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

As of March 11, all Sci-Tech Innovation Board companies have completed disclosure of their 2025 operating performance in the form of earnings reports or previews. They are expected to achieve operating revenue of 1.59 trillion yuan, up 10.3% year over year; and net profit of 59.1 billion yuan, up 28.2% year over year. Among them, 39 companies in the Sci-Tech Innovation Board Growth Tier are expected to see revenue up 36.7% year over year and net profit narrowing losses by 56.9% year over year, demonstrating strong capabilities in technology transformation and performance that can weather business-cycle fluctuations.

With the concentrated release of earnings disclosures, six companies—including BeiGene, Cambricon, Oubi Zhongguang, Precision Electric, Innovent Biologics, and North Chip Life—are expected to become the first batch of “de-tiering” companies from the Growth Tier of the Sci-Tech Innovation Board. Except for North Chip Life, the remaining five are existing Sci-Tech Innovation Board Growth Tier companies.

Among the above six companies, BeiGene has the top revenue scale. In the reporting period, the company’s operating revenue was 38.205 billion yuan, up 40.4% year over year; and attributable net profit was 1.422 billion yuan. The main driver was the sales growth of the company’s two flagship products, Baiyuez e (zanubrutinib) and Baizean (relaclimab?). Among them, Baiyuez e’s sales revenue set another record high, with global sales of 28.067 billion yuan, up 48.8% year over year. Currently, Baiyuez e has firmly established a global leadership position in the BTK inhibitor space; it is the BTK inhibitor with the broadest range of approved indications globally, and it has already been approved in more than 75 markets worldwide.

Driven by strong demand for AI and computing power, Cambricon achieved operating revenue of 6.497 billion yuan, up 453.21% year over year; attributable net profit reached 2.059 billion yuan—marking the first time the company has achieved annual profitability since its listing in 2020.

In 2025, Oubi Zhongguang achieved operating revenue of 940 million yuan, up 66.66% year over year, with attributable net profit of 127 million yuan; Precision Electric achieved operating revenue of 2.726 billion yuan, up 108.93% year over year, with attributable net profit of 162 million yuan; and Innovent Biologics is expected to achieve operating revenue of 2.365 billion yuan and attributable net profit of 633 million yuan.

North Chip Life, meanwhile, is the incremental listed company set up after the Growth Tier on the Sci-Tech Innovation Board. It will list on the Sci-Tech Innovation Board on February 5, 2026. In its first year after listing, it will already achieve profitability and successfully “摘 ‘U’.” According to its earnings report, in 2025 the company achieved operating revenue of 542 million yuan, up 71.23% year over year; and attributable net profit of 80.6219 million yuan.

It is understood that during the reporting period, after the launch of multiple innovative products, North Chip Life saw both the number of hospital admissions and the share of clinical use increase rapidly. It has already entered more than 60 countries and regions worldwide, with clinical applications in more than 2,000 hospitals; overseas business operating revenue grew by more than 130% year over year.

On June 18, 2025, the China Securities Regulatory Commission introduced the “1+6” policy measures to further deepen the reform of the Sci-Tech Innovation Board, including setting up the Growth Tier on the Sci-Tech Innovation Board. That same year, on July 13, the Shanghai Stock Exchange formulated and issued guidance related to the Growth Tier on the Sci-Tech Innovation Board, further highlighting its inclusiveness and support for “hard-tech” enterprises.

In terms of positioning, the Sci-Tech Innovation Board Growth Tier precisely supports technology-based companies that achieve major breakthroughs in technology implementation, have broad business prospects, make heavy continuous R&D investments, and are at a non-profitable stage at the time of listing. For entry into the Growth Tier, for 32 unprofitable existing companies and newly registered incremental companies that are unprofitable at the time of listing, they are included in the Sci-Tech Innovation Board Growth Tier respectively from the date the guidance is released and from the date of listing.

Since the release of the “1+6” policy measures for Sci-Tech Innovation Board reform, a number of companies in frontier technology fields have accelerated their listing pace. On October 28, 2025, three companies—Heyuan Bio, Xi’an Yicai, and BIBET—collectively listed on the Shanghai Stock Exchange, becoming the first batch of incremental Sci-Tech Innovation Board Growth Tier companies.

At present, with the addition of newly listed Moore Threads, Angrui Micro, Muxi Shares, and North Chip Life, the Sci-Tech Innovation Board Growth Tier has included 39 companies in total. Among them, more than 90% are concentrated in the two major “hard-tech” core tracks: next-generation information technology and biopharmaceuticals.