Cambricon(SH:688256) Zheng Quan Shi Bao·2025-10-27 14:49Core Viewpoint - The article highlights the innovative reforms in the Sci-Tech Innovation Board (STAR Market) that support unprofitable technology companies to go public, fostering a management loop for these companies to grow and achieve profitability while balancing market risks and investor protection [1] Group 1: Support for Unprofitable Companies - The STAR Market has seen 54 unprofitable companies go public, with 22 of them achieving profitability post-listing [1] - The "1+6" reform framework has established a growth tier for unprofitable companies, promoting a management cycle of entry, cultivation, and exit [1] - In the first half of 2025, revenue for 32 companies in the growth tier increased by 37.79%, while net losses were significantly reduced by 71.23 billion yuan [1] Group 2: Financing and Capital Raising - As of September 2023, 16 companies in the growth tier have announced refinancing plans, aiming to raise a total of 29.5 billion yuan, with 8 companies successfully raising 13.2 billion yuan [2] - The introduction of standards for light assets and high R&D investments has enhanced financing flexibility, allowing companies to increase R&D spending [2] - For instance, Cambrian Technology raised 3.985 billion yuan primarily for chip and software platform development, with over 30% of the funds allocated to R&D [2][3] Group 3: Mergers and Acquisitions - Mergers and acquisitions (M&A) have been revitalized by the "Eight Articles" and "Six Articles" policies, leading to 6 disclosed M&A transactions in the growth tier, all focused on industrial acquisitions [4] - The acquisition of 72.33% of Chiplink by Chiplink Integration marks the first share issuance for asset purchase in the STAR Market, showcasing innovative valuation methods for unprofitable tech assets [4] Group 4: Employee Incentives - Stock incentive plans are crucial for attracting and retaining talent in tech companies, with 33 companies in the growth tier implementing such plans by September 2025 [5] - The second type of restricted stock incentive tool has been widely adopted, with 28 instances reported, covering over 12,000 employees, which is approximately 30% of total company personnel [5] - For example, Junshi Biosciences has launched three stock incentive plans, covering over 2,200 employees, with a performance target set for future profitability [6]