adc（kangtiyaowuoulianwu）shijinlaizhongliulingyuzengzhangzuikuaidepinzhong，zhongduoguoneinianqingdeshengwujishugongsiyazhuzheiyibankuai。yixiegongsibujintongguoduiwaishouquanhezuohuanjiecaiwuyali， yexiangzhuazhuipodeshijianchuangkou。

映恩生物是其中典型例子。

yingenshengwujinrixuanbuyugsk（gelansushike）jiuyikuanqianzaitongleizuijia（best-in-class）deadcyaowudb-1324dachengdujiashouquanxieyi。genjuxieyi，gskjiangxiangyingenshengwuzhifu3000wanmeiyuanyufukuanjibufenxingquanqianlichengbeikuanxiang，yihuodezhongguodalu、xianggangjiaomenchuwaidequanqiukaifayushangyehuadujiashouquan。danggskxingshixukequan，yingenshengwuyouwanghuodezuigaoda9.75yimeiyuandelichengbeifukuan，bingzaiweilaishangyehuajieduangenjubutongquyudejingxiaoshouehuodefenjitexuquanshiyongfei。

zheijiangyouxiaohuanjieyingenshengwudezijinyali，youqishigongsizhengchuyugangguipochongcijieduan。buguo，zheijiagongsimuqiande“weiji”bingweiwanquanjiechu。

渡过资本寒冬

duiwaishouquanhezuoyichaoyuetourongzi，chengweishengwukejigongsizaizibenhandongzuizhongyaode“xuming”fangshi。gongkaishujuxianshi，2022nianxiabannianyilai，guochanchuangxinyaoduiwaishouquanjiaoyishulianghejinejunmingxianzengzhang，dao2024nianshangbannianyiyouchaoguo40geduiwaixukexiangmu，jiaoyizongjineyue250yimeiyuan，xiangbizhixiatongqishengwuyiyaotourongzijinejinyue360yiyuan，qiejixuxiahua。

chengliyu2019niandeyingenshengwu，zhengshizouchulezheiyangyitiaoshengcunluxian。2023nian4yue，gongsiyichaoguo15yimeiyuanzonge（shoufukuan1.7yimeiyuan）jiangliangkuanadcyaowushouquanyubiontech；7yueyoujiangyikuanlinchuangqianadcshouquanyubaijishenzhou，zongqianzaijiaoyieyue13yimeiyuan；12yuechuzaiciyugskdachengyixiangqianzaizongechao10yimeiyuan（shoufukuan3,000wanmeiyuan，lichengbeizuigao9.75yimeiyuan）deadcshouquanxieyi。

zheisanbijiaoyiweiyingenshengwudailailechaoguo2yimeiyuanshoufukuanjijin38yimeiyuandeweilaiqianzaishouru。zheibiaoming，jishisaidaoneijuan，yongyouchanpinchayihuayoushi、nengjiejuelinchuangtongdiandechuangxinyaoguanxianrengnengxiyinzibenyuguojihezuohuoban。ruzheicihezuodedb-1324chanpin，keyongyuweichangdaoaizhengzhiliao，shiyingenshengwujiyuduyouditacpingtaisuoyanfadexinyidaiadcyaowuhouxuanwu。

ditacpingtaiyongyoujingguoyangeshaixuan、youhuadezhuanyoulinkerhetuopuyigoumeiyizhijileiyouxiaozaihe，keyianzhaojibingjizhi、lihuaxingzhiheshengwuhuoxingyaoqiuduiadcshejijinxingdingzhihuadiaokong，congershixianduxingyuliaoxiaojiandezuijiapingheng。zheiyijishujichuquebaodb-1324deqianzaigaoxiaodidutexing，tongshidb-1324liyongkangtiduitedingzhongliuxiangguankangyuandegaoqinhelijiehe，zailinkerwendingxing、zaiyaoxiaolvhexuanzexingfangmiandouyouwangjiaoqiandaichanpinhuodeyouhua。

tongguopingtaihuakaifa，yingenshengwuyijianli12kuanzizhuyanfadeadchouxuanyaowuguanxian，qizhongsanxianglinchuangjieduanhexinchanpin（baokuohexinchanpindb-1303/bnt323、db-1311/bnt324jiguanjianchanpindb-1305/bnt325）yihuomeiguofdadekuaisutongdaorending。qizhong，db-1303haihuodefdajizhongguoyaojianjushouyudetupoxingliaofarending，yongyuher2biaodadewanqishitiliu（baokuoher2biaodadezigongneimoai、ruxianai、luanchaoai、jiezhichangaijishiguanai）zhiliao，bingjihuayu2025nianxiangfdashenqingshougeshiyingzhengdejiasupizhun。

db-1311zuoweilinchuangjindulingxiandeb7-h3 adc，zaiduozhongshitiliuzhongzhanxianchubuliaoxiaojianquanxingxinhao，bingyihuodefdazhenduiwanqi/bukeqiechuhuozhuanyixingcrpcdekuaisutongdaorendingjiesccdegueryaozigerending。db-1305/bnt325detrop2 adckaifacelvezecezhongweibeichongfenwajuedeshiyingzheng（ruluanchaoai）jilianheliaofa，yiqichengweitrop2lingyudeqianzaizhizhuliaofa。

