Huachuang Securities: The first year of commercialization of stem cell therapy began, and domestic enterprise R&D entered a harvest period

The Zhitong Finance App learned that Huachuang Securities released a research report saying that China and the US will enter a critical stage of commercializing stem cell therapy in 2025, and the global market size is expected to grow from US$17 billion in 2025 to US$33 billion (CAGR 14%) in 2030. Domestic companies are active in R&D and are gradually entering the harvest period. Relevant listed companies include Zhongyuan Xiehe (600645.SH), Jiuzhitang (000989.SZ), and Tianshili (600535.SH).

The main views of Huachuang Securities are as follows:

Stem cell therapy is on the rise

With their multidirectional differentiation potential and ability to renew themselves, stem cells have shown certain therapeutic potential in the fields of regenerative medicine, disease treatment, etc., providing new treatment hope for intractable diseases such as immune diseases, cardiovascular diseases, and neurodegenerative diseases, and becoming an important development direction in the biomedical field. Market.us expects the global market size to grow from US$17 billion in 2025 to US$33 billion (CAGR 14%) in 2030, and the Forward-looking Industry Research Institute expects the Chinese market to reach 32.5 billion yuan in 2026.

China and the US ushered in the first year of commercialization of stem cell drugs

In 2025, China and the US entered a critical stage of commercialization of stem cell therapy. At the end of 2024, the US FDA approved the first MSCs drug (Mesoblast RYONCIL) for the treatment of SR-aGVHD, and China approved the first stem cell drug aimetoxel injection with conditions in early 2025. With the gradual advancement of domestic stem cell industry support policies and the improvement of regulatory policies, many places such as Boao, Hainan are launching pilot testing of stem cell therapy to explore diversification possibilities for commercialization of stem cell therapy.

Domestic enterprises are active in R&D and are gradually entering the harvest period

According to Pharmaceutical Rubik's Cube, China's MSCs R&D pipeline accounts for 30% of the world. Platinum's excellent emimetoxel injection was approved in January '25. Crohn's disease (Jiangsu Tuohong Kangheng, Jiangsu Dekang), knee arthritis (Shanghai Aisar, Wuxi Saibiman), GVHD (Tianjin Madison), and liver failure (Tianjin Angsai) have entered stage III. Phase II progresses more rapidly, including periodontitis indications (Beijing Sanli Heze), alveolar protein deposition (Jiuzhitang Aesthetic), and alveolar protein deposition (Jiuzhitang Aesthetic) Osteoarthritis (Guizhou Mesoscopic Biology), ulcerative colitis (Qingdao Oak Biology), etc.

Relevant listed companies include: Zhongyuan Xiehe (chronic periodontitis stage II, pulmonary fibrosis stage I), Jiuzhitang (ischemic stroke stage I/IIa, alveolar proteinosis stage II, autism IND approval), and Tianshi Li (heart failure, stroke).

Risk warning: risk of policy changes, risk of R&D progress falling short of expectations, risk of commercialization falling short of expectations.