Sou Hu Cai Jing·2025-10-27 22:23Core Insights - The launch of the "1+6" reform for the Sci-Tech Innovation Board (STAR Market) includes the establishment of a growth tier, with 32 existing companies included at the outset, aiming to enhance the market's depth and breadth [1] Group 1: Financing and Economic Impact - The 32 existing companies in the growth tier raised a total of 105.2 billion yuan through IPOs, significantly contributing to R&D investments and commercial capacity [1] - Among these, 27 companies raised over 1 billion yuan, with BeiGene and Chipone Integrated Circuits each raising over 10 billion yuan [1] Group 2: Market Capitalization - The total market capitalization of the 32 companies has reached approximately 1.22 trillion yuan, with a combined market cap nearing 1.5 trillion yuan when including other markets [1] - 20 of these companies have a market cap exceeding 10 billion yuan, with notable leaders like Cambricon and BeiGene [1] Group 3: Revenue Performance - In 2024, the 32 companies collectively achieved a revenue of 67.6 billion yuan, with 29 companies surpassing 100 million yuan in revenue [2] - The largest revenue contributor, BeiGene, exceeded 27 billion yuan, while the total revenue for the first half of 2024 was 40.7 billion yuan [2] Group 4: Profitability Trends - Despite facing losses due to high R&D costs and depreciation, the companies are showing signs of reduced losses, with a total loss of 21.1 billion yuan in 2024, a decrease of 3.8 billion yuan from 2023 [2] - 19 companies reported a year-on-year reduction in losses for 2024 [2] Group 5: R&D Investment - The 32 companies invested a total of 30.6 billion yuan in R&D in 2024, with a median R&D expenditure to revenue ratio of 65.4%, leading the STAR Market [3] - Ten companies reported R&D expenditures exceeding 100% of their revenue [3]