Core Viewpoint - The Shanghai Stock Exchange emphasizes its mission to support the real economy and enhance its capacity to support technological innovation through the STAR Market, which has established inclusive listing standards for unprofitable companies [1][5]. Group 1: Listing Standards - The STAR Market has developed five sets of listing standards, with the second to fifth sets not imposing profit thresholds, thereby creating diverse pathways for unprofitable companies to access the capital market [1][2]. - The second to fourth sets of standards assess companies based on "revenue scale + R&D intensity," "revenue scale + cash flow," and "revenue scale + market capitalization," respectively, catering to hard technology enterprises with strong R&D capabilities [1][2]. - The fifth set of standards evaluates companies based on "market capitalization + stage of R&D achievements," allowing innovative firms with promising technologies but no commercialization to list [2]. Group 2: Performance of Unprofitable Companies - As of 2024, 54 unprofitable companies listed on the STAR Market achieved a total revenue of 1,745 billion, a 24% year-on-year increase, with 26 companies exceeding 100 million in revenue [3]. - These companies collectively reduced their net losses by 36% to 136 billion, with 22 companies achieving profitability and "delisting" from the unprofitable category [3]. - In the first half of 2025, these companies reported a total revenue of 999 billion, an 8% increase, and reduced net losses by 70% to 15 billion [3]. Group 3: Industry Highlights - Leading companies in the innovative drug sector, such as BeiGene and Baillie Gifford, have achieved significant sales milestones, with BeiGene's new drug generating over 10 billion in sales in just six months [4]. - In the semiconductor sector, companies like SMIC and Cambrian are breaking foreign monopolies and enhancing domestic capabilities in AI chip development [4]. - The STAR Market has facilitated the approval of 46 drugs/vaccines, with 20 new innovative drugs launched domestically, showcasing the rapid advancement of unprofitable companies towards commercialization [6]. Group 4: Policy Impact - The STAR Market's "1+6" policy framework aims to further support unprofitable companies by creating a "STAR Growth Layer" that focuses on emerging sectors like AI and commercial aerospace [6]. - Since the implementation of this policy, 15 new IPO applications have been accepted, including four from unprofitable companies, indicating a positive market response [6]. - Companies in the STAR Growth Layer reported a 38% year-on-year revenue growth and a significant reduction in net losses by 71 billion in the first half of 2025 [6]. Group 5: Future Outlook - The STAR Market is positioned to assist unprofitable hard technology companies in transitioning from research to market, reinforcing the importance of capital support for technological self-reliance [7].

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]