Core Insights - The article discusses the upcoming listing of He Yuan Bio, Xi'an Yicai, and Bibet on the Sci-Tech Innovation Board, marking them as the first batch of newly registered companies in the Sci-Tech Growth Layer [3] - The Sci-Tech Growth Layer aims to support technology enterprises and enhance their development through a more inclusive and adaptable listing system [3][4] Group 1: Market Overview - The total market capitalization of the 32 existing companies in the Sci-Tech Growth Layer exceeds 1 trillion yuan, with significant representation in new-generation information technology (15 companies), biomedicine (14 companies), new energy (2 companies), and high-end equipment manufacturing (1 company) [4] - These companies have collectively raised 105.2 billion yuan through IPOs, facilitating increased R&D investment and commercialization efforts [4] Group 2: Financial Performance - In 2024, the 32 companies are projected to achieve a total revenue of 67.6 billion yuan, with 29 companies surpassing 100 million yuan in revenue [6] - The average annual compound growth rate of revenue for these companies is 27.87%, outpacing the overall growth rate of the Sci-Tech Board by nearly 4 percentage points [6] - Despite ongoing losses due to high R&D costs and product introduction phases, 19 companies are expected to reduce their losses year-on-year in 2024, with 16 companies reducing losses by over 20% [6] Group 3: R&D and Innovation - The 32 companies are expected to invest a total of 30.6 billion yuan in R&D in 2024, with a median R&D expenditure to revenue ratio of 65.4%, leading the Sci-Tech Board [7] - Notable achievements include the launch of 20 new drugs with global novelty and the development of significant AI technologies, enhancing the competitive edge of domestic firms [7] Group 4: Institutional Support - Recent reforms, including the "1+6" initiative, have provided tailored support for companies at different stages, facilitating easier access to financing for R&D projects [8] - The merger and acquisition framework has also been improved, allowing companies to pursue external growth strategies more effectively [8]

（原标题：存量公司长势好新上公司新意足 制度创新精准滴灌科创成长层） 编者按：禾元生物、西安奕材、必贝特即将登陆科创板，届时将直接进入科创成长层，成为首批新注册企业。此前，科创成长层已有32家存量公 司。今日起，证券时报开设"聚焦科创成长层"栏目，既记录存量公司的发展进阶之路，也追踪新注册企业的成长潜力，解码制度创新赋能新质生 产力企业发展壮大的内在逻辑。 证券时报记者 张淑贤 6月18日，科创板"1+6"改革启动，宣布设立科创成长层，32家尚未扭亏的存量未盈利公司全部入层。证券时报记者梳理发现，自上市以来，相关 公司接连取得重磅研发成果，加快"减亏增收"进程。 随着"1+6"改革稳步落地，科创成长层将以更高的包容性、适应性，进一步服务科技企业和新质生产力发展需要。据悉，科创成长层首批新公司即 将登陆科创板。 存量公司总市值合计超万亿元 对于32家科创成长层存量公司，其主要分布在新一代信息技术（15家）、生物医药（14家）、新能源（2家）和高端装备智造（1家）等战略新兴 产业。为适应科技企业阶段性发展特点，科创板打造组合式的上市制度，32家公司中，11家适用第五套标准（市值+研发进展），8家适用第四套 标准 ...

今年6月18日，科创板"1+6"改革启动，宣布设立科创成长层，32家尚未扭亏的存量未盈利上市企业全部 入层。自上市以来，相关公司迸发创新动能，加快增收减亏，接连斩获重磅研发成果，总市值突破万亿 元。 近期，正在发行或即将上市的禾元生物、西安奕材、必贝特等公司将直接进入科创成长层。据统计，科 创板开板至今共支持54家未盈利公司上市，22家公司上市后实现盈利并"摘U"，平均每年"摘U"4家。随 着"1+6"改革稳步落地，科创成长层将以更高的包容性、适应性，进一步服务科技企业和新质生产力发 展需要。 制度包容性彰显 32家科创成长层公司主要分布在新一代信息技术、生物医药、新能源、高端装备制造等战略性新兴产 业。为适应科创企业的阶段性发展特点，科创板打造组合式上市制度，其多元包容性在32家成长层公司 得到深度体现：11家适用第五套标准（市值+研发进展）、8家适用第四套标准（市值+收入）、8家适 用第二套标准（市值+收入+研发投入）、3家适用特殊表决权标准、2家适用红筹企业标准，这些标准 均不要求公司上市前盈利，为科技企业提供更加多样的上市路径选择。 融资方面，科创成长层公司通过IPO合计募资1051.97亿元，为加快 ...

