投资快报记者杨帆 广州报道 10 月 14 日，科创成长层首股禾元生物申购备受市场关注。然而不少投资者申购时才发现，即便开通了科创板，仍因未签署《科 创成长层风险揭示书》提示权限不足，部分客户完成操作后，已错过申购时间。这一权限开通的顺利与否，很大程度上取决于 开户券商的服务质量。有的券商提前沟通并指导权限开通，有的券商则毫无主动提示，客户在申购碰壁后才知情。 科创成长层首股禾元生物申购，权限成为"隐形门槛" 10月14日，科创板成长层设立以来首只新股禾元生物（申购代码 787765）正式开启网上申购。 禾元生物是重启科创板第五套标准后，首家过会并取得注册批文的企业，也是科创成长层新注册企业中首家启动发行的企业。 禾元生物此次总发行数量为8945万股，包含网上发行数量为1431万股。投资者参与网上申购禾元生物，申购数量上限为1.4万 股，顶格申购需配沪市市值 14万元。 禾元生物是一家创新型生物医药企业，专注于水稻胚乳细胞表达体系的植物分子医药技术和产品的研发，核心产品HY1001已完 成国内III期临床研究，达到主要和次要临床研究终点。 从业绩来看，禾元生物当前仍未取得盈利。2022年至2024年及2025 ...

Core Viewpoint - The introduction of the out-of-the-money option model provides a new approach to valuing unprofitable companies, addressing the challenges of traditional valuation methods and promoting more accurate assessments of their true value [1][3]. Group 1: Valuation Challenges - Valuing unprofitable companies is complex as traditional metrics like price-to-earnings ratio and net asset value are not applicable due to the absence of net profit [1]. - The limitations of traditional valuation methods often lead to confusion and misjudgment in the market regarding the value of unprofitable companies [1]. Group 2: Out-of-the-Money Option Model - The out-of-the-money option model offers a scientific method for valuing unprofitable companies by capturing their future growth potential, similar to how out-of-the-money options possess time value despite having no intrinsic value [1][2]. - This model emphasizes key factors such as industry prospects, technological innovation, and team strength, which are crucial for determining whether a company can achieve profitability and significant value growth [2]. Group 3: Practical Implications - The application of the out-of-the-money option model can optimize resource allocation in capital markets, attracting more venture capital and long-term investments to innovative but unprofitable companies [2]. - By providing a more objective and accurate valuation range, the model helps mitigate the risks of overvaluation or undervaluation in the market, contributing to a healthier and more stable capital market [2]. Group 4: Limitations and Considerations - While the out-of-the-money option model presents a promising approach, it has high data requirements and the predictions may carry uncertainties, necessitating the integration of other valuation methods and professional judgment for improved accuracy [2].