The STAR Market Growth Tier welcomes its first "delisted" companies

As of March 11, all STAR Market companies have disclosed their 2025 operating performance through quick reports or forecasts, expecting to achieve operating revenue of 1.59 trillion yuan, a year-on-year increase of 10.3%; net profit of 59.1 billion yuan, a year-on-year increase of 28.2%. Among them, 39 companies in the STAR Market’s growth tier are projected to see revenue grow by 36.7% year-on-year, while net profit is expected to turn from loss to profit, increasing by 56.9%, demonstrating strong technological transformation and cross-cycle resilience.

With the concentrated disclosure of performance, six companies—BeiGene, Cambrian, OBOR光, Jingjin Electric, Nuocheng Jianhua, and Beixin Life—are expected to become the first “demoted” companies from the STAR Market’s growth tier. Except for Beixin Life, the remaining five are existing companies in the growth tier.

Among these six companies, BeiGene has the largest revenue scale. During the reporting period, the company’s operating income reached 38.205 billion yuan, a year-on-year increase of 40.4%; net profit attributable to shareholders was 1.422 billion yuan. This was mainly due to sales growth of the company’s two flagship products, BeiYueZe (Zebutinib) and BeiZeAn (Tirelizumab). Notably, BeiYueZe’s sales revenue hit a new high, with global sales reaching 28.067 billion yuan, up 48.8% year-on-year. Currently, BeiYueZe has established a solid global leadership position in the BTK inhibitor field, being the most widely approved BTK inhibitor with indications in over 75 markets worldwide.

Driven by strong demand for AI and computing power, Cambrian achieved revenue of 6.497 billion yuan, a significant increase of 453.21% year-on-year; net profit attributable to shareholders was 2.059 billion yuan, marking the company’s first annual profit since its listing in 2020.

In 2025, OBOR光 achieved operating revenue of 940 million yuan, a year-on-year increase of 66.66%, with net profit attributable to shareholders of 127 million yuan; Jingjin Electric achieved operating revenue of 2.726 billion yuan, up 108.93% year-on-year, with net profit of 162 million yuan; Nuocheng Jianhua is expected to achieve operating revenue of 2.365 billion yuan and net profit of 633 million yuan.

Beixin Life is a newly listed company added to the STAR Market growth tier, listed on February 5, 2026, and achieved profitability in its first year, successfully earning the “U” label. According to the quick report, in 2025, the company achieved operating revenue of 542 million yuan, a year-on-year increase of 71.23%; net profit attributable to shareholders was 80.622 million yuan.

It is reported that during the reporting period, after the launch of multiple innovative products, the number of hospital admissions and clinical usage ratios increased rapidly. The company has entered more than 60 countries and regions worldwide, with clinical applications in over 2,000 hospitals; overseas revenue increased by over 130% year-on-year.

On June 18, 2025, the China Securities Regulatory Commission launched the “1+6” policy measures to further deepen the reform of the STAR Market, including the establishment of a growth tier. On July 13 of the same year, the Shanghai Stock Exchange formulated and issued guidelines related to the STAR Market growth tier, further demonstrating support and inclusiveness for “hard technology” enterprises.

From its positioning, the STAR Market growth tier precisely supports technology companies with significant breakthroughs, broad business prospects, substantial ongoing R&D investment, and those in the pre-profit stage at the time of listing. Regarding company inclusion, 32 existing unprofitable companies and newly registered unprofitable companies at the time of listing are included in the growth tier from the date of the guidelines’ release and the listing date, respectively.

Since the release of the “1+6” policy measures for STAR Market reform, a number of frontier technology companies have accelerated their listing process. On October 28, 2025, HeYuan Biotech, Xi’an Yicai, Beite, and three other companies collectively listed on the Shanghai Stock Exchange, becoming the first batch of incremental companies in the STAR Market growth tier.

Currently, including the newly listed Moer Thread, Angrui Micro, Muxi Co., Ltd., and Beixin Life, there are 39 companies in the STAR Market growth tier, with over 90% concentrated in the core tracks of new-generation information technology and biomedicine, the two main “hard technology” sectors.