The first batch of "delisted" companies from the Sci-Tech Innovation Board's Growth Tier announced! BeiGene, Cambrian, and others are on the list.

As of March 11, statistics show that all companies on the STAR Market have disclosed their 2025 operating performance through earnings reports or forecasts. It is expected that total revenue will reach 1.59 trillion yuan, a year-on-year increase of 10.3%, and net profit will be 59.1 billion yuan, up 28.2% year-on-year.

With the concentrated disclosure of performance, the growth tier of the STAR Market will also see its first “delisting” companies. Based on 2025 performance data, six companies, including Cambrian, successfully turned profitable, with net profits attributable to parent ranging from 80 million to 2.1 billion yuan. They are expected to remove the special “U” designation after the 2025 annual report is disclosed.

The STAR Market Growth Tier Welcomes Its First “Delisted” Companies

Currently, all 39 companies in the STAR Market growth tier have disclosed their 2025 performance data. They are projected to see a 36.7% increase in revenue and a 56.9% decrease in net loss compared to the previous year, demonstrating strong technological transformation and the ability to leap over development cycles.

Among them, BeiGene, Cambrian, OBOR, Jinjing Electric, NuoCheng Jianhua, and Beixin Life are expected to be the first “delisted” companies in the growth tier, mainly in the fields of biomedicine, AI, semiconductors, and other “hard technology” sectors. Except for Beixin Life, the remaining five are existing companies in the growth tier.

Of these six companies, BeiGene has the largest revenue scale. In 2025, the company’s revenue reached 38.205 billion yuan, a 40.4% increase year-on-year; net profit attributable to parent was 1.422 billion yuan. This growth is mainly due to the sales increase of its two flagship products, Zanubrutinib (BeiYueZe) and Tislelizumab (BeiZeAn).

Zanubrutinib’s sales revenue hit a new high, with global sales reaching 28.067 billion yuan, up 48.8%. It has established a global leadership position in the BTK inhibitor field, being the most widely approved BTK inhibitor worldwide, approved in over 75 markets globally. Sales of BeiZeAn also steadily increased, reaching 5.297 billion yuan in 2025, up 18.6%, approved in over 50 markets worldwide.

BeiGene also released its 2026 performance guidance. The company expects revenue between 43.6 billion and 45 billion yuan, with a gross profit margin expected to be in the high 80% range.

Driven by strong demand for AI and computing power, Cambrian achieved revenue of 6.497 billion yuan in 2025, a significant increase of 453.21% year-on-year; net profit attributable to parent was 2.059 billion yuan, marking the company’s first annual profit since its listing in 2020. Cambrian stated that its excellent product competitiveness continues to expand its market and actively promote AI application scenarios.

In addition, in 2025, OBOR achieved revenue of 941 million yuan, up 66.66%, with net profit attributable to parent of 127 million yuan; Jinjing Electric achieved revenue of 2.726 billion yuan, up 108.93%, with net profit of 162 million yuan; NuoCheng Jianhua is expected to have revenue of 2.365 billion yuan and net profit of 633 million yuan.

Beixin Life, a newly listed company in the growth tier established after the reform, listed on the STAR Market on February 5, 2026, and achieved profitability in its first year, successfully removing the “U” designation. According to its earnings report, in 2025, the company achieved revenue of 542 million yuan, up 71.23%, and net profit attributable to parent of 80.622 million yuan.

It is reported that during the reporting period, after the launch of multiple innovative products by Beixin Life, the number of hospital admissions and clinical usage ratios increased rapidly. The products are now used in over 60 countries and regions worldwide, with clinical applications in more than 2,000 hospitals. Overseas revenue increased by over 130% year-on-year.

The Inclusive and Clustering “Hard Technology” Momentum of the STAR Market

On June 18, 2025, the China Securities Regulatory Commission launched the “1+6” policy measures to further deepen the reform 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 growth tier, further demonstrating support and inclusiveness for “hard technology” companies.

From the perspective of positioning, the STAR Market growth tier precisely supports technology companies that have achieved significant breakthroughs, have broad commercial prospects, invest heavily in R&D, and are in the pre-profit stage at listing. Regarding entry, it includes 32 existing unprofitable companies and newly registered companies that are unprofitable at listing, which are incorporated into the growth tier from the date of the guidelines’ release and the date of listing, respectively.

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

Currently, including newly listed companies such as Moores Law, Angrui Micro, Muxi Co., Ltd., and Beixin Life, the growth tier has 39 companies, with over 90% clustered in the core sectors of next-generation information technology and biomedicine, both “hard technology” fields.

CITIC Securities’ Managing Director Dong Junfeng believes that the establishment of the growth tier provides opportunities for tech innovation companies at different stages and scales to access the capital market, while also allowing public investors to share in the rapid growth of these enterprises.

“The establishment of the growth tier also enriches the market layers of the STAR Market, meets the investment needs of investors with different risk preferences, and further enhances the inclusiveness and attractiveness of the STAR Market,” said Dong Junfeng.

(Source: Shanghai Securities News)