Group 1 - The core viewpoint is that loss-making companies can now list on both the Sci-Tech Innovation Board and the ChiNext Board, expanding the scope of eligible industries beyond biomedicine to include artificial intelligence, commercial aerospace, and low-altitude economy [1][2] - The ChiNext Board has introduced a third set of standards that allows unprofitable innovative companies to go public, which is a significant shift in the listing criteria [2][3] - The first and second sets of standards on the ChiNext Board require profitability, while the third set allows for losses, focusing instead on revenue and market capitalization [3][4][5] Group 2 - The first set of standards on the ChiNext Board requires a minimum net profit of 60 million yuan in the most recent year and 40 million yuan in the previous year [3][7] - The second set of standards requires a minimum revenue and market capitalization, with no specific profit requirement [4][5] - The third set of standards does not require profitability but mandates a minimum revenue of 3 billion yuan and a market capitalization of 30 billion yuan, which is less stringent than the first set of standards on the Sci-Tech Innovation Board [5][6] Group 3 - The ChiNext Board is positioned to support growth-oriented innovative enterprises, focusing on the integration of traditional industries with new technologies and business models [10][13] - Companies seeking to list on the ChiNext Board must demonstrate a compound annual growth rate of at least 25% in revenue over the past three years if their most recent year's revenue is below 3 billion yuan [11] - Certain industries, such as traditional sectors and those with overcapacity, are prohibited from listing on the ChiNext Board, while companies that integrate with new technologies are encouraged [13][14] Group 4 - The ChiNext Board has specific requirements regarding equity ownership, ensuring that the issuer's shareholding is clear and free from significant disputes that could affect control [15] - Complex equity structures can lead to listing failures, even if financial performance meets the requirements [16][17] - The review of financial data spans three years, while equity issues are scrutinized indefinitely, highlighting the importance of clear ownership structures for successful listings [17][18]

Core Viewpoint - In the first half of 2025, 7 semiconductor companies that are still in the red managed to go public, indicating a shift in the capital market's attitude towards unprofitable firms, particularly in the semiconductor sector [1]. Group 1: Changes in IPO Regulations - The traditional A-share IPO process required companies to meet profit thresholds, but the introduction of the Sci-Tech Innovation Board in 2019 allowed unprofitable companies with strong technology to list [3]. - On February 17, 2023, the China Securities Regulatory Commission (CSRC) approved a third set of financial standards for the ChiNext board, allowing unprofitable companies with a market value of at least 5 billion yuan and revenue of at least 300 million yuan to go public [3]. - The first unprofitable company to be accepted for listing on the ChiNext was Dapu Microelectronics on June 27, 2025, marking the implementation of the new standards [3]. Group 2: Overview of the 7 Unprofitable Companies - The 7 companies, despite their losses, are engaged in critical sectors within the semiconductor industry [4]. - **Mole Thread and Muxi Co., Ltd.** are focused on the GPU market, facing high costs in architecture innovation to compete with dominant players like NVIDIA [5]. - **Dapu Microelectronics** specializes in storage control chips, essential for the smart storage systems, and aims to secure funding through its IPO to support ongoing high R&D costs [6]. - **Shiyatech** is developing silicon-based OLED display chips for AR/VR devices, requiring significant investment in R&D and production capabilities [7]. - **Zhaoxin Integrated** is tackling the CPU market, aiming to create a complete domestic computing platform despite facing significant challenges in ecosystem adaptation and performance optimization [8]. - **Shanghai Super Silicon** focuses on producing high-purity silicon wafers, a foundational element in chip manufacturing, requiring substantial upfront investment [10]. - **Angrui Micro** is dedicated to RF front-end chips critical for mobile signal quality, needing to innovate to compete in the 5G market [11]. Group 3: Policy Support for Semiconductor Industry - The ability of these 7 companies to go public reflects government support for the semiconductor industry, which is crucial for achieving self-sufficiency in high-end chips and key materials amid global competition [12].