IPO周报：多家未盈利企业上市在即，科创成长层迎新成员

Core Insights - Three companies received IPO approval during the week, with two submitting registration and two having their registration effective [1][2] - He Yuan Bio announced an issuance price of 29.06 yuan per share, with a total issuance of 89.45 million shares, all being new shares [1] - Xi'an Yiswei Material Technology Co., Ltd. and Guangzhou Bibete Pharmaceutical Co., Ltd. also conducted online and offline subscriptions [1][2] Company Summaries - He Yuan Bio is the first company to apply for listing under the new "1+6" policy on the Sci-Tech Innovation Board, expected to be among the first new registered companies in the growth tier [1] - Xi'an Yiswei confirmed a total issuance of 537.8 million shares, with 20 investors receiving strategic placements totaling 268.9 million shares [2] - Bibete announced an issuance of 9 million shares at a price of 17.78 yuan per share, with the online subscription lottery scheduled for October 20, 2025 [2] Financial Performance - Mu Xi Integrated Circuit (Shanghai) Co., Ltd. is set to present for IPO on October 24, with reported revenues of 426,400 yuan, 53.02 million yuan, 743 million yuan, and 320 million yuan over the past four years, and net losses of 777 million yuan, 871 million yuan, 1.409 billion yuan, and 233 million yuan [2] - Beijing Angrui Microelectronics Technology Co., Ltd. is also an unprofitable company, with revenues of 923 million yuan, 1.695 billion yuan, 2.101 billion yuan, and 844 million yuan, and net losses of 290 million yuan, 450 million yuan, 64.7 million yuan, and 40.3 million yuan [3] - Tian Su Measurement and Testing Co., Ltd. reported revenues of 597 million yuan, 726 million yuan, 800 million yuan, and 409 million yuan, with net profits of 84.4 million yuan, 101 million yuan, 111 million yuan, and 55.6 million yuan [4] Regulatory Insights - The listing committee questioned Angrui Micro on its business growth potential and sustainability, considering industry competition, product technology iterations, and financial status [3] - Tian Su Measurement was asked to enhance its risk disclosures regarding performance decline in its prospectus, considering factors like technological advancement and industry competition [4] Registration Updates - Two companies, Southern Power Grid Digital Grid Research Institute Co., Ltd. and Bai Ao Sai Tu (Beijing) Pharmaceutical Technology Co., Ltd., had their registrations effective on October 15 and 16, respectively [4]