禾元生物的重组人白蛋白在售规格为10g(20%,50mL)*1瓶/ 盒，在多地的售价均为890元，价格相比市面上的人血白蛋白 高出一倍多。 作者： 刘晓诺 封图：图虫创意 一家未盈利创新药企，带着万亩稻田在科创板上市，同时叫板国内外血制品巨头。 10月28日，禾元生物（688765.SH）按照科创板第五套规则上市，暂停了两年的"科创板五套"终于重启。 禾元生物的核心产品是"稻米造血"，即全球首创的植物源重组人白蛋白，这也是禾元生物目前唯一一款商业化产品。过去3年，禾元生物亏损了4.8亿 元。禾元生物能否实现"自我造血"，关键就在于大米造出的"血"能否让公司盈利。 据经济观察报了解，禾元生物的重组人白蛋白在售规格为10g(20%,50mL)*1瓶/盒，在多地的售价均为890元，价格相比市面上的人血白蛋白高出一倍 多。 本次IPO，禾元生物的发行价为29.06元/股，拟募资约26亿元。其中16.57亿元拟用于建设重组人白蛋白产业化基地，以助大规模商业化生产。 首日开盘，禾元生物涨超200%，10月29日开盘再次上涨超10%。截至发稿，股价为113.88元/股，总市值407亿元——已超国内多家人血制品头部企业 市值 ...

经济观察报记者刘晓诺 一家未盈利创新药企，带着万亩稻田在科创板上市，同时叫板国内外血制品巨头。 10月28日，禾元生物(688765.SH)按照科创板第五套规则上市，暂停了两年的"科创板五套"终于重启。 禾元生物的核心产品是"稻米造血"，即全球首创的植物源重组人白蛋白，这也是禾元生物目前唯一一款 商业化产品。过去3年，禾元生物亏损了4.8亿元。禾元生物能否实现"自我造血"，关键就在于大米造出 的"血"能否让公司盈利。 据经济观察报了解，禾元生物的重组人白蛋白在售规格为10g(20%,50mL)*1瓶/盒，在多地的售价均为 890元，价格相比市面上的人血白蛋白高出一倍多。 本次IPO，禾元生物的发行价为29.06元/股，拟募资约26亿元。其中16.57亿元拟用于建设重组人白蛋白 产业化基地，以助大规模商业化生产。 首日开盘，禾元生物涨超200%，10月29日开盘再次上涨超10%。截至发稿，股价为113.88元/股，总市 值407亿元——已超国内多家人血制品头部企业市值。同期，上海莱士（002252）(002252.SZ)、天坛生 物（600161）(600161.SH)、华兰生物（002007）(002007. ...

10月28日，禾元生物涨213.49%，成交额27.82亿元。两融数据显示，当日禾元生物获融资买入额3.69亿 元，融资偿还9965.14万元，融资净买入2.69亿元。截至10月28日，禾元生物融资融券余额合计2.69亿 元。 融资方面，禾元生物当日融资买入3.69亿元。当前融资余额2.69亿元，占流通市值的7.21%。 截至10月28日，禾元生物股东户数4.71万，较上期增加84075.00%；人均流通股869股，较上期减少 99.85%。2025年1月-9月，禾元生物实现营业收入1966.08万元，同比减少8.51%；归母净利润-1.21亿 元，同比减少8.44%。 融券方面，禾元生物10月28日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量0.00股，融券余额0.00元。 责任编辑：小浪快报 资料显示，武汉禾元生物科技股份有限公司位于湖北省武汉市武汉东湖新技术开发区神墩五路268号， 成立日期2006年11月16日，上市日期2025年10月28日，公司主营业务涉及运用水稻胚乳细胞重组蛋白表 达技术平台进行植物源人血清白蛋白等产品的研发、生产及销售。主营业务收入构 ...

Core Viewpoint - The company He Yuan Bio is set to launch an IPO on the Sci-Tech Innovation Board with a total market value of 7.789 billion yuan and an issue price of 29.06 yuan per share [2]. Group 1: Company Overview - He Yuan Bio utilizes a rice endosperm cell bioreactor technology platform (OryzPur) for efficient recombinant protein production [2]. - The company is a pioneer in China in using rice endosperm cell bioreactors for drug production [2]. - The main business composition includes 80.64% from recombinant human albumin (pharmaceutical excipients, research reagents) and 19.36% from other sources [2]. Group 2: Financial Performance - The company reported a net profit of 25.22 million yuan in the last three years, with a projected increase of 3.92% in 2024 [3]. - Revenue for 2023 reached 24.26 million yuan, marking an 81.08% increase compared to the previous year [3]. - The net profit for 2022 was 13.40 million yuan, reflecting a decrease of 47.49% from 2021 [3]. Group 3: Fundraising Purpose - The funds raised will be directed towards the construction of a recombinant human albumin industrialization base and new drug research and development projects [3].

