Core Viewpoint - He Yuan Bio's innovative "rice blood production" technology aims to revolutionize the production of human serum albumin, addressing supply shortages and virus transmission risks associated with traditional plasma extraction methods [1][5][8]. Group 1: Company Overview - He Yuan Bio, founded by Professor Yang Daichang's team from Wuhan University, recently went public on the Sci-Tech Innovation Board, becoming the first pharmaceutical company listed under the new fifth set of standards [2][3]. - The company's core product, HY1001 (recombinant human albumin injection), received approval in July 2025, marking it as the first plant-derived recombinant human albumin drug in China [1][6]. Group 2: Market Response - Following its debut on the Sci-Tech Innovation Board, He Yuan Bio's stock surged over 200%, with its market capitalization exceeding 32.5 billion yuan on the first day and reaching 42.1 billion yuan by October 30 [3][5]. - The rapid increase in stock price reflects strong investor interest and confidence in the company's potential to disrupt the traditional blood product market [1][3]. Group 3: Technology and Product Details - The "rice blood production" technology involves inserting the human serum albumin gene into rice cells, allowing for the extraction of highly pure recombinant human serum albumin (≥99.9999%) from rice [5][8]. - This method not only mitigates the risks associated with plasma extraction but also enhances China's self-sufficiency in human serum albumin supply, which has been heavily reliant on imports (69% of total demand) [5][8]. Group 4: Clinical Applications and Market Potential - Currently, He Yuan Bio's recombinant human albumin is approved for treating liver cirrhosis with low albumin levels, which constitutes about 30% of the overall market [8]. - However, the market for this indication is expected to decline due to decreasing hepatitis incidence, prompting the company to seek expansion into other indications and international markets [8][9]. Group 5: Competitive Landscape - He Yuan Bio faces competition from four other domestic companies also developing recombinant human albumin products, primarily using yeast as raw materials [7][9]. - The fastest competitor, Tonghua Anruite, has already received approval for its product in Russia and Kyrgyzstan, highlighting the competitive nature of the recombinant human albumin market [7][9].

Core Viewpoint - He Yuan Bio's innovative "rice blood production" technology aims to revolutionize the production of human serum albumin, addressing supply shortages and virus transmission risks associated with traditional plasma extraction methods [2][3][4]. Company Overview - He Yuan Bio, founded by Professor Yang Daichang's team from Wuhan University in 2006, recently launched its core product, HY1001 (recombinant human albumin injection), becoming the first plant-derived recombinant human albumin drug approved in China [2][3]. - The company made its debut on the STAR Market, experiencing a stock price surge of over 200% on its first trading day, with a market capitalization exceeding 405 billion yuan by October 29 [3][4]. Technology and Innovation - The "rice blood production" technology involves inserting the human serum albumin gene into rice cells, allowing for the extraction and purification of recombinant human serum albumin with a purity of 99.9999% [3][4]. - This method not only mitigates the risks associated with plasma extraction but also enhances the domestic supply capacity of human serum albumin [5]. Market Context - The demand for human serum albumin in China is projected to grow, with a significant reliance on imported products, which accounted for 69% of the supply as of 2024 [4]. - The primary clinical applications of human serum albumin include treatment for liver disease, kidney disease, and as an adjunct therapy for malignant tumors, highlighting its critical role in healthcare [4]. Competitive Landscape - He Yuan Bio faces competition from four other domestic companies developing recombinant human albumin products, primarily using yeast as raw materials [6]. - The fastest competitor, Tonghua Anruite, has already received approval for its product in Russia and Kyrgyzstan, while other companies are at various stages of clinical trials [6]. Clinical Development - Currently, He Yuan Bio's recombinant human albumin has only one approved indication for treating liver cirrhosis with low albumin levels, which constitutes about 30% of the overall market [7]. - The company is actively pursuing expansion into the U.S. market, with plans to complete Phase III clinical trials by 2025 and submit a marketing application in 2026 [7]. Additional Products - Besides recombinant human albumin, He Yuan Bio is also developing other products, including recombinant human lactoferrin lysozyme oral solution for treating acute diarrhea in children, currently in Phase III trials [8].

