Core Insights - The Shanghai Stock Exchange reported that as of October 31, all listed companies in the Shanghai market have disclosed their Q3 2025 financial results [1] Group 1: Industry Performance - The companies listed on the Sci-Tech Innovation Board (STAR Market) have shown steady development, with 588 companies achieving a total operating revenue of 1.01 trillion yuan, representing a year-on-year growth of 6.6% [1] - Since the launch of the STAR Market, these companies have experienced continuous revenue growth, with a median R&D intensity of 12.4% [1] Group 2: Company Performance - Among the 33 unprofitable companies that have disclosed their Q3 results, there has been a significant increase in revenue, with a year-on-year growth of 35.1% [1] - These companies have also reduced their net losses by 45.4% year-on-year while continuing to increase R&D investments, with a median R&D intensity of 44.3% [1]