岁序更替，津沽大地万象更新。作为北方经济重镇和国家先进制造研发基地，天津因地制宜发展新质生 产力，正加速布局培育未来产业、发展壮大新兴产业、巩固提升传统产业，面向"十五五"努力开好局、 起好步，不断激发经济发展新动能、新活力。 瞄准新赛道，未来产业实现新突破 仅需毫米规格的人工培育类脑组织，机器人就可实现自主决策、行进避障。"生物中枢+机械控制"这一 颇具未来感的场景，已在天津大学实验室内成为现实。 这个片上脑机接口智能交互系统，由脑机交互与人机共融海河实验室团队牵头、南方科技大学等团队协 作开发，能够通过细胞驱动实现"意念控制"。天津大学医学院教授李晓红说，目前团队正聚焦技术的优 化和落地应用。 距实验室仅一公里外，合源生物科技股份有限公司的研发基地里，缓慢晃动的生物反应器中孕育着血液 肿瘤患者生的希望。 作为一家聚焦于细胞治疗的企业，合源生物成立7年多来，已有两项细胞治疗国产CAR-T药物适应症获 批上市。合源生物创始人、CEO吕璐璐对未来信心满满："新的一年，企业将在产能扩增、推进全球布 局等方面深耕。" 近年来，天津加速布局未来产业，在合成生物、脑机接口等特色领域不断发力，已获批组建29家全国重 点实 ...

血霁生物的创始人朱芳芳表示：感谢本轮投资人对于血霁生物的投资，这笔资金将支持我们全力奔赴药 物研发的终点和公司成长的重要节点。血霁生物产品的稀缺性、稳步的发展战略和健康的财务状态，为 投资人本轮增资提供了足够的信心。虽然新领域新药物的研发和拓荒充满荆棘与挑战，但自身的技术突 破和外部的产业生态带给我们足够的底气与勇气，让我们"再造热血，'霁'续生命"。 投资界12月26日消息，近日，苏州血霁生物科技有限公司（以下简称"血霁生物"）宣布 完成过亿元人 民币的B1轮股权融资，并获得多家银行过亿元人民币的基于授信的债权融资，用于发展血霁生物的核 心业务血小板世系的体外再生，以解决血源供应短缺和血液传播疾病等问题，并大大减少输血带来的不 良后果，以及开发围绕再生的血小板衍生而来的新型药物。本轮B1轮股权融资首关由海南大健康医学 集团领投，永徽创投等跟投，融资金额超亿元人民币。本轮资金将重点用于血霁生物前两条管线的临床 试验和其余重点管线的临床前工作，用于支持血霁生物的快速成长。 同时血霁生物获得1.2亿元人民币的银行授信，成为公司发展的储备金：招商银行股份有限公司苏州分 行、宁波银行股份有限公司江苏自贸试验区苏州片区 ...

Core Viewpoint - The company holds a positive outlook on the prospects of the stem cell therapy industry and has been actively involved in this field since 2014, establishing the Yuaneng Cell Technology Group [2] Group 1: Company Strategy and Developments - The company has made significant investments in the cell therapy sector, aligning with national policy support for stem cell treatments [2] - Through acquisitions of equity in subsidiaries of Yuaneng Group, the company has secured key assets including land in Zhangjiang, patent licenses in the cell industry, and clinical trial approvals for "YT001 injection" [2] - The company's layout in the stem cell therapy field includes several business segments: 1. Cell preparation services for large-scale production of cell therapy drugs and customized clinical research cells for pharmaceutical companies and research institutions [2] 2. Development of proprietary cell preparation reagents, establishing itself as a key supplier in the industry chain [2] 3. Research and development of cell technology products, with "YT001 injection" approved for I/IIa clinical trials, aiming for commercialization through product launch, technology transfer, or revenue sharing [2] 4. Application of stem cell therapy and related solutions in pet health and anti-aging [2] Group 2: Industry Participation and Intellectual Property - The company actively participates in the formulation of industry standards and holds multiple authorized patents and software copyrights, providing a solid technical foundation and intellectual property protection for the development of stem cell therapy [2]

