Core Viewpoint - He Yuan Bio is set to launch its public offering, with a total share capital of 268 million shares and plans to issue 89.45 million shares, representing 25.02% of the post-issue total share capital [2] Company Information - He Yuan Bio is an innovative biopharmaceutical company with a leading global plant bioreactor technology platform [2] - The company plans to issue shares at a price of 29.06 yuan, with a maximum subscription limit of 14,000 yuan in market value required for top-tier subscriptions [2] Fundraising Allocation - The company intends to allocate raised funds as follows: - 1.90 billion yuan for the construction of a plant-derived recombinant human serum albumin industrialization base - 793.69 million yuan for new drug research and development - 800 million yuan for working capital [2] Financial Indicators - Key financial metrics for He Yuan Bio include: - Total assets for 2024 are projected at 1.0618 billion yuan, compared to 962.20 million yuan in 2023 and 1.1027 billion yuan in 2022 - Net assets are expected to be 601.35 million yuan in 2024, down from 731.62 million yuan in 2023 and 895.26 million yuan in 2022 - Operating revenue is forecasted at 25.22 million yuan for 2024, slightly up from 24.26 million yuan in 2023 and significantly higher than 13.40 million yuan in 2022 - The company anticipates a net loss attributable to shareholders of 151.37 million yuan in 2024, an improvement from a loss of 186.96 million yuan in 2023 and 143.57 million yuan in 2022 - Research and development expenses are projected at 116.79 million yuan for 2024, with R&D expenditure as a percentage of operating revenue at 463.14% [2]

Company Overview - He Yuan Bio is an innovative biopharmaceutical company with a leading global plant bioreactor technology platform [1] - The company plans to publicly issue 89.45 million shares, accounting for 25.02% of the total share capital post-issue [1] IPO Details - The subscription code for the IPO is 787765, with a subscription price set at 29.06 yuan per share [1] - The maximum subscription limit for a single account is 14,000 shares, requiring a minimum market value of 140,000 yuan in the Shanghai market [1] - The online issuance quantity is 14.31 million shares, with the subscription date on October 14, 2025, and the announcement of the winning numbers and payment date on October 16, 2025 [1] Fundraising Allocation - The company plans to allocate 1.90867 billion yuan for the construction of a plant-derived recombinant human serum albumin industrialization base [1] - An additional 793.69 million yuan is earmarked for new drug research and development [1] - 800 million yuan will be used to supplement working capital [1] Financial Performance - Total assets for 2024 are projected at 1.06181 billion yuan, an increase from 962.20 million yuan in 2023 [1] - Net assets are expected to decrease to 601.35 million yuan in 2024 from 731.62 million yuan in 2023 [1] - Operating revenue is forecasted to rise to 252.16 million yuan in 2024, compared to 242.64 million yuan in 2023 [1] - The company anticipates a net loss attributable to shareholders of 151.37 million yuan in 2024, an improvement from a loss of 186.96 million yuan in 2023 [1] - Research and development expenses are projected at 116.79 million yuan, representing 463.14% of operating revenue [1]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company reported a revenue of 1.731 billion yuan for H1 2025, representing a year-on-year growth of 15.37%. However, the net profit attributable to shareholders decreased by 37.53% to 140 million yuan due to increased depreciation and amortization expenses [1] - The sales of drugs are stable, with a strong product portfolio reinforcing the company's competitive advantage in the lung cancer market. The drug Alectinib has shown significant improvements in disease-free survival (DFS) and overall survival (OS) rates in clinical trials [2] - The company is actively developing innovative products in the lung cancer field and has received approval for a plant-derived albumin product, which is expected to positively impact future revenues [5] Financial Performance - The company expects revenues for 2025, 2026, and 2027 to be 3.520 billion, 4.295 billion, and 5.148 billion yuan, respectively. The net profit estimates have been revised down to 578 million, 745 million, and 854 million yuan for the same years [6] - The EBITDA for H1 2025 was reported at 498 million yuan, reflecting a year-on-year growth of 13.10% [1] Product Development - The company is focusing on a robust pipeline of innovative products, including multiple candidates for lung cancer treatment, which are currently in various stages of clinical trials [4] - Two KRAS-targeted drugs have shown promising results in preclinical studies, indicating potential for addressing current treatment challenges [3] Market Position - The company maintains a competitive edge in the lung cancer treatment market, with its products showing favorable clinical outcomes compared to competitors [2] - The strategic partnership with He Yuan Bio for the plant-derived albumin product is expected to enhance the company's market presence and revenue streams [5]

Group 1 - The first company to be reviewed under the restarted fifth set of standards for the Sci-Tech Innovation Board is Wuhan Heyuan Biotechnology Co., Ltd. (Heyuan Bio) [1][3] - Heyuan Bio is an innovative biopharmaceutical company known for its "rice-derived blood" technology and has established a unique plant expression system and two technical platforms [3][4] - The company has adjusted its fundraising target down by approximately 1.1 billion yuan, from an initial 3.502 billion yuan to 2.4 billion yuan, due to steady progress in R&D and business operations [5][6] Group 2 - Heyuan Bio's asset-liability ratio is projected to increase significantly in 2024, with ratios of 18.81%, 23.96%, and 43.37% for the years 2022 to 2024 respectively [6][7] - The company has not yet achieved profitability, with reported revenues of approximately 13.4 million yuan, 24.3 million yuan, and 25.2 million yuan for the years 2022 to 2024, and net losses of approximately 144 million yuan, 187 million yuan, and 151 million yuan for the same period [7] - Heyuan Bio's core product, HY1001, is expected to be approved for market launch soon, having completed its Phase III clinical trials with promising results [7][8] Group 3 - The recent policy changes by the China Securities Regulatory Commission aim to enhance the inclusivity and adaptability of the Sci-Tech Innovation Board, facilitating the listing of unprofitable companies [4] - Other companies currently in the review process under the fifth set of standards include Beixin Life, Hengrun Da, Sizherui, and Bibete, with some making faster progress than others [8][9]