6月18日，中国证监会（下称"证监会"）发布实施《关于在科创板设置科创成长层 增强制度包容性适应性的意见》（下称《科创板意见》）。 证监会表示，《科创板意见》重启未盈利企业适用科创板第五套标准上市，推出一揽子更具包容性、适应性的制度改革，着力打通支持优质科技型企业发展 的堵点难点，同时进一步加强投资者合法权益保护。 同时，证监会新闻发言人就《关于在科创板设置科创成长层 增强制度包容性适应性的意见》答记者问。在答记者问内容中，"未盈利"三个字一共出现了十 次。 关于《科创板意见》出台的背景，证监会提及，在去年陆家嘴论坛期间，中国证监会发布了深化科创板改革的八条措施。实施一年来，在各方共同努力 下，"科创板八条"各项改革举措已基本完成。新股发行适用3%高价剔除比例、重组股份对价分期支付机制等配套制度有序推出，收购未盈利科技型资 产、"A并H""轻资产、高研发投入"认定等典型案例相继落地，支持优质科技型企业通过科创板发行上市、并购重组做优做强的政策效应日益显现，科创板 服务科技创新和新质生产力发展的功能进一步发挥。 关于本次改革的总体思路和主要原则，证监会表示，本次改革的总体思路是，全面贯彻党中央、国务院关于资本市 ...

加力推出进一步深化改革的"1+6"政策措施。 在"科创板八条"发布一周年之际，科创板再迎重磅改革举措。 6月18日，中国证监会主席吴清在2025陆家嘴论坛上表示，在新起点上，将继续充分发挥科创板示范效 应，加力推出进一步深化改革的"1+6"政策措施。 据吴清介绍，"1"即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；"6"即 在科创板创新推出6项改革措施，包括对于适用科创板第五套标准的企业，试点引入资深专业机构投资 者制度；面向优质科技企业试点IPO预先审阅机制；扩大第五套标准适用范围。同时，将在创业板正式 启用第三套标准，支持优质未盈利创新企业上市。 在一年前的6月19日，证监会发布《关于深化科创板改革服务科技创新和新质生产力发展的八条措施》 （简称"科创板八条"）。这一年来，科创板发生了怎样的变化？ 这一年，科创板改革从纸面走向实践，8方面30余项改革举措渐次落地，涉及支持硬科技企业上市、优 化发行承销制度、再融资、并购重组、指数产品及市场生态等方面。 具体而言，4家未盈利企业的IPO申请获得受理，拟募资金额合计超160亿元；新上市企业15家，合计募 集资金124亿元；9家符合"轻资 ...

Core Viewpoint - The article discusses the recent announcement by the China Securities Regulatory Commission (CSRC) regarding the "1+6" policy measures aimed at enhancing the inclusivity and adaptability of the capital market, particularly focusing on the reintroduction of the fifth listing standard for unprofitable companies on the Sci-Tech Innovation Board (STAR Market) [1][2]. Group 1: Reintroduction of the Fifth Listing Standard - The reintroduction of the fifth listing standard allows unprofitable companies to list on the STAR Market, breaking the rigid profit requirement traditionally seen in A-shares, thus supporting innovative companies with significant R&D investments and promising market prospects [3][4]. - As of June 18, 2023, 37 companies are planning to list under the fifth standard, with 20 already successfully listed, indicating a growing interest and potential for unprofitable tech firms [4][6]. - The CSRC aims to support high-tech companies with strong innovation capabilities and market potential, suggesting that the approval process for unprofitable companies may accelerate significantly in the coming years [5][6]. Group 2: Optimization of the Fifth Standard's Applicability - The core indicators for the fifth listing standard include a minimum expected market value of RMB 4 billion and the requirement for the main business or product to be approved by relevant authorities, with a focus on companies demonstrating significant market potential [8]. - There is a call for clearer guidelines on the applicability of the fifth standard, especially for sectors like artificial intelligence and commercial aerospace, to ensure a comprehensive multi-tiered capital market service system [8][9]. - Suggestions include raising the clinical trial requirements for pharmaceutical companies and introducing business development as a measure of commercial viability [9]. Group 3: Selecting Quality Unprofitable Companies - Evaluation of unprofitable companies should consider core technology, market potential, business model, and team strength, focusing on sustainable and disruptive technologies [12][13]. - The assessment of market potential should include the size and growth prospects of the target market, while the business model must clearly outline how value is created and profitability achieved [12][14]. - Financial health is crucial, with an emphasis on cash flow management and capital adaptability to support ongoing R&D and market expansion [15].

