近期，科创板592家公司的三季度"成绩单"正式揭晓。板块整体业绩呈现升势，单季度净利润同比大幅 增长75%，充分彰显"硬科技"企业的强劲动能。 ——板块业绩强势反弹。 科创板公司前三季度的业绩表现，凸显了"硬科技"企业成长韧性与发展质量。2025年前三季度，科创板 公司实现营业收入11050.11亿元，同比增长7.9%，延续开板以来连续增长态势；实现净利润492.68亿 元，同比增长8.9%。 尤为亮眼的是，科创板公司第三季度单季净利润同比大幅增长75%，呈现出强劲的发展势头。若剔除4 家光伏龙头公司，则板块整体营收、净利润分别同比增长14.6%、30.6%。 从业绩分布看，科创板呈现出"增长面广、结构优化"特征。前三季度，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。头部企业与成长型企业形成 良性互补。 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。 从业绩表现看，35家科创成长层未盈利企业用"时间"换"空间"，用"研发"换"未来"，发展势头喜人，"成 长层"名副其实。35家公司前三季度营收同比增长39%，净利润同比 ...

Core Insights - The Sci-Tech Innovation Board (STAR Market) has become a key indicator of the performance and development trends of "hard technology" enterprises in China, with significant growth in R&D investment and net profit [1][2]. Group 1: Performance Metrics - As of November 13, 592 companies on the STAR Market reported a total R&D investment of nearly 120 billion yuan and total revenue exceeding 1.1 trillion yuan for the first three quarters, with a net profit growth of 75% year-on-year in Q3 [1]. - For the first three quarters of 2025, STAR Market companies achieved a revenue of 1,105 billion yuan, a year-on-year increase of 7.9%, and a net profit of 49.27 billion yuan, up 8.9% year-on-year [2]. - Over 70% of STAR Market companies reported revenue growth, and nearly 60% reported net profit growth, with 158 companies seeing net profit increases exceeding 50% [2]. Group 2: R&D Investment - The total R&D investment for 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 all A-share sectors [4]. - The "1+6" reform initiated in June aims to support unprofitable tech companies, with 35 such companies showing promising development by prioritizing R&D [4]. Group 3: Sector Performance - The integrated circuit sector saw 121 related companies on the STAR Market achieve a revenue growth of 25% and a net profit growth of 67% in the first three quarters [6]. - The artificial intelligence sector has emerged as a new growth pillar, with companies like Cambrian and Haiguang Information reporting revenue increases of nearly 24 times and 55%, respectively [6]. - The biopharmaceutical sector experienced a revenue growth of 11% and a net profit growth of 48%, with nine new drugs approved for market and significant international business development [7].

近期，科创板592家公司的三季度"成绩单"正式揭晓。板块整体业绩呈现升势，单季度净利润同比大幅 增长75%，充分彰显"硬科技"企业的强劲动能。 上交所资 料图 ——板块业绩强势反弹。 科创板公司前三季度的业绩表现，凸显了"硬科技"企业成长韧性与发展质量。2025年前三季度，科创板 公司实现营业收入11050.11亿元，同比增长7.9%，延续开板以来连续增长态势；实现净利润492.68亿 元，同比增长8.9%。 尤为亮眼的是，科创板公司第三季度单季净利润同比大幅增长75%，呈现出强劲的发展势头。若剔除4 家光伏龙头公司，则板块整体营收、净利润分别同比增长14.6%、30.6%。 从业绩分布看，科创板呈现出"增长面广、结构优化"特征。前三季度，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。头部企业与成长型企业形成 良性互补。 其中，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，继续发挥"压 舱石"作用。科创100指数成分公司展现高成长弹性，营收和净利润同比分别增长12%和134%，成为板 块增长的"先锋队"。 ——创新动能持续 ...

近期，科创板592家公司的三季度"成绩单"正式揭晓。板块整体业绩呈现升势，单季度净利润同比大幅增长75%，充分彰显"硬科技"企业的强 劲动能。 上交所资料图 ——板块业绩强势反弹。 科创板公司前三季度的业绩表现，凸显了"硬科技"企业成长韧性与发展质量。2025年前三季度，科创板公司实现营业收入11050.11亿元，同 比增长7.9%，延续开板以来连续增长态势；实现净利润492.68亿元，同比增长8.9%。 尤为亮眼的是，科创板公司第三季度单季净利润同比大幅增长75%，呈现出强劲的发展势头。若剔除4家光伏龙头公司，则板块整体营收、净 利润分别同比增长14.6%、30.6%。 从业绩分布看，科创板呈现出"增长面广、结构优化"特征。前三季度，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。头部企业与成长型企业形成良性互补。 其中，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，继续发挥"压舱石"作用。科创100指数成分公司展现 高成长弹性，营收和净利润同比分别增长12%和134%，成为板块增长的"先锋队"。 ——创新动能持续培育。 ...

