未来20专刊 | 多维解构企业成长力，探寻价值投资新方向

Core Insights - The concept of "growth potential" has emerged as a key metric for assessing corporate value and investment potential in the current capital market focused on high-quality development [1] - The "Future 20·2025 A-share Listed Companies Growth Potential Annual Conference" held in Shanghai brought together government officials, economists, management experts, investors, and leading entrepreneurs to discuss the trends in China's economic structural transformation and the growth opportunities for small and medium-sized listed companies [1] Definition and Dimensions of Growth Potential - Different market participants have diverse understandings of corporate growth potential, but they all point to the core essence of sustained value creation [2] - Growth potential is defined as the ability to create value across economic cycles, not merely short-term performance or stock price fluctuations [2] - Three key dimensions for assessing growth potential include: 1. Resilience of the business model, which allows for sustained profitability amid economic instability [2] 2. Building core competitiveness through channel advantages, technology patents, and brand strength [2] 3. Decision-making and execution capabilities of leadership, which are crucial for transitioning from startup to industry leader [2] Investment Framework and Signals - The assessment of growth potential should be based on fundamental facts such as technological breakthroughs, market orders, and positive financial reports [2] - The importance of high R&D investment is highlighted, with private enterprises showing a significant R&D expenditure-to-revenue ratio of 9.36%, compared to the A-share average of 2.6% [3] - The ability to manage costs and entrepreneurial spirit are also critical for the growth potential of private enterprises [3] Value Transformation and Investor Engagement - Effective communication and mutual understanding between listed companies and investors are essential for transforming growth potential into investment value [4] - Investors should move beyond technical analysis and establish a multi-dimensional research logic to uncover growth value [4] - The concept of "growth is the core of all value" emphasizes the need to assess the time cycle for valuation digestion and performance explosion [4] Key Market Trends and Future Outlook - Current market focus areas include domestic substitution, technological innovation, and global expansion, which are seen as vital indicators of corporate growth potential [5] - The interplay of these three elements is expected to drive the market in the coming years, particularly in sectors like AI computing, humanoid robots, innovative pharmaceuticals, and energy storage [5] - The transition from a focus on expectations to economic recovery is anticipated to create opportunities in both technology and cyclical sectors by 2026 [6][7] - The emphasis on consumer service enterprises and traditional manufacturing firms undergoing transformation is expected to yield growth re-evaluation opportunities [7]