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

As of March 11, the STAR Market companies have completed their 2025 operating performance disclosures through quick reports or forecasts. They are expected 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, decreasing by 56.9%. This demonstrates strong technological transformation and cross-cycle resilience.

With the concentrated disclosure of performance, six companies—BeiGene, Cambrian, OBIO, Jinjing 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 40.4% increase year-on-year; 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 (Tareltinib). 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. This is the company’s first annual profit since its listing in 2020.

In 2025, OBIO achieved operating revenue of 940 million yuan, a 66.66% increase; net profit attributable to shareholders was 127 million yuan. Jinjing Electric achieved operating revenue of 2.726 billion yuan, up 108.93%, with net profit attributable to shareholders of 162 million yuan. NuoCheng Jianhua is expected to realize operating revenue of 2.365 billion yuan and net profit attributable to shareholders of 633 million yuan.

Beixin Life, a newly listed company in the STAR Market’s growth tier established after the tier’s creation, 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 71.23% increase; net profit attributable to shareholders was 80.622 million yuan.

During the reporting period, after the launch of multiple innovative products, Beixin Life saw rapid growth in hospital admissions and clinical usage, entering over 60 countries and regions worldwide, with clinical applications in more than 2,000 hospitals; overseas revenue increased by over 130% year-on-year.

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

In terms of positioning, the STAR Market’s growth tier precisely supports technology companies with significant breakthroughs, broad business prospects, substantial ongoing R&D investment, and that are in a pre-profit stage at listing. For company inclusion, both 32 existing unprofitable companies and newly registered unprofitable companies at listing are incorporated into the growth tier from the date of the guidelines’ release and the listing date, respectively.

Since the release of the “1+6” reform policy measures, a number of frontier technology companies have accelerated their listing processes. On October 28, 2025, He Yuan Bio, Xi’an Yicai, and Bibert listed collectively on the Shanghai Stock Exchange, becoming the first batch of incremental companies in the STAR Market’s growth tier.

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