Group 1 - The core viewpoint is that the approval of Shuwotini by the FDA marks a significant milestone for China's pharmaceutical industry, showcasing its growing innovation capabilities on the global stage [1] - The Chinese pharmaceutical industry is experiencing a surge in innovative drug approvals both domestically and internationally, driven by supportive policies, capital investment, and technological advancements [1][4] - The Chinese government has implemented a comprehensive policy framework to support drug and medical device innovation, addressing barriers throughout the entire lifecycle from research and development to market access and clinical application [1][2] Group 2 - Recent policies have been introduced to enhance the efficiency of innovative drug development, including the use of medical insurance data and the establishment of commercial health insurance directories for innovative drugs [2] - The capital market is increasingly supporting the pharmaceutical industry, with the reintroduction of listing standards for unprofitable companies on the STAR Market, signaling strong backing for hard-tech enterprises [3] - The STAR Market's fifth listing standard has become a crucial channel for supporting innovation in the pharmaceutical sector, with 20 companies already listed under this standard, collectively generating over 14 billion yuan in revenue in 2024, a 40% increase year-on-year [3] Group 3 - Chinese pharmaceutical companies are increasingly engaging in overseas licensing transactions, with over 90 deals in 2024, totaling more than $50 billion, indicating international recognition of their technological and commercial value [4] - The industry is encouraged to focus on true innovation, transitioning from "Me-too" to "First-in-class" and "Best-in-class" drugs, while enhancing collaboration between academia, industry, and healthcare [4] - A complete innovation ecosystem encompassing basic research, drug screening, clinical application, capital support, and global outreach is emerging, propelling the Chinese pharmaceutical industry into a "golden era" with significant economic and employment benefits [4]

Core Insights - The establishment of the Sci-Tech Innovation Board (STAR Market) has enabled 20 innovative biopharmaceutical companies to list under the fifth set of listing standards, reshaping China's biopharmaceutical landscape [1] - The China Securities Regulatory Commission (CSRC) has introduced measures to enhance the STAR Market's support for high-growth, unprofitable tech companies, emphasizing the importance of "hard technology" [1][3] - The fifth set of listing standards allows unprofitable innovative companies to raise funds, breaking traditional capital market constraints and facilitating financing for R&D-focused firms [1][2] Industry Developments - Since its inception, the STAR Market has seen 20 innovative biopharmaceutical companies adopt the fifth set of listing standards, with significant fundraising efforts directed towards advanced technologies such as antibody drugs and ADCs [1] - In 2024, these 20 companies collectively achieved revenue of 14.21 billion yuan, a year-on-year increase of 44.17%, with several companies projected to exceed 1 billion yuan in revenue soon [1] - Companies like Dizhe Pharmaceutical have reported substantial revenue growth, with a 294.24% increase to 360 million yuan, driven by innovative drug development [2] Company Performance - Companies such as Junshi Biosciences have successfully raised over 8 billion yuan through the STAR Market, significantly advancing their clinical projects and R&D initiatives [2][3] - Ailis, which listed under the fifth set of standards, achieved commercialization of its core product within 2 years and 5 months, demonstrating the effectiveness of the STAR Market in supporting innovative firms [3] - ShenZhou Cell has transitioned from having no products or revenue at the time of listing to achieving 2.51 billion yuan in revenue, marking a successful turnaround [5] Innovation Ecosystem - The STAR Market has fostered an innovation-driven ecosystem, enhancing the flow of resources and increasing recognition of innovative technologies within the capital market [3][4] - Companies are increasingly focusing their resources on R&D, maintaining high levels of investment intensity, and establishing a virtuous cycle of research and development [6] - The introduction of the STAR Market has led to a fundamental shift in the development logic of listed companies, prioritizing quality over scale and fostering collaborative ecosystems [6]

Core Viewpoint - The first company to undergo the listing review under the reactivated fifth set of standards for the Sci-Tech Innovation Board is Wuhan Heyuan Biotechnology Co., Ltd., which focuses on innovative drugs but faces significant financial challenges and ongoing international technical disputes [2][3]. Financial Challenges - Heyuan Biotechnology has been operating at a loss, with revenues increasing from 13.40 million yuan in 2022 to 25.22 million yuan in 2024, but net profits recorded losses of -144 million yuan, -187 million yuan, and -151 million yuan over the same period [3][4]. - As of December 31, 2024, the company had accumulated unremedied losses of 851 million yuan [3]. - The company's cash reserves have significantly decreased from 654 million yuan in mid-2022 to 160 million yuan by the end of 2024 [6]. Debt and Liquidity Issues - The company has seen a rise in debt, with short-term borrowings reaching 10.01 million yuan and long-term borrowings hitting 184 million yuan by the end of 2024, doubling from the previous year [7]. - Key liquidity ratios have deteriorated, with the current ratio dropping from 2.35 in 2022 to 1.02 in 2024, and the quick ratio falling from 2.03 to 0.69 over the same period [7][8]. R&D and Product Pipeline - Heyuan Biotechnology has a pipeline of eight drugs under development, with the most advanced product, recombinant human serum albumin injection (HY1001), expected to receive approval soon [9][10]. - The company has faced delays in the clinical trial phases of its products, particularly HY1002, which has seen its Phase III trial pushed back multiple times, now slated for late 2025 [10][11]. Legal Disputes - The company is embroiled in a long-standing patent infringement lawsuit initiated by Ventria Bioscience, which claims Heyuan's products infringe on its patents [12][13]. - The ongoing legal issues pose a risk to the company's core technology and could lead to significant financial liabilities or restrictions on product sales [14].

