Core Insights - The overall performance of companies on the Sci-Tech Innovation Board (STAR Market) has shown a significant recovery, with a 75% year-on-year increase in net profit for the third quarter [2][4] - The board's companies achieved approximately 1.1 trillion yuan in revenue for the first three quarters of 2025, marking a 7.9% year-on-year growth, and a net profit of 492.68 billion yuan, up 8.9% [2][4] - The focus on "hard technology" sectors such as integrated circuits, artificial intelligence, and biomedicine is fostering new productive forces and supporting high-level technological self-reliance [1][4] Financial Performance - In the first three quarters, over 70% of companies reported revenue growth, and nearly 60% saw an increase in net profit, with 158 companies experiencing net profit growth exceeding 50% [2][4] - The STAR Market's R&D investment totaled 1,197.45 billion yuan, which is 2.4 times the net profit, with a median R&D intensity of 12.4%, leading the A-share market [2][4] Sector Highlights - The integrated circuit industry reported a 25% year-on-year revenue growth and a 67% increase in net profit, with major players like SMIC and Hua Hong Semiconductor achieving record sales [4][5] - The artificial intelligence sector has emerged as a new growth pillar, with companies like Cambricon and Haiguang Information seeing revenue increases of nearly 24 times and 55%, respectively [5][6] - The biopharmaceutical industry experienced an 11% revenue growth and a 48% increase in net profit, with significant advancements in new drug approvals and international transactions [6][7] Growth Potential - The STAR Market's "1+6" reform has effectively supported unprofitable tech companies, with 35 companies in the growth tier showing a 39% revenue increase and a 65% reduction in net profit losses [3][4] - The renewable energy sector is stabilizing, with solar companies reducing losses significantly and lithium battery companies reporting a 7% revenue growth in the third quarter [6][7]

Group 1: Overall Performance of Sci-Tech Innovation Board Companies - In the first three quarters, Sci-Tech Innovation Board companies achieved operating revenue of 1.105 trillion yuan, a year-on-year increase of 7.9% [1] - Net profit reached 49.268 billion yuan, growing by 8.9% year-on-year, with a significant 75% increase in net profit for the third quarter alone [1] - Over 70% of companies reported revenue growth, and nearly 60% saw net profit growth, with 158 companies experiencing net profit increases exceeding 50% [1] Group 2: R&D Investment and Industry Performance - The total R&D investment for the Sci-Tech Innovation Board in the first three quarters was 119.745 billion yuan, 2.4 times the net profit, with a median R&D intensity of 12.4% [2] - The integrated circuit industry showed strong performance, with 121 related companies achieving a 25% year-on-year revenue increase and a 67% rise in net profit [2] - The artificial intelligence industry emerged as a new growth driver, with significant revenue increases in computing power and related sectors [2] Group 3: Sector-Specific Insights - The biopharmaceutical industry saw an 11% increase in revenue and a 48% rise in net profit, driven by the approval of new drugs and international business development [3] - The renewable energy sector is experiencing a reduction in losses, particularly in the photovoltaic field, with some companies turning profitable [3] - The lithium battery industry is witnessing a recovery in demand and prices, with 19 related companies reporting a 7% increase in revenue and a return to profitability [3]

Core Insights - The overall performance of the Sci-Tech Innovation Board (STAR Market) has shown a significant recovery, with a 75% year-on-year increase in net profit for the third quarter [1][2] - The board's companies achieved a total operating revenue of 1,105.01 billion yuan, representing a 7.9% year-on-year growth, and a net profit of 49.27 billion yuan, up 8.9% year-on-year [1][2] Performance Distribution - Over 70% of companies on the STAR Market reported revenue growth, and nearly 60% saw an increase in net profit; 158 companies had net profit growth exceeding 50%, while 46 companies turned losses into profits [2] - The Sci-Tech 50 Index companies accounted for 46% of total revenue and 50% of net profit, serving as a stabilizing force for the board [2] - The Sci-Tech 100 Index companies exhibited high growth elasticity, with revenue and net profit increasing by 12% and 134% year-on-year, respectively [2] Innovation and R&D Investment - The total R&D investment for the STAR Market reached 119.75 billion yuan, which is 2.4 times the net profit, with a median R&D intensity of 12.4%, leading all A-share sectors [2] - The "1+6" reform initiated in June aims to support unprofitable tech companies, with 35 such companies showing promising growth; their revenue increased by 39% year-on-year, while net profit losses were reduced by 65% [2] - Leading companies are demonstrating potential for profitability, with Cambrian Technology achieving profitability for four consecutive quarters and BeiGene's quarterly revenue surpassing 10 billion yuan [2] Future Outlook - The STAR Market is expected to attract and nurture more world-class technology enterprises, with a focus on innovation as a key driver for economic growth [3]

