创业板Q3业绩增速领跑A股

Core Viewpoint - The ChiNext companies demonstrated strong resilience in the third quarter of 2025, showcasing their role as a driving force in the new economy with significant revenue and profit growth [1]. Financial Performance - In the first three quarters of 2025, 1,388 ChiNext companies reported a total revenue of 3.25 trillion yuan, a year-on-year increase of 10.69%, and a net profit of 244.66 billion yuan, up 18.69% [1]. - In Q3 2025, total revenue reached 1.18 trillion yuan, with a quarter-on-quarter growth of 7.13%, and net profit was 93.26 billion yuan, showing a substantial quarter-on-quarter increase of 18.32% [1]. Structural Highlights - Large-cap companies maintained a solid "ballast" position, with the top 100 companies achieving a total revenue of 1.54 trillion yuan, a year-on-year increase of 17.72%, and a net profit of 170.84 billion yuan, up 26.78% [3]. - New companies under the registration system contributed significantly, with 589 newly listed companies reporting a total revenue of 1.08 trillion yuan, a year-on-year increase of 12.69%, and a net profit of 55.23 billion yuan, up 8.80% [3]. Profitability and Investment - The average gross margin of ChiNext companies increased by 0.87 percentage points, while the period expense ratio decreased by 0.93 percentage points, indicating improved operational efficiency [5]. - Long-term asset investments totaled 273.77 billion yuan in the first three quarters, a year-on-year increase of 9.46%, with Q3 investments reaching 90.62 billion yuan, up 8.99% [5]. - R&D expenditures totaled 147.35 billion yuan, a year-on-year increase of 6.20%, with 271 companies having R&D intensity greater than 10% [5][6]. Industry Performance - The electronics and communication sectors experienced significant growth, with the electronics industry reporting a revenue increase of 21.65% year-on-year and a net profit increase of 36.29% [8]. - The communication industry saw a revenue increase of 24.82% year-on-year and a net profit increase of 94.10% [8]. - The power equipment sector benefited from explosive growth in energy storage and solar inverter profitability, with a revenue increase of 12.90% year-on-year [10].