ciwai，yingenshengwuyongyouduokuanxinyidaishuangteyixingadc（bsadc）hezhenduizishenmianyixingjibingdeadc（zimianadc），yujizai2024nianzhi2026nianjinrulinchuangkaifajieduan，bingyizai17geguojiade230duogelinchuangshiyanzhongxinkaizhanquanqiuduoquyulinchuangshiyan（mrct），ruzuchaoguo1000lihuanzhe。yidanzheixiechanpinjieshilezhiliaoqianli，yehenyoukenengzuoweiduiwaishouquanhezuodehouxupinzhong。

jinyikaoshoufukuanbunengmanzuyingenshengwujijindekuozhangxuqiu，8yue26ri，jugangjiaosuopilu，yingenshengwuxianggangjiaosuozhubantijiaoshangshishenqing，mogenshidanli、furuijinrong、zhongxinzhengquanweilianxibaojianren。chenggongdebdxiangmu，jifaleshichangduiyingenshengwudingjiadexinxin，buguogongsi“mabutingti”deshangshijiezouhuoxulingyouyinqing。

推向资本市场

yingenshengwudefazhanlichengshiyiduanbuduanrongzidelishi。2019nianchengliyilai，gongsiguzhizengzhangchao15bei：cong2020nianzhongzilunrongzihoude1300wanmeiyuantouhouguzhishangshengzhib+lunrongzijieshushide2.03yimeiyuan。zaiciguochengzhong，gongsixianhouyinruduojiazhimingtouzifang，baokuo6d capital、wuxi venture（yaomingshengwuqixia）、lilaiyazhoujijin（lav usd）、asilikangzhongjinjijindeng。

jiezhizhaogushupilu，lilailav usdchigu16.55%、king star medchigu13.22%、chuangshirenkonggugongsichigu9.54%、shanghaiyingjia9.38%、yaomingshengwutongguowuxi venturechigu6.12%、6d capitalgongjichiguyue5.87%。zhidezhuyideshiking star medshikongrenweilinxianghong，linxianghongmuqianshiniuerlitouzidedongshizhang，yaomingkangdetongyangweiniuerlitouzidehehuorenzhiyi。ciwai，zhongguoshengwuzhiyao、yuanhekonggudengzhimingtouzifangyeyoucanyu。

buguokuaisuderongzikuozhangyemaixialeyinhuan。yingenshengwuzaiduolunrongzizhongdaliangfaxingkezhuanhuanyouxiangu，zheileiyouxianguzaitedingtiaojian（ruiposhibai、chehuihuochaoguoshedingqixian）xiakebeiyaoqiushuhui；tongshi，qigongyunjiazhibiandongxujirugongsifuzhaiduan。jiezhi2024nian3yuemo，gongsiyinkezhuanhuanyouxianguerchanshengdejinrongfuzhaizhangmianzhida22.94yiyuan。muqianyingenshengwuzailiangnianduodeshijianliguzhidafutisheng，zheiyetaigaoleyouxiangudegongyunjiazhi。

jiezhi2024nian3yuemo，yingenshengwucileijinrongfuzhaizhangmianjiazhida22.94yiyuan，youcidaozhigongsichuxianyanzhongdezibudizhaijumian：zongfuzhaiyue28.22yiyuan，zongzichanjin17.44yiyuan，jingfuzhaida10.79yiyuan。mianduiyanzhongzibudizhaihejudashuhuifengxian，yingenshengwuzai2023nian8yuetongguoyugudongqianshubuchongxieyi，zanshizhongzhileyouxiangushuhuiquandexingshitiaojian，danqiantishigongsizaishoucidibiaohoude18geyueneichenggongzaigangjiaosuoshangshi。

yingenshengwuzaidijiaogangjiaosuoiposhenqingshiyijishizhongzhigaishuhuiquan，danruguoipojinchengshouzu（ruchehuishenqing、shibaihuochaoguo18geyueweichenggongshangshi），shangshushuhuiquankenengzaicihuifuxingshi，zheishigongsicaiwuwendingxingdezuidafengxian。tongshi，gongsizanwushangyehuachanpinshangshi、duiwaishouquanshourushangbuzuyidixiaogaoangyanfazhichu。ruguoanzhaoxianyouyanfazhichuqiangdu（2023nianwei5.59yiyuan），yingenshengwuzhangmianxianjin（jiezhi1jibao13.30yiyuan）jinnengweichiyue1nianshijian，qiipodejinpoxingbuduanzengjia。

zhengjianhuiyeguanzhudaoyingenshengwudeyixie“yiyang”。jinnian9yue，zhongguozhengjianhuiguojisiyaoqiuyingenshengwuchujubuchongcailiao，zhongdianguanzhuqiguquanjiegoujibiandongqingkuang、yuangongchigujihuaheguquanjilishifoucunzailiyishusong，yijishangshifangandeheguixing。zhengjianhuiyaoqiuyingenshengwuduiguquanjilijihuadeheguixingchujuyijian；2023niandongshizhangzhuzhongyuanxinchouchaoguo1800wanyuan，tongbi2022nianzengzhang2.4bei，qizhongyigufenweijichudexinchoukaizhiyue1466.5wanyuan。

zheiyiciipo，yingenshengwuburongyoushi。