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

As of March 11, the companies listed on the Sci-Tech Innovation Board have all completed the disclosure of their operating conditions for 2025 in the form of performance reports or forecasts, with expected 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 growth sector of the Sci-Tech Innovation Board are expected to see revenue growth of 36.7% year-on-year, with net profit reducing losses by 56.9%, demonstrating strong technological transformation and resilience across cycles.

With the concentrated disclosure of performance, six companies, including BeiGene, Cambricon, Orbbec, XPT, Innovent Biologics, and Northchip Life, are expected to become the first batch of companies to “exit” the growth sector of the Sci-Tech Innovation Board. Except for Northchip Life, the other five are existing companies in the growth sector of the Sci-Tech Innovation Board.

Among the six companies mentioned, BeiGene has the largest revenue scale. During the reporting period, the company achieved operating revenue of 38.205 billion yuan, a year-on-year increase of 40.4%; net profit attributable to the parent company was 1.422 billion yuan. This is mainly attributed to the sales growth of the company’s two flagship products, Brukinsa (Zebutinib) and Tislelizumab. Among them, the sales revenue of Brukinsa reached a new high, with global sales of 28.067 billion yuan, a year-on-year increase of 48.8%. Currently, Brukinsa has firmly established its position as the global leader in the BTK inhibitor field, being the BTK inhibitor with the broadest approved indications globally, and has been approved in over 75 markets worldwide.

Driven by strong demand for AI and computing power, Cambricon achieved revenue of 6.497 billion yuan, a substantial year-on-year increase of 453.21%; net profit attributable to the parent company reached 2.059 billion yuan, marking the first annual profit since the company’s IPO in 2020.

In 2025, Orbbec achieved operating revenue of 940 million yuan, a year-on-year increase of 66.66%, with net profit attributable to the parent company at 127 million yuan; XPT achieved operating revenue of 2.726 billion yuan, a year-on-year increase of 108.93%, with net profit attributable to the parent company at 162 million yuan; Innovent Biologics is expected to achieve operating revenue of 2.365 billion yuan and net profit attributable to the parent company of 633 million yuan.

Northchip Life, as a newly listed company in the growth sector established after the Sci-Tech Innovation Board, landed on the Sci-Tech Innovation Board on February 5, 2026, and achieved profitability in its first year of listing, successfully removing the “U” label. According to the performance report, in 2025, the company achieved operating revenue of 542 million yuan, a year-on-year increase of 71.23%; net profit attributable to the parent company was 80.6219 million yuan.

It is reported that during the reporting period, several innovative products from Northchip Life rapidly increased their hospitalization numbers and clinical usage rates after being launched, entering over 60 countries and regions worldwide, and achieving 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 launched the “1+6” policy measures to further deepen the reform of the Sci-Tech Innovation Board, including the establishment of a growth sector. On July 13 of the same year, the Shanghai Stock Exchange formulated and released guidelines related to the growth sector of the Sci-Tech Innovation Board, further demonstrating its inclusiveness and support for “hard tech” companies.

From a positioning perspective, the growth sector of the Sci-Tech Innovation Board precisely supports technology-driven companies that achieve significant breakthroughs, have broad commercial prospects, invest heavily in continuous research and development, and are in an unprofitable stage at the time of listing. Regarding the inclusion of companies, 32 existing unprofitable companies, as well as newly registered companies that are unprofitable at the time of listing, will be included in the growth sector of the Sci-Tech Innovation Board from the date of the guideline’s release and the date of listing, respectively.

Since the release of the “1+6” policy measures for the reform of the Sci-Tech Innovation Board, a batch of frontier technology companies has accelerated their pace of listing. On October 28, 2025, three companies, Heyuan Biological, Xi’an Yicai, and Bibet, collectively listed on the Shanghai Stock Exchange, becoming the first batch of newly added companies in the growth sector of the Sci-Tech Innovation Board.

Currently, together with the newly listed companies Moller Thread, Angrui Micro, Muxi Co., and Northchip Life, the growth sector of the Sci-Tech Innovation Board has included 39 companies, of which more than 90% are concentrated in the two core tracks of “hard tech”: new generation information technology and biomedicine.