Core Viewpoint - The article discusses the newly released "Guidelines for Self-Regulatory Supervision of Listed Companies on the Science and Technology Innovation Board - Growth Layer" by the Shanghai Stock Exchange, focusing on the support for technology companies that are in the growth phase and not yet profitable [2][4]. Group 1: Definition and Target Companies - The Growth Layer is designed to support technology companies that have significant technological breakthroughs, broad commercial prospects, and substantial ongoing R&D investments, which are still in the unprofitable stage at the time of listing [4]. Group 2: Applicability of Growth Layer - The Growth Layer applies to both existing unprofitable companies listed on the Science and Technology Innovation Board (referred to as "existing companies") and newly registered companies that are unprofitable at the time of listing (referred to as "incremental companies"). Existing companies will be included in the Growth Layer from the date of the guideline's release, while incremental companies will be included from the date of listing [5]. Group 3: Conditions for Removal from Growth Layer - The conditions for removal from the Growth Layer are defined as follows: for incremental companies, they will be removed if they meet one of the following criteria: (1) both net profits in the last two years are positive and the cumulative net profit is not less than 50 million yuan, or (2) the net profit in the last year is positive and the operating income is not less than 100 million yuan. For existing companies, the removal condition remains that they must achieve profitability after listing [7]. Group 4: Disclosure Requirements - Companies in the Growth Layer are subject to stricter disclosure requirements, which include providing detailed explanations for their unprofitability and its impact in their annual reports. The lead underwriters are responsible for ongoing supervision and must issue conclusive opinions on the risks associated with the companies [14][15]. Group 5: Trading Participation and Risk Awareness - Investors participating in the trading of newly registered Growth Layer stocks must sign a special risk disclosure document. Existing stocks or depositary receipts are not affected by this requirement. Additionally, companies must disclose any significant adverse impacts on their technological innovation, R&D capabilities, growth prospects, or earnings improvement [11][15].

Core Viewpoint - The article discusses the establishment and operational guidelines of the "Science and Technology Innovation Growth Layer" on the STAR Market, aimed at supporting unprofitable but promising technology companies [5][19]. Group 1: Introduction to the Science and Technology Innovation Growth Layer - The Science and Technology Innovation Growth Layer was officially launched on July 13, 2025, by the Shanghai Stock Exchange, with the goal of fostering the development of unprofitable technology enterprises with significant growth potential [5]. - This layer is designed to enhance the inclusivity for technology companies that are not yet profitable but have promising prospects [9][17]. Group 2: Access and Participation Guidelines - Investors who already have STAR Market trading permissions and possess a risk tolerance assessment of C4 (active) or above can trade stocks or depositary receipts listed after the new regulations on July 13, 2025, after signing a risk disclosure statement [7][11]. - For investors who have not yet opened STAR Market trading permissions, they must first meet the basic requirements and then sign the risk disclosure statement to participate in trading [11][12]. Group 3: Eligibility Requirements for Individual Investors - Individual investors must have an average daily asset of no less than RMB 500,000 in their securities and funds accounts over the past 20 trading days, excluding funds and securities borrowed through margin trading [12]. - Investors must have at least 24 months of trading experience and pass a knowledge test regarding STAR Market trading risks [12]. Group 4: Identification and Labeling of Stocks - Stocks of companies listed on the Science and Technology Innovation Growth Layer will have a "U" identifier to indicate their unprofitable status, with new registrations labeled as "成" and existing stocks labeled as "成1" [17].

Core Viewpoint - The article emphasizes the importance of investor education and awareness regarding market risks and investment decisions [3][4]. Group 1: Investor Education - The content serves as a platform for educating investors about business knowledge and investment risks [3]. - It highlights the necessity for investors to make independent judgments rather than relying solely on provided information [4]. Group 2: Contact Information - The article provides contact details for various locations, including Shanghai, Jilin, Xinjiang, Guangxi, and Hubei, indicating the presence of educational resources across these regions [1].

