证券时报·2025-10-23 12:12Core Viewpoint - The article discusses the upcoming listing of new companies on the Sci-Tech Innovation Board, highlighting the establishment of the Sci-Tech Growth Layer and its implications for technology enterprises and innovative production capabilities [1][9]. Group 1: Overview of the Sci-Tech Growth Layer - The Sci-Tech Growth Layer will include three new companies: He Yuan Bio, Xi'an Yicai, and Bibet, joining 32 existing companies that have not yet turned a profit [1]. - The total market capitalization of the existing 32 companies exceeds 1 trillion yuan [2]. - These companies are primarily distributed across strategic emerging industries, including new-generation information technology (15 companies), biomedicine (14 companies), new energy (2 companies), and high-end equipment manufacturing (1 company) [3]. Group 2: Financial Performance and Growth - The 32 existing companies have collectively raised 105.2 billion yuan through IPOs, which has catalyzed their research and development investments, capacity building, and commercialization efforts [3]. - In 2024, these companies are projected to achieve a total revenue of 67.6 billion yuan, with 29 companies surpassing 100 million yuan in revenue [5]. - The average annual compound growth rate of revenue for these companies since 2019 is 27.87%, outpacing the overall growth rate of the Sci-Tech Innovation Board by nearly 4 percentage points [5]. Group 3: Trends in Profitability - Among the 54 unprofitable companies listed on the Sci-Tech Board, 22 have achieved profitability and "delisted" from the unprofitable category, averaging 4 companies per year [5]. - In 2024, 19 companies are expected to reduce their losses year-on-year, with 16 of them reducing losses by over 20% [6]. - In the first half of 2025, the existing companies in the Sci-Tech Growth Layer significantly reduced losses by 7.1 billion yuan, with 21 companies reducing losses, and 13 of them achieving a reduction of over 20% [6]. Group 4: Research and Development 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 65.4%, leading the Sci-Tech Innovation Board [8]. - The innovative drug sector has entered a "harvest period," with these companies launching 20 new drugs classified as "global new" and achieving breakthrough therapy designations for 10 drugs [8]. Group 5: Institutional Support and Future Prospects - Recent reforms, including the "1+6" reform, have provided tailored support for companies at different stages, facilitating their growth and development [10]. - The new financing standards allow companies to exceed refinancing limits for R&D projects, with some companies allocating over 30% of raised funds to R&D [10]. - The growth trajectory of the Sci-Tech Growth Layer companies is becoming clearer, with new companies expected to join the layer, further enriching the sector [10].