Every reporter: Wang Yandan Every editor: Ye Feng
Recently, the growth tier of the STAR Market has entered a concentrated disclosure period for the 2025 performance reports. Companies such as Cambricon, BEONE MEDICINES, Innovent Biologics, and Orbbec have successively released performance reports or forecasts, all announcing a turnaround to profitability in their annual net profit attributable to shareholders. According to the rules of the Shanghai Stock Exchange, the performance of these companies meets the criteria for removal from the growth tier, and they are expected to become the first batch of companies to be removed due to meeting performance standards since the establishment of the growth tier.
Good news! Some companies may be removed from the growth tier just one month after listing
The growth tier of the STAR Market, as an important measure of the &#34;1+6&#34; reform, officially launched in July 2025, focuses on serving technology companies that have made significant breakthroughs, have broad commercial prospects, and invest heavily in R&amp;D but are still in the unprofitable stage at the time of listing. Currently, it includes 39 companies, over 90% of which are concentrated in the two core &#34;hard technology&#34; sectors of new-generation information technology and biomedicine.
According to relevant rules, the removal mechanism for the growth tier requires meeting either of the following conditions: &#34;Net profit for the last two years is positive and cumulative net profit is not less than 50 million yuan&#34; or &#34;Net profit for the last year is positive and operating income is not less than 100 million yuan.&#34; Among them, net profit is based on &#34;the lower of the two figures before and after deducting non-recurring gains and losses.&#34; Companies should disclose an announcement regarding their eligibility for removal from the growth tier at the same time as they disclose their annual report. The exchange will promptly remove the company from the growth tier.
From the disclosed performance reports, many companies in the growth tier have performance results that precisely meet the removal criteria.
Among them, Cambricon achieved total operating revenue of 6.497 billion yuan in 2025, a substantial year-on-year increase of 453.21%, with a net profit attributable to shareholders of 2.059 billion yuan, turning a profit compared to the same period last year.
BEONE MEDICINES had total operating revenue of 38.205 billion yuan for the year, a year-on-year increase of 40.4%, with a net profit attributable to shareholders of 1.422 billion yuan and a net profit of approximately 1.381 billion yuan after deducting non-recurring gains and losses, also achieving a historic turnaround.
Orbbec had operating revenue of approximately 941 million yuan in 2025, with a net profit attributable to shareholders of approximately 127 million yuan and a net profit of approximately 71 million yuan after deducting non-recurring gains and losses.
Jingjin Electric had operating revenue of approximately 2.726 billion yuan in 2025, with a net profit attributable to shareholders of approximately 162 million yuan and a net profit of approximately 40 million yuan after deducting non-recurring gains and losses.
Innovent Biologics reported revenue of 2.365 billion yuan and a net profit attributable to shareholders of 633 million yuan, with a net profit of approximately 534 million yuan after deducting non-recurring gains and losses.
Additionally, North Chip Life, which was listed in February 2026, had total operating revenue of 542 million yuan in 2025, a year-on-year increase of 71.23%, with a net profit attributable to shareholders of 81 million yuan and a net profit of approximately 65 million yuan after deducting non-recurring gains and losses.
Overall improvement in the performance of the STAR Market in 2025
The turnaround in performance reports or forecasts from multiple companies in the growth tier reflects not only the effectiveness of the companies' own technology transformation and market expansion but also highlights the institutional value of the growth tier in nurturing high-quality technology companies. The successful removal of these companies will serve as vivid examples of the STAR Market's &#34;nurturing hard technology enterprises and supporting corporate growth&#34; and will set development benchmarks for more companies in the growth tier in the future
It is worth mentioning that not only the growth sector but the entire STAR Market has become an important representative of economic structural transformation and the development of new industries.
According to statistics from Guosheng Securities Research Institute, based on performance reports, the 2025 annual report of the STAR Market shows further improvement, reflecting characteristics of simultaneous growth in both volume and price. The cumulative performance growth rate and revenue growth rate for the 2025 annual report of the STAR Market are 23.7% and 10.0%, respectively, with quarter-on-quarter changes of 27.9 and 3.5 percentage points, corresponding to a year-on-year net profit margin of 12.4%, with a quarter-on-quarter increase of 22.6 percentage points.
Further research by Guosheng Securities found that the stocks contributing most to the performance of the STAR Market's 2025 annual report are mainly distributed in the pharmaceutical and biotechnology, electronics, and electrical equipment industries.
Among them, pharmaceutical and biotechnology stocks generally mention growth in innovative drug BD revenue, while electronic stocks still highlight the demand for products driven by AI computing power. Stocks with significant improvements in contribution to the STAR Market's performance are mainly found in the pharmaceutical and biotechnology as well as electrical equipment industries, with the performance guidance for pharmaceutical and biotechnology stocks pointing towards a prosperous innovative drug market, and electrical equipment stocks emphasizing growth in the new energy and energy storage industries.
Daily Economic News

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Recently, companies such as Cambricon and BeOne Medicines released performance reports, all achieving a turnaround to profitability in annual net profit attributable to shareholders, meeting the criteria for removal from the STAR Market's growth tier. These companies are expected to become the first batch of enterprises removed due to meeting performance standards. The growth tier of the STAR Market primarily serves unprofitable technology companies and currently includes 39 companies, mainly concentrated in the fields of next-generation information technology and biomedicine. According to relevant regulations, removal requires meeting conditions for net profit and operating revenue

腾讯新闻 - 财经

BeOne Medicines

ChinaAMC SSE STAR Biology and Medicine ETF

Penghua SSE STAR Biology and Medicine ETF

ICBCCS SSE STAR Biology and Medicine ETF

BEONE MEDICINES

Cambricon

Guotai SSE STAR Brand Name Drug ETF

Performance report brings good news! Cambricon, BeOne Medicines, and several other companies may exit the STAR Market growth tier