2 1 Shi Ji Jing Ji Bao Dao·2025-06-11 08:32Core Viewpoint - The introduction of the "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board" (referred to as "K8 Measures") has provided clearer directions for the behavior of listed companies and IPO reviews, emphasizing the support for hard technology enterprises that align with national strategic needs [1] Group 1: R&D Investment - R&D investment in the Sci-Tech Innovation Board reached a total of 168.08 billion yuan in 2024, with a compound annual growth rate of 10.7% over the past three years [2][3] - The median ratio of R&D investment to operating income is 12.6%, leading all A-share sectors [3] - By the end of 2024, over 120,000 invention patents had been accumulated, with more than 20,000 new patents added in 2024 alone [3] Group 2: Mergers and Acquisitions - Since the release of the K8 Measures, over 100 new industry mergers and acquisitions have been disclosed on the Sci-Tech Innovation Board, with a total transaction value exceeding 33 billion yuan [5][6] - Notable transactions include Haiguang Information's planned merger with Zhongke Shuguang, expected to exceed 100 billion yuan, aiming for comprehensive integration in key fields [6] - Companies are increasingly enthusiastic about mergers and acquisitions, with many planning to accelerate the implementation of industry mergers to enhance their competitive edge [6][7] Group 3: Equity Incentives - Over 430 companies on the Sci-Tech Innovation Board have launched more than 760 equity incentive plans, covering over 70% of the board and involving more than 140,000 individuals [8] - The K8 Measures encourage the improvement of equity incentive systems to better align the interests of listed companies with those of investors [8][9] - Companies are setting performance assessment targets for equity incentives that reflect binding interests with small and medium investors [8] Group 4: Shareholder Returns - More than 60% of Sci-Tech Innovation Board companies have proposed cash dividend plans for 2024, with a total dividend amount exceeding 38.6 billion yuan [11] - 320 companies have announced share repurchase and increase plans in 2024, with a total upper limit exceeding 35 billion yuan [11] - Companies are actively engaging with investors through various initiatives, including performance briefings and open days [12]