Core Viewpoint - He Yuan Bio, as a platform technology company, has greater potential than single-product companies, marking a significant breakthrough in the recombinant blood product field in China with its plant-derived recombinant human serum albumin injection approved for market [3][17]. Group 1: Company Overview - He Yuan Bio officially listed on the Sci-Tech Innovation Board on October 28, 2023, with a stock code of 688765.SH, achieving a first-day closing price of 91.10 yuan, a 213.5% increase from the issue price of 29.06 yuan [3]. - The company specializes in research and development of plant-based recombinant protein expression technology, with its core product being the recombinant human serum albumin injection (Aofumin®), which received approval from the National Medical Products Administration in July 2025 [3][17]. Group 2: Investment Insights - The CEO of Yifeng Capital, Zhu Pai, emphasized the importance of the IPO exit channel's reopening for biopharmaceutical companies, which has restored confidence in the primary market [4][8]. - The current investment strategy highlights the significance of early-stage investments, as diverse exit paths, including overseas business development (BD) transactions and state-owned capital activities, have reduced risks associated with early investments [4][19]. Group 3: Market Dynamics - The biopharmaceutical sector has seen a gradual recovery in fundraising and investment activities, driven by favorable international and domestic policies, including anticipated interest rate cuts by the Federal Reserve and supportive measures from the Chinese government [9][10]. - The reopening of the IPO window for unprofitable companies allows primary investors to focus more on the intrinsic value of companies rather than exit concerns [8][10]. Group 4: Future Strategies - Yifeng Capital's strategy for 2024 focuses on two main areas: investment in clear commercialization projects and post-investment management of nearly 100 companies, with a goal of assisting them through challenges [18][19]. - The emphasis on early-stage investments is expected to yield quicker exits, with potential returns enhanced by various exit channels, including strategic mergers and acquisitions [19].