Core Insights - The A-share market is experiencing a dual growth trend with emerging industries and traditional sectors both showing positive performance amid favorable macro policies and challenges such as weak global economic growth and insufficient domestic demand [1][2][5] Emerging Industries - New generation information technology, new energy, and new materials are leading the A-share market, with companies in these sectors showing strong performance [2] - In the first three quarters, 588 companies on the Sci-Tech Innovation Board achieved a total revenue of 1.01 trillion yuan, a year-on-year increase of 6.6% [2] - Key technological breakthroughs are driving the performance of technology companies, with significant advancements in biomedicine, high-end equipment, and communication sectors [2][3] Traditional Industries - Traditional industries are also innovating and improving efficiency, with companies like Midea Group and BYD showing growth in smart home and electric vehicle sales, respectively [5][6] - The steel and cement industries are optimizing supply-demand balances, with companies like Nanjing Steel and Anhui Conch Cement reporting significant profit increases due to improved pricing and cost management [7] R&D Investment - Increased R&D investment is providing strong internal momentum for technology companies, with the R&D intensity for the ChiNext, Sci-Tech Innovation Board, and Beijing Stock Exchange reaching 4.54%, 11.22%, and 4.42% respectively [4] - Companies like Zhongrun Optical are focusing R&D efforts on new product innovation, leading to substantial growth in core technology competitiveness [4] Investor Return Awareness - Companies are enhancing their awareness of investor returns, with an increase in cash dividend announcements and share buybacks, reflecting a commitment to shareholder value [8][9] - As of October 31, 2023, 1,033 companies announced cash dividend plans totaling 734.9 billion yuan, with 89 companies planning dividends exceeding 1 billion yuan [8] Future Outlook - Despite external uncertainties, many companies maintain an optimistic outlook for future growth, supported by proactive strategies and scientific planning [10]

Core Viewpoint - The A-share market is experiencing a dual growth trend in both emerging and traditional industries, driven by favorable macro policies and technological innovation, despite facing challenges such as weak global economic growth and insufficient domestic demand [1] Emerging Industries - Emerging industries, particularly in hard technology sectors like new generation information technology, new energy, and new materials, are showing strong performance, with 588 companies on the Sci-Tech Innovation Board achieving a total revenue of 1.01 trillion yuan, a year-on-year increase of 6.6% [2] - Key technological breakthroughs are driving the performance of technology companies, with 26 new Class 1 drugs approved in the biopharmaceutical sector and significant advancements in high-end equipment and communication technologies [2] - Companies like Mingzhi Electric and Obit Zhongguang are capitalizing on opportunities in AI and robotics, with revenue growth of 11.66% and 103.5% respectively in the first three quarters [3] R&D Investment - Increased R&D investment is providing strong internal momentum for technology companies, with R&D intensity reaching 4.54% for the ChiNext, 11.22% for the Sci-Tech Innovation Board, and 4.42% for the Beijing Stock Exchange [4] - Companies are focusing on innovation and technology breakthroughs to enhance their competitive edge, as seen with Zhongrun Optical's 50.47% increase in R&D spending [4] Traditional Industries - Traditional industries are also evolving, with companies like Midea Group and Seres adapting to new technologies and applications, resulting in a 13% increase in smart home revenue and significant sales in the electric vehicle sector [5][6] - The steel and cement industries are optimizing supply-demand balances, with companies like Nanjing Steel and Anhui Conch Cement reporting improved profit margins and net profit growth due to strategic adjustments [7] Investor Return Awareness - There is a growing awareness among companies regarding investor returns, with an increase in cash dividend announcements and share buybacks, totaling 734.9 billion yuan in cash dividends announced by 1,033 companies [8] - Companies like Yili Group are actively engaging in share buybacks and dividend distributions to enhance shareholder value [8][9] Future Outlook - Despite external uncertainties, many companies maintain an optimistic outlook for future growth, supported by proactive strategies in R&D, market expansion, and operational efficiency [10]

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].

Core Insights - The overall net profit of the Sci-Tech Innovation Board companies saw a significant year-on-year increase of 75% in the third quarter, reflecting strong resilience and growth quality in the "hard technology" sector [2][3]. Financial Performance - For the first three quarters of 2025, the companies on the Sci-Tech Innovation Board achieved total operating revenue of 1,105.01 billion yuan, a year-on-year increase of 7.9%, and a net profit of 49.27 billion yuan, up 8.9% [2]. - Excluding four leading photovoltaic companies, the overall revenue and net profit of the board increased by 14.6% and 30.6% respectively, indicating an amplified growth momentum [2]. - Over 70% of companies reported revenue growth, and nearly 60% saw net profit increases, with 158 companies experiencing net profit growth exceeding 50% [2]. R&D Investment - The total R&D investment of the Sci-Tech Innovation Board 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 [3]. - 35 unprofitable companies in the newly established growth tier reported a revenue increase of 39% year-on-year, while their net profit losses decreased by 65% [3]. Industry Highlights - The integrated circuit industry, a core area for technological self-reliance, saw 121 related companies achieve a revenue increase of 25% and a net profit increase of 67% [5]. - The artificial intelligence sector emerged as a new growth pillar, with significant revenue increases reported by key players such as Cambrian and Haiguang [6]. - The biopharmaceutical sector experienced an 11% revenue increase and a 48% net profit increase, with nine new class 1 drugs approved for market [6]. Market Dynamics - The photovoltaic sector benefited from "anti-involution" policies, with 17 related companies significantly reducing their losses by 28% [7]. - The lithium battery industry saw a revenue increase of 7% year-on-year, with a net profit of 1.02 billion yuan, marking a return to profitability for 19 companies [7].

