Cambricon(SH:688256) Zheng Quan Shi Bao·2025-10-27 14:57Group 1: Core Views - The Sci-Tech Innovation Board (STAR Market) has successfully supported unprofitable tech companies, with 54 such companies listed, of which 22 have achieved profitability post-listing [1] - The STAR Market's "1+6" reform has established a growth tier to create a management loop for unprofitable companies, promoting tech innovation while managing market risks and protecting investors [1] Group 2: Financial Performance - By the first half of 2025, revenue for 32 companies in the STAR Market's growth tier increased by 37.79% year-on-year, while net profit losses were significantly reduced by 71.23 billion yuan [1] Group 3: Fundraising and Capital - As of September 2023, 16 companies in the STAR Market's growth tier have announced refinancing plans to raise a total of 29.5 billion yuan, with 8 companies successfully raising 13.2 billion yuan [3] - The introduction of standards for light assets and high R&D investments has enhanced financing flexibility, allowing companies to increase R&D spending [3] - For instance, Cambrian Technology raised 3.985 billion yuan through a private placement, with over 30% of the funds allocated to R&D [3][4] Group 4: Mergers and Acquisitions - The STAR Market's policies have invigorated mergers and acquisitions, with 6 transactions disclosed since the introduction of the "STAR Market Eight Articles" [6] - ChipLink Integration's acquisition of a 72.33% stake in ChipLink Yuezhou marks the first asset purchase transaction using stock issuance in the STAR Market [6] Group 5: Talent Retention - Stock incentive plans are crucial for attracting and retaining talent in tech companies, with 33 companies in the STAR Market's growth tier implementing such plans [8] - For example, Junshi Biosciences has launched three stock incentive plans, covering over 2,200 employees, with a coverage rate exceeding 90% [9]