Group 1 - The core viewpoint of the news is that Hongtu Innovation Fund has conducted research on a listed company, He Yuan Biological, focusing on its CRO business and financial projections for 2024 [1] - He Yuan Biological's CRO business primarily provides various services for basic research in cell and gene therapy, with expected revenue of 85.82 million yuan in 2024 [1] - The company has a significant reliance on CDMO services, with an outsourcing penetration rate of 65%, and new CDMO orders exceeding 270 million yuan in 2024 [1] - He Yuan Biological has assisted clients in obtaining 44 IND approvals and is managing over 450 CDMO projects [1] - The company is gradually increasing domestic replacements for key imported equipment and consumables through collaboration with local suppliers [1] - Management expenses for 2024 are projected to be 81.08 million yuan, reflecting a year-on-year increase of 27.48% due to the operation of the Lingang Industrial Base [1] - The accounts receivable aging structure is reasonable, with slightly extended customer payment terms but low bad debt risk [1] - The company plans to maintain a workforce of 692 employees by enhancing productivity through training systems and incentive mechanisms [1] - Shareholder Hua Rui Sheng Yin intends to reduce holdings by no more than 6,490,367 shares, accounting for no more than 1% of the total share capital [1] Group 2 - Hongtu Innovation Fund was established in 2014 and currently has an asset management scale of 18.045 billion yuan, ranking 123 out of 210 [2] - The fund's non-monetary public fund asset management scale is 8.548 billion yuan, ranking 128 out of 210 [2] - The fund manages 39 public funds, ranking 111 out of 210, with 13 public fund managers, ranking 94 out of 210 [2] - The best-performing public fund product in the past year is Hongtu Innovation Medical (002173), with a latest unit net value of 1.55 and a growth of 69.34% over the past year [2]