Core Viewpoint - The article emphasizes the importance of identifying investment opportunities with high safety margins and verifiable win rates in niche areas that align with national strategies and independent innovation [2]. Group 1: Investment Highlights - He Yuan Bio became the first company to pass the fifth set of listing standards on the Sci-Tech Innovation Board after a 700-day hiatus, allowing unprofitable companies with core technologies to go public [3]. - The investment firm Xinxin Capital has successfully backed multiple companies that have gone public, including Zhixiang Jintai, Ruichuang Weina, and Maiwei Bio, showcasing a high success rate in a challenging VC environment [4]. - Xinxin Capital manages approximately 5 billion yuan, with the total market value of its invested companies exceeding 300 billion yuan [5]. Group 2: Investment Strategy - Xinxin Capital's investment philosophy prioritizes "win rate over odds," focusing on high-barrier technologies and entrepreneurial spirit to enhance safety margins [10]. - The firm has made significant investments in key chip sectors, including CPU, GPU, and TPU, reflecting its strategy of investing in high-potential technology areas [10][11][13][14]. Group 3: Case Studies - He Yuan Bio's innovative "rice blood-making" technology has shown promising clinical results, leading to Xinxin Capital's investment during a critical phase of its development [7][8]. - The investment in Zhaoxin, a domestic CPU leader, was driven by its compatibility with the X86 ecosystem and lower risk of sanctions, aligning with Xinxin's focus on safety [12]. - Xinxin Capital's investment in Glanfi, a domestic GPU company, highlights its strategy of supporting firms with stable management and a focus on graphics rendering rather than high-risk AI GPU markets [13]. Group 4: Investment Principles - Xinxin Capital adheres to strict investment criteria, avoiding sectors outside of intelligent technology and life sciences, and focusing on companies with technological barriers and commercial viability [20]. - The "Xinxin Curve" illustrates the relationship between the development stages of hard tech companies and investment returns, guiding the timing of investments [21][24].

作为禾元生物的核心产品，HY1001获批上市将有效缓解我国人血清白蛋白长期依赖进口 的局面。 本文为IPO早知道原创 作者｜ Eric 微信公众号｜ipozaozhidao 在生物医药领域的激烈竞争中，武汉禾元生物科技股份有限公司（以下简称 "禾元生物"）正以其独 特的技术优势和深厚的研发实力，逐渐崭露头角。即将上会的禾元生物，不仅在稻米造血技术上取得 显著进展，其背后更蕴含着一系列值得关注的创新亮点，为行业发展带来新的思考与方向。 禾元生物自 2006 年成立以来，便专注于重组蛋白表达技术研究与产品开发。经过多年耕耘，公司 构建起了一套完整且先进的技术体系，其中水稻胚乳细胞生物反应器高效重组蛋白表达平台（ Oryz HiExp ）和重组蛋白纯化技术平台（ Oryz Pur ）是其核心竞争力所在。 Oryz HiExp 平台利用水稻胚乳细胞作为生物反应器，通过胚乳细胞特异性表达的启动子、人工定点突 变增强启动子转录水平、蛋白定向储存、内质网减负和密码子优化等综合技术，实现了重组蛋白在水 稻胚乳细胞中的特异性表达与高效储存。这一平台的优势在于，能够将重组蛋白产量从传统的 mg 级别大幅提升至 30g 级别，极大 ...