科创板开市六周年 | 从“试验田”走向“示范田” 助力“硬科技”企业崛起

Core Insights - The Sci-Tech Innovation Board (STAR Market) has effectively served as a "testbed" for reforms in China's capital market, facilitating the listing of high-tech companies and fostering innovation in key industries [1][2][9] - Over the past six years, the STAR Market has evolved into a "demonstration field" for high-quality development, particularly in sectors like integrated circuits, biomedicine, and new energy [5][9] Group 1: Market Performance and Growth - As of now, there are 589 companies listed on the STAR Market, with a total of 9,257 billion yuan raised through IPOs and 1,867 billion yuan through refinancing, totaling over 1.1 trillion yuan [5] - The compound annual growth rates for revenue and net profit attributable to shareholders of STAR Market companies have reached 18.7% and 9.1%, respectively, over the past five years [5] - The STAR Market has seen the listing of 54 unprofitable companies and 20 companies under the fifth set of listing standards, indicating a diverse range of business models [5][10] Group 2: Innovation and R&D - The median R&D expenditure as a percentage of revenue for STAR Market companies is 12.6%, leading all A-share sectors, with 107 companies maintaining an R&D intensity above 20% for three consecutive years [6][10] - A total of 35 STAR Market companies rank first globally in their respective segments, while 124 companies hold the top position nationally [6] Group 3: Regulatory and Structural Reforms - The STAR Market has implemented a series of reforms, including a more inclusive listing standard and the introduction of a market maker system to enhance liquidity [10][12] - The recent "1+6" policy measures aim to deepen reforms, including the establishment of a growth layer and the introduction of pre-IPO review mechanisms for quality tech companies [10][11] Group 4: Future Outlook and Strategic Directions - The STAR Market is expected to continue enhancing its institutional inclusivity and adaptability, providing a more efficient growth environment for hard-tech enterprises [10][15] - The ongoing reforms are anticipated to support the integration of technology and industry innovation, contributing to the development of a multi-tiered capital market system [12][15]