21世纪经济报道记者 张赛男 上海报道 科创板在制度设计上进一步支持企业科技创新。 去年10月，为鼓励科创板上市公司加大研发投入、提升科技创新能力，"科创板八条"提出的再融资适 用"轻资产、高研发投入"企业认定标准正式落地。 时隔8个月，已有多家科创板企业享受到这一政策红利。6月4日晚间，上交所官网显示，寒武纪 （688256.SH）49.8亿元再融资申请获上交所受理，适用科创板"轻资产、高研发投入"企业认定标准。 这是上市五年以来，寒武纪进行的第二次定增，也是公司目前金额最大的一笔融资。 在此之前，迪哲医药（688192.SH）完成17.96亿元定增，成为"科八条"发布以来，再融资获得证监会注 册的首家上交所未盈利企业。芯原股份（688521.SH）18.07亿元定增项目获批，适用上述标准，融资用 于多个研发项目。 据记者统计，截至目前，共有9家科创板上市公司按照"轻资产、高研发投入"认定标准申请再融资，合 计拟融资金额接近250亿元，生物医药、半导体行业是集中领域。 "根据当前的市场观察，越来越多的科创板上市公司正积极考虑利用'轻资产、高研发投入'再融资标 准。这一政策的实施为企业提供了更大的融资灵活性， ...

Core Viewpoint - The vaccine industry is undergoing significant adjustments, and the company is focusing on high R&D investment, risk mitigation, and diversified business layout to navigate through the industry volatility and share in the market recovery benefits [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 26.07 billion yuan and a net profit attributable to shareholders of 2.018 billion yuan; in Q1 2025, the operating revenue was 2.374 billion yuan [2]. - The company's self-developed product revenue reached 1.182 billion yuan in 2024, a year-on-year increase of 14.98%; the net cash flow from operating activities in Q1 2025 was 304 million yuan, up 107.12% year-on-year [3]. - The accounts receivable balance decreased from 27.059 billion yuan at the beginning of 2024 to 14.645 billion yuan in Q1 2025, addressing a common industry issue [3]. R&D Investment and Product Pipeline - The company invested 1.391 billion yuan in R&D in 2024, with the number of R&D personnel increasing to 1,072, and cumulative R&D investment exceeding 5.1 billion yuan over the past five years [3]. - Significant progress has been made in self-developed pipelines, including the approval of the quadrivalent influenza virus split vaccine and the acceptance of production registration applications for the freeze-dried human rabies vaccine and trivalent influenza virus split vaccine [3][4]. Market Strategy and Risk Mitigation - The company has optimized its strategic cooperation with GlaxoSmithKline (GSK) to enhance flexibility in procurement and supply of the shingles vaccine, extending exclusive rights until the end of 2034 [5][6]. - Adjustments in collaboration with Merck have been made to phase the delivery schedule based on consumer demand, improving supply chain efficiency and risk resilience [6]. - The company has taken significant steps to gain control over Chanan Bio, expanding its pipeline in GLP-1 and insulin analogs to mitigate single-business risks [6][7]. Global Expansion - The company is actively pursuing overseas clinical trials and registrations, with products like the tuberculosis diagnostic reagent "Yika" approved in Indonesia and the 23-valent pneumonia vaccine receiving GMP certification in the Philippines [7].