Core Insights - The performance of A-share listed companies in China has shown significant improvement in the first three quarters of the year, with total operating revenue reaching 53.46 trillion yuan and net profit at 4.7 trillion yuan, indicating a nearly 80% profitability rate across 4,183 companies [3] - The third quarter saw year-on-year revenue and net profit growth of 3.82% and 11.45%, respectively, with a quarter-on-quarter increase of 2.40% and 14.12%, reflecting a solid upward trend [3] - Key industries such as new energy vehicles, solid-state batteries, superhard materials, film and television, and logistics have performed exceptionally well, highlighting the role of technological innovation in driving high-quality development [3][4] Financial Performance - In the Shanghai Stock Exchange, listed companies achieved a total operating revenue of 37.58 trillion yuan in the first three quarters, a slight year-on-year increase, with net profit rising to 3.79 trillion yuan, up 4.5% [4] - Private enterprises showed a positive trend with net profit growth rates of 0.4%, 12.3%, and 17.2% over the first three quarters, indicating a consistent improvement [4] - A total of 501 companies announced dividend plans, with cash dividends exceeding 600 billion yuan, marking a 3.3% increase year-on-year [4] R&D Investment - Companies in Shenzhen reported a total R&D expenditure of 518 billion yuan in the first three quarters, a 6.20% increase year-on-year, with a research intensity of 3.29% [5] - Notable companies like BYD, ZTE, and CATL have invested over 5 billion yuan in R&D, contributing to a continuous increase in innovation and product development [5] - Over 70% of companies on the Growth Enterprise Market achieved profitability, with more than 50% reporting profit growth [5] Industry Innovations - Companies like Daoming Optics and Qiaoguan Cable have made significant advancements in product development, enhancing their market competitiveness [6] - Shandong Steel reported a net profit increase of over 100%, attributed to higher product value, particularly in high-end marine equipment [8][9] - China Railway High-tech's new tunneling machine exemplifies the integration of innovative technologies to improve construction efficiency [10] International Expansion - Overseas markets are becoming increasingly important for growth, with companies like Zoomlion reporting 57.36% of total revenue from international sales, a 6.05 percentage point increase year-on-year [12] - Companies such as Hengyu Environmental Technology have successfully established their technologies in multiple countries, enhancing their international reputation and market position [13] - The establishment of localized supply chains in regions like Southeast Asia and the Middle East is contributing to stable operations and improved profitability [14]

Core Insights - The establishment of the Sci-Tech Innovation Board (STAR Market) has significantly enhanced China's capital market's ability to support technological innovation, with 592 listed companies and total fundraising exceeding 1.1 trillion yuan by October 2025 [1][3] - The STAR Market has demonstrated strong growth, with a compound annual growth rate (CAGR) of 18% in revenue and 9% in net profit for listed companies over the past five years [3][4] - The board has successfully fostered a vibrant ecosystem for hard technology, with over 80% of companies in emerging industries such as new-generation information technology and biomedicine [4][5] Company Performance - As of 2025, 22 out of 57 unprofitable companies listed on the STAR Market have achieved profitability, indicating a positive trend in financial performance [3] - The integrated circuit sector has over 120 listed companies, with revenue and net profit growth of 27% and 83% respectively in the first three quarters of 2025 [4] - In the biopharmaceutical sector, 21 out of 22 companies have received approval for 48 drugs/vaccines, contributing significantly to the innovation landscape [4] R&D Investment - The total R&D investment by STAR Market companies reached 1,680 billion yuan in 2024, more than three times their net profit [5] - In the first three quarters of 2025, R&D investment amounted to 1,133.45 billion yuan, a year-on-year increase of 9.01% [5] - The average number of invention patents per company on the STAR Market is 230, with 30% of companies having products or projects that are industry-first [5][6] Ecosystem Development - The STAR Market has created a virtuous cycle of "technology-industry-capital," enhancing the efficient allocation of innovative resources [7] - Over 60% of the founding teams of STAR Market companies consist of scientists or industry experts, fostering a strong innovation culture [7] - The market has seen a significant increase in cash dividend proposals, with a total of 38.8 billion yuan in dividends planned for 2024 [8] Institutional Innovation - The STAR Market has pioneered various institutional innovations, including diverse listing standards and mechanisms for rapid financing, which serve as a model for other markets [9] - Recent reforms have expanded the scope of the STAR Market to include more cutting-edge fields, enhancing its inclusivity [9] - The growth of the STAR Market's "growth layer" has accelerated, with companies showing revenue growth of 35.09% and a median R&D intensity of 44.34% [9] Future Outlook - The Shanghai Stock Exchange aims to further leverage the STAR Market as a testing ground for identifying high-quality tech companies, particularly in emerging fields like artificial intelligence and aerospace [10]