Core Viewpoint - The article discusses the progress and impact of the "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board" (referred to as "Sci-Tech Board Eight Measures") one year after its release, highlighting the support for unprofitable technology companies in the capital market [1][3][4]. Group 1: Progress of Unprofitable Companies on the Sci-Tech Board - Since the release of the "Sci-Tech Board Eight Measures," four unprofitable companies have successfully submitted their IPO applications to the Shanghai Stock Exchange [4]. - The recent acceptance of the IPO application from Zhaoxin Integrated, a leading domestic CPU manufacturer, marks another milestone in the orderly progress of unprofitable companies on the Sci-Tech Board [3][4]. - The regulatory body has emphasized the importance of identifying the "scientific content" of unprofitable companies to ensure they meet the listing criteria [4]. Group 2: Institutional Support for Sci-Tech Enterprises - The regulatory authorities have improved supporting systems for unprofitable technology companies, including the introduction of the "light asset, high R&D investment" recognition standard [6]. - As of now, nine companies have disclosed refinancing plans under this standard, raising nearly 25 billion yuan, with six being unprofitable at the time of listing [6]. - The first successful refinancing case under this standard was achieved by Dize Pharmaceutical, which highlights the importance of this recognition for ongoing R&D projects [6]. Group 3: Mergers and Acquisitions Involving Unprofitable Companies - The "Sci-Tech Board Eight Measures" also support acquisitions of quality unprofitable "hard tech" companies, with 28 transactions reported since the policy's implementation [7]. - Notable transactions include the acquisition of minority stakes by Hu Silicon Industry for 7.04 billion yuan and by ChipLink Integrated for 5.897 billion yuan [7]. Group 4: Performance of Unprofitable Companies - By May 2025, the Sci-Tech Board had supported 54 unprofitable companies, with 21 in the biopharmaceutical sector and 18 in integrated circuits [9]. - These companies collectively achieved total revenue exceeding 170 billion yuan, a year-on-year growth of 24%, while their net profit loss decreased by 36% [9]. - 22 of these companies have turned profitable post-IPO, representing 41% of the total unprofitable companies listed [9]. Group 5: R&D Investment Trends - In 2024, the 54 unprofitable companies on the Sci-Tech Board invested a total of 45.944 billion yuan in R&D, marking a year-on-year increase of 5.86% [10]. - The median R&D investment as a percentage of revenue was 37.74%, significantly higher than the board's median of 12.64% [10]. - The ongoing implementation of the "Sci-Tech Board Eight Measures" is expected to facilitate more unprofitable companies with core technologies to overcome capital constraints and contribute to the national innovation landscape [10].