Core Insights - Beijing Stock Exchange (BSE) has established a unique system tailored for innovative small and medium-sized enterprises (SMEs) over its four years, with a total of 274 listed companies and a market capitalization exceeding 900 billion yuan [1][2] - The BSE aims to enhance its role as a platform for innovative SMEs, contributing to their higher quality development under the "1+N" policy framework [1][2] Market Performance - As of 2024, BSE-listed companies achieved a total revenue of 1,047.80 billion yuan, reflecting a year-on-year growth of 6.76%, with 20 companies doubling their revenue or profit since listing [3] - In the first half of 2025, the average revenue for 274 BSE companies was 33.6 million yuan, with 82.12% of companies reporting profitability [3] Innovation and Evaluation - BSE has optimized its evaluation system for innovative SMEs, focusing on supporting high-quality growth-oriented companies that align with national strategic development [2] - A new innovative evaluation system is set to be implemented by October 2024, which includes three dimensions of quantitative thresholds and four positive innovation types [2] Capital Market Engagement - BSE has encouraged institutional investors to participate actively, with over 9 million qualified investors now involved, enhancing the investor structure [6] - The introduction of the specialized index for innovative SMEs has increased market attention and engagement [5][7] Corporate Actions - BSE-listed companies are adopting measures such as cash dividends and share buybacks to enhance investor returns, with 21 companies planning a total cash dividend of approximately 532 million yuan for the mid-2025 period [7] - Companies are leveraging capital market tools for mergers and acquisitions to create new growth opportunities, with notable examples of successful acquisitions leading to significant revenue increases [4][7]

Core Points - The Beijing Stock Exchange (BSE) has established a unique system tailored for innovative small and medium-sized enterprises (SMEs) over its four years of operation, with a total of 274 listed companies and a market capitalization exceeding 900 billion yuan [1][2][3] - The BSE aims to enhance its role as a platform for innovative SMEs, focusing on high-quality development and supporting specialized and innovative enterprises [1][5] Market Overview - The BSE has seen a steady increase in market size, with nearly 80% of listed companies being SMEs and over half classified as national-level specialized and innovative "little giant" enterprises [1][2] - The average daily trading volume in 2023 reached 29.151 billion yuan, indicating significant market liquidity [1] Company Performance - In 2024, BSE-listed companies collectively achieved a revenue of 104.78 billion yuan, reflecting a year-on-year growth of 6.76%, with 20 companies doubling their revenue or profit since listing [3][4] - By mid-2025, the average revenue for BSE companies was 336 million yuan, with 82.12% of companies reporting profitability [4] Innovation and Development - The BSE has implemented a differentiated evaluation system for innovative enterprises, which includes three dimensions of quantitative thresholds and four positive innovation types [3] - Companies listed on the BSE are actively engaging in research and development, with total R&D expenditures exceeding 9.1 billion yuan in 2024 [4] Capital Market Engagement - The BSE is facilitating mergers and acquisitions to help SMEs build a "second growth curve," with notable examples of companies successfully expanding through acquisitions [6] - The introduction of the BSE Specialized and Innovative Index has increased market attention and investor participation, with over 9 million qualified investors now involved [7][8] Investor Relations - BSE-listed companies are adopting measures to enhance investor returns, including cash dividends and share buybacks, with a total proposed cash dividend of approximately 532 million yuan for the 2025 mid-year [8] - Analysts predict that the BSE's trading activity and market focus will remain high due to ongoing reforms and the introduction of new indices [8]