"北交所成立四年来，为我国资本市场的健康、稳健和持续发展起到了连接枢纽的关键作用。"在北交所 开市四周年之际，清华大学五道口金融学院副院长、金融学讲席教授张晓燕接受中国证券报记者专访。 她表示，北交所的独特价值在于服务创新型中小企业，近年来北交所在服务中小企业创新发展、特别是 赋能科技创新企业方面取得了积极成效。 在北交所的推动下，北交所上市公司的研发投入持续加码，已连续三年实现增长。2024年，北交所上市 公司的研发投入合计超过91亿元，到当年年末累计拥有的发明专利数量接近7000项。 差异化不是降低标准，而是适配需求。张晓燕强调，"北交所高质量扩容"与"提升上市公司质量"相辅相 成、辩证统一，"从监管与制度层面而言，北交所应聚焦专精特新属性，建立相应的多维度上市标准， 从源头确保新增上市公司具备创新成色与发展潜力。从上市公司层面而言，质量提升的关键在于夯实公 司治理和提高投资价值。应支持上市公司做精做深，强化关键少数责任，提升信息披露质量。还应督促 上市公司建立尊重、回馈投资者的股权文化，鼓励建立明确、稳定的分红政策，使投资者能真正分享企 业成长的收益。只有这样，才能在扩大市场规模的同时，实现企业价值、市 ...

Group 1 - The core viewpoint of the article highlights the booming performance of new stocks on the Beijing Stock Exchange (BSE), with significant first-day gains and record-breaking subscription figures [1][2][8] - Dingjia Precision, which listed on July 31, saw a first-day surge of 479.12%, setting multiple historical records for the BSE, including over 628.83 billion yuan in frozen funds [2][3] - The overall trend indicates that seven new stocks listed this year have all experienced first-day gains exceeding 150%, with the highest being 500% for Guangxin Technology [3][8] Group 2 - The BSE has seen a resurgence in new stock issuance, with 16 companies successfully passing the review process this year, indicating a healthy market environment [4][5] - The structure of newly accepted companies is evolving, with an increasing focus on high-end manufacturing, new materials, and new consumption sectors, while traditional sectors like information technology are seeing a decrease [6][7] - Analysts predict that the high-quality expansion of the BSE will continue, with a notable increase in the number of specialized and innovative "little giant" enterprises among new listings [9]

Group 1: Company Overview - Zhejiang Jinhua New Materials Co., Ltd. (Jinhua New Materials) has successfully passed the listing committee review of the Beijing Stock Exchange, meeting issuance, listing, and information disclosure requirements [1] - The company primarily engages in the research, production, and sales of ketoxime series fine chemicals, with some raw materials classified as hazardous chemicals [2] Group 2: Financial Performance - Jinhua New Materials reported revenues of 994 million yuan, 1.115 billion yuan, and 1.239 billion yuan for the years 2022 to 2024, with net profits of 79.59 million yuan, 173 million yuan, and 211 million yuan respectively, indicating stable growth [2] - For the first half of this year, the company expects a revenue decline of 7% to 13% and a net profit decrease of 9% to 16% due to macroeconomic downturns affecting downstream product prices and sales [3] - The company anticipates a 14.25% revenue decline and a 4.65% decrease in net profit for the year 2025 [3] Group 3: Regulatory Scrutiny - The listing committee raised concerns regarding the company's operational compliance, particularly in safety production and environmental protection, questioning whether overcapacity has led to pollution or regulatory issues [2] - Jinhua New Materials was asked to clarify the independence from its controlling shareholder, Juhua Group, in terms of assets, personnel, finance, and operations [3] Group 4: Market Trends - The Beijing Stock Exchange has seen a significant increase in IPO applications, with 150 companies accepted in June alone, accounting for 85% of the total for the first half of the year [4] - The exchange aims to maintain a high-quality supply of enterprises, focusing on supporting innovative small and medium-sized enterprises that align with national strategic development [5] - Analysts predict that the quality of new stocks will improve, and the issuance pace may accelerate in the second half of the year, maintaining high participation and price increases in the new stock market [6]