Group 1 - The core viewpoint of the news is the reopening of the listing channels for unprofitable innovative companies in the A-share market through the introduction of the third listing standard for the ChiNext and the fifth listing standard for the Sci-Tech Innovation Board [1][2] - The policy adjustments have led to a significant increase in IPO acceptance, with 20 companies accepted in the first week following the announcement, and 50% of these from the Beijing Stock Exchange [3][4] - The new regulations include strategic emerging industries such as artificial intelligence and commercial aerospace, indicating a regulatory focus on nurturing hard technology sectors [3] Group 2 - A total of 54 unprofitable companies have received financing support from the Sci-Tech Innovation Board, with a cumulative financing scale exceeding 200 billion yuan, and these companies have shown a revenue growth rate of 24% [4] - The case of He Yuan Bio, which is set to undergo IPO review, exemplifies the challenges faced by innovative pharmaceutical companies, as it has incurred losses exceeding 480 million yuan over the past three years [5] - The investment landscape for unprofitable companies is characterized by high R&D costs, market risks, and valuation volatility, necessitating investors to possess specialized knowledge and risk tolerance [5][6]

Group 1 - The core viewpoint of the article is that the Chinese securities regulatory authority is focusing on enhancing the inclusiveness and adaptability of the market system, particularly through reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market, to attract more unprofitable companies to go public [1][2] - The "1+6" policy measures include the reintroduction of the fifth listing standard on the Sci-Tech Innovation Board, specifically designed for unprofitable companies, creating a dedicated "growth layer" for these firms [1][2] - The introduction of the third listing standard on the Growth Enterprise Market also supports high-quality unprofitable innovative companies to list, indicating a broader acceptance of unprofitable firms across multiple exchanges [2] Group 2 - The support for unprofitable companies to go public aligns with global trends, as many major markets have opened doors for such listings, reflecting a national policy to support the development of new productive forces in China [3] - The article highlights concerns regarding the potential issues that unprofitable companies may bring to the market, particularly the problem of shareholder sell-offs, which could undermine the long-term development of these companies [3][4] - To address the issue of shareholder sell-offs, it is suggested that a tailored lock-up period and reduction policy should be established for unprofitable companies, linking share reductions to the achievement of profitability [5]

Group 1 - The IPO market is gradually recovering, with the Beijing Stock Exchange (北交所) being the main platform for new applications [1][3][4] - As of June 25, 2023, a total of 95 IPO applications have been accepted this year, surpassing the total of 77 from the previous year [1][4] - In June alone, 68 IPO applications were accepted, accounting for 88% of last year's total [3][4] Group 2 - The increase in IPO applications in June is attributed to multiple factors, including updated financial data and the completion of IPO processes [3][4] - The Beijing Stock Exchange has accepted 62 of the 95 total applications this year, representing 65% of the total [1][4] - The surge in applications is also linked to government policies encouraging the development of specialized and innovative enterprises [4][6] Group 3 - Future trends indicate that the number of IPO applications is expected to continue increasing, with the Beijing Stock Exchange likely remaining the primary platform [6][8] - Recent policy changes, including the reintroduction of the fifth set of standards for unprofitable companies, may provide more opportunities for these firms to go public [6][8] - However, it is anticipated that unprofitable companies will not dominate the IPO market, as regulatory measures will ensure quality and control the pace of listings [6][7]

同时，《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》"）正式发布，深 化科创板改革"1+6"政策措施亮相。 自2019年6月13日上海证券交易所科创板正式开板六年来，科创板以制度创新激发市场活力，以市场活力反哺科技 创新，成功探索出一条资本市场与科技产业深度融合的中国路径。 清华大学国家金融研究院院长、金融学讲席教授田轩接受《华夏时报》记者采访时表示，设置科创成长层意义重 大，增强了制度的包容性和适应性，为科技创新型企业提供更精准的融资平台。 华夏时报（www.chinatimes.net.cn）记者 王兆寰 北京报道 6月18日，在2025陆家嘴金融论坛上，中国证监会主席吴清表示将重启科创板第五套标准，正式启用创业板第三套 标准，支持优质未盈利创新企业上市，更好地服务科技创新和新质生产力发展。 统计数据显示，科创板设立以来，A股共有54家未盈利企业成功登陆科创板，目前累计有22家企业上市后实现盈 利；20家生物医药公司通过科创板标准五上市，其中19家实现核心产品上市，成绩可圈可点。 不过，即便这一制度已经具备一定的包容性，但在具体实施过程中仍存在一些需要细化和探讨的领域，一 ...

