向“新”发力夯实经营业绩沪市公司2024年形稳势升

Core Insights - The overall performance of companies listed on the Shanghai Stock Exchange (SSE) Main Board and the Sci-Tech Innovation Board (STAR Market) shows resilience and stability, supported by a series of incremental policies that bolster the Chinese economy [1] Group 1: Performance of SSE Main Board Companies - In 2024, SSE Main Board companies achieved a total operating revenue of 49.57 trillion yuan, maintaining stability year-on-year; net profit reached 4.35 trillion yuan, with a year-on-year growth of 1.9% [2] - Approximately 80% of companies reported profits, with 40% experiencing year-on-year net profit growth; over 230 companies saw net profit increases exceeding 30%, and 78 companies turned losses into profits [2] - The operating cash flow of Main Board companies improved significantly, with a year-on-year growth rate of 15% in Q4 2024, returning to the level of the previous year [2] - Over the past five years, the compound annual growth rate (CAGR) for operating revenue and net profit on the Main Board has been 5% [2] - Key sectors such as finance, energy, construction, and transportation contributed over 80% of profits, while emerging sectors like automotive, biomedicine, and advanced manufacturing showed a net profit CAGR of 10% over three years [2] Group 2: Performance of STAR Market Companies - In 2024, STAR Market companies achieved total operating revenue of 1.422 trillion yuan, with a year-on-year growth of 0.24%; nearly 70% of companies reported revenue growth, an increase of 3.09 percentage points year-on-year [3] - The net profit for STAR Market companies reached 47.523 billion yuan, with 50% of companies reporting net profit growth, an increase of 7.17 percentage points year-on-year [4] - Notable companies such as SMIC and Kingsoft Office saw significant revenue and net profit growth, with respective increases of 21.2% and 24.3% in 2024 compared to their pre-listing figures [4] Group 3: R&D Investment - In 2024, SSE companies' R&D investment exceeded 1 trillion yuan, accounting for nearly 40% of national R&D expenditure; Main Board companies contributed approximately 920 billion yuan, doubling over five years [5] - The average net profit growth for companies with over 1 billion yuan in R&D investment over the past three years was 3.6 percentage points higher than the overall level [5] - STAR Market companies' total R&D investment reached 168.078 billion yuan in 2024, exceeding net profit by 2.5 times, with a CAGR of 10.7% over the last three years [5] Group 4: Talent and Innovation - By the end of 2024, STAR Market companies had gathered 240,000 R&D personnel, accounting for nearly 30% of total employees; 20,000 new invention patents were added in 2024 [6] - Over 60% of STAR Market companies were recognized as national "specialized and innovative" enterprises, with 64 companies achieving "single champion" status [6] - More than 80% of companies focused on import substitution and self-control, with over 60 companies launching globally innovative products [6] Group 5: Exit Mechanisms - The regular delisting mechanism has been reinforced, with 19 companies on the SSE Main Board facing delisting since 2025, including 12 companies that were forcibly delisted [7] - Various exit channels have been expanded, with 37% of delistings occurring through voluntary delisting, mergers, and asset restructuring [7] - Risk mitigation efforts have led to improvements in operational conditions for some companies, with 11 companies expected to meet conditions for delisting or risk warning removal [7]