作为一家拟采用第五套上市标准的医疗器械公司，北芯生命已上市产品尚处于商业化初期，且部分在研 产品尚处于研发早期验证阶段。 值得一提的是，2025年，北芯生命预计归属净利润将实现扭亏为盈。基于公司目前的经营状况和市场环 境，公司预计2025年营业收入为5.2亿元至5.6亿元，较上年增长64.24%至76.88%；归属净利润为7800万 元至8800万元，较上年增长278.91%至301.85%。 北京商报讯(记者丁宁)2月5日，北芯生命(688712)正式登陆科创板，上市首日，公司股价大幅收涨 183.3%。 交易行情显示，2月5日，北芯生命高开187.16%，开盘价报50.31元/股，盘中涨幅一度扩大超200%，最 终收于49.64元/股，涨幅为183.3%，全天成交金额为14.09亿元，换手率为75.88%，总市值达到207亿 元。 资料显示，北芯生命是一家专注于心血管疾病精准诊疗创新医疗（002173）器械研发、生产和销售的国 家高新技术企业，致力于开发为心血管疾病诊疗带来变革的精准解决方案。 ...

| 财务指标/时间 | 2024年 | 2023年 | 2022年 | | --- | --- | --- | --- | | 总资产（万元） | 78299.68 | 77991.49 | 85432.77 | | 净资产（万元） | 68642.56 | 69065.72 | 76857.15 | | 营业收入（万元） | 31660.43 | 18397.72 | 9245.19 | | 归属母公司股东的净利润（万元） | -4359.62 | -13977.19 | -29003.67 | | 基本每股收益（元） | -0.1200 | -0.3900 | -0.8100 | | 稀释每股收益（元） | -0.1200 | -0.3900 | -0.8100 | | 加权平均净资产收益率（%） | -6.33 | -19.16 | -43.78 | | 经营活动产生的现金流量净额（万元） | 2990.72 | -13783.58 | -16102.11 | | 研发投入（万元） | 11285.98 | 13251.70 | 14325.14 | | 研发投入占营业收入比例（%） | 35.65 | ...

Group 1: New Listings - On July 14-20, one company listed on the Shanghai Stock Exchange main board, while no companies listed on the Shenzhen Stock Exchange [2] - China Huadian New Energy, focused on wind and solar power generation, saw its stock price rise over 125.79% on its first trading day, closing at 7.56 CNY per share, a 137.74% increase from the issue price of 3.18 CNY, with a total market capitalization of approximately 309.7 billion CNY [3] Group 2: Companies Passing Review - One company passed the review on the Shanghai Stock Exchange's Sci-Tech Innovation Board during the same period, while no companies passed on the Shenzhen Stock Exchange [4] - Shenzhen Beixin Life Technology Co., Ltd. specializes in innovative medical devices for cardiovascular disease diagnosis and treatment [5] Group 3: Terminated Listing Reviews - No companies terminated their listing reviews on the Shanghai Stock Exchange during this period, while one company on the Shenzhen Stock Exchange main board and one on the ChiNext did [7] - Guangdong Zhengyang Sensor Technology Co., Ltd. in the automotive manufacturing industry and Guizhou Duocai New Media Co., Ltd. in telecommunications both terminated their listing reviews [8] Group 4: Hong Kong Stock Exchange Activities - No new companies listed on the Hong Kong Stock Exchange during July 14-20 [9] - Three companies submitted applications for main board listings: Hunan Maijizhi Biotechnology Co., Ltd., Aux Electric Co., Ltd., and Shanghai Zhida Technology Development Co., Ltd. [12][13] - Hunan Maijizhi is a clinical-stage biopharmaceutical company focused on innovative biological agents for allergic and autoimmune diseases [14] - Aux Electric is one of the top five air conditioning providers globally, with a market share of 7.1% as of 2024 [16] - Shanghai Zhida Technology is the largest supplier of home electric vehicle charging solutions globally [19] Group 5: Financial Data and Fundraising - Hunan Maijizhi reported revenues of 8.72 million CNY and a net loss of 253 million CNY for 2023, with projections for 2024 showing a revenue of 2.4 million CNY and a net loss of 178 million CNY [14] - Aux Electric's revenues are projected to grow from 19.528 billion CNY in 2022 to 29.759 billion CNY in 2024, with net profits increasing from 1.442 billion CNY to 2.910 billion CNY [16] - Shanghai Zhida's revenues are expected to decline from 697 million CNY in 2022 to 593 million CNY in 2024, with net losses increasing from 25.147 million CNY to 236 million CNY [21]