Core Viewpoint - Company Jindalai is making a significant shift into the health sector by investing over 310 million yuan in two companies, marking its transition from environmental protection to a dual focus on "environment + health" [2] Investment Details - Jindalai announced an investment of 280 million yuan to acquire a 34% stake in Jici Medical, focusing on cell therapy, and an additional 30 million yuan for a 10% stake in Zhongke Hongtai, which specializes in medical robotics [2][6] - The investment in Jici Medical positions Jindalai as the second-largest shareholder, just behind the controlling shareholder [3] Financial Performance of Target Companies - Jici Medical reported revenues of 11.23 million yuan and a net profit of 1.15 million yuan for the first three quarters of 2025, but its equity remains negative at -3.15 million yuan [4] - Zhongke Hongtai's revenue for the same period was only 102,600 yuan, with a net loss of 550,770 yuan, indicating ongoing financial challenges [6] Strategic Alignment with National Policies - Both investments align with national strategic emerging industries, with Jici Medical focusing on cell therapy and Zhongke Hongtai on the trend of intelligent medical devices [6] - The "14th Five-Year Plan" identifies biomanufacturing as a new economic growth point, with stem cell technology included as a key area [6] Challenges in Core Business - Jindalai's core environmental business is under pressure, with a revenue decline of 23.5% year-on-year for the first three quarters of 2025, leading to a search for new growth avenues [8] - The company is facing a "collection battle" with multiple lawsuits, indicating difficulties in cash flow management [9][12] Cash Flow and Investment Risks - Despite current cash flow stability, with over 2.2 billion yuan in liquid assets, future investments in the new sectors may strain resources, especially given the financial status of the target companies [14] - The high-risk nature of clinical trials in cell therapy and the complex registration processes for medical robots pose additional uncertainties for Jindalai's new ventures [14][15] Technical Synergy Concerns - There is limited technical synergy between Jindalai's core wastewater treatment technology and the new health sector investments, which may hinder the company's ability to leverage its existing expertise [15]

中原生物医药产业的下一片蓝海在哪里？答案或许就藏在"细胞"之中。近日，2025年度第二批河南省重 大产业关键技术攻关"揭榜挂帅"项目——"细胞治疗关键技术与新药创制"启动，一场瞄准细胞治疗核心 技术的"创新战役"在河南省科学院正式打响。 启动活动上，项目负责人、省科学院生物医学研究所任务科学家王盛典研究员对项目整体实施方案作了 详细介绍。中国科学院院士陈润生对项目的前瞻性布局、创新思路及实施方案给予高度评价，同时建 议，团队应积极运用人工智能等新兴技术推动研究范式变革，加强跨领域、跨机构合作，凝聚创新合 力，并始终坚持以临床需求为导向，力争产出能够切实解决重大疾病问题的标志性成果。其他与会专家 就具体实施路径与协同推进机制进行了深入研讨，并提出具体意见建议。 该项目的启动实施，不仅是一次科研攻关的起跑信号，更是一次全链条协同作战的深度动员。河南正 以"揭榜挂帅"机制为引擎，全力突破生物医药关键技术瓶颈、推动生物医药产业突围升级，为我省培育 新质生产力和高质量发展注入全新动能。（记者 师喆） 责任编辑： 郭栩汝 随着"细胞治疗关键技术与新药创制"项目正式揭榜，来自产学研各界的领军人物齐聚中原，如同挂帅出 征的攻 ...