Core Viewpoint - He Yuan Bio's innovative "rice blood production" technology aims to revolutionize the production of human serum albumin, traditionally reliant on human plasma extraction, thus addressing supply shortages and reducing virus transmission risks [1][2]. Company Overview - He Yuan Bio, founded by Professor Yang Daichang's team from Wuhan University, recently launched its core product, HY1001 (recombinant human albumin injection), becoming the first plant-derived recombinant human albumin drug approved in China [1][2]. - The company made a significant market impact, with its stock price surging over 200% on its debut on the STAR Market, leading to a market capitalization exceeding 40.5 billion yuan [2]. Technology and Innovation - The "rice blood production" technology involves inserting the human serum albumin gene into rice cells, allowing for the extraction and purification of recombinant human serum albumin with a purity of 99.9999% [2][4]. - This method not only mitigates the risks associated with plasma extraction but also enhances the domestic supply capability of human serum albumin, which is crucial given the increasing demand and reliance on imports [3][4]. Market Demand and Competition - The demand for human serum albumin in China is projected to grow, with imports accounting for 69% of the supply as of 2024, highlighting a significant gap in domestic production [3]. - He Yuan Bio faces competition from four other companies developing recombinant human albumin products, with the fastest progress seen from Tonghua Anruite, which has already received approval for its product in Russia and Kyrgyzstan [5]. Clinical Applications and Future Plans - The primary clinical application for He Yuan Bio's recombinant human albumin is in treating low albumin levels in liver cirrhosis patients, which constitutes about 30% of the overall market [5]. - The company is also focused on expanding its indications and plans to enter the U.S. market, with a timeline to complete Phase III clinical trials by 2025 and submit a market application in 2026 [6].

Core Viewpoint - He Yuan Bio's recombinant human albumin, derived from genetically modified rice, is positioned to challenge both domestic and international blood product giants, despite the company currently being unprofitable and facing significant market competition [2][3][7]. Group 1: Company Overview - He Yuan Bio (688765.SH) has recently listed on the Sci-Tech Innovation Board after a two-year suspension, marking the restart of the "fifth set" rules [3]. - The company has incurred losses of 480 million yuan over the past three years, with its success hinging on the profitability of its rice-derived blood products [3]. - The IPO price was set at 29.06 yuan per share, aiming to raise approximately 2.6 billion yuan, with 1.657 billion yuan allocated for the establishment of a recombinant human albumin industrialization base [4]. Group 2: Product Details - The core product is "rice blood," a plant-based recombinant human albumin, which is currently the only commercialized product of He Yuan Bio [3]. - The product is priced at 890 yuan for a 10g (20%, 50mL) bottle, which is more than double the price of human blood albumin available in the market [3][15]. - The market for human serum albumin in China was valued at 25.8 billion yuan in 2020, with projections to reach 57 billion yuan by 2030 [10]. Group 3: Market Position and Competition - He Yuan Bio aims to capture nearly 20% of the domestic market for human albumin, which is currently dominated by imported products [5][11]. - The company’s product is positioned as a safer alternative to human-derived albumin, eliminating risks associated with bloodborne pathogens [14]. - Despite the claimed cost advantages, the current pricing strategy suggests that He Yuan Bio's product is more expensive than traditional human blood albumin [15][16]. Group 4: Future Prospects - He Yuan Bio plans to expand its market presence, with a focus on entering the U.S. market and completing clinical trials for additional indications [12]. - The company has established a production line with an annual capacity of 10 tons and plans to expand to 120 million tons by 2026 [10]. - The company is also developing other products using the same technology, including recombinant human lactoferrin and α-1 antitrypsin [19].

Core Viewpoint - He Yuan Bio, an unprofitable innovative pharmaceutical company, has listed on the Sci-Tech Innovation Board, aiming to challenge domestic and international blood product giants with its unique plant-based recombinant human albumin derived from rice [1][2]. Group 1: Company Overview - He Yuan Bio's core product is "rice-derived blood," specifically the world's first plant-based recombinant human albumin, which is currently its only commercialized product [1]. - The company has incurred losses of 480 million yuan over the past three years, and its ability to achieve profitability hinges on the success of its rice-derived albumin [1]. - The IPO price was set at 29.06 yuan per share, with plans to raise approximately 2.6 billion yuan, of which 1.657 billion yuan is allocated for building an industrialization base for recombinant human albumin [1]. Group 2: Market Position and Competition - He Yuan Bio aims to capture nearly 20% of the domestic human albumin market, which is valued at 258 billion yuan in 2020 and projected to reach 570 billion yuan by 2030 [3][4]. - The company has established a commercial production line with an annual capacity of 10 tons and plans to expand to 120 tons by 2026 [3]. - The current market for human albumin in China is heavily reliant on imports, with imported products accounting for 66% of the market as of mid-2025 [3][4]. Group 3: Product Pricing and Cost Structure - He Yuan Bio's recombinant human albumin is priced at 890 yuan per 10g (20%, 50mL) bottle, which is more than double the price of human-derived albumin, typically priced between 350-400 yuan [2][6]. - The company claims that its plant-based albumin production will eventually lower costs compared to plasma-derived products, with a projected price of around 38 yuan/g once it enters the market [7]. - The company is actively seeking to have its product included in the medical insurance directory to enhance market access and affordability [7]. Group 4: Clinical Development and Future Plans - Currently, He Yuan Bio's recombinant human albumin has only one approved indication for treating liver cirrhosis with low albumin levels, which represents about 30% of the overall market [4][5]. - The company is focused on expanding its clinical trials in the U.S., with plans to complete Phase III trials by 2025 and submit for market approval in 2026 [5]. - Other products in development include recombinant human lactoferrin and recombinant human α-1 antitrypsin, with ongoing clinical trials for various indications [8].

