中国经济网北京10月28日讯 武汉禾元生物科技股份有限公司(股票简称：禾元生物，股票代码： 688765)今日在上交所科创板上市。该股开盘报88.00元。截至收盘，该股报91.10元，上涨213.49%，振 幅61.91%，成交额27.82亿元，换手率83.76%，总市值325.68亿元。 公司是一家创新型生物医药企业，拥有全球领先的植物生物反应器技术平台。 公司控股股东及实际控制人为杨代常。本次发行前，杨代常直接持有公司15.03%股权，为公司第 一大股东；通过禾众共创控制公司3.75%的表决权、通过一致行动约定控制公司10.47%表决权，合计控 制公司29.25%的表决权。 本次发行后，杨代常仍为公司控股股东、实际控制人。本次发行后，杨代常直接持有公司11.27% 股权，为公司第一大股东；通过禾众共创控制公司2.81%的表决权、通过一致行动约定控制公司7.85% 表决权，合计控制公司21.93%的表决权。 上交所上市审核委员会2025年第21次审议会议于2025年7月1日召开，审议结果显示，禾元生物首发 符合发行条件、上市条件和信息披露要求。 上市委会议现场问询的主要问题为： 禾元生物2025年10月20 ...

投资快报记者杨帆 广州报道 10 月 14 日，科创成长层首股禾元生物申购备受市场关注。然而不少投资者申购时才发现，即便开通了科创板，仍因未签署《科 创成长层风险揭示书》提示权限不足，部分客户完成操作后，已错过申购时间。这一权限开通的顺利与否，很大程度上取决于 开户券商的服务质量。有的券商提前沟通并指导权限开通，有的券商则毫无主动提示，客户在申购碰壁后才知情。 科创成长层首股禾元生物申购，权限成为"隐形门槛" 10月14日，科创板成长层设立以来首只新股禾元生物（申购代码 787765）正式开启网上申购。 禾元生物是重启科创板第五套标准后，首家过会并取得注册批文的企业，也是科创成长层新注册企业中首家启动发行的企业。 禾元生物此次总发行数量为8945万股，包含网上发行数量为1431万股。投资者参与网上申购禾元生物，申购数量上限为1.4万 股，顶格申购需配沪市市值 14万元。 禾元生物是一家创新型生物医药企业，专注于水稻胚乳细胞表达体系的植物分子医药技术和产品的研发，核心产品HY1001已完 成国内III期临床研究，达到主要和次要临床研究终点。 从业绩来看，禾元生物当前仍未取得盈利。2022年至2024年及2025 ...

来源：市场资讯 （来源：国金证券第5小时） | 申购价格 | 所属行业 | 发行后市净率 | 行业最近一个月平 | | --- | --- | --- | --- | | | | | 均静态市盈率 | | 29.06元 | 医药制造业 | 3.43倍 | 32.08倍 | | | | 未盈利 | | | 可比公司 | | | | --- | --- | --- | | 市净率(倍) 证券简称 | 市值(亿元) | 近一月涨跌 | | 神州细胞 | 178.20 | 243.11 | -9.02% | | --- | --- | --- | --- | | 百奥泰 | 16.50 | 114.37 | -11.87% | 学势 公司主营业务介绍 公司是一家创新型生物医药企业,拥有全球领先的植物生物反 应器技术平台。公司核心产品HY1001已完成国内III期临床研 究,研究结果显示其已达到主要和次要临床研究终点,展现出 良好的安全性。 | | | 主要财务数据 | | | --- | --- | --- | --- | | | 2022年 | 2023年 | 2024年 | | 营业收入 单位:亿元 | 0.13 ...

【导读】下周5只新股可申购，西安奕材发行股份总数排名年内第二 中国基金报记者 闻言 A股打新投资者注意啦！根据目前发行安排，下周有5只新股可申购， 并且每个交易日均可申购一只新股。 10月13日可申购深交所主板新股马可波罗，10月14日可申购上交所科创板新股禾元生物，10月15日可申购上交所主板新股超颖电子， 10 月16日可申购上交所科创板新股西安奕材， 10月17日可申购上交所科创板新股必贝特。 数据显示， 自 2025年以来发行的沪深两市新股中， 西安奕材的 发行 股份总数 排名 第二，仅次于 上交所主板新股华电新能， 并且 在 上 交所 科创板 新股中排名第一。 即投资者若参与申购 西安奕材 ，中签概率较高。 马可波罗位居国内建筑陶瓷行业第一梯队 马可波罗的申购代码是001386，发行价为13.75元/股，发行市盈率为 14.27 倍，参考行业市盈率为32.2 0 倍。 马可波罗 此次总发行数量为1 . 19 亿股 ，包含网上发行数量为3226万股。投资者参与网上申购马可波罗，申购数量上限为 3.2 万股，顶 格申购需配深市市值 32 万元。 马可波罗专注于建筑陶瓷的研发、生产和销售， 产品 应用于住 ...

