27.1% [1] - The biopharmaceutical industry also experienced steady high-quality development, with profits in biological drug manufacturing increasing by 36.3% and chemical drug formulation manufacturing by 6.9% [1]