Core Viewpoint - The recent week saw a quiet IPO market in Hong Kong, with three companies submitting applications and one company halting its IPO due to ongoing disputes, while several A-share companies announced preparations for Hong Kong IPOs [1][2]. A-Share Dynamics - Shenzhen Beixin Life Technology Co., Ltd. successfully passed its IPO review on July 18, aiming to raise 0.952 billion yuan, marking it as the second company this month to adopt the fifth set of standards for the Sci-Tech Innovation Board [2]. - Beixin Life focuses on innovative medical devices for cardiovascular disease diagnosis and treatment, and is recognized as a national high-tech enterprise [2]. Newly Listed Companies 1. **Viliant Biotech-B (09887.HK)** - Listed on July 17, raising approximately 1.01 billion HKD, becoming the first "B" labeled new stock in the Hong Kong innovative drug sector [3]. - The company has completed eight rounds of financing, totaling 1.084 billion yuan, and focuses on developing new therapies for cancer and autoimmune diseases [3]. 2. **Lianqi Technology (06610.HK)** - Listed on July 16, raising about 5.89 billion HKD, with projected revenue of 3.64 billion yuan and net profit of 1.34 billion yuan for 2024 [4][5]. - The company specializes in high-performance, low-power interconnect solutions for cloud computing and AI infrastructure [4]. 3. **Xingyuan Material (01908.HK)** - Listed on July 15, raising approximately 3.31 billion HKD, and is the leading manufacturer of lithium-ion battery separators globally [6]. - The company has seen its market share grow from 11.0% in 2020 to 14.4% in 2024, with significant clients including LG Energy, Samsung SDI, and CATL [6]. 4. **Lao Xiang Ji (09981.HK)** - Listed on July 15, raising about 1.55 billion HKD, and is the largest Chinese fast-food brand by transaction volume in 2024 [7][8]. - The company operates a mix of direct and franchise models, with a total of 1,564 stores across nine provinces and 58 cities as of April 30, 2025 [7][8]. Companies Submitting Applications 1. **WeDoctor Holdings** - Submitted its application on July 16, with Morgan Stanley as the exclusive sponsor, ranking second in China's online medical service market by revenue [9]. - The company aims to enhance grassroots medical institutions' capabilities through AI applications [9][10]. 2. **Hive Energy** - Submitted its application on July 15, with CITIC International and Citigroup as joint sponsors, ranking sixth globally and third domestically in battery installation volume for 2024 [11][12]. Market Dynamics - The Shanghai Stock Exchange announced the termination of an IPO application by Wendoli Sunshade Materials [13]. - As of July 18, 2025, there are 34 companies that have passed the IPO review but have not yet received approval from the China Securities Regulatory Commission [13].

文/梧桐晓编 自智翔金泰（688443）2023年6月20日上市以后，A股未再有亏损企业实现IPO上市。2024年下半年以来，各界要求恢复优质未盈利企业IPO上市的呼声持续增 长。监管系统领导也在不同场合表态支持优质未盈利科技企业发行上市。2025年3月11日，中国证监会党委召开扩大会议，深入学习习近平总书记在全国两会期 间的重要讲话精神和全国两会精神，研究部署资本市场贯彻落实具体举措。会议指出： 证监会要在支持科技创新和新质生产力发展上持续加力。增强制度包容 性、适应性，支持优质未盈利科技企业发行上市，稳妥恢复科创板第五套标准适用，尽快推出具有示范意义的典型案例，更好促进科技创新和产业创新融合发 展。 综观目前200家IPO在审企业，只有9家是报告期最近一年未盈利的，其中申报科创板的8家，申报北交所的1家。 9家在审未盈利IPO企业基本信息 单位：万元 | 公司简称 | 拟上市板 块 | 最近一年 营收 | 最近一年 净利润 | 上市标准 | 审核状态 | 保存机构 | 受理日期 | | --- | --- | --- | --- | --- | --- | --- | --- | | 西安奕材 | 科创板 ...