Core Viewpoint - The article discusses the newly released "Guidelines for Self-Regulatory Supervision of Listed Companies on the Science and Technology Innovation Board - Growth Layer" by the Shanghai Stock Exchange, which aims to support technology companies that are in the growth phase and have not yet achieved profitability [3]. Summary by Sections Definition of Growth Layer Companies - The Growth Layer is designed to support technology companies that have significant technological breakthroughs, broad commercial prospects, and substantial ongoing R&D investments, but are still in the pre-profit stage at the time of listing [5]. Eligibility for Growth Layer Companies - The Growth Layer applies to both existing listed companies that have not yet achieved profitability (referred to as "existing companies") and newly registered companies that are also unprofitable at the time of listing (referred to as "incremental companies"). Existing companies will be included in the Growth Layer from the date of the guideline's release, while incremental companies will be included from the date of their listing [6]. Conditions for Removal from the Growth Layer - The conditions for removal from the Growth Layer are defined as follows: 1. If a company has positive net profits for the last two years and a cumulative net profit of no less than 50 million yuan. 2. If a company has positive net profit for the last year and an operating income of no less than 100 million yuan. - For existing companies, the removal condition remains that they must achieve profitability for the first time after listing [8]. Investor Awareness of Removal - Investors can be informed about a company's removal from the Growth Layer through the annual report, where the company will disclose the conditions met for removal. The Shanghai Stock Exchange will also promptly announce the removal [9]. Special Marking for Growth Layer Stocks - To adequately reveal risks, stocks or depositary receipts from the Growth Layer will have a special marking ("U") added to their names. Companies that fail to disclose annual reports or receive negative audit opinions will not have their tier adjusted [10]. Trading Considerations for Investors - Investors participating in trading of newly registered Growth Layer stocks must sign a special risk disclosure document. However, existing stocks or depositary receipts are not subject to this requirement [12]. Information Disclosure Requirements - Companies in the Growth Layer are subject to stricter information disclosure requirements, particularly regarding the reasons for not being profitable and the impact on the company. The lead underwriters are responsible for ongoing supervision and must provide conclusive opinions on the risks disclosed [15][16].

Core Viewpoint - The article discusses the establishment and operational guidelines of the "Science and Technology Innovation Growth Layer" on the STAR Market, aimed at supporting unprofitable but promising technology companies [5][19]. Group 1: Introduction to the Science and Technology Innovation Growth Layer - The Science and Technology Innovation Growth Layer was officially launched on July 13, 2025, by the Shanghai Stock Exchange, with the goal of fostering the development of technology enterprises that are not yet profitable but have significant growth potential [5]. - This layer is designed to enhance the inclusivity for technology companies with bright prospects, allowing them to access capital markets more easily [9][17]. Group 2: Access and Participation Guidelines - Investors who already have STAR Market trading permissions and have a risk tolerance assessment result of C4 (active) or above can trade stocks or depositary receipts listed after the new regulations on the Science and Technology Innovation Growth Layer, provided they sign a risk disclosure statement [7][11]. - For investors who have not yet opened STAR Market trading permissions, they must first meet the basic requirements and then sign the risk disclosure statement to participate in trading [11][12]. Group 3: Eligibility Requirements for Investors - To open trading permissions for the STAR Market, individual investors must have an average daily asset of no less than RMB 500,000 in their securities and funds accounts over the past 20 trading days, excluding funds and securities borrowed through margin trading [12]. - Investors must have at least 24 months of trading experience and pass a knowledge test regarding STAR Market trading risks [12]. Group 4: Identification and Labeling of Stocks - Stocks of companies listed on the Science and Technology Innovation Growth Layer will have a "U" identifier to indicate their unprofitable status, with new registrations labeled as "成" and existing stocks labeled as "成1" to differentiate between new and existing stocks [17].