皮海洲 | 立方大家谈专栏作者 若果真如此，支持未盈利企业上市，最终所支持的就不是未盈利企业的发展，而是支持了未盈利企业股 东的减持套现，这显然是违背了支持未盈利企业上市的初衷。甚至还妨碍了未盈利企业的发展。毕竟如 果未盈利企业不上市，创业团队的成员们还可以团结一心、共同努力，争取把企业做好做强，但企业上 市了，创业团队的成员们不用继续努力就可以实现财富自由了，如此一来，创业团队的成员们何必还要 吃苦受累顽强打拚呢？ 因此，未盈利企业股东减持问题，是市场各方面都必须正视的一个问题。显而易见的是，未盈利企业的 股东减持并不能照搬照抄现有的上市公司股东减持制度，而是要考虑到未盈利企业自身的发展现状，制 定出符合未盈利企业发展特点的股东减持制度。这就意味着未盈利企业股东持股的锁定期需要进一步延 长，更重要的是要将股东减持与企业的盈利紧密结合起来。 此外，吴清还在提到创业板改革话题时表示，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。这就意味着科创板与创业板将同时开门迎来未盈利企业的上市。加上北交所也在悄无声息地安排未 盈利企业上市。如此一来，将会有更多的未盈利企业从科创板、创业板、北交所三个方向向投资者迎 ...

7月1日，禾元生物科创板IPO申请将上会，其拟采用第五套上市标准引发市场关注。作为科创板第五套上 市标准重启以来首家上会的企业，禾元生物此次被赋予标志性意义，即资本市场对科技创新规律的理解进 一步深化，制度适配性进一步增强。 科创板设立之初，即从科创企业发展的实际出发，允许无收入、未盈利企业通过"市值+研发"指标登陆资 本市场。然而，由于种种原因，自智翔金泰上市后，已两年未有企业采用第五套标准。 如今，科创板有望再次迎来第五套标准上市企业，充分体现了科创板对优质未盈利科技型企业的包容，进 一步彰显了资本市场支持科技创新、服务新质生产力发展的政策导向。 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 超600%！复牌暴涨！ 丨 重磅！财政部：根据形势变化及时推出增量储备政策 丨 昨夜，中概股大 涨！ 丨 "芯"火"辽"原已成势丨证券时报、辽宁日报联合调研报道 丨 科创板第五套标准重启！禾元生 物IPO即将上会 丨 又有公司进入退市整理期！ 丨 促消费！央行、证监会等联合印发！ 丨 大涨！牛 市旗手，再现百亿成交！ 丨 刚刚，突破！中国资 ...

7月1日，禾元生物科创板IPO申请将上会，其拟采用第五套上市标准引发市场关注。作为科创板第五套 上市标准重启以来首家上会的企业，禾元生物此次被赋予标志性意义，即资本市场对科技创新规律的理 解进一步深化，制度适配性进一步增强。 科创板设立之初，即从科创企业发展的实际出发，允许无收入、未盈利企业通过"市值+研发"指标登陆 资本市场。然而，由于种种原因，自智翔金泰上市后，已两年未有企业采用第五套标准。 如今，科创板有望再次迎来第五套标准上市企业，充分体现了科创板对优质未盈利科技型企业的包容， 进一步彰显了资本市场支持科技创新、服务新质生产力发展的政策导向。 第五套上市标准是科创板制度包容性、适应性的重要体现，是应和科创企业发展规律的重要举措。与传 统企业不同，科技型企业往往具备"研发投入高、盈利周期长、商业验证慢"等成长特性。以新药研发为 例，从实验室成果到商业化落地平均耗时10—15年，需持续投入数十亿元资金，这期间，资本市场的支 持不可或缺。 从美股科技"七巨头"的成长轨迹来看，亚马逊上市后第6年方实现首次盈利，特斯拉更是在上市后第11 年才开始赚钱，苹果、英伟达等龙头企业同样经历了营收大幅下降甚至亏损的阶段。 ...