Core Viewpoint - The A-share market is entering a period of intensive new stock offerings, with five companies available for subscription this week from October 13 to October 17, including Marco Polo, Chao Ying Electronics, He Yuan Bio, Xi'an Yicai, and Biobetter [1] Group 1: Marco Polo - Marco Polo is one of the largest manufacturers and sellers of building ceramics in China, with major brands including "Marco Polo Tiles" and "Weimei LD Ceramics" [2] - The company has five production bases located in Dongguan, Qingyuan, Fengcheng, Chongqing, and Tennessee, USA, focusing on both glazed and unglazed tiles [2] - Projected revenues for 2022 to 2024 are 8.661 billion, 8.925 billion, and 7.324 billion yuan, with net profits of 1.514 billion, 1.353 billion, and 1.327 billion yuan respectively [2] - The funds raised will be used for various smart manufacturing upgrades and capacity enhancement projects [2] Group 2: He Yuan Bio - He Yuan Bio is an innovative biopharmaceutical company focused on original innovation, with a leading global rice recombinant protein expression system [3] - The company has developed a third-generation technology platform achieving 20-30g/kg expression levels of human albumin, with several products in various stages of clinical research [3][4] - Projected revenues for 2022 to 2024 are 13 million, 24 million, and 25 million yuan, with net losses of 144 million, 187 million, and 151 million yuan respectively [3] Group 3: Chao Ying Electronics - Chao Ying Electronics specializes in the research, production, and sales of printed circuit boards (PCBs), with applications in automotive electronics, displays, storage, and consumer electronics [5] - The company has established stable partnerships with major global automotive suppliers and display manufacturers [5][6] - Projected revenues for 2022 to 2024 are 3.514 billion, 3.656 billion, and 4.124 billion yuan, with net profits of 141 million, 266 million, and 276 million yuan respectively [6] Group 4: Xi'an Yicai - Xi'an Yicai focuses on the research, production, and sales of 12-inch silicon wafers, ranking first in mainland China and sixth globally [7] - The company has the highest number of authorized domestic and international invention patents in the 12-inch silicon wafer sector [7] - Projected revenues for 2022 to 2024 are 1.055 billion, 1.474 billion, and 2.121 billion yuan, with net losses of 412 million, 578 million, and 738 million yuan respectively [7][8] Group 5: Biobetter - Biobetter is a biopharmaceutical company focused on innovative drug development for major diseases, with several products in various stages of clinical trials [9] - The company has a core product, BEBT-908, that has been approved for market, while others are in different phases of clinical trials [9][10] - Projected net losses for 2022 to 2024 are 188 million, 173 million, and 56 million yuan respectively [10][11]

