科创板开市6周年丨深耕“硬科技” 379家公司入选专精特新“小巨人”

Core Insights - The Sci-Tech Innovation Board (STAR Market) has successfully supported high-tech industries and strategic emerging sectors over its six years, with 589 listed companies and a total market capitalization exceeding 7 trillion yuan [1][2] - The board has maintained a strong focus on "hard technology," fostering a diverse and inclusive listing system that provides continuous funding for R&D [1][2] Group 1: Financial Performance - As of July 21, 2025, the STAR Market has raised over 1.1 trillion yuan in total funding through IPOs and refinancing, with 9,257 billion yuan from IPOs and 1,867 billion yuan from refinancing [1] - The average gross profit margin for STAR Market companies is 40%, significantly higher than other A-share markets, which have margins of 25%, 24%, and 29% respectively [5] - From 2020 to 2024, the compound annual growth rates for revenue and net profit attributable to shareholders were 19% and 9%, respectively [5] Group 2: R&D Investment - R&D investment reached 168.1 billion yuan in 2024, representing a year-on-year increase of 6.4% and three times the net profit of the same year [2] - The median R&D intensity for STAR Market companies is 12.6%, far exceeding that of other boards [2] - Over 30% of STAR Market companies have products or projects that are innovative within their industries, and more than 60 companies have launched globally innovative products [2] Group 3: Market Dynamics and Reforms - The STAR Market has been a testing ground for capital market reforms, enhancing support for high-quality, unprofitable companies and increasing market inclusivity for tech innovation [4][7] - Since the introduction of the "STAR Market Eight Measures," over 110 mergers and acquisitions have been initiated, with disclosed transaction amounts exceeding 140 billion yuan [6] - 509 companies have disclosed action plans for improving quality and returns, with over 60% implementing cash dividend plans totaling 38.8 billion yuan [7] Group 4: Talent and Innovation - The STAR Market has attracted a high-level talent pool, with 240,000 R&D personnel, accounting for nearly 30% of total employees [2] - More than 380 companies have over 850 products or technologies that meet international advanced standards, and over 12,000 invention patents have been accumulated [2]