高投入驱动高成长科创成长层公司演绎“研发反哺”新范式

Core Insights - The launch of the "1+6" reform in the Sci-Tech Innovation Board (STAR Market) aims to establish a growth tier, enhancing the market's depth and breadth [1] - A total of 32 existing companies have been included in the growth tier, collectively raising over 105.1 billion yuan through IPOs, significantly contributing to R&D and commercialization efforts [1] - The total market capitalization of these 32 companies has reached approximately 1.22 trillion yuan, with 20 companies exceeding 10 billion yuan in market value [1] Financial Performance - In 2024, the 32 companies are projected to achieve a combined revenue of 67.575 billion yuan, with 29 companies surpassing 1 billion yuan in revenue [2] - The largest revenue-generating company, BeiGene, has exceeded 27 billion yuan in revenue [2] - For the first half of the year, these companies reported a total revenue of 40.691 billion yuan, with several companies showing strong performance in their Q3 2025 reports [2] R&D Investment - The 32 companies are heavily focused on R&D, with a total investment of 30.6 billion yuan in 2024, representing a median of 65.4% of their revenue [3] - Ten companies have R&D expenditures exceeding 100% of their revenue, indicating a strong commitment to innovation [3]