Sci-Tech Innovation Board companies show significant performance recovery in 2025, with over 70% of companies experiencing revenue growth

According to reports (Reporter Mao Yirong), by March 2, 2026, all companies on the STAR Market have disclosed their 2025 performance via quick reports or annual reports. It is expected that total operating revenue will reach 1.5917 trillion yuan, a year-on-year increase of 10.3%; net profit will be 59.1 billion yuan, up 28.2% year-on-year. Over 70% of companies achieved revenue growth, with 74 companies increasing by more than 50%; nearly 60% of companies reported net profit growth, with 93 companies exceeding 50% increase, 40 companies growing more than 100%, and 52 turning losses into profits.

Strong Momentum in the “Hard Technology” Main Track

The integrated circuit industry continues to enjoy high prosperity driven by emerging applications like artificial intelligence. 128 companies disclosed performance data. Benefiting from the expansion of AI and other emerging application scenarios, they achieved a combined revenue of 365.1 billion yuan and net profit of 27.9 billion yuan, representing 25% and 83% year-on-year growth, respectively. 84 companies are expected to see performance increases or turn losses into profits, accounting for over 60%.

In AI chips, the three domestic powerhouses in computing chips—Cambricon Technologies, Mooresun Intelligent Technology (Beijing), and Muxi Integrated Circuits (Shanghai)—are accelerating the process of domestic substitution. Their annual revenues grew approximately 453.2%, 243.4%, and 121.3%, respectively. Net profits were 2.059 billion yuan, -1.024 billion yuan, and -781 million yuan, showing signs of turning losses into profits or significantly reducing losses. Segments like chip design and wafer manufacturing also performed well, with SMIC (Semiconductor Manufacturing International Corporation) achieving a record high annual revenue of 67.32 billion yuan, ranking first in the sector.

The innovative pharmaceutical industry is seeing frequent business development (BD) deals and accelerated overseas expansion, with commercialization progressing rapidly. The recovery in procurement and sales has driven pharmaceutical companies’ performance to improve. Among 118 biotech and pharma companies on the STAR Market, nearly 60% reported year-on-year profit growth. The total net profit of innovative drug companies reached 1.574 billion yuan, turning from a loss of 6.55 billion yuan last year to a profit increase of 8.124 billion yuan, with a year-on-year turnaround. Total revenue was 73.984 billion yuan, up 29.1%. BeiGene (Beijing) Co., Ltd. has solidified its position as a global leader in BTK inhibitors. Dyzle (Jiangsu) Pharmaceutical Co., Ltd., Shanghai Junshi Biosciences Co., Ltd., and Shanghai Ailis Pharmaceutical Technology Co., Ltd. have multiple key innovative drugs included in the medical insurance catalog. San Sheng Guojian Pharmaceutical (Shanghai) Co., Ltd. and Pfizer have recorded their first revenue from licensing agreements, and Rongchang Biopharmaceutical (Yantai) Co., Ltd. has secured several major collaborations, significantly boosting performance.

Growth in Revenue and Reduction of Losses for the “Innovation and Growth” Tier

As a key measure of the “1+6” reform of the STAR Market, 39 companies have been included in the Innovation and Growth Tier, with over 90% concentrated in the core “hard technology” sectors of new-generation information technology and biomedicine. These companies are expected to see a 36.7% increase in revenue and a 56.9% reduction in net losses in 2025, demonstrating strong technological transformation and the ability to leap over development cycles.

Among them, BeiGene, Cambricon, Opu Zhongguang Technology Group, Jingjin Electric Technology, Nuocheng Jianhua Pharmaceuticals, and Shenzhen Beixin Life Technology are expected to remove their special designations after the annual report disclosure, becoming the first batch of companies to “graduate” from the Innovation and Growth Tier.

Notably, AI chip leader Cambricon achieved revenue of 6.497 billion yuan in 2025, a substantial increase of 453.21%, with a net profit of 2.059 billion yuan, successfully turning losses into profits. Leading innovative drug company BeiGene posted annual revenue of 38.205 billion yuan, up 40.4%, with a net profit of 1.422 billion yuan, also achieving a historic turnaround.

Additionally, 23 biotech and pharma companies listed under the fifth standard are expected to generate revenue of 19.808 billion yuan, up 34.9%. Eighteen companies have revenues exceeding 100 million yuan, with five exceeding 1 billion yuan, indicating a clear acceleration in commercialization.