"硬科技"动能集聚 今年6月18日，中国证监会推出进一步深化科创板改革的"1+6"政策措施，提出在科创板设置科创成长 层。此后，32家尚未扭亏的存量未盈利上市公司全部入层，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。 （上接1版） 科创成长层"迎新" 禾元生物、西安奕材、必贝特3家公司何以"领跑"，成为首批增量的科创成长层公司？ 记者发现，尽管3家公司均属于未盈利企业，却都练就了一身"硬科技"本领。西安奕材是半导体行业的 新秀，公司是国内12英寸硅片领域头部企业，基于2024年月均出货量和截至2024年末产能规模统计，西 安奕材为中国境内第一、全球第六的12英寸硅片厂商，前述月均出货量和产能规模在全球同期占比约为 6%和7%。同时，截至2025年上半年，公司是中国境内12英寸硅片领域拥有已授权境内外发明专利最多 的厂商。 此外，西安奕材也是"科创板八条"发布后首家获得IPO受理的未盈利企业。此次公司选择科创板第四套 标准申报上市，即"预计市值不低于30亿元，且最近一年营业收入不低于3亿元"。 禾元生物、必贝特是来自生物医药行业的创新药公司，两家公司均采用科创板第五套标准申报上市 ...

聚焦科创成长层。 2025年，一家过去长期处于亏损状态的国产AI芯片企业，乘着全球大模型技术爆发的浪潮，迎来了属 于自己的"觉醒时刻"。作为科创板"1+6"改革后首批从存量未盈利企业中平移进入"科创成长层"的企 业，寒武纪平移仅4个月便依托科创板再融资"轻资产、高研发"机制，获得用于硬件开发与软件生态建 设的39.85亿元定增资金，提升公司在智能芯片产业领域的长期竞争力。 同一时期，摩尔线程科创板IPO从受理到过会仅用时88天——若顺利拿到注册批文，作为未盈利企业的 它，将成为首批"原生登陆"科创成长层的新一代信息技术企业之一。 科创成长层的设立初心便是为所有"高研发、暂未盈利"的"硬科技"主体，搭建一座连接"技术攻 坚"与"资本活水"的桥梁。对于"研发投入大、盈利周期长"的新一代信息技术行业而言，显然是一场"及 时雨"。 循着产业链自上而下，科创成长层企业正在逐步点亮"芯"质生产力。具体来看： 半导体制造领域，芯联集成已成为中国最大的车规级IGBT生产基地之一，产品已渗透国内90%以上的 新能源车企； AI算力领域，寒武纪持续深化与科技前沿领域头部企业的技术合作，深度融入国产人工智能基础设施 建设； 通信赛 ...

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 ...

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].

1、n 本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科 创板公司具有研发投入大、经营风险高、业绩不稳定、退市风险高等特点， 投资者面临较大的市场风险。投资者应充分了解科创板市场的投资风险及本 公司所披露的风险因素，审慎作出投资决定。 深圳云天励飞技术股份有限公司 （深圳市龙岗区园山街道龙岗大道 8288 号深圳大运软件小镇 17 栋 1 楼） 首次公开发行股票并在科创板 上市招股说明书 （注册稿） 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序。 本招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者 保荐机构（主承销商） （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 保荐机构（主承销商） 应当以正式公告的招股说明书作为投资决定的依据。 深圳云天励飞技术股份有限公司 首次公开发行股票并在科创板上市招股说明书（注册稿） 监管机构声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之 相反的声明 ...