Core Viewpoint - The A-share market is entering a period of intensive new stock offerings, with five companies available for subscription this week from October 13 to October 17, including Marco Polo, Chao Ying Electronics, He Yuan Bio, Xi'an Yicai, and Biobetter [1] Group 1: Marco Polo - Marco Polo is one of the largest manufacturers and sellers of building ceramics in China, with major brands including "Marco Polo Tiles" and "Weimei L&D Ceramics" [2] - The company has five production bases located in Dongguan, Qingyuan, Fengcheng, Chongqing, and Tennessee, USA, focusing on glazed and unglazed tiles [2] - For the fiscal years 2022 to 2024, Marco Polo's revenue is projected to be 8.661 billion, 8.925 billion, and 7.324 billion yuan, with net profits of 1.514 billion, 1.353 billion, and 1.327 billion yuan respectively [2] - The funds raised will be used for various smart manufacturing upgrades and capacity enhancement projects [2] Group 2: He Yuan Bio - He Yuan Bio is an innovative biopharmaceutical company that has developed a leading rice recombinant protein expression system [3] - The company has achieved a human albumin expression level of 20-30g/kg using its OryzHiExp third-generation technology platform [3] - Revenue projections for 2022 to 2024 are 13 million, 24 million, and 25 million yuan, with net losses of 144 million, 187 million, and 151 million yuan respectively [3][4] - The raised funds will be allocated to the construction of an industrial base for recombinant human albumin and new drug development projects [4] Group 3: Chao Ying Electronics - Chao Ying Electronics specializes in the research, production, and sales of printed circuit boards (PCBs), with applications in automotive electronics, displays, storage, and consumer electronics [5] - The company has established stable partnerships with major global automotive suppliers and display panel manufacturers [6] - Revenue for 2022 to 2024 is expected to be 3.514 billion, 3.656 billion, and 4.124 billion yuan, with net profits of 141 million, 266 million, and 276 million yuan respectively [6] - The funds raised will be used for high-layer and HDI project investments and to repay bank loans [6] Group 4: Xi'an Yicai - Xi'an Yicai focuses on the research, production, and sales of 12-inch silicon wafers, ranking first in mainland China and sixth globally [7] - The company has the highest number of authorized domestic and foreign invention patents in the 12-inch silicon wafer sector in mainland China [7] - Revenue projections for 2022 to 2024 are 1.055 billion, 1.474 billion, and 2.121 billion yuan, with net losses of 412 million, 578 million, and 738 million yuan respectively [7][8] - The raised funds will be fully invested in the second phase of the Xi'an Yiswei silicon industry base project [8] Group 5: Biobetter - Biobetter is a biopharmaceutical company focused on innovative drug development for major diseases, including cancer and autoimmune diseases [9] - The company has several products in various stages of clinical trials, with its core product BEBT-908 already approved for market [9][10] - Revenue projections for 2022 to 2024 indicate net losses of 188 million, 173 million, and 56 million yuan respectively [10] - The funds raised will be used for new drug development and the establishment of a research center and formulation industrialization base [11]

Core Viewpoint - The article discusses the upcoming IPOs in the A-share market, highlighting five companies that will be available for subscription this week, emphasizing their business focus and financial performance. Group 1: Upcoming IPOs - This week (October 13-17), there will be five new stocks available for subscription in the A-share market, including Marco Polo, Chao Ying Electronics, He Yuan Bio, Xi'an Yicai, and Biobetter [1] - Marco Polo is one of the largest manufacturers and sellers of building ceramics in China, with an IPO price of 13.75 CNY per share and a subscription limit of 32,000 shares per account [1][2] - He Yuan Bio is an innovative biopharmaceutical company with a subscription limit of 14,000 shares per account, focusing on recombinant human albumin production [3][4] - Chao Ying Electronics specializes in automotive electronic PCBs, with a subscription limit of 12,500 shares per account [5][7] - Xi'an Yicai is a leading manufacturer of 12-inch silicon wafers, with a subscription limit of 53,500 shares per account [8][9] - Biobetter focuses on innovative drug development for major diseases, with a subscription limit of 14,000 shares per account [10][12] Group 2: Financial Performance - Marco Polo's projected revenues for 2022-2024 are 8.661 billion CNY, 8.925 billion CNY, and 7.324 billion CNY, with net profits of 1.514 billion CNY, 1.353 billion CNY, and 1.327 billion CNY respectively [2] - He Yuan Bio's projected revenues for 2022-2024 are 0.13 billion CNY, 0.24 billion CNY, and 0.25 billion CNY, with net losses of 1.44 billion CNY, 1.87 billion CNY, and 1.51 billion CNY [3][4] - Chao Ying Electronics' projected revenues for 2022-2024 are 3.514 billion CNY, 3.656 billion CNY, and 4.124 billion CNY, with net profits of 0.141 billion CNY, 0.266 billion CNY, and 0.276 billion CNY [6][7] - Xi'an Yicai's projected revenues for 2022-2024 are 1.055 billion CNY, 1.474 billion CNY, and 2.121 billion CNY, with net losses of 0.412 billion CNY, 0.578 billion CNY, and 0.738 billion CNY [8][9] - Biobetter's projected net losses for 2022-2024 are 0.188 billion CNY, 0.173 billion CNY, and 0.056 billion CNY [10][11]

