但光鲜的创新成果背后，科创企业却面临着"成长的烦恼"，技术研发需持续投入，成果转化需时间沉 淀，轻资产、缺抵押，传统信贷模式难以适配。 日前，第一财经记者跟随中国人民银行赴安徽省调研发现，合肥一些科创企业"有技术、有市场、缺资 金"。如何构建适配企业成长规律的科技金融产品？如何通过制度创新实现银行与企业风险共担、利益 共享？一系列难题亟待破解。 科创企业盼金融破局 作为国家专精特新重点"小巨人"企业，合肥万豪能源设备有限责任公司（下称"万豪能源"）深耕绿色能 源成套装备领域，其自主研发的智能撬装天然气液化装备能将原本废弃燃烧或排空的甲烷就地收集、净 化、提纯、液化，转化为符合国家标准的液化天然气（LNG）产品，实现"变废为宝"与减排双赢。 但鲜为人知的是，这家行业领军企业在转型期，曾面临一定困境。"我把能抵押的都抵押了，可以说不 成功就会倾家荡产。"万豪能源董事长杨美蓉回忆。 近年来，万豪能源业务规模的持续扩大导致现金流面临阶段性压力，但万豪能源所涉行业需要投入资金 较大、成果产出周期较长。自身发展过程中，面临资产负债率及融资收入比居高不下、固定资产中绝大 部分为机械设备变现难度较大，传统银行信贷产品已无法再 ...

Core Insights - Wanhao Energy has transformed from a traditional energy-saving and environmental protection company to a key player in the field of natural gas liquefaction, showcasing the potential of private enterprises in technological innovation and green development [1][2] - The "Common Growth Plan" initiated by the People's Bank of China in Anhui Province has been crucial in providing financial support for innovative companies like Wanhao Energy, facilitating their transformation and growth [1][3] Group 1: Company Transformation - In 2013, Wanhao Energy faced skepticism during its transition from an energy-saving company to one focused on utilizing waste gas from oil and gas fields, which was traditionally seen as a domain for state-owned enterprises [2] - The company endured six years without revenue, relying on profits from traditional business to fund research and development, ultimately leading to the production of its first intelligent natural gas liquefaction equipment in 2019 [2][3] - This equipment has significantly contributed to reducing carbon emissions, with one project in Sichuan recovering approximately 200 million cubic meters of natural gas annually and cutting carbon emissions by 240,000 tons [2] Group 2: Financial Innovation - Wanhao Energy's second transformation into the bioenergy sector required substantial funding, which was made possible by the proactive support from banks, particularly the Industrial and Commercial Bank of China (ICBC) [3][4] - The "Common Growth Plan" allows for long-term, high-amount loans without traditional collateral requirements, enabling companies to secure financing based on their growth potential [3][6] - By September 2025, the plan had supported over 15,000 enterprises with loans exceeding 210 billion yuan, demonstrating its effectiveness in fostering innovation [3][6] Group 3: Policy and Ecosystem Development - The "Common Growth Plan" has evolved to address the challenges faced by technology-driven enterprises, providing a framework for dynamic risk and benefit balance between banks and companies [6][11] - The introduction of the 2.0 version of the plan includes a "stock option income swap," allowing banks to share in the growth of enterprises without holding equity, thus enhancing financial support for companies like Wanhao Energy [8][10] - Wanhao Energy's projects, such as the biogas liquefaction and carbon capture facility, exemplify the successful integration of financial support and technological innovation, contributing to a circular economy [11][12]