Core Insights - The future business environment in 2026 will be shaped by a combination of global dynamics, technological advancements, policy regulations, and societal expectations, emphasizing the importance of human connections in business [1][3][12] Group 1: Economic Climate - The global economy is on a path of moderate recovery, undergoing structural reorganization influenced by central bank monetary policies and geopolitical factors, which will affect capital costs and corporate financing [1][2] - China is focusing on "high-quality development," with 2026 marking a harvest period for the 14th Five-Year Plan and a sowing period for the 15th, emphasizing innovation, supply chain resilience, data security, and financial stability [2] Group 2: Technological Revolution - Technological breakthroughs are transitioning from being influencing factors to decisive variables, with AI becoming integral across industries, and advancements in energy systems and life sciences accelerating commercialization [3][8] - The emergence of new roles such as AI caretakers and ethical guardians will enhance the relationship between humans and technology, fostering a warmer and more trustworthy interaction [8][10] Group 3: Competitive Landscape - The market is finding a new balance between clear regulatory frameworks and the normalization of cross-industry integration, leading to a more transparent and fair competitive environment [5][10] - Consumers are evolving into discerning decision-makers who value emotional connections with brands, prompting companies to shift from mere product providers to experience creators [7][10] Group 4: Organizational Health - Companies must invest in their workforce, focusing on skill enhancement and fostering a sense of purpose and trust, which are essential for organizational resilience and adaptability [11][12] - A healthy organization is characterized by agile connections, intelligent redundancy, and a strong value system that guides its direction amidst change [11][12] Group 5: Business Essence - The essence of business in 2026 will revolve around creating genuine value for customers, providing growth opportunities for employees, and ensuring sustainable practices for society [12][13] - Companies are encouraged to embrace complexity with humility and openness, building a solid foundation for sustainable development through resilient coexistence and meaningful innovation [13]

Core Insights - The core competitive advantage of companies in the biopharmaceutical industry has shifted from singular technological breakthroughs to the ability to accurately predict frontier trends, diversify pipeline layouts, and construct an innovative ecosystem across the entire industry chain [1][3]. Company Overview - Boya Life has been recognized for its significant breakthroughs in the field of cells and exosomes, earning multiple awards in 2025, including the "Top 100 in China's Medical Health Industry Chain Service" and "Best Biotech Innovation Product Award" [1]. - Boya Life has been deeply engaged in cell technology for 16 years, operating under three brands: Boya Stem Cells, Boya Medical, and Boya Pharmaceutical, covering cell storage and health management, automated medical devices, and drug and medical technology research and development [3]. Industry Trends - Cell therapy, represented by life sciences, is viewed as a strategic, leading, disruptive, and forward-looking emerging industry, essential for driving technological progress and industrial upgrades in China [3]. - Exosomes, as key mediators of intercellular communication, have unique properties that make them suitable for applications in anti-aging, chronic disease intervention, and health maintenance [3]. Product Development - Boya Life has a robust pipeline in cell therapy, with nearly 20 cell medical technology and drug development projects underway, addressing major diseases in orthopedics, gynecology, and autoimmune systems, while also exploring anti-aging solutions [3][4]. - In the "Exosome+" sector, Boya provides GMP-grade stem cell exosome raw materials and commercial services, achieving positive progress in skin repair, inflammation repair, and degenerative diseases of the brain and eyes [4]. Market Position - Boya Stem Cells holds a 32% market share in China's placental mesenchymal stem cells, having provided cell storage and health management services to over 150,000 families [4]. - Boya Life leads the domestic cell industry in high-quality standards and standardization, certified by international organizations such as AABB and WHO [4]. Future Outlook - The company aims to continue driving the development of new productive forces represented by cell technology through ongoing innovation in technology research and product service models, contributing to public health improvement and the advancement of modern medicine [5].

