Beijing Stock Exchange (BSE) companies are currently experiencing a wave of institutional research activity. Data from Wind shows that in the past month, as of May 15, 43 listed companies have received visits and research from institutional investors such as securities firms and funds, totaling 250 research sessions. Notably, beyond typical concerns like capacity expansion and order growth, questions regarding "moat" characteristics, represented by R&D capabilities and core technologies, have become essential topics for institutional inquiry during this round of research. This reflects a deeper market scrutiny into the "specialized, sophisticated, distinctive, and innovative" nature of BSE-listed firms.
Technological Strength Becomes a Focal Point Wind data indicates that, as of May 15, a total of 43 BSE-listed companies have been researched by institutions including securities firms, funds, and insurance capital over the past month, accumulating 250 research sessions and attracting participation from over a thousand institutional instances. Among them, Taik Ying and Jianbang Technology have been researched 6 times and 4 times respectively in the past month. Additionally, eight other BSE-listed companies, including Anda Technology and Aweite, have each received research three times in the recent month.
The content of the research shows a clear "technology-oriented" focus from institutions. For example, during several research sessions, Taik Ying, which is engaged in the R&D and production of off-the-road tires, introduced that its self-developed specialized tires for electric mining dump trucks are optimized for the heavy load, high heat, and high-frequency operation characteristics of electric mining trucks. Improvements in carcass structure and heat dissipation formulations have significantly enhanced heat resistance, load capacity, and stability. The overall technology has reached internationally advanced levels, with two core technologies being internationally leading. Currently, this product has passed certification from major OEMs and achieved batch supply. Wind data shows that across Taik Ying's six research sessions in one month, a total of 60 institutions participated, highlighting significant market attention.
Jianbang Technology, which received four research sessions within the month, revealed that on the product development front, the company will continuously conduct market research to develop automotive electronic products, optoelectronic signal interconnect products, and new energy vehicle-related products. It will also continue to focus on directions such as yachts, motorboats, motorcycles (including ATVs/UTVs), auxiliary intelligent robots (non-humanoid), and home garden products, aiming to build a product "ecosystem" and expand into broader application scenarios.
Anda Technology disclosed three investor relations activity records on May 11, 12, and 14. "The company's R&D expenses for the first quarter were 62.0787 million yuan, with a relatively large year-on-year increase due to a significant rise in R&D material inputs during this period. The company's current R&D projects mainly include next-generation lithium iron phosphate products, lithium replenishment agent R&D projects, and sodium iron pyrophosphate R&D projects," stated Anda Technology during the research. The company has successfully transformed from a traditional phosphorus chemical enterprise into a high-tech enterprise, holding 66 authorized patents (including 21 invention patents) as of the end of 2025, possessing R&D strength that enables rapid response to customer needs and continuous product upgrades.
Analysts believe that with the completion of annual and first-quarter report disclosures for BSE companies, institutions are shifting from "reviewing financial statements" to "examining the core," with the ability of a technological moat to support valuations becoming a key judgment criterion.
Furthermore, overseas business layouts and emerging industry directions have also become core concerns for institutions. For instance, Taik Ying indicated that its overseas business already covers over 100 countries and regions, with a key focus on Belt and Road partner countries and emerging markets, where sales account for over 80% of overseas revenue. In the future, it aims to maintain overseas business growth and profitability through diversified overseas layouts, scenario-based technological innovation, and the construction of localized sales and service networks.
Tongli Heavy Industry provided detailed responses regarding its overseas market expansion during research. The company's direct export value through customs declaration in 2025 was approximately 1 billion yuan, with the penetration rate of overseas new energy products gradually increasing. Overseas sales regions include Southeast Asia, Central Asia, Central Africa, North Africa, and South America. The company stated that this year, driven by factors such as increased customer recognition of Chinese products, expansion of new distributors, growth in direct sales, cooperation with central and state-owned enterprises, and partnerships with overseas mining companies, it expects to achieve good growth.
Significant Overall Quality Improvement for Listed Companies Against the backdrop of China's sustained economic stability and progress towards new and superior development, BSE-listed companies have demonstrated overall stable operations. Multiple emerging industries, including high-end equipment and biomedicine, are thriving, leading to a significant enhancement in the quality of listed companies.
In 2025, BSE-listed companies delivered an impressive "report card." It was learned that in 2025, BSE-listed companies collectively achieved operating revenue of 226.115 billion yuan, with an average revenue of 727 million yuan, representing a year-on-