Core Viewpoint - Nuo Cheng Jian Hua is optimistic about its future development, expecting to achieve breakeven in 2025, two years ahead of its profitability target, supported by strong revenue growth and a significant licensing deal with Zenas [1][2]. Financial Performance - The company reported a 59.8% year-on-year increase in total revenue for the first three quarters of 2025, reaching 1.12 billion yuan, primarily driven by the sales of its core product, the BTK inhibitor Aobutini [1]. - Aobutini's revenue for the same period rose by 45.8% to 1.01 billion yuan, surpassing last year's total revenue [1]. - The company's losses narrowed significantly by 74.8%, down to 70 million yuan, due to rapid revenue growth and improved cost efficiency [1]. Strategic Partnerships - The licensing agreement with Zenas, valued at over 2 billion USD, is expected to enhance Nuo Cheng Jian Hua's financial performance and support its global expansion efforts [2][3]. - Zenas is advancing global Phase III clinical trials for Aobutini targeting primary progressive multiple sclerosis (PPMS) and secondary progressive multiple sclerosis (SPMS) patients, with trials set to start in Q1 2026 [2]. Product Pipeline and Market Potential - Nuo Cheng Jian Hua is focusing on three key therapeutic targets: BTK, CD19, and BCL2, to strengthen its position in the hematological oncology market [4]. - The CD19 monoclonal antibody, Tanshizhuo, has been commercially launched in China, filling a gap in the treatment of relapsed/refractory diffuse large B-cell lymphoma (DLBCL) [5]. - The BCL2 inhibitor, Mesutoclax, is undergoing multiple clinical trials, showing promise in treating various hematological malignancies [6][7]. Expansion into Autoimmune Diseases - The global market for autoimmune diseases is projected to reach 185 billion USD by 2029, with Nuo Cheng Jian Hua actively advancing multiple Phase III clinical trials for its pipeline products [8]. - Aobutini is the first BTK inhibitor to show efficacy in systemic lupus erythematosus (SLE) in Phase II trials, with data expected to be released in Q4 2025 [8]. Research and Development - The company has increased its R&D expenditure by 9.9% year-on-year to 680 million yuan, with plans to submit 5 to 7 clinical trial applications for new drug candidates by 2026 [10][11]. - Nuo Cheng Jian Hua is developing a new ADC drug, ICP-B794, which has completed its first patient dosing, and aims to leverage its ADC platform for further innovations [10][11].

Core Insights - The company, Nuo Cheng Jian Hua, reported a strong revenue growth of 59.8% year-on-year for the first three quarters of 2025, reaching 1.12 billion yuan, primarily driven by the sales of its core product, the BTK inhibitor, Obinutuzumab [1] - The company expects to achieve breakeven for the full year of 2025, two years ahead of its profitability target, thanks to effective cost management and a significant licensing deal with Zenas [1] - The loss for the first three quarters of 2025 narrowed significantly by 74.8% to 70 million yuan, attributed to rapid revenue growth and improved cost efficiency [1] Group 1 - The licensing agreement with Zenas, valued at over 2 billion USD, is expected to enhance the company's financial performance and strategic value [1] - Zenas is advancing global Phase III clinical trials for Obinutuzumab in multiple sclerosis patients, which will further validate the drug's potential in autoimmune diseases [2] - The collaboration with Zenas alleviates future overseas development costs and allows the company to leverage Zenas's expertise in the autoimmune field [2] Group 2 - Nuo Cheng Jian Hua is strengthening its leadership in hematologic oncology with key therapies including Obinutuzumab, Tanibrutinib, and Mesutoclax [3] - The approval of Obinutuzumab for first-line treatment of chronic lymphocytic leukemia/small lymphocytic lymphoma is expected to benefit more lymphoma patients [3] - The company aims to accelerate its globalization process and plans to push five to six innovative drugs for approval, with three to four products targeting global markets [3]