因为 A 股市场为了保护股民利益收紧，这两年来港交所这次捡了不少漏，尤其对现金流较差早期融资节奏太 快的企业，因为资金链和盈利性问题，只能选择跑到港股上市，这使得 A 股错失不少机器人企业。 为了抢救市场， 6 月 18 日，在 2025 陆家嘴论坛上证监会主席 吴清 表示，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。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，重启未盈利企业适用科创板第五套标准 ( 允许符合国家战略、突破关键核心技术且市场认可度高的企 业，在无盈利情况下以预计市值 40 亿元门槛上市 ) 上市 。 证监会表示在持续抓好 " 科创板八条 " 落地实施的基础上，以设置专门层次为抓手，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。一方面，设置科创板科创成长层，在科创成长层的定位、企业入 层和调出条件、强化信息披露和风险揭示、增加投资者适当性管理等方面明确具体要求。另一方面，围绕增强 优质科技型企业的制度包容性适应性，推出 6 项改革举措。 值 ...

Core Viewpoint - The enthusiasm of investors in the pharmaceutical primary market has been reignited due to the China Securities Regulatory Commission's announcement of the "1+6" policy measures, which will support unprofitable innovative companies in listing on the Sci-Tech Innovation Board (STAR Market) [1][9]. Group 1: Policy Changes - The introduction of the "new fifth set" listing standards aims to provide a differentiated listing channel for innovative companies that are in the high R&D investment phase but have not yet achieved stable revenue [3][4]. - The "1" in the "1+6" policy refers to the establishment of a Sci-Tech Growth Layer on the STAR Market, which will include all existing and newly registered unprofitable technology companies [3]. - The fifth set of standards will expand its applicability beyond biomedicine to include sectors such as artificial intelligence, commercial aerospace, and low-altitude economy [7]. Group 2: Market Impact - The previous tightening of the STAR Market and the discounting of Hong Kong IPOs led to a significant reduction in investment activity in the pharmaceutical sector, but the reintroduction of the fifth set of standards is expected to enhance investment willingness and risk appetite in the primary market [1][2]. - Since the STAR Market's inception, 20 innovative biopharmaceutical companies have utilized the fifth set of standards for fundraising, with the total investment amount in the biopharmaceutical sector reaching a peak of $34 billion in 2021 [8]. - In 2022, the total investment in the domestic pharmaceutical industry dropped to $15.6 billion, halving compared to the previous year, and further decreased to $10.9 billion in 2023, marking a 30% year-on-year decline [8]. Group 3: Investor Sentiment - The new policies are expected to restore key listing channels for unprofitable pharmaceutical companies, thereby boosting investor confidence and attracting social capital into the biopharmaceutical sector [9]. - There are concerns about potential overheating in the market due to the execution of these policies and the resonance with market sentiment, which could lead to high valuations or share price declines for some unprofitable technology companies post-listing [9].

【深圳商报讯】（记者 陈燕青）6月18日，在2025陆家嘴论坛上，证监会主席吴清宣布，将在科创板重 启未盈利企业第五套上市标准，同时扩大第五套标准范围，试点引入资深专业机构投资者制度。这意味 着未盈利企业IPO将提速。 科创板第五套上市标准是2019年设立科创板时推出的创新性制度安排，旨在支持尚未盈利但具备高成长 性的科技企业上市。吴清表示，将进一步深化改革的"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。 具体来看，"1"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，更加精 准服务技术有较大突破、持续研发投入大、商业前景广阔的优质科创企业，在强化信息披露、加强投资 者适当性管理方面作出安排。"6"就是在科创板推出6项措施，引入资深专业机构投资者的制度，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，支持在审的未盈利企业对老股东开展增 资扩股活动，完善科创板公司再融资制度和战略投资者认定标准，增加科创板投资产品和风险管理工具 等。 去年6月19日，证监会发布的"科创板八条"提出，支持具有关键核心技术、市场潜力大 ...

6月18日上午，中国证监会主席吴清在2025陆家嘴论坛上宣布，将在科创板推出深化改革的"1+6"政策措 施，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。 风险资本在我国过去数十年的科技产业发展中起到重要的作用。但在2023~2024年期间，由于美联储提 高利率以及全球经济衰退风险加剧，流入我国的美元风险资本减少。与此同时，国内IPO节奏阶段性收 紧，一些企业赴美上市定价过低，港股市场中小股票流动性不足，在一定程度上影响了部分创投机构通 过IPO退出与资金回流，国内风险投资活动有所减少。 但是，在我国当前经济发展阶段，以人工智能、生物科技、商业航天、低空经济等为代表的前沿技术与 新兴产业蓬勃发展，技术突破正向市场应用加快转化，这对加快构建与之相适配的金融服务体系提出了 新的更高要求。因此，及时重启第五套上市标准并扩大适用范围，积极吸引包括社保基金、保险资金、 产业资本等在内的各类社会资本参与私募股权投资，才能更好促进科技创新和产业创新融合发展，实现 科技、资本、产业良性循环。 我国诸多初创企业在互联网革命期间最终成长为巨头，比如高盛最近推出的中国十大民营上市公司中有 一半是互联网公司 ...