Core Viewpoint - The establishment of a growth tier in the Sci-Tech Innovation Board (STAR Market) and the resumption of the listing of unprofitable companies under the fifth set of standards is a significant move to support innovative technology enterprises, exemplified by He Yuan Bio's upcoming listing as the first company under these new standards [2][4]. Group 1: Company Overview - He Yuan Bio is primarily engaged in the research and development of innovative drugs, with its core product HY1001 (recombinant human albumin injection) being a class 1 new drug that has completed phase III clinical trials and is under priority review by the National Medical Products Administration [2]. - Since its establishment, He Yuan Bio has invested a total of 386 million yuan in R&D from 2022 to 2024, with 122 out of 178 employees dedicated to research, accounting for nearly 70% of the workforce [2]. Group 2: Financial Performance and Market Trends - In 2024, 20 companies listed under the fifth set of standards on the STAR Market achieved a combined revenue exceeding 14 billion yuan, representing a growth of over 40% compared to 2023, with 16 companies generating over 1 billion yuan in revenue [3]. - The average R&D investment for these 20 companies in 2024 was 500 million yuan, surpassing the A-share average of 364 million yuan [4]. - As of June 2023, 19 out of the 20 companies have launched core products, and a total of 17 class 1 new drugs have been introduced to the market since 2018, accounting for approximately 12% of the total approved domestic innovative drugs during the same period [4].

Core Viewpoint - The recent launch of the "1+6" new policy for the Sci-Tech Innovation Board (STAR Market) by the China Securities Regulatory Commission (CSRC) has garnered significant market attention, particularly the reintroduction and expansion of the fifth listing standard, which opens up opportunities for high-quality unprofitable companies to go public [1][3][4] Group 1: Policy Changes and Implications - The fifth listing standard has been expanded to cover cutting-edge fields such as artificial intelligence, commercial aerospace, and low-altitude economy, enhancing the inclusivity and adaptability of the capital market for hard-tech companies [3][4] - The introduction of a new "U" label for unprofitable companies in the newly established Sci-Tech Growth Layer aims to improve transparency and help investors better identify and assess risks associated with these companies [9][10] - The new policy encourages collaboration between companies and experienced institutional investors, which is expected to enhance the identification and support of high-quality unprofitable enterprises [5][6] Group 2: Market Dynamics and Investor Considerations - The involvement of seasoned institutional investors is designed to provide a more accurate assessment of companies' innovation potential beyond just financial metrics, thereby guiding capital towards promising unprofitable firms [5][6] - The policy may lead to a situation where companies seek to partner with institutional investors primarily to meet listing requirements, potentially resulting in superficial collaborations rather than genuine partnerships [7][8] - The establishment of differentiated exit standards for companies in the Sci-Tech Growth Layer aims to ensure that only those with sustainable growth and profitability can transition out, thereby enhancing market quality [11][12] Group 3: IPO Pre-Review Mechanism - The newly introduced IPO pre-review mechanism allows companies to identify and address potential issues before formal submission, which could shorten the review cycle and increase the likelihood of successful listings [14][15] - This mechanism is particularly suited for strategic emerging industries with clear core technology projects that have significant implications for national and industry development [15] - However, the pre-review process may not fully uncover all issues, and there are concerns about the lack of transparency and potential information asymmetry in the market [16][17][18]

21世纪经济报道记者 韩利明 上海报道 6月18日，"证监会发布"官微显示，中国证监会主席吴清在2025陆家嘴论坛上宣布，将更好发挥科创 板"试验田"作用，加力推出进一步深化改革的"1+6"政策措施，统筹推进投融资综合改革和投资者权益 保护，加快构建更有利于支持全面创新的资本市场生态。 其中，"1"指在科创板设置科创成长层，并且重启未盈利企业适用科创板第五套标准上市，更加精准服 务技术有较大突破、商业前景广阔、持续研发投入大的优质科技企业，同时在强化信息披露和风险揭 示、加强投资者适当性管理等方面做出专门安排。 "6"涵盖试点引入资深专业投资者制度，扩大第五套标准适用范围，支持在审未盈利科技企业面向老股 东开展增资扩股等活动，完善科创板公司再融资制度和战略投资者认定标准等6项改革措施。 对此，资深投行人士王骥跃向21世纪经济报道分析，"资本市场是落实国家战略支持实体经济的工具， 监管层的重要表述是在落实中央政策要求，释放出对科创企业的重磅支持信号，其核心在于通过扶持优 质企业、助力产业链发展，实现提升上市公司质量的首要目标。在此目标导向下，法规设定的各类条件 需遵循'若无法满足目标则应修订法规'的基本原则。" ...

未盈利企业上市，历来是市场关注的焦点。 在6月18日召开的2025陆家嘴论坛上，中国证监会主席吴清表示，将聚焦提升制度的包容性和适应性， 以深化科创板、创业板改革为抓手，更好发挥科创板"试验田"作用，加力推出进一步深化改革 的"1+6"政策措施，统筹推进投融资综合改革和投资者权益保护，加快构建更有利于支持全面创新的资 本市场生态。 21世纪经济报道记者 崔文静 张赛男 实习生张长荣 北京、上海报道 吴清提出的"1+6"政策，意味着什么？系列政策利好背后，哪些企业将更多受益？将对资本市场带来哪 些影响？ 一、重启未盈利企业适用科创板第五套标准上市，意味着什么？ 科创板创立之初，率先确立多元包容的上市标准，打破A股对企业盈利门槛的刚性约束，中芯国际、百 利天恒等新质生产力领域的行业领军企业得以在境内上市。第五套上市标准开创境内资本市场允许无收 入、未盈利企业上市先河，仅对市值、主要业务或产品的研发进展、市场空间等提出要求，为艾力斯、 神州细胞等一批具备核心研发实力、亟需突破资金瓶颈的创新药企业提供融资支持。 具体来看"1+6"政策措施，"1"是在科创板设置科创成长层，并且重启未盈利企业适用于科创板第五套标 准上市 ...

支持优质未盈利科技企业发行上市、稳妥恢复科创板第五套标准适用……资本市场在支持科技创新和新质生产力发展方面持续加码，释放出推动优质"硬 科技"企业在A股上市的积极信号。 一位券商投行人士指出，稳妥恢复科创板第五套标准适用，能够推动更多未盈利优质科创企业解决融资难题，加速创新成果转化，当前要尽快推出具有示范 意义的典型案例，需要健全精准识别科技企业的制度机制，完善科技企业信息披露规则，引导市场客观冷静地对待科技企业成长中的风险，营造包容创新的 市场生态。 第五套标准含金量几何 科创板第五套标准是科创板设立之初推出的上市标准之一，以"市值+研发"作为评估方式，不对企业营收和净利润规模作出要求，而是强调"主要业务或产品 需经国家有关部门批准，市场空间大""已取得阶段性成果"等，为暂不具备盈利能力但真正有核心竞争力的企业登陆资本市场提供便利，意在支持未盈利的、 具有高成长潜力的科技企业。 田利辉认为，这次恢复科创板第五套标准适用不会"大水漫灌"，骤然提升股票供给，而是要精准滴灌，优中选优。从"利润门槛"转向"技术含金量+商业化前 景"双维度评估，实现筛选机制升级。会将未盈利企业的估值定价权交给市场，实现风险定价权转移 ...