Company Overview - Sichuan Tianlian Robot Co., Ltd. (referred to as "Tianlian Robot") signed a counseling agreement with Huazhang Securities for its initial public offering (IPO) on the Shanghai Stock Exchange's Sci-Tech Innovation Board on July 25, 2023, with the Sichuan Securities Regulatory Bureau accepting the filing materials on July 30, 2023 [3] - Tianlian Robot's core products include harmonic reducers and several self-developed humanoid robots, such as T1 PRO, T1 Ultra, T1 mini, and C1s [3][4] - The company was established in 2012 and listed on the New Third Board in 2015, currently classified as an innovative tier enterprise on that board [3] Financial Performance - In 2024, Tianlian Robot achieved a revenue of 29.91 million yuan, representing a year-on-year growth of 39.81%, while the net profit attributable to shareholders was a loss of 14.27 million yuan, reducing losses by 23.95% year-on-year [3] Market Position - Tianlian Robot ranks among the top five in the domestic market share for harmonic reducers, and is one of the top three among domestic brands [6] - The company has seen a compound annual growth rate (CAGR) of approximately 29% in harmonic reducer shipments from 2020 to 2024, with shipment volumes of 19,962 units in 2020, 33,534 units in 2021, 40,759 units in 2022, 38,758 units in 2023, and 55,723 units in 2024 [6] Product Development - The T1 PRO humanoid robot features 81 degrees of freedom and is approximately 1.6 meters tall, with all key components, including harmonic reducers and ultra-lightweight integrated joints, developed in-house [8] - Tianlian Robot's humanoid robot was selected as one of the first batch of iconic product chain leaders in Sichuan Province, recognized for its potential as a future product [8] Strategic Partnerships - The company has established strategic cooperation agreements with several listed companies, including a partnership with ZTE Corporation to showcase the "Tina" humanoid robot at the World Mobile Communications Conference [9][10] - Tianlian Robot signed a strategic cooperation agreement with Lihua Xing to enhance automation manufacturing and testing in robotics, aiming to increase market share for both parties [10] Industry Context - The establishment of the Sci-Tech Innovation Board's growth tier is seen as a significant boost for hard-tech companies, allowing those in the technology development phase to access the capital market more easily [11][12] - The new policies aim to support technology companies that are in the pre-profit stage, enhancing market stability and providing a controlled environment for incremental reforms [12]

Group 1 - Sichuan Tianlian Robot Co., Ltd. (referred to as "Tianlian Robot") has signed a counseling agreement with Huazhang Securities for its initial public offering (IPO) on the Sci-Tech Innovation Board [4] - The company specializes in harmonic reducers and has developed several humanoid robots, including T1 PRO, T1 Ultra, T1 mini, and C1s [4][9] - In 2024, Tianlian Robot reported revenue of 29.91 million yuan, a year-on-year increase of 39.81%, while its net profit attributable to shareholders was a loss of 14.27 million yuan, a year-on-year reduction in loss of 23.95% [4] Group 2 - The company ranks among the top five in the domestic market for harmonic reducers, and is one of the top three among domestic brands [9] - The harmonic reducers produced by Tianlian Robot are primarily used in SCARA robots, collaborative robots, service robots, and humanoid robots, with a compound annual growth rate of approximately 29% from 2020 to 2024 [9] - The T1 PRO humanoid robot features 81 degrees of freedom and has achieved full self-research and production of its core components [11] Group 3 - Tianlian Robot has established strategic partnerships with several A-share companies to enhance collaboration in research and production [14] - The company was recognized as one of the first batch of iconic product chain enterprises in Sichuan Province, with its humanoid robot selected as one of the ten future products for development [11] - The establishment of the Sci-Tech Growth Layer aims to support technology companies that are in the pre-profit stage, enhancing their access to capital markets [16]