本刊记者 郑扬波 6月18日，中国证监会主席吴清在2025陆家嘴论坛上宣布，加力推出进一步深化改革的"1+6"政策措施。 这一消息如巨石投入平静湖面，瞬间在财经圈激起千层浪，大家纷纷热议："科创成长层"到底是什么？为何要重启"未盈利企业"上市？这一系列政策又释 放了什么信号？ 先来说说"1"，即要在科创板设置"科创成长层"。啥是科创成长层？打个比方，"科创成长层"就像在科创板这所大学里新开了个"实验班"。"实验班"的企 业，都是技术有较大突破、商业前景广阔的"硬科技"企业。 同时，成功上市进入科创成长层的企业，监管层也会在其股票简称后统一加上"U"标识，并且提高了新注册未盈利科技型企业摘除特殊标识"U"的标准。 这就像一个显眼的"警示灯"，提醒投资者：这家科创企业上市时门槛较低，可能处于亏损状态，投资时需要更加谨慎。 从这些改革措施能明显看出，监管层正在引导市场，从单纯关注企业当下盈利状况，向学会评估企业未来价值转变。 以往，企业上市，盈利状况是至关重要的考量指标，未盈利企业想上市，难度堪比登天。但今后不同了，只要符合"科创成长层"的要求，即便还没赚钱， 也有机会上市，发行股票募集资金，获得更多融资机会。 再 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has introduced a series of financial reforms, termed the "1+6" policy measures, aimed at enhancing the capital market's attractiveness and vitality, particularly for the VC/PE industry [1][2][3] Group 1: Policy Measures - The policy includes the reactivation of the fifth set of standards for the Sci-Tech Innovation Board, expanding its applicability to sectors like artificial intelligence and biomedicine, which will facilitate financing for quality enterprises in these fields [1][2] - It supports unprofitable technology companies in conducting capital increases for existing shareholders, alleviating financial pressure during lengthy IPO review processes [2][3] - The implementation of the "six merger and acquisition rules" and management measures for major asset restructuring aims to strengthen listed companies by integrating quality assets and providing exit channels for the primary market [2][3] Group 2: Industry Impact - The reforms are expected to inject new momentum into the VC/PE industry, enhancing resource allocation in the market and broadening financing channels for venture capital firms [1][4] - The introduction of measures to support unprofitable innovative enterprises in going public is seen as crucial for fostering patient and bold capital, particularly in hard technology sectors [2][3] - The new policies signal a shift towards a more inclusive capital market, which is essential for protecting entrepreneurial spirit and promoting innovation [2][3] Group 3: Challenges and Requirements - The reforms raise the bar for investment institutions, necessitating enhanced professional capabilities, including the establishment of new valuation systems for unprofitable hard tech companies [4][5] - There are challenges in implementing these policies, such as improving the transparency and efficiency of the IPO process and developing a robust legal framework for strict delisting regulations [5]

研 究 专 题 新股研究 2025 年 06 月 19 日 服务科创再加码，重启未盈利上市通道 ——科创板深改"1+6"政策点评 投资提示： 相关研究 《科创板未盈利企业引入约定限售模式，网 下"白名单"制度落地——对完善首发承销 细则征求意见稿、"白名单"等制度的点评》 2025/01/05 证券分析师 联系人 任奕璇 (8621)23297818× renyx2@swsresearch.com 证 券 研 究 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 新 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 股 发 行 报 告 ⚫ 2025 年 6 月 18 日，证监会主席吴清在陆家嘴论坛 2025 开幕式发表主旨演讲，证监会发布《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》，推出进一步深化改革的"1+6"政策措施， "1"在科创板设置科创成长层，" ...

Core Insights - Since the release of the "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board," four unprofitable companies have been accepted for IPO applications on the Sci-Tech Innovation Board, all from the semiconductor industry [3][5][6]. Group 1: IPO Applications - Four unprofitable companies have been accepted for IPO applications on the Sci-Tech Innovation Board, all from the semiconductor sector [3][5]. - The companies include Zhaoxin Integrated Circuit Co., Ltd., Shanghai Super Silicon Semiconductor Co., Ltd., and others, with Zhaoxin seeking to raise 4.169 billion yuan [8][28]. Group 2: Financial Performance - Zhaoxin reported revenues of 340 million yuan, 555 million yuan, and 889 million yuan for the years 2022, 2023, and 2024, respectively, with net losses of 726.61 million yuan, 675.58 million yuan, and 951.39 million yuan during the same period [11]. - Shanghai Super Silicon achieved revenues of 921.09 million yuan, 927.80 million yuan, and 1.327 billion yuan for the years 2022, 2023, and 2024, with net losses of 860.12 million yuan, 1.041 billion yuan, and 1.299 billion yuan [31]. Group 3: Funding and Investment Plans - Zhaoxin plans to use the proceeds from its IPO for projects including the development of next-generation server processors and desktop processors, with a total investment of approximately 458.20 million yuan [12]. - Shanghai Super Silicon aims to raise 4.965 billion yuan for expanding production capacity and R&D projects related to semiconductor silicon wafers [35]. Group 4: Regulatory Environment - The "Eight Measures" aim to support high-quality unprofitable tech companies with key core technologies and significant market potential to list on the Sci-Tech Innovation Board, enhancing the inclusiveness of the system [5][6]. - The China Securities Regulatory Commission (CSRC) plans to introduce further reforms, including a new growth tier on the Sci-Tech Innovation Board and the reintroduction of listing standards for unprofitable companies [6].

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 ...