科创板三季报里的新跨跃：“芯”发展，利润高增，回报加速

Core Insights - The overall performance of companies listed on the Sci-Tech Innovation Board (STAR Market) has shown significant improvement in Q3 2025, with a notable increase in revenue and profits, particularly in sectors like integrated circuits and innovative pharmaceuticals [1][3]. Financial Performance - A total of 584 companies reported a combined revenue of 365.855 billion RMB in Q3 2025, reflecting a year-on-year growth of 12.76% [3]. - The net profit attributable to shareholders reached 17.650 billion RMB, marking a substantial increase of 67.54% compared to the previous year [3]. - The pharmaceutical manufacturing sector reported a total revenue of 16.3 billion RMB, with a year-on-year growth of 26.1%, and a net profit turnaround to 1.096 billion RMB from a loss of 432 million RMB in the same period last year [10]. R&D Investment - Companies on the STAR Market have increased their R&D expenditures, with total R&D costs amounting to 36.627 billion RMB, a 12% increase year-on-year [6]. - Nearly half of the companies are expected to distribute dividends in 2024, with 80 companies projected to do so by mid-2025 [6]. Sectoral Highlights - The AI industry is experiencing rapid growth, driving demand for domestic semiconductor manufacturing and integrated circuit design [3]. - The semiconductor and integrated circuit sectors have shown a "chain-group" development pattern, with significant revenue growth in related industries [7]. - Companies like Cambrian and Shengyi Electronics reported explosive profit growth, with Cambrian achieving a net profit of 566.5 million RMB, a year-on-year increase of 7.6 million RMB [7]. Innovation in Pharmaceuticals - Innovative pharmaceutical companies are benefiting from the expiration of overseas patent protections, with significant collaborations leading to key advancements [4]. - Notable achievements include the partnership between Bai Li Tian Heng and Bristol-Myers Squibb, which triggered a payment of 2.5 billion USD (approximately 18.95 billion RMB) due to milestone achievements in clinical trials [10]. Specialized Equipment Sector - The specialized equipment manufacturing sector is showing signs of recovery, with total revenue of 43.82 billion RMB in Q3 2025, reflecting a year-on-year growth of 14.6% [12]. - Companies like United Imaging and Liyuan Heng reported significant profit increases due to improved market conditions and strategic focus on high-quality orders [12].