Core Insights - The construction of the largest specialized cell therapy laboratory in Southwest China is entering a critical phase, with a total investment of 130 million yuan and an area of approximately 6,000 square meters, set to be completed by July next year [1][5]. Group 1: Laboratory Development - The laboratory is being built according to GMP standards and will serve as a crucial infrastructure for the cell therapy field in Southwest China, supporting the full chain development from laboratory to commercialization [3][5]. - The project is a key component of the national "two重" project, receiving significant policy support, including funding from the National Development and Reform Commission [5][6]. - The design of the laboratory allows for flexible expansion, catering to the needs of future resident companies, which will lower the research and development barriers for startups [5][6]. Group 2: Industry Ecosystem - The cell therapy industry in Chengdu is rapidly forming an innovative ecosystem, bolstered by strong local medical resources and government support [6]. - The project has benefited from comprehensive policy support, including land assurance, financial assistance, and talent cultivation [6]. - The park is attracting various companies in the cell and gene therapy sectors, fostering collaboration in technology research, clinical applications, and industrialization [6].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The cell therapy industry is a precision medicine strategy that involves the infusion of modified or expanded cells to treat diseases or repair tissues, leveraging the inherent functions and plasticity of cells to intervene in disease mechanisms [2] - Immune cell therapy is categorized into two main systems: immune cell therapy and stem cell therapy, with CAR-T, TCR-T, and NK cell therapies being the core focus due to their advanced technology and dense global research pipelines [3] Summary by Sections Cell Therapy Logic - Cell therapy involves using autologous or allogeneic cell materials that are modified and reintroduced into patients to combat diseases or repair tissues [2] Immune Cell Therapy Classification - Immune cell therapy is divided into CAR-T therapy, TCR-T therapy, and NK cell therapy, among others, with CAR-T therapy being the most prominent due to its technological maturity and extensive research pipeline [3] CAR-T Therapy Advantages - CAR-T therapy allows T cells to recognize and eliminate tumor cells without being restricted by MHC expression levels, making it particularly effective for hematological malignancies [9][10] - The therapy targets specific proteins such as CD19, BCMA, and CD22, with ongoing research expanding into solid tumors [11] TCR-T Therapy Advantages - TCR-T therapy can recognize a broader range of antigens, including intracellular ones, thus providing an advantage in targeting complex tumor types [15][16] - It is particularly effective against various solid tumors, with ongoing research focusing on multiple target antigens [17] Global Solid Tumor Incidence and Market Size - The number of global solid tumor cases is projected to increase from 16.5 million in 2019 to 19.2 million by 2024, with a compound annual growth rate (CAGR) of 2.8% [22] - The market for immune cell therapy targeting solid tumors is expected to grow from $1.19 billion in 2019 to $4.35 billion by 2024, with a CAGR of 29.6% [25] Non-Solid Tumor Treatment Market - The market for immune cell therapies targeting non-tumor diseases, such as autoimmune diseases and viral infections, is projected to reach $1.36 billion by 2030, with a CAGR of 83.9% from 2027 to 2030 [32]

Core Viewpoint - The event hosted by Kexi Pharmaceutical highlighted the company's advancements in CAR-T cell therapy, its core industry layout, and future development plans, showcasing its competitive strengths and industry prospects [1]. Group 1: CAR-T Technology Development - Kexi Pharmaceutical focuses on addressing key challenges in CAR-T therapy, including immune rejection, low patient accessibility, and balancing efficacy with safety [4]. - The company aims to prioritize clinical needs by targeting difficult-to-treat cancers such as pancreatic cancer and leukemia, while also optimizing technology to reduce treatment costs and improve patient access [4]. - Kexi is developing multi-target universal CAR-T candidates that cover solid tumors, hematological cancers, and autoimmune diseases, involving multiple key targets [4]. Group 2: Production and Operational Strategy - The company plans to establish an integrated intelligent cell manufacturing center capable of producing both autologous and allogeneic CAR-T cells, with an expected annual capacity to serve tens of thousands of patients [4]. - Kexi aims to focus on process automation, management information systems, and supply chain collaboration to continuously lower production costs and enhance product quality [5]. Group 3: Business Development and Strategic Partnerships - Kexi Pharmaceutical has seen a surge in business development (BD) transactions, which have become a significant revenue source for biopharmaceutical companies [5]. - The company emphasizes that the success of BD partnerships relies on product competitiveness and corporate strength rather than external factors, maintaining strong relationships with multinational companies [5]. - Kexi has strategically invested in Ukaize Biomedical (Shanghai) Co., Ltd., enhancing its ecosystem in cell therapy and laying a solid foundation for future technological collaboration and industry expansion [5].