Group 1 - The company He Yuan Bio (688765.SH) plans to issue 89.451354 million shares, accounting for 25.02% of the total share capital after the issuance, without involving shareholder public offerings [1] - The strategic placement will include participation from CITIC Securities and Haitong Innovation Investment, with a maximum subscription amount of 240 million yuan for CITIC and an initial follow-on ratio of 5% for Haitong [1] - The initial inquiry date for the issuance is set for October 9, 2025, with subscription starting on October 14, 2025, followed by an application for stock listing on the Shanghai Stock Exchange [1] Group 2 - He Yuan Bio is an innovative biopharmaceutical company with a leading global plant bioreactor technology platform [1] - The core product HY1001 has completed domestic Phase III clinical trials, achieving both primary and secondary endpoints with good safety results [1] - The company's net profits attributable to the parent company for the years 2022 to the first half of 2025 are projected to be -143.5763 million yuan, -186.9629 million yuan, -151.3681 million yuan, and -81.6278 million yuan respectively [1] Group 3 - If the stock issuance is successful, the raised funds (after deducting issuance costs) will be invested in the construction of a recombinant human protein industrialization base, new drug research and development projects, and to supplement working capital [2]

Group 1 - The company, He Yuan Bio (688765.SH), plans to issue 89.451354 million shares, accounting for 25.02% of the total share capital post-issue, with no shareholder public offering involved [1] - Strategic placement will involve participation from CITIC Jianxin Fund and Haitong Innovation Investment, with maximum subscriptions of 8.945135 million shares and 4.472567 million shares respectively [1] - The company is an innovative biopharmaceutical enterprise with a leading global plant bioreactor technology platform, and its core product HY1001 has completed Phase III clinical trials, demonstrating good safety [1] Group 2 - If the stock issuance is successful, the raised funds (after deducting issuance costs) will be invested in the construction of a recombinant human protein industrialization base, new drug research and development, and to supplement working capital [2]

Core Viewpoint - The article highlights the resurgence of the biopharmaceutical sector, particularly focusing on the successful IPO of Nanjing Weilizhibo Biotechnology Co., Ltd. on the Hong Kong Stock Exchange, marking a significant milestone for the company and the industry as a whole [3][15]. Company Overview - Nanjing Weilizhibo, founded 13 years ago by two key figures, Kang Xiaoqiang and Lai Shoupeng, has a strong background in biopharmaceutical research and development, having previously worked at major companies like Eli Lilly [3][4][6]. - The company specializes in clinical-stage biopharmaceuticals, focusing on treatments for cancer, autoimmune diseases, and other major illnesses, with a pipeline of 12 products, 6 of which are in clinical stages [6][8]. Financial Performance - In 2023, Weilizhibo reported revenue of 8.865 million RMB, with significant net losses of 362.249 million RMB, 301.216 million RMB, and 75.367 million RMB for the years 2023, 2024, and the first three months of 2025, respectively [7][8]. - The company's R&D expenditures were substantial, amounting to 230.858 million RMB in 2023, contributing to its financial losses [8]. Investment and Funding - Weilizhibo has undergone multiple funding rounds, raising significant capital from various venture capital and private equity firms, with a total of 8 financing rounds leading up to its IPO [11][12]. - The company has established partnerships for drug development, including a notable collaboration with BeiGene, which involved a licensing deal worth up to 772 million USD, although this partnership has since ended [8][11]. Industry Trends - The biopharmaceutical sector is experiencing a revival, particularly with the reopening of the IPO market for medical companies on the STAR Market, which has seen successful listings of companies like Heyuan Bio and Beixin Life [16][17]. - The Hong Kong Stock Exchange has also seen a surge in biopharmaceutical IPOs, with several companies successfully listing in the first half of the year, indicating a robust market environment for medical enterprises [17].

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]

Core Viewpoint - Wuhan Heyuan Biotechnology Co., Ltd. plans to raise 3.502 billion yuan through its IPO on the Sci-Tech Innovation Board, with significant investments allocated for the industrialization of plant-derived recombinant human serum albumin, new drug development, and working capital [1][2][3] Fundraising Plan - The company aims to raise 3.502 billion yuan, with 1.909 billion yuan designated for the construction of a plant-derived recombinant human serum albumin industrialization base, 794 million yuan for new drug research and development, and 800 million yuan for working capital [1][2] - The fundraising projects are aligned with the company's current R&D pipeline and future commercialization needs, enhancing its core competitiveness and sustainable development [1][3] Product Development - Heyuan Biotechnology's core product, HY1001, has completed Phase III clinical trials in China, achieving primary and secondary endpoints with good safety profiles [1][4] - The company has submitted a New Drug Application (NDA) for HY1001 for the treatment of hypoalbuminemia, which was accepted in September 2024, and is currently progressing smoothly through the review process [2][5] Clinical Trials and Pipeline - The company has multiple products in various stages of clinical trials, including HY1002, HY1003, HY1004, and HY1005, with ongoing studies demonstrating good safety and efficacy [2][3] - The plant-derived recombinant human serum albumin has shown non-inferiority to plasma-derived products in clinical data, although the human use history is relatively short [6] Market Position and Challenges - The establishment of the industrialization base is expected to meet market demand and enhance the company's profitability and market influence [2][3] - Despite the promising clinical data, there are concerns regarding market acceptance among doctors and patients, which could impact commercialization [6]

文/梧桐晓编 自智翔金泰（688443）2023年6月20日上市以后，A股未再有亏损企业实现IPO上市。2024年下半年以来，各界要求恢复优质未盈利企业IPO上市的呼声持续增 长。监管系统领导也在不同场合表态支持优质未盈利科技企业发行上市。2025年3月11日，中国证监会党委召开扩大会议，深入学习习近平总书记在全国两会期 间的重要讲话精神和全国两会精神，研究部署资本市场贯彻落实具体举措。会议指出： 证监会要在支持科技创新和新质生产力发展上持续加力。增强制度包容 性、适应性，支持优质未盈利科技企业发行上市，稳妥恢复科创板第五套标准适用，尽快推出具有示范意义的典型案例，更好促进科技创新和产业创新融合发 展。 综观目前200家IPO在审企业，只有9家是报告期最近一年未盈利的，其中申报科创板的8家，申报北交所的1家。 9家在审未盈利IPO企业基本信息 单位：万元 | 公司简称 | 拟上市板 块 | 最近一年 营收 | 最近一年 净利润 | 上市标准 | 审核状态 | 保存机构 | 受理日期 | | --- | --- | --- | --- | --- | --- | --- | --- | | 西安奕材 | 科创板 ...