Haiwang Capital Invests in Long-Beam Particle: A Leading Domestic Manufacturer of Medical Cyclotrons for Nuclear Medicine

Recently, Haiwang Capital announced its investment in Sichuan Jiuyiyuan Particle Technology Co., Ltd., a manufacturer of medical cyclotrons, which are core upstream equipment in nuclear medicine. This state-backed fund, with a strong focus on hard-tech investments, continues to deepen its presence in the upstream segment of the industry and in areas critical to overcoming technological bottlenecks.

In nuclear medicine, medical cyclotrons play a pivotal role. One of their primary applications is the production of radioactive isotopes, serving as an “ammunition production line.” These isotopes are the cornerstone for manufacturing radiopharmaceuticals. Radiopharmaceuticals play a crucial role in the diagnosis and treatment of cancer, as they can precisely target and attack cancer cells, providing robust support for patient therapy.

Prior to 2021, the market for medical cyclotrons was monopolized by countries in Europe, the United States, and Japan. This monopoly not only resulted in high equipment costs but also increased maintenance complexity and operational expenses. Under these conditions, domestically produced medical cyclotrons in China demonstrated strong independent innovation capabilities. In October 2021, the first domestically produced medical cyclotron from Sichuan Jiuyiyuan Particle Technology Co., Ltd. (Jiuyiyuan) was successfully installed and put into operation at the Sichuan Science City Hospital. In October 2023, Jiuyiyuan received its first overseas order, exporting its medical cyclotron to Kenya as part of China’s Belt and Road Initiative. Furthermore, Jiuyiyuan’s domestic accelerators have contributed to the construction of national major scientific infrastructure. In January 2023, Jiuyiyuan, in collaboration with the Institute of Fluid Physics of the China Academy of Engineering Physics, provided core components—a 10 MeV cyclotron and beamline system—for the construction of the Space Environment Ground Simulation Research Infrastructure (SESRI) at Harbin Institute of Technology. SESRI is a national major science and technology infrastructure project and represents the highest-level and largest-scale national scientific engineering undertaking ever undertaken by Harbin Institute of Technology. With this facility, scientists can conduct research on lunar dust physics and lunar exploration missions locally, simulating nine major categories of space environment factors on the ground, effectively bringing the cosmic environment into the laboratory.

Currently, all three production lines of Sichuan Jiuyiyuan Particle Technology Co., Ltd. (Jiuyiyuan) are fully operational, with a stable annual production capacity of 30 units. When operating at full load, the annual capacity will surge to 100 units. In terms of product offerings, Jiuyiyuan is capable of mass-producing accelerators across various energy levels, including 7 MeV, 11 MeV, and 20 MeV models. Meanwhile, the company is intensively developing a 30 MeV multi-particle high-current cyclotron, scheduled for official launch in 2025. This 30 MeV multi-particle high-current cyclotron focuses on three key areas: First, it is dedicated to the production of therapeutic isotopes such as Lutetium-177 and Astatine-211, with future potential to expand to other therapeutic isotopes like Actinium and Lead, thereby becoming a specialized tool for therapeutic isotope production. Second, it serves as a neutron source by bombarding niobium or beryllium targets to generate neutrons, providing the necessary neutron source for Boron Neutron Capture Therapy (BNCT). Third, as an upgraded version of low-energy medical cyclotrons, it enhances beam intensity to become a high-current accelerator. This not only expands the variety and yield of diagnostic isotopes but also makes it highly suitable as production equipment for radiopharmaceutical manufacturers, meeting the demands for large-scale production.

According to public information, Haiwang Capital is the core platform for fund operation and management under the Pudong Sci-Tech Innovation Group. In terms of investment strategy, it adheres to the "Three Mosts" investment principle—investing only in "the uppermost reaches of the industrial chain, the highest end of the value chain, and the foundational layer of the technology system." Meanwhile, it uses the "Seven Highs" as benchmarks for evaluating projects: high-quality teams, high technological barriers, high industry entry barriers, high growth rates, high profitability, large market capacity, and high R&D investment. Only projects that meet these criteria are considered true sci-tech innovation investment targets. In the biopharmaceutical sector, it has invested in outstanding enterprises such as He Yuan Bio, the "first listed gene therapy CDMO company"; Nanmo Bio, the "first listed model organism company"; MicroPort EP, the "first listed company to establish China's fifth set of medical device standards"; iRay Technology, the "first listed X-ray detector company"; and Innovent Biologics' partner Yifang Bio, the "first listed KRAS-targeted therapy company."

It is evident from Haiwang Capital’s investment layout in projects such as iRay Technology and Sichuan Jiuyiyuan Particle Technology Co., Ltd. that the firm focuses on investment opportunities in key upstream components and core raw materials within the high-end medical equipment sector. Statistics show that China’s medical equipment market reached RMB 1,035.8 billion in 2023, entering the trillion-yuan range. However, the localization rate of key basic materials and core foundational components remains low, continuing to be a bottleneck for the further development of high-end medical equipment. Independent innovation and localization of core components and raw materials for high-end medical equipment will reduce China’s dependence on and demand for scarce strategic resources, thereby strengthening the industrial foundation of the high-end medical equipment industry. This approach fosters an innovation loop spanning new materials to new components and finally to new equipment, representing an essential path toward high-quality industry development.