券商中国·2026-03-06 01:12Core Viewpoint - Several companies in the Sci-Tech Innovation Board's growth tier have reported turning losses into profits for the fiscal year 2025, indicating a positive trend in their financial performance and potential for exiting the growth tier [1][3]. Group 1: Company Performance - Cambrian Technology reported a revenue of 6.497 billion yuan for 2025, a year-on-year increase of 453.21%, and a net profit of 2.059 billion yuan, marking a turnaround from losses [3]. - BeiGene announced total revenue of 38.205 billion yuan for 2025, a 40.4% increase year-on-year, with a net profit of 1.422 billion yuan, also indicating a shift to profitability [3]. - North Chip Life achieved a revenue of 542 million yuan, a 71.23% increase from the previous year, and a net profit of 80.6219 million yuan, turning from losses to profits [3]. - Jingjin Electric reported a revenue of 2.726 billion yuan, a 108.93% increase year-on-year, with a net profit of 162 million yuan, recovering from a loss of 436 million yuan in the previous year [3]. - Obsidian Light announced total revenue of 941 million yuan, a 66.66% increase from the previous year, and a net profit of 127 million yuan, achieving profitability [3]. Group 2: Regulatory Framework - The China Securities Regulatory Commission (CSRC) has set clear criteria for companies to exit the Sci-Tech Innovation Board's growth tier, including achieving positive net profits for two consecutive years with a cumulative profit of at least 50 million yuan, or a positive net profit with revenue exceeding 100 million yuan in the most recent year [4]. - Among the five companies that turned profitable, North Chip Life, which was newly listed in February 2026, meets the criteria for exiting the growth tier [4]. - The other four companies that achieved profitability will also likely exit the growth tier following the formal disclosure of their annual reports [4]. Group 3: Industry Overview - The Sci-Tech Innovation Board's growth tier currently includes 39 companies, with over 90% concentrated in the new generation information technology and biomedicine sectors [5]. - These 39 companies are projected to see a revenue growth of 36.7% in 2025, while their net profits are expected to reduce losses by 56.9% [5].