何为“轻资产、高研发投入”？深交所明确认定标准

Core Viewpoint - The Shenzhen Stock Exchange has established guidelines to encourage companies to increase R&D investment, defining standards for "light asset, high R&D investment" companies [1][2] Group 1: Definition and Standards - "High R&D investment" is defined as an average R&D expenditure of at least 15% of operating income over the last three years, or a cumulative R&D investment of no less than 300 million yuan with an average of at least 3% of operating income [1] - Companies with fixed assets, construction in progress, land use rights, and other capital expenditures not exceeding 20% of total assets can be recognized as having light asset characteristics [1] Group 2: Disclosure and Compliance - The guidelines require enhanced information disclosure, including the company's compliance with "light asset, high R&D investment" criteria and the rationale for using more than 30% of raised funds for working capital and debt repayment [2] - Companies must disclose the use of raised funds and the progress of R&D projects in their annual reports and pre-issue verification reports, with increased scrutiny on the use of funds exceeding 30% for working capital and debt repayment [2] Group 3: Responsibilities of Intermediaries - The guidelines impose stricter responsibilities on intermediaries, requiring sponsors and auditors to verify the rationality of asset classification, accuracy of R&D investment calculations, and compliance with the established standards [2]