Core Insights - The overall performance of the Sci-Tech Innovation Board (STAR Market) has shown a significant recovery, with a 75% year-on-year increase in net profit for the third quarter, indicating strong resilience and growth quality among "hard tech" companies [1][3]. Financial Performance - In the first three quarters of 2025, STAR Market companies achieved operating revenue of 1,105.01 billion yuan, a year-on-year increase of 7.9%, and net profit of 49.27 billion yuan, up 8.9% [2]. - Excluding four leading photovoltaic companies, the overall revenue and net profit growth rates for the STAR Market were 14.6% and 30.6%, respectively, indicating an amplified growth momentum [2]. Growth Characteristics - Over 70% of companies on the STAR Market reported revenue growth, and nearly 60% saw net profit increases, with 158 companies experiencing net profit growth exceeding 50% [3]. - The STAR 50 Index companies accounted for 46% of the board's revenue and 50% of net profit, while the STAR 100 Index companies demonstrated high growth elasticity, with revenue and net profit increasing by 12% and 134%, respectively [3]. R&D Investment - The total R&D investment of STAR Market companies reached 119.75 billion yuan, which is 2.4 times the net profit, with a median R&D intensity of 12.4%, leading A-shares in R&D efforts [3]. Sector Performance - The integrated circuit industry saw a 25% year-on-year revenue increase and a 67% net profit increase among 121 related companies, with major players like SMIC and Hua Hong maintaining high capacity utilization [5]. - The artificial intelligence (AI) sector emerged as a new growth pillar, with significant revenue increases in various segments, including a nearly 24-fold increase for Cambrian and a 55% increase for Haiguang Information [6]. - The biopharmaceutical sector reported an 11% revenue increase and a 48% net profit increase, driven by the approval of new drugs and accelerated commercialization [7]. Policy Impact - The ongoing "1+6" reform and the establishment of the Sci-Tech Growth Layer have provided targeted support for unprofitable tech companies, with 35 companies in this layer reporting a 39% revenue increase and a significant reduction in net losses [3].

本文字数：1300，阅读时长大约2.5分钟 作者 | 第一财经 黄思瑜 11月13日晚，随着中芯国际（688981.SH，00981.HK）、诺诚健华（688428.SH，09969.HK）2家多地上市的红筹公司完成三季报业绩披露，科创 板592家公司的三季度"成绩单"正式揭晓。 2025.11. 13 前三季度，科创板公司实现营业收入1.105万亿元，同比增长7.9%；实现净利润492.68亿元，同比增长8.9%；扣非后净利润319.74亿元，同比增长 5.5%。其中，第三季度单季净利润同比大幅增长75%。 其中，超七成公司实现营收增长，近六成公司净利润增长。158家公司净利润增幅超过50%，46家公司扭亏为盈。科创50指数成分公司营收和净利润占 板块整体比重，分别保持在46%和50%的高位。科创100指数成分公司营收和净利润同比分别增长12%和134%。 今年6月，科创板"1+6"改革启动，设立科创成长层，精准支持未盈利科技型企业发展。从三季度业绩表现看，35家公司前三季度营收同比增长39%， 净利润同比大幅减亏65%；在增收缩亏的同时，研发强度中位数高达44.3%。 第一财经持续追踪财经热点。若您掌握公 ...

