Core Viewpoint - Six companies in the Sci-Tech Innovation Board's growth tier have turned profitable in 2025 and will be removed from this tier, marking a significant milestone for these previously unprofitable firms [1][3]. Group 1: Company Performance - Cambrian (688256) reported a revenue of 6.497 billion and a net profit of 2.059 billion in 2025 [1]. - BeiGene (688235) achieved a revenue of 38.2 billion and a net profit of 1.422 billion, reflecting a 40.4% increase in total revenue compared to the previous year [3][5]. - Orbbec (688322) generated a revenue of 941 million and a net profit of 127 million in 2025 [4][6]. - Jikong Electric (688280) reported a revenue of 2.726 billion and a net profit of 162 million [6]. - North Chip Life (688712) achieved a revenue of 542 million and a net profit of 81 million [8]. - Innovent Biologics (688428) projected a revenue of approximately 2.365 billion and a net profit of around 633 million for 2025, although it did not release a performance report by the specified date [9]. Group 2: Growth Tier Overview - The Sci-Tech Innovation Board's growth tier was established to support technology companies that are not profitable at the time of listing but have significant technological breakthroughs and commercial potential [1]. - As of March 6, 2025, there are 39 companies in the growth tier, with 32 existing and 7 newly registered [1].

Core Insights - The program "沪市汇·硬科硬客" focuses on the implications of the Sci-Tech Innovation Board for unprofitable companies and how it supports R&D innovation and results transformation [2] - The discussion includes strategies for companies to plan their path to profitability and effectively utilize growth tools [2] Group 1 - The episode features two companies from the Sci-Tech Growth Layer and one company that has turned profitable after delisting from the "ST" status [2] - The program aims to explore the institutional and practical empowerment of technology innovation through the Sci-Tech Growth Layer [2] - Key guests include industry leaders from companies such as芯联集成, 康希诺生物, and 埃夫特, who share insights on R&D breakthroughs and stable growth paths for "hard tech" enterprises [2]

Listing Overview - Beijing Angrui Microelectronics Technology Co., Ltd. will list its ordinary shares on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 16, 2025 [1] - The stock code for Angrui Micro is 688790, with a total share capital of 99,531,688 shares after the public offering [3] - The number of shares offered in this public offering is 24,882,922, all of which are new shares with no existing shares being transferred [3] Share Structure and Liquidity - After the issuance, the number of unrestricted circulating shares at the initial listing will be 12,057,671 shares, accounting for 12.11% of the total share capital [4] - The company may face liquidity risks due to the limited number of circulating shares at the initial listing [4] Valuation Metrics - The offering price of 83.06 yuan per share corresponds to a diluted static price-to-sales ratio of 3.93 times based on the projected revenue for 2024 [6] - This price-to-sales ratio is lower than the average level of comparable companies in the industry, indicating potential valuation attractiveness [6] Comparable Company Analysis - As of December 2, 2025, comparable listed companies in the same industry have varying price-to-sales ratios, which are essential for assessing Angrui Micro's market position [5] Risk Factors - The stock will be subject to a price fluctuation limit of 20%, with no limit on the first five trading days, which may lead to significant price volatility [2] - The company has not yet achieved profitability and will be classified under the Sci-Tech Growth Tier upon listing, which may affect investor sentiment [2]

Group 1 - The company Muxi Co., Ltd. will be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 17, 2025, with Huatai United Securities as the sponsor [1] - Muxi Co., Ltd. is currently not profitable and will be classified under the Sci-Tech Growth Tier upon listing [1] - Investors participating in the Sci-Tech Growth Tier must meet suitability management requirements and sign a risk disclosure document before trading [1] Group 2 - Muxi Co., Ltd. had a total of 5.1752 million valid subscription accounts and 28.862 billion shares subscribed during its online issuance, resulting in an initial lottery rate of 0.02223023% and a final lottery rate of 0.03348913% after the adjustment mechanism was activated [4] - The subscription enthusiasm for Muxi Co., Ltd. is considered to be in the top tier among recently listed semiconductor companies on the Sci-Tech Innovation Board, despite its lower lottery rates compared to another GPU manufacturer, Moore Threads [4][5] - The stock price performance of Muxi Co., Ltd. post-listing is expected to be highly speculative due to its high demand during the subscription phase [5]

Group 1 - The core point of the article is that Muxi Co., Ltd. will be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 17, 2025, despite not being profitable at the time of listing [1] - According to the regulations, companies that are not profitable upon listing will be included in the Sci-Tech Growth Tier from the date of listing [1] - Ordinary investors participating in the Sci-Tech Growth Tier must meet the suitability management requirements and sign a risk disclosure document before trading [1] Group 2 - The trading of Sci-Tech Board stocks is subject to a price fluctuation limit of 20%, with no limit on the first five trading days after the initial public offering [1] - The company advises investors to fully understand market risks and the risk factors disclosed by the company, urging caution against blindly following trends in new stock listings [1]

