Shang Hai Zheng Quan Bao·2026-03-11 08:44Group 1 - The core viewpoint of the news is that the Sci-Tech Innovation Board (STAR Market) is witnessing the first batch of companies transitioning out of the growth tier, with significant revenue and profit growth expected for 2025 [2][3] - As of March 11, all companies on the STAR Market have disclosed their 2025 performance, projecting total revenue of 1.59 trillion yuan, a year-on-year increase of 10.3%, and net profit of 59.1 billion yuan, a year-on-year increase of 28.2% [2] - Six companies, including Cambricon and BeiGene, are expected to successfully turn profitable, with net profits ranging from 80 million yuan to 2.1 billion yuan, and are anticipated to remove the special "U" designation after the 2025 annual report [2][3] Group 2 - Among the six companies, BeiGene leads in revenue, expecting 2025 revenue of 38.205 billion yuan, a 40.4% increase, and a net profit of 1.422 billion yuan, driven by strong sales of its key products [3] - Cambricon achieved a revenue of 6.497 billion yuan in 2025, a substantial increase of 453.21%, marking its first annual profit since its IPO in 2020 [6][8] - Other companies like Orbbec and NIO also reported significant growth, with Orbbec's revenue reaching 941 million yuan (up 66.66%) and NIO's revenue at 2.726 billion yuan (up 108.93%) [8] Group 3 - The STAR Market's growth tier was established to support technology companies with significant breakthroughs and broad commercial prospects, particularly those that are not yet profitable at the time of listing [10] - Since the introduction of the "1+6" policy measures by the China Securities Regulatory Commission, several cutting-edge technology companies have accelerated their listing processes, with 39 companies now included in the growth tier [10] - The establishment of the growth tier enhances the market's inclusivity and attractiveness, catering to different risk preferences among investors [11]