科创板专题系列：1+N新政助力科创板高质量发展

Group 1 - The report outlines a comprehensive policy framework for supporting the high-quality development of the Sci-Tech Innovation Board, including 15 reform measures that cover the entire lifecycle of fundraising, investment, lending, insurance, and exit [1][11][12] - The report highlights the introduction of the "1+6" policy measures aimed at enhancing the inclusiveness and adaptability of the Sci-Tech Innovation Board, including the reintroduction of the fifth listing standard for unprofitable companies [10][19][20] - The report indicates that the average liquidity ratio of Sci-Tech Innovation Board companies has significantly improved compared to 2019, demonstrating stronger short-term solvency compared to companies on the main board [28][29] Group 2 - The report reveals that the average asset turnover ratio for Sci-Tech Innovation Board companies has decreased more sharply than that of the main board, indicating a focus on long-term investments such as R&D and equipment acquisition [30][31] - The report notes that the overseas revenue of Sci-Tech Innovation Board companies has shown a consistent upward trend, with revenues reaching 418.22 billion yuan in 2024, highlighting the increasing internationalization of these companies [42][36] - The report emphasizes that the proportion of high-tech companies among newly listed firms on the Sci-Tech Innovation Board has exceeded 90%, reflecting the board's focus on strategic emerging industries [43]