扫描二维码查阅公告全文 北京昂瑞微电子技术股份有限公司 首次公开发行股票科创板 上市公告书提示性公告 保荐人（主承销商）：中信建投证券股份有限公司 本公司及全体董事、高级管理人员保证信息披露的内容真实、准确、完整、 及时，没有虚假记载、误导性陈述或重大遗漏。 经上海证券交易所审核同意，北京昂瑞微电子技术股份有限公司（以下简称 "昂瑞微""公司""本公司"或"发行人"）发行的人民币普通股股票将于 2025 年 12 月 16 日在上海证券交易所科创板上市，上市公告书全文和首次公开发行股 票的招股说明书在上海证券交易所网站（http://www.sse.com.cn/）和符合中国证 监 会 规 定 条 件 网 站 （ 中 证 网 ， https://www.cs.com.cn/ ； 中 国 证 券 网 ， https://www.cnstock.com/；证券时报网，https://www.stcn.com/；证券日报网， http://www.zqrb.cn/；经济参考网：http://www.jjckb.cn/）披露，并置备于发行人、 上交所、本次发行保荐人（主承销商）中信建投证券股份有限公司的住所，供公 众 ...

Core Insights - The "1+6" reform for the Sci-Tech Innovation Board was launched on June 18, 2025, establishing the Sci-Tech Growth Tier, which welcomed its first three listed companies on October 28, 2025 [2] - By November 2025, 57 unprofitable companies had been listed on the Sci-Tech Board, with 22 of them achieving profitability and "delisting" [2] - In the first three quarters of 2025, 35 companies in the Sci-Tech Growth Tier reported a 39% year-on-year revenue growth and a significant reduction in net losses by 65%, indicating a positive trend in revenue growth and loss reduction [2] - The median R&D intensity of companies in the Sci-Tech Growth Tier reached 44.3%, significantly higher than the market average, showcasing strong innovation capabilities [2] - Major technological breakthroughs and significant innovations have been observed in cutting-edge fields such as new-generation information technology and biomedicine [2] Group 1 - Unprofitable companies listed in the Sci-Tech Growth Tier have shown notable growth [4] - Post-listing, companies have experienced significant advancements in R&D innovation and operational development [4] - The secrets behind the profitability of "delisted" companies are explored [4] Group 2 - There is an inquiry into the timeline and roadmap for companies still in losses to achieve profitability [4] - The "toolbox" for growth includes various effective instruments, with discussions on their usability and adequacy [4][7] - The second season of "Hard Science and Hard Customers" invites stakeholders to witness the growth journey of the Sci-Tech Growth Tier [7]

Group 1 - The upcoming episode of "Hard Science Hard Guests" will focus on the theme of "Growth Stories of the Sci-Tech Innovation Board" [2] - The program is a collaboration between the Shanghai Stock Exchange, China Business News, and China National Radio Capital Eye [2] - China Business News has been serving business managers and the business community since its establishment in 1985, focusing on economic frontiers and financial information [2]

Listing Overview - Moer Technology (Beijing) Co., Ltd. will list its ordinary shares on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 5, 2025 [1] - The total share capital after the issuance will be 470,028,217 shares, with 70,000,000 new shares being issued [4] - The initial circulating shares will be 29,382,386 shares, representing 6.25% of the total share capital post-issuance [5] Financial Metrics - The issuance price corresponds to a price-to-sales (P/S) ratio of 122.51 times based on the diluted revenue per share for 2024 [9] - This P/S ratio is higher than the average P/S ratio of comparable companies in the industry, indicating potential risks of stock price decline for investors [9][8] Lock-up Periods - Original shareholders will have a lock-up period of 36 months or 12 months, while certain strategic investors will have a lock-up period of 24 months [3] - The company’s actual controller and related parties have committed to extending their lock-up periods, which may affect liquidity [3] Trading Risks - The stock will have a price fluctuation limit of 20%, but there will be no limit on price changes for the first five trading days, leading to potential volatility [2] - The limited number of circulating shares may result in liquidity risks during the initial trading period [5]

1 摩尔线程智能科技（北京）股份有限公司 首次公开发行股票科创板 上市公告书提示性公告 保荐人（主承销商）：中信证券股份有限公司 扫描二维码查阅公告全文 本公司及全体董事、高级管理人员保证信息披露的内容真实、准确、完整、 及时，没有虚假记载、误导性陈述或重大遗漏。 经上海证券交易所审核同意，摩尔线程智能科技（北京）股份有限公司（以 下简称"摩尔线程""公司""本公司"或"发行人"）发行的人民币普通股股票 将于 2025 年 12 月 5 日在上海证券交易所科创板上市，上市公告书全文和首次公 开发行股票的招股说明书在上海证券交易所网站（http://www.sse.com.cn/）和符 合中国证监会规定条件网站（中证网，https://www.cs.com.cn/；中国证券网， https://www.cnstock.com/；证券时报网，https://www.stcn.com/；证券日报网， http://www.zqrb.cn/；经济参考网：http://www.jjckb.cn/）披露，并置备于发行人、 上交所、本次发行保荐人（主承销商）中信证券股份有限公司的住所，供公众查 阅。 一、上市概况 （一）股 ...