Performance Highlights - Tencent Holdings (00700.HK) reported Q3 revenue of 192.87 billion yuan, a year-on-year increase of 15% and a quarter-on-quarter increase of 5%. Net profit reached 63.13 billion yuan, up 19% year-on-year and 13% quarter-on-quarter [2] - Semiconductor Manufacturing International Corporation (00981.HK) achieved Q3 sales revenue of 2.38 billion USD, a quarter-on-quarter increase of 7.8% and a year-on-year increase of 9.7%. Gross margin improved to 22.0%, up 1.6 percentage points quarter-on-quarter [3] - JD Group (09618.HK) reported Q3 total revenue of 299.06 billion yuan, a year-on-year increase of 14.85%, while net profit decreased by 55.03% to 5.28 billion yuan [4] - JD Logistics (02618.HK) recorded Q3 revenue of 55.08 billion yuan, a year-on-year increase of 24.1%, with operating profit rising by 125.3% to 1.24 billion yuan [5] - Bilibili (09626.HK) achieved Q3 net revenue of 7.69 billion yuan (1.08 billion USD), a year-on-year increase of 5%, and turned a profit with a net profit of 469 million yuan (65.9 million USD) [6] Company News - Heng Rui Medicine (01276.HK) received clinical trial approval for its drug, with similar products expected to generate global sales of approximately 11.04 billion USD in 2024 [7] - China Pacific Insurance (02601.HK) reported that for the first ten months, life insurance premium income reached 241.32 billion yuan, a year-on-year increase of 9.9% [8] - Zhong An Online (06060.HK) reported total original insurance premium income of approximately 29.82 billion yuan for the first ten months, a year-on-year increase of 5.18% [9] Buyback Activities - Yongsheng Services (01995.HK) plans to repurchase up to approximately 173 million shares, accounting for about 10% of the issued share capital [12] - Kintor Pharmaceutical (02171.HK) intends to repurchase up to approximately 25.46 million shares [13] - China Feihe (06186.HK) spent 87.86 million HKD to repurchase 20 million shares at prices ranging from 4.37 to 4.40 HKD [14]

11月13日晚，随着中芯国际（688981.SH，00981.HK）、诺诚健华（688428.SH，09969.HK）2家多地上 市的红筹公司完成三季报业绩披露，科创板592家公司的三季度"成绩单"正式揭晓。 前三季度，科创板公司实现营业收入1.105万亿元，同比增长7.9%；实现净利润492.68亿元，同比增长 8.9%；扣非后净利润319.74亿元，同比增长5.5%。其中，第三季度单季净利润同比大幅增长75%。 其中，超七成公司实现营收增长，近六成公司净利润增长。158家公司净利润增幅超过50%，46家公司 扭亏为盈。科创50指数成分公司营收和净利润占板块整体比重，分别保持在46%和50%的高位。科创 100指数成分公司营收和净利润同比分别增长12%和134%。 今年6月，科创板"1+6"改革启动，设立科创成长层，精准支持未盈利科技型企业发展。从三季度业绩表 现看，35家公司前三季度营收同比增长39%，净利润同比大幅减亏65%；在增收缩亏的同时，研发强度 中位数高达44.3%。 新能源行业"反内卷"持续推进。光伏领域，17家相关企业净亏损幅度收窄，环比缩亏28%。部分环节产 品均价有所回升，硅料龙头大全能 ...

Core Viewpoint - The announcement from Nocera Health indicates significant changes in the top ten circulating shareholders as of September 30, 2025, with new entrants and exits among major shareholders [1][2][3] Shareholder Changes - HKSCC NOMINEES LIMITED has entered as a new shareholder, holding 892 million shares, representing 50.55% of circulating shares [1][3] - Sunny View Holdings Limited and Renbin Zhao family have maintained their position with 145 million shares, accounting for 8.21% [1][3] - Sunland BioMed Ltd and Jisong Cui family also entered with 127 million shares, making up 7.2% [1][3] - King Bridge Investments Limited and its concerted actions hold 122 million shares, representing 6.92% [1][3] - Other new shareholders include Wan Jia You Xuan with 10 million shares (0.57%) and Ping An Medical Health Mixed A with 8.63 million shares (0.49%) [1][3] Shareholder Exits and Reductions - HKSCC NOMINEES LIMITED previously held 882 million shares (50.02%) before exiting [2][3] - King Bridge Investments Limited and its concerted actions reduced their holdings from 133 million shares (7.54%) [2][3] - The report notes a reduction in holdings for 富国精准医疗灵活配置混合A, decreasing by 3.39% to 12.15 million shares [2][3] - 汇添富创新医药混合A also saw a reduction of 9.78% to 6.86 million shares [2][3] Overall Shareholder Composition - The top ten circulating shareholders collectively hold 1.54 billion shares, accounting for 87.28% of circulating shares, which is a decrease of 6.9795 million shares from the previous report [3]