【e公司观察】如何看待未盈利企业的投资价值？

Core Viewpoint - The Shanghai Stock Exchange will review the IPO application of He Yuan Bio on July 1, marking the first company to apply under the newly reinstated fifth listing standard for unprofitable companies on the Sci-Tech Innovation Board since the announcement by the CSRC Chairman on June 18 [1] Group 1: Policy Changes - The third listing standard for the ChiNext board has also been officially implemented, supporting high-quality unprofitable innovative companies to go public [1] - These policy directions aim to provide listing opportunities and facilitate financing channels for companies with strong technological innovation capabilities and high growth potential [1] Group 2: Market Trends - As of now, there are 54 unprofitable companies listed on the Sci-Tech Innovation Board, with 20 of them utilizing the fifth listing standard, primarily listed between 2020 and 2022 [1] - The market has shown a significant divergence in value judgment regarding unprofitable companies, especially as the fifth listing standard entered a substantive pause in the second half of 2023 [1] Group 3: Investment Insights - Among the 20 companies that applied the fifth listing standard, 9 have shown a compound annual growth rate of over 40% in revenue over the past three years, indicating strong market capture and high product recognition [2] - In 2023, 19 of these companies outperformed the Sci-Tech 50 Index, with 14 companies seeing stock price increases of over 20%, and 6 exceeding 50% [2] - Institutional investors are increasingly recognizing the growth potential and investment value of these unprofitable companies, with 17 out of 20 companies having fund shareholders and 4 being held by social security funds [2] Group 4: Future Opportunities - The investment logic for high-quality unprofitable companies is becoming clearer with the return to a more inclusive policy direction [2] - Sectors such as pharmaceuticals, artificial intelligence, commercial aviation, and low-altitude economy are expected to receive capital market support, helping leading companies seize development opportunities and accelerate their maturity [2]