近日，"未来20·2025A股上市公司成长力年会"在沪成功举办。作为资本市场聚焦中小市值企业成长力的 重磅调研项目，汇正财经携手由第一财经、安永（中国）、矽亚资产管理、嘉定新城公司，通过专业投 资视角与深度产业洞察，为市场揭开优质中小市值企业的成长密码，为中小市值上市公司高质量发展注 入新动能，为资本市场价值发现搭建桥梁，以专业赋能产业、助力资本高质量发展。 作为调研项目的同行者与深度赋能者，汇正财经全程参与其中，将二十余年深耕资本市场的研究积淀与 产业洞察，转化为调研全流程的核心价值输出。在企业走访阶段，汇正财经研究团队与第一财经、安永 （中国）、矽亚资产管理联合组成的调研小组，不仅聚焦企业财务数据等显性指标，更深入拆解其技术 研发投入、核心专利布局、产业链卡位优势及管理层战略执行力等隐性成长基因；在价值解读环节，汇 正财经通过行业趋势研判、企业案例剖析等多维度，将企业的技术突破转化为可感知的投资逻辑，把商 业模式创新解读为可复制的成长路径，助力市场穿透数据表象，精准把握企业成长内核。 "企业成长力绝非短期业绩波动，而是穿越经济周期的持续价值创造能力。"汇正财经表示，商业模式的 韧性，即在外围环境复杂的压力 ...

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]

Core Viewpoint - The healthy development of small and medium-sized enterprises (SMEs) is crucial for improving industrial structure and unleashing innovation in China's economy, especially in the context of the ongoing global industrial restructuring and the new wave of technological revolution [1][3]. Group 1: Importance of SMEs - SMEs are key players in driving innovation and industrial upgrades, showcasing resilience and growth potential amid rapid technological advancements and global market changes [3][5]. - The "Future 20 · 2025 A-share Listed Companies Growth Power Annual Conference" aims to highlight and track value growth enterprises in China, filling research gaps in the capital market [3][6]. Group 2: Growth Strategies - Many surveyed enterprises indicated that accelerating overseas expansion is a vital strategy for growth, whether through mergers and acquisitions or investments to enhance production capacity and industry ecosystems [5][6]. - The focus on improving core business efficiency and seeking new growth avenues is a significant theme for enterprises in 2025, reflecting a commitment to navigating economic cycles and expanding operations [5][6]. Group 3: Event Overview - The upcoming conference will feature discussions among experts from finance and industry, exploring opportunities and challenges faced by Chinese enterprises in the context of technological empowerment and economic transformation [6]. - The agenda includes keynote speeches, award ceremonies for outstanding companies, and roundtable discussions on sustainable market expansion and collaboration between investors and listed companies [7].