【金融头条】耗时仅88天！摩尔线程闪电过会！未盈利科创企业跑出“上市加速度”

Group 1 - The core point of the article is the rapid progress of domestic GPU company Moer Thread in its IPO process, which reflects a significant shift in China's capital market policies towards supporting unprofitable hard technology enterprises [2][5][11] - Moer Thread's IPO application was approved by the Shanghai Stock Exchange on September 26, 2023, marking a swift journey from application acceptance to approval in less than three months [2][4] - The company has shown signs of reduced losses in the first half of 2025, despite having negative net profits for the past three years [2][4] Group 2 - The introduction of the "1+6" policy by the China Securities Regulatory Commission (CSRC) on June 18, 2025, aims to facilitate the listing of unprofitable enterprises on the Sci-Tech Innovation Board [3][5] - Since the implementation of the new policy, seven unprofitable companies have had their IPO applications accepted, indicating a significant acceleration in the IPO process for such firms [4][6] - The CSRC's recent measures have led to three unprofitable companies successfully obtaining IPO registration, showcasing a renewed focus on supporting innovative enterprises [7][10] Group 3 - The current trend in A-share IPO policies is shifting from a comprehensive tightening to a more selective opening for unprofitable hard technology companies, reflecting a strategic alignment with national priorities [5][11] - The approval of unprofitable companies like West Xi'an Yiswei Material Technology Co., Ltd. under the new policies signifies a broader acceptance of technology-driven enterprises in the capital market [8][16] - The market anticipates that the review process for other unprofitable companies will accelerate, providing them with necessary funding to alleviate financing challenges [17][18] Group 4 - The capital market's focus is increasingly on core technology and market potential rather than just financial performance, indicating a shift towards long-term value assessment [11][16] - The successful IPOs of unprofitable companies are expected to enhance investor confidence in early-stage technology projects and improve exit expectations for investors [18][19] - The ongoing reforms in the capital market are designed to support high-quality development and align with national strategic goals, particularly in the hard technology sector [10][19]