Core Viewpoint - Numerous brokerage firms are facilitating investor participation in the Sci-Tech Innovation Board's growth tier, with several firms like CITIC Securities and Guosen Securities enabling trading permissions through their apps, indicating a step closer for investors to engage in upcoming IPOs and trading of companies listed in this tier [1][4]. Group 1: Trading Permissions and Requirements - Investors must meet the same criteria as for the Sci-Tech Innovation Board, requiring personal assets of over 500,000 yuan and at least two years of investment experience to participate in the growth tier [1]. - Several brokerage firms have issued announcements regarding the signing of the "Risk Disclosure Statement for the Sci-Tech Innovation Board Growth Tier," ensuring investors can easily sign through online channels [1][4]. Group 2: Risk Disclosure and Management - The importance of risk disclosure is emphasized, requiring investors to understand the specific risks associated with growth tier companies, including their unprofitability and uncertainties in technology development and market prospects [4][6]. - The Shanghai Stock Exchange has revised rules to help investors better understand the investment risks of unprofitable companies, adding essential clauses to the risk disclosure statement [4]. Group 3: Market Opportunities and Challenges - The listing of growth tier companies introduces new investment opportunities but also demands higher risk identification and management capabilities from investors due to the inherent uncertainties in revenue and profitability [6]. - Currently, two companies, Heyuan Biotechnology and Beixin Life, have successfully passed the review and are awaiting listing in the growth tier, with more unprofitable companies in the IPO queue, indicating a diversification of investment options in the future [6].

Core Points - Several securities firms, including CITIC Securities and Guosen Securities, have launched trading permissions for the Sci-Tech Innovation Growth Tier on their apps, requiring investors to have 500,000 yuan in assets and two years of investment experience to participate in upcoming IPOs and trading [1][4] - At least two companies have received IPO approval and are set to list on the Sci-Tech Innovation Growth Tier [2][8] - The Shanghai Stock Exchange has implemented a risk disclosure document for investors participating in the Sci-Tech Innovation Growth Tier, which must be signed before trading [3][5] Group 1 - Numerous securities firms have made the trading permission for the Sci-Tech Innovation Growth Tier available, with a total of at least 14 firms reported to have launched this feature by July 29 [4] - Investors must sign the "Risk Disclosure Document for Sci-Tech Innovation Growth Tier" to participate in new stock subscriptions and trading, ensuring they are aware of the associated risks [3][5][6] - The risk disclosure document highlights that companies in the growth tier may be unprofitable at the time of listing, and investors should be cautious about the uncertainties related to revenue and profitability [6][7] Group 2 - Two companies, He Yuan Biotechnology and Bei Xin Life, have successfully passed the IPO review process and are awaiting listing, with He Yuan Biotechnology already receiving its IPO approval [8] - There are three additional unprofitable companies in the IPO queue, with two having submitted registration applications and one in the inquiry stage [8] - Existing unprofitable listed companies do not require new trading permissions for participation in transactions [8]

Core Viewpoint - The article discusses the recent launch of trading permissions for the Sci-Tech Innovation Growth Layer by several securities firms, allowing investors to participate in upcoming IPOs and trading of companies in this layer, with specific requirements for eligibility [1][5]. Group 1: Trading Permissions and Requirements - Numerous securities firms, including CITIC Securities and Guosen Securities, have introduced the functionality for investors to open trading permissions for the Sci-Tech Innovation Growth Layer [1][5]. - To participate, investors must have at least 500,000 yuan in assets and two years of investment experience, similar to the requirements for the Sci-Tech Board [1][5]. - Investors must sign a "Risk Disclosure Statement" before engaging in trading or subscription of newly registered stocks in the Sci-Tech Innovation Growth Layer [3][4]. Group 2: Upcoming IPOs and Companies - Two companies have received IPO approval and are set to list in the Sci-Tech Innovation Growth Layer: He Yuan Biotechnology and Bei Xin Life [10][11]. - He Yuan Biotechnology's IPO was approved on July 18, while Bei Xin Life has successfully passed the IPO review but has not yet submitted its registration application [10][11]. - Additionally, three unprofitable companies are in the IPO queue, with two having submitted applications and one in the inquiry stage [12]. Group 3: Risk Disclosure and Investor Education - The Shanghai Stock Exchange has revised the "Risk Disclosure Statement" to help investors understand the risks associated with investing in unprofitable companies [7]. - Securities firms are required to ensure that investors sign the "Risk Disclosure Statement" before participating in the subscription and trading of new stocks in the Sci-Tech Innovation Growth Layer [7][8]. - The risks highlighted include the uncertainty of revenue and profitability for unprofitable companies, the challenges in pricing due to limited comparable companies, and the potential for significant stock price volatility [8].