Group 1 - The core viewpoint of the article highlights the increasing trend of companies in the hard technology sector, such as He Yuan Bio, Xi'an Yicai, and Bibete, listing on the A-share market, marking a new phase in capital market support for technological innovation [1] - The A-share IPO market is showing signs of recovery since 2025, driven by stable regulations, optimized review processes, and improved market expectations, which is particularly beneficial for long-cycle, high-investment biotech companies [1][2] - The introduction of the "1+6" reform measures in 2025 has expanded the applicability of the fifth set of standards to companies with hard-core technology, encouraging more long-term capital to enter the biotech sector [2] Group 2 - The current global technology competition centers around AI, commercial aerospace, and low-altitude economy, which are crucial for China's development of "new quality productivity" [3] - The shift in A-share listing standards from historical financial performance to future value creation encourages companies to invest in R&D without the pressure of immediate profitability [3] - The role of underwriting institutions is evolving from compliance gatekeepers to value discoverers and growth companions for enterprises, necessitating a shift in team composition to include professionals from diverse scientific backgrounds [3] Group 3 - Looking ahead to 2026, IPO issuance is expected to gradually return to a new normal, focusing on strategic emerging industries such as commercial aerospace, AI, robotics, semiconductors, new energy, and biomedicine [4] - The development of direct financing through equity and bonds is a key task outlined in the "14th Five-Year Plan," aimed at enhancing the inclusivity and adaptability of capital market systems [5] - The expectation for 2026 is a more regulated, inclusive, and vibrant capital market [5]

Core Viewpoint - The A-share market is increasingly embracing hard technology and high-growth companies, with a number of unicorn enterprises valued over 10 billion accelerating towards IPOs in 2025 [1] Group 1: Company Developments - Supercom Communication has seen its stock price surge following the news of its deep partnership with domestic GPU leader Muxi Co., which is currently undergoing the second round of inquiries for its IPO on the Sci-Tech Innovation Board [1] - In 2023, Supercom Communication became the "national general agent for specific industries" for Muxi Co., marking a significant shift towards computing power solutions [1] - The partnership has led to Supercom securing the rights to access Muxi's GPU chips and the capability for bulk delivery, focusing on key sectors such as government and finance [1] Group 2: Financial Performance - In the first half of 2025, Supercom Communication reported a net profit attributable to shareholders of 72.09 million, a year-on-year increase of 155.26%, with revenue growth of 96.37% [7] - The company’s operating cash flow turned positive, indicating a significant improvement in financial quality [7] - The primary driver for the profit increase was identified as the completion of bulk deliveries as the national general agent for Muxi's GPU chips, alongside the successful acceptance of computing power construction projects [7] Group 3: Strategic Partnerships - Supercom Communication and Muxi Co. established a joint venture, Xunxi Intelligent Technology Co., with Supercom holding a 56% controlling stake, further solidifying their partnership [3] - The registered capital of Xunxi Intelligent is 60 million, positioning it as a core platform for the computing power equipment industry chain, covering chip technology services and server production [5] - The collaboration has also led to joint investments in other technology companies, creating a shared interest community [5]