聚焦科创成长层丨减亏增收，看科创成长层存量公司的进阶之路

Core Insights - The article discusses the upcoming listing of He Yuan Bio, Xi'an Yicai, and Bibet on the Sci-Tech Innovation Board, marking them as the first batch of newly registered companies in the Sci-Tech Growth Layer [1] - The Sci-Tech Growth Layer aims to support technology enterprises and enhance new productive forces through a more inclusive and adaptable listing system [1][2] Group 1: Market Overview - The total market capitalization of the 32 existing companies in the Sci-Tech Growth Layer exceeds 1 trillion yuan, with significant representation in new generation information technology (15 companies), biomedicine (14 companies), new energy (2 companies), and high-end equipment manufacturing (1 company) [2] - These companies have collectively raised 105.2 billion yuan through IPOs, facilitating increased R&D investment and capacity building [2] Group 2: Financial Performance - The 32 companies in the Sci-Tech Growth Layer are projected to achieve a total revenue of 67.6 billion yuan in 2024, with 29 companies surpassing 100 million yuan in revenue [3] - The average annual compound growth rate of revenue for these companies is 27.87%, outpacing the overall growth rate of the Sci-Tech Board by nearly 4 percentage points [3] - In 2025, the companies are expected to see a year-on-year revenue growth of 37.79%, indicating a strong growth trend [3] Group 3: R&D Investment - The total R&D investment of the 32 companies is expected to reach 30.6 billion yuan in 2024, with a median R&D investment to revenue ratio of 65.40%, leading the Sci-Tech Board [4] - The innovative drug sector has seen significant advancements, with 20 new drugs achieving "global new" status and 10 drugs receiving breakthrough therapy designations [4] Group 4: Technological Advancements - New generation information technology companies are accelerating their technological advancements, with notable products like DeepSeek and the DeepEdge 10 chip entering the market [5] - These advancements are enhancing China's competitiveness in international standards and technology [5] Group 5: Institutional Support - Recent reforms and institutional innovations, such as the "1+6" reform, are providing tailored support for companies at different stages of development [6] - The new refinancing standards and merger regulations are facilitating external growth and R&D funding for companies in the Sci-Tech Growth Layer [6]