Core Viewpoint - He Yuan Bio, an unprofitable innovative pharmaceutical company, has listed on the Sci-Tech Innovation Board, challenging domestic and international blood product giants with its unique plant-based recombinant human albumin derived from rice [2][3]. Company Overview - He Yuan Bio's core product is "rice-derived blood," specifically the world's first plant-based recombinant human albumin, which is currently its only commercialized product. The company has incurred losses of 480 million yuan over the past three years [2]. - The IPO price was set at 29.06 yuan per share, aiming to raise approximately 2.6 billion yuan, with 1.657 billion yuan allocated for the construction of an industrialization base for recombinant human albumin [2]. Market Potential - The recombinant human albumin market in China was valued at 25.8 billion yuan in 2020, with projections of reaching 57 billion yuan by 2030. He Yuan Bio aims to capture nearly 20% of the domestic market [4]. - The company has established a commercial production line with an annual capacity of 10 tons and plans to expand to 120 tons by 2026 [4]. Competitive Landscape - He Yuan Bio's plant-based recombinant human albumin directly competes with human-derived blood products and aims to address the limited domestic blood plasma supply, which has led to a reliance on imports [3][4]. - The company claims that its product is safer due to the absence of blood plasma donation and has comparable efficacy to human-derived albumin [6]. Pricing Strategy - The current market price for He Yuan Bio's recombinant human albumin is 890 yuan per 10g, significantly higher than the 350-400 yuan range for human-derived products [6][9]. - The company anticipates that production costs will decrease with scale, and it plans to apply for inclusion in the medical insurance directory to potentially lower prices further [9]. Product Development - He Yuan Bio is currently focused on the clinical trial for its recombinant human albumin, with plans to complete Phase III trials in the U.S. by 2025 and submit for market approval in 2026 [5]. - Other products in development include recombinant human lactoferrin and recombinant human α-1 antitrypsin, with ongoing clinical trials for various indications [10].

Core Viewpoint - He Yuan Bio (688765.SH) has initiated its subscription with an issue price of 29.06 yuan per share, aiming to leverage its innovative plant-based biopharmaceutical technology platform for drug development and commercialization [1] Company Overview - He Yuan Bio is an innovative biopharmaceutical company with a leading global position in plant bioreactor technology, specifically utilizing rice endosperm cell bioreactor expression systems [1] - The company has established a comprehensive industrialization system for Molecular Pharming and has developed multiple products including drugs, pharmaceutical excipients, and research reagents based on its proprietary technology [1] Drug Pipeline - As of the date of the prospectus, the company has eight drugs in its research pipeline, with the most advanced being OsrHSA (HY1001), which has completed most of the review process for its New Drug Application (NDA) and is expected to be approved for market soon [1] - The core product HY1001 targets hypoalbuminemia in liver cirrhosis and has completed its Phase III clinical trial in China, achieving its primary and secondary endpoints with good safety results [1][3] Clinical Trials and Regulatory Communication - He Yuan Bio has engaged in discussions with the FDA regarding the design of an international multi-center Phase III clinical trial for HY1001, which will include Chinese patients [2][3] - The company plans to submit applications for marketing approval to the FDA and EMA after completing the clinical study, aiming for simultaneous market entry in China, the US, and Europe [3] Financial Performance - The company reported revenues of approximately 13.40 million yuan, 24.26 million yuan, and 25.22 million yuan for the years 2022, 2023, and 2024 respectively, while incurring net losses of approximately -144 million yuan, -187 million yuan, and -152 million yuan during the same periods [3][4] - Key financial metrics include total assets of 1.06 billion yuan, equity attributable to shareholders of 601.35 million yuan, and a debt-to-asset ratio of 38.52% for the year ending December 31, 2024 [4]