Core Viewpoint - He Yuan Bio became the first company to list on the Sci-Tech Innovation Board under the new standards for unprofitable companies, with its stock price initially surging by 354.3% from the issue price, although it has since experienced a market correction [1][3]. Company Overview - He Yuan Bio, established in 2006, focuses on innovative drug research and development, primarily generating revenue from non-core products like pharmaceutical excipients and research reagents, and has not yet achieved profitability [2]. Financial Performance - The company has reported continuous losses over the past three years, with losses of 144 million yuan, 187 million yuan, and 151 million yuan from 2022 to 2024, accumulating a total of 851 million yuan in unrecouped losses by the end of 2024 [3]. Product Development and Commercialization - The core product, recombinant human serum albumin injection (HY1001), has received regulatory approval and is positioned to replace traditional plasma-derived albumin, which is currently in high demand and largely imported [8][9]. - The company is actively building a sales team and forming partnerships with distributors to promote HY1001, which has already begun clinical applications [7][8]. Market Potential - The recombinant human serum albumin market in China is significant, with the company aiming to address the supply chain security issues and reduce reliance on imports through its innovative production method using rice [8][9]. - The company plans to expand the indications for HY1001, targeting a global multi-center clinical study to gain approvals in China, the U.S., and Europe [9]. Production Capacity and Strategy - He Yuan Bio is constructing an integrated production base to support the large-scale manufacturing of HY1001, with a designed capacity of 12 million doses per year, expected to be operational by 2026 [12][14]. - The production cost of HY1001 is anticipated to be significantly lower than that of traditional plasma-derived products, enhancing its market competitiveness [14]. Research and Development Focus - The company is committed to advancing other core projects and new drug development, focusing on new targets and concepts, while also enhancing its long-acting drug technology platform [14].

Core Viewpoint - The "1+6" reform of the Sci-Tech Innovation Board is accelerating, with the first IPO registration under the fifth set of standards being approved for Wuhan Heyuan Biotechnology Co., Ltd. on July 18, 2025, alongside Shenzhen Beixin Life Technology Co., Ltd. passing the listing committee meeting on the same day [1][2]. Group 1: Company Developments - Wuhan Heyuan Biotechnology is a biopharmaceutical company that reported revenues of 13.40 million, 24.26 million, and 25.22 million yuan for 2022, 2023, and 2024 respectively, with net losses of 144 million, 187 million, and 151 million yuan during the same period [4]. - The company has no approved drugs yet, and the approval of its recombinant human albumin injection (trade name: Aofumin) marks the beginning of its drug commercialization process [4]. - Shenzhen Beixin Life Technology focuses on innovative medical devices for cardiovascular disease diagnosis and treatment, with 17 approved and in-development products as of the prospectus date [5]. Group 2: Market Context - The China Securities Regulatory Commission (CSRC) announced the establishment of a growth tier for the Sci-Tech Innovation Board and the resumption of the fifth set of standards for unprofitable companies on June 18, 2025 [1]. - The Shanghai Stock Exchange implemented new rules for the Sci-Tech Innovation Board on July 13, 2025, allowing newly listed unprofitable companies to enter the growth tier immediately upon listing [1]. - The listing guidance for Hangzhou Yushu Technology Co., Ltd. has commenced, with the company undergoing a name change and restructuring to facilitate its IPO process [6][7].

Core Insights - The China Securities Regulatory Commission has approved Wuhan Heyuan Biotechnology Co., Ltd. for its initial public offering (IPO) registration [1] - The National Medical Products Administration has granted priority review approval for Heyuan's recombinant human albumin injection (brand name: Aofumin), making it the first recombinant human serum albumin product approved for sale in China [1] - Heyuan Biotechnology aims to raise 2.4 billion yuan through its IPO, primarily for the construction of an industrialization base for recombinant human albumin, new drug research and development, and to supplement working capital [1] Company Overview - Heyuan Biotechnology, established in 2006, focuses on innovative drug research and development [1] - The company’s recombinant human albumin is derived from rice endosperm cell expression, a process referred to as "rice blood production" [1] Market Potential - The third-generation technology platform of Heyuan has achieved an expression level of 20 to 30 g/kg for rice human albumin, marking a significant technological breakthrough [2] - The company’s industrialization base is expected to produce 12 million vials of recombinant human serum albumin annually, with operations projected to commence in the second quarter of 2026 [2] - Heyuan anticipates a substantial market opportunity for its product HY1001, with projected sales revenues of 444 million yuan in 2026 and 1.567 billion yuan by 2030, addressing the current reliance on imports for human serum albumin in China [2]