◎记者 胡嘉树 9月以来，上海、江苏等地先后发布支持美妆产业发展的消息，为千亿级美妆产业赛道注入新动能。在 市场各方的支持下，今年的IPO市场也迎来一道亮丽的风景线。据上海证券报记者不完全统计，今年已 有超30家美妆产业链公司备战IPO，其中3家公司已上市，其余公司均在IPO辅导或审核阶段。 记者关注到，从拟IPO企业类型看，基本覆盖品牌商、原料商、电商服务商、医美企业等美妆全产业链 公司，其中品牌商成为本轮美妆产业链公司IPO的主力队员。从上市板块看，港股是美妆公司的首选 地，部分公司也在冲刺A股、美股的IPO。 中信证券美妆与商业联席首席分析师杜一帆在接受上海证券报记者采访时表示，美妆公司扎堆IPO背后 有三大动因：产业层面，供给和需求多维度推动了化妆品国产替代进程，本土企业市占率进一步提高， 产业步入高速发展期；公司层面，上市公司示范效应强，优质美妆公司增速高于行业平均水平，由此推 动更多企业冲刺IPO；政策层面，港交所推出多项制度改革，鼓励支持新经济企业上市，因此美妆公司 掀起赴港IPO热潮。 美妆公司踊跃备战IPO 自"国货彩妆第一股"毛戈平去年底在港股上市以来，美妆产业链公司便踊跃备战IPO，为今 ...

Group 1: IPO Review and Registration Progress - One company, Beixin Life, successfully passed the IPO review for the Sci-Tech Innovation Board, focusing on innovative medical devices for cardiovascular diseases [2] - Beixin Life reported a cumulative loss of 736 million yuan as of December 31, 2024, due to high R&D and marketing expenses [2] - Two companies, Taikaiying and Hengkang New Materials, are scheduled for IPO reviews on July 25, 2024, targeting the Beijing Stock Exchange and the Sci-Tech Innovation Board respectively [2] Group 2: Company Performance and Financials - Taikaiying, specializing in mining and construction tires, reported a revenue of 2.295 billion yuan in 2024, a year-on-year increase of 12.99%, with a net profit of 157 million yuan, up 13.58% [3] - Hengkang New Materials experienced revenue fluctuations, achieving 322 million yuan, 368 million yuan, and 548 million yuan from 2022 to 2024, with net profits of 101 million yuan, 90 million yuan, and 97 million yuan respectively [3][4] - Hengkang New Materials plans to raise 1 billion yuan through its IPO for projects related to integrated circuit precursors and advanced materials [4] Group 3: New Stock Listings and Market Activity - Huadian New Energy, listed on July 16, 2024, saw its stock price increase by 125.79% on the first day, closing at 7.18 yuan per share after an initial offering price of 3.18 yuan [8] - The IPO of Huadian New Energy raised 18.171 billion yuan, marking the largest fundraising in the A-share market for 2024 [8] - Three new stocks are scheduled for subscription this week, including Hanguo Group, Dingjia Precision, and Hansang Technology, with respective offering prices of 15.43 yuan, 11.16 yuan, and a planned inquiry on July 25 [10][11] Group 4: Policy and Regulatory Developments - Shenzhen aims to become a global hub for nurturing unicorn enterprises, supported by a comprehensive action plan for 2025-2027 that includes policy guidance, capital empowerment, and ecosystem cultivation [13]

Company Overview - Wuhan Heyuan Biotechnology Co., Ltd. (Heyuan Bio) is an innovative biopharmaceutical company that has developed a leading plant-based bioreactor technology platform for protein expression [1] - The company has established a proprietary rice endosperm cell bioreactor expression system, which includes upstream and downstream technologies for efficient recombinant protein expression and purification [1] Market Opportunity - The domestic market for recombinant human serum albumin (rHSA) is significant, with a market size of 25.8 billion RMB in 2020 [2] - The supply of human serum albumin drugs in China is constrained, with over 60% of the market relying on imports, indicating a strong clinical and strategic demand [2] Product Development - The core product, HY1001, has completed Phase III clinical trials, demonstrating good safety and efficacy [2] - The New Drug Application (NDA) for HY1001 is expected to be accepted by September 2024, targeting the treatment of "hypoalbuminemia due to liver cirrhosis" [2] Production Capacity - The company has established a commercial-scale production line capable of producing 10 tons of OsrHSA per year and has obtained a drug manufacturing license [2] - A new production line with a capacity of 120 tons of OsrHSA is under construction, covering an area of approximately 70,000 square meters [2] Financial Performance - Heyuan Bio reported revenues of approximately 13.4 million RMB, 24.3 million RMB, and 25.2 million RMB for the years 2022, 2023, and 2024, respectively [3] - The company incurred net losses of approximately 144 million RMB, 187 million RMB, and 151 million RMB for the same periods [3] Key Financial Metrics - Total assets as of December 31, 2024, are projected to be approximately 1.061 billion RMB, with total liabilities leading to an asset-liability ratio of 43.37% [5] - The net profit attributable to the parent company is expected to be -151.4 million RMB for 2024, with a basic and diluted earnings per share of -0.56 RMB [5]