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 ...

Core Viewpoint - The implementation of the "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board" has significantly enhanced the support for unprofitable technology companies, facilitating their listing and financing opportunities on the Sci-Tech Innovation Board [1][2][3]. Group 1: Unprofitable Companies and IPOs - Since the release of the "Eight Measures," four unprofitable companies have successfully submitted their IPO applications to the Shanghai Stock Exchange [3][6]. - The recent acceptance of the IPO application from Zhaoxin Integrated, a leading domestic CPU manufacturer, marks another step forward in the orderly progress of unprofitable companies' IPOs on the Sci-Tech Innovation Board [2][3]. Group 2: Policy Enhancements and Standards - The China Securities Regulatory Commission (CSRC) has emphasized the importance of focusing on sectors with active technological innovation and has improved the evaluation standards for the Sci-Tech attributes of companies [3][4]. - In 2024, the R&D investment threshold for companies will be raised from 60 million to 80 million yuan, and the requirement for invention patents will increase to seven, emphasizing the need for industrialization capabilities [3][4]. Group 3: Support for R&D and Financing - The Shanghai Stock Exchange has introduced a "light asset, high R&D investment" standard to enhance transparency and predictability in refinancing for technology companies, with nine companies already disclosing refinancing plans totaling nearly 25 billion yuan [4][6]. - Dize Pharmaceutical became the first company to successfully complete refinancing under the new standard, highlighting the importance of this policy for sustaining R&D investments [4]. Group 4: Performance of Unprofitable Companies - As of May 2025, the Sci-Tech Innovation Board has supported 54 unprofitable companies, with a total revenue exceeding 170 billion yuan, reflecting a 24% year-on-year growth [6]. - Among these companies, 22 have achieved their first profit post-IPO, indicating a significant improvement in operational efficiency [6]. Group 5: Future Outlook - The continued implementation of the "Eight Measures" is expected to enable more unprofitable companies with core technologies to overcome capital constraints, thereby enhancing China's strategic position in the new technological revolution [7].

Core Viewpoint - The article discusses the recent acceptance of the IPO application for Angrui Micro, marking it as the first unprofitable company to be accepted for listing on the Sci-Tech Innovation Board in 2023, highlighting a shift in regulatory attitudes towards unprofitable tech companies [1][3][4]. Summary by Sections IPO Market Overview - As of March 29, 2023, a total of 7 IPO projects have been accepted this quarter, with over half being from the Beijing Stock Exchange, and only 2 and 1 from the Shanghai and Shenzhen exchanges respectively [1][6]. - The current IPO acceptance rate remains low despite regulatory encouragement for unprofitable tech companies, indicating strict review standards [1][5]. Angrui Micro's IPO Details - Angrui Micro plans to raise 2.067 billion yuan through its IPO, focusing on integrated circuit design in the RF and analog sectors, with core products including RF front-end chips for smart mobile terminals and RF SoC chips for IoT [3]. - The company's projected revenues for 2022 to 2024 are 923 million yuan, 1.695 billion yuan, and 2.101 billion yuan respectively, while net losses are expected to decrease from 474 million yuan to 110 million yuan over the same period [3]. Regulatory Environment - The China Securities Regulatory Commission (CSRC) has expressed intentions to enhance the inclusivity of the IPO process for high-growth unprofitable tech companies, emphasizing the need for a supportive mechanism for technology innovation [4][5]. - CSRC Chairman Wu Qing highlighted the inherent risks and uncertainties in tech innovation, advocating for a balanced view of the potential rewards and risks associated with unprofitable companies [4]. Market Sentiment and Future Outlook - Market participants are calling for a more regularized IPO review process to help identify which types of companies are likely to succeed in obtaining approval [6]. - The current backlog of IPO applications includes 154 companies, with the majority awaiting review on the Beijing Stock Exchange [6][7].