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

As of March 11, all companies on the STAR Market have disclosed their 2025 operating performance 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%, and net profit of 59.1 billion yuan, up 28.2% year-on-year. Among them, 39 companies in the growth tier of the STAR Market are projected to see revenue grow by 36.7% year-on-year, with net profit turning from loss to profit by 56.9%, demonstrating strong technological transformation and cross-cycle resilience.

With the concentrated disclosure of performance, six companies—BeiGene, Cambrian, OB光, Jingjin Electric, Nuocheng Jianhua, and Beixin Life—are expected to become the first “demoted” companies from the growth tier of the STAR Market. 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 (Tirelizumab). Notably, BeiYueZe’s sales revenue hit a new high, with global sales reaching 28.067 billion yuan, up 48.8%. Currently, BeiYueZe has established a solid global leadership position in the BTK inhibitor field, being the most widely approved BTK inhibitor worldwide, approved in over 75 markets globally.

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 marks the company’s first annual profit since its listing in 2020.

In 2025, OB光 achieved operating revenue of 940 million yuan, a 66.66% increase, with net profit attributable to shareholders of 127 million yuan; Jingjin Electric achieved operating revenue of 2.726 billion yuan, up 108.93%, 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 established in the growth tier of the STAR Market, which listed on February 5, 2026. It achieved profitability in its first year of listing, successfully earning the “U” label. According to the quick report, in 2025, the company achieved operating revenue of 542 million yuan, up 71.23% year-on-year; net profit attributable to shareholders was 80.6219 million yuan.

It is reported that during the reporting period, the number of hospital admissions and clinical usage of multiple innovative products launched by Beixin Life increased rapidly. The products are now available in over 60 countries and regions worldwide, with clinical applications in more than 2,000 hospitals; overseas business 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 growth tier of the STAR Market, further demonstrating support and inclusiveness for “hard technology” companies.

From its positioning, the STAR Market growth tier precisely supports technology companies that have achieved significant breakthroughs, have broad business prospects, invest heavily in R&D, and are in a pre-profit stage at the time of listing. Regarding company inclusion, 32 loss-making existing companies and newly registered loss-making 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” reform policy measures, a number of frontier technology companies have accelerated their listing processes. On October 28, 2025, HeYuan Bio, 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 major “hard technology” sectors.