Core Insights - The launch of the "1+6" reform on June 18 has established the Sci-Tech Innovation Board's growth tier, allowing 32 unprofitable listed companies to enter this tier, leading to increased revenue and reduced losses, with a total market value exceeding 1 trillion yuan [1][2]. Group 1: Growth Tier Companies - Recent IPOs include He Yuan Bio, Xi'an Yicai, and Bibete, which will directly enter the growth tier, contributing to a total of 54 unprofitable companies listed since the board's inception, with 22 achieving profitability post-listing [2]. - The growth tier companies are primarily in strategic emerging industries, including new-generation information technology (15 companies), biomedicine (14 companies), new energy (2 companies), and high-end equipment manufacturing (1 company) [3]. - The growth tier companies have collectively raised 105.2 billion yuan through IPOs, facilitating increased R&D investment and capacity building [3]. Group 2: Financial Performance - In 2024, the 32 growth tier companies achieved a total revenue of 67.6 billion yuan, with 29 companies surpassing 100 million yuan in revenue [5]. - The average annual compound growth rate of revenue for these companies is 27.87%, outperforming the overall board's growth rate by nearly 4 percentage points [5]. - By the first half of 2025, the growth tier companies experienced a year-on-year revenue increase of 37.79%, indicating a strong growth trend [5]. Group 3: Loss Reduction - In 2024, 19 growth tier companies reduced their losses year-on-year, with 16 companies reducing losses by over 20% [6]. - By the first half of 2025, the overall loss reduction amounted to 7.12 billion yuan, with 21 companies reducing losses, and 13 of them by over 20% [6]. - Notable examples include Baijie Shenzhou, which transitioned from a loss of 13.6 billion yuan in 2022 to a profit of 450 million yuan in 2025, and Hanwujing, which achieved profitability for four consecutive quarters starting from Q4 2024 [6]. Group 4: R&D Investment - The 32 growth tier companies invested a total of 30.6 billion yuan in R&D in 2024, with a median R&D investment to revenue ratio of 65.4%, leading the Sci-Tech Innovation Board [8]. - The board's support has enabled these companies to achieve significant R&D milestones, including the launch of 20 new drugs with global innovation attributes [8]. - For instance, Baijie Shenzhou's fundraising efforts have led to the successful development of Zebutini, which became the first domestic drug to exceed 1 billion USD in sales [8]. Group 5: Institutional Support - The "1+6" reform and related policies have provided tailored support for growth tier companies, facilitating their financing and development [10]. - Eight growth tier companies have completed refinancing, raising a total of 13.2 billion yuan, with over 30% of the funds allocated to R&D [10]. - The merger and acquisition framework has also been enhanced, with six disclosed transactions since the introduction of the "Sci-Tech Board Eight Articles," focusing on acquiring quality unprofitable companies [11].

编者按：禾元生物、西安奕材、必贝特即将登陆科创板，届时将直接进入科创成长层，成为首批新注册 企业。此前，科创成长层已有32家存量公司。今日起，证券时报正式开设 "聚焦科创成长层"栏目，既 记录存量公司的发展进阶之路，也追踪新注册企业的成长潜力，解码制度创新赋能新质生产力企业发展 壮大的内在逻辑。 存量公司总市值合计超万亿元 32家科创成长层存量公司主要分布在新一代信息技术（15家）、生物医药（14家）、新能源（2家）和 高端装备智造（1家）等战略新兴产业。为适应科技企业阶段性发展特点，科创板打造组合式的上市制 度，32家公司中，11家适用第五套标准（市值+研发进展），8家适用第四套标准 （市值+收入），8家 适用第二套标准（市值+收入+研发投入），3家适用特殊表决权标准，2家适用红筹企业标准，这些标 准均不要求企业上市前盈利，为科技企业提供更加多样的上市路径选择。 6月18日，科创板"1+6"改革启动，宣布设立科创成长层，32家尚未扭亏的存量未盈利公司全部入层。证 券时报记者梳理发现，自上市以来，相关公司接连斩获重磅研发成果，加快"减亏增收"进程。 随着"1+6"改革稳步落地，科创成长层将以更高的包容性、适应 ...

Core Viewpoint - The article discusses the upcoming listing of new companies on the Sci-Tech Innovation Board, highlighting the establishment of the Sci-Tech Growth Layer and its implications for technology enterprises and innovative production capabilities [1][9]. Group 1: Overview of the Sci-Tech Growth Layer - The Sci-Tech Growth Layer will include three new companies: He Yuan Bio, Xi'an Yicai, and Bibet, joining 32 existing companies that have not yet turned a profit [1]. - The total market capitalization of the existing 32 companies exceeds 1 trillion yuan [2]. - These companies are primarily distributed across strategic emerging industries, including new-generation information technology (15 companies), biomedicine (14 companies), new energy (2 companies), and high-end equipment manufacturing (1 company) [3]. Group 2: Financial Performance and Growth - The 32 existing companies have collectively raised 105.2 billion yuan through IPOs, which has catalyzed their research and development investments, capacity building, and commercialization efforts [3]. - In 2024, these companies are projected to achieve a total revenue of 67.6 billion yuan, with 29 companies surpassing 100 million yuan in revenue [5]. - The average annual compound growth rate of revenue for these companies since 2019 is 27.87%, outpacing the overall growth rate of the Sci-Tech Innovation Board by nearly 4 percentage points [5]. Group 3: Trends in Profitability - Among the 54 unprofitable companies listed on the Sci-Tech Board, 22 have achieved profitability and "delisted" from the unprofitable category, averaging 4 companies per year [5]. - In 2024, 19 companies are expected to reduce their losses year-on-year, with 16 of them reducing losses by over 20% [6]. - In the first half of 2025, the existing companies in the Sci-Tech Growth Layer significantly reduced losses by 7.1 billion yuan, with 21 companies reducing losses, and 13 of them achieving a reduction of over 20% [6]. Group 4: Research and Development Investment - The total R&D investment of the 32 companies is expected to reach 30.6 billion yuan in 2024, with a median R&D investment-to-revenue ratio of 65.4%, leading the Sci-Tech Innovation Board [8]. - The innovative drug sector has entered a "harvest period," with these companies launching 20 new drugs classified as "global new" and achieving breakthrough therapy designations for 10 drugs [8]. Group 5: Institutional Support and Future Prospects - Recent reforms, including the "1+6" reform, have provided tailored support for companies at different stages, facilitating their growth and development [10]. - The new financing standards allow companies to exceed refinancing limits for R&D projects, with some companies allocating over 30% of raised funds to R&D [10]. - The growth trajectory of the Sci-Tech Growth Layer companies is becoming clearer, with new companies expected to join the layer, further enriching the sector [10].