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].