随着科创板成长层揭开面纱 资本市场梯队建设进一步完善

Group 1 - The China Securities Regulatory Commission (CSRC) has introduced the "Opinions on Setting Up a Growth Tier in the Sci-Tech Innovation Board," aimed at enhancing the inclusiveness and adaptability of the system for technology-driven companies [1] - The first batch of 32 unprofitable companies has directly entered the Sci-Tech Innovation Growth Tier, showcasing high technical barriers and market potential, with a combined revenue growth of 37.79% year-on-year in the first half of 2025 [1] - Since the implementation of the "1+6" policy, 15 new IPO applications have been accepted on the Sci-Tech Innovation Board, including 4 from unprofitable companies [1] Group 2 - The second to fourth listing standards on the Sci-Tech Innovation Board do not set a "profit threshold," instead focusing on revenue scale combined with R&D intensity, cash flow, or market capitalization [2] - The first company to apply under the fifth listing standard, Wuhan Heyuan Biotechnology Co., Ltd., successfully passed the review, marking the official restoration of the listing channel for unprofitable tech companies [2] - The introduction of the growth tier is seen as a strong support for the national strategy of technological self-reliance and empowerment [2] Group 3 - The activity level of the Sci-Tech Innovation Board has significantly increased, with a 339.56% year-on-year growth in trading volume from June 18 to September 15, 2025 [3] - The average turnover rate reached 216.73%, an increase of 116.73 percentage points compared to the same period in 2024 [3] - The establishment of the growth tier is expected to lead to further improvements in the capital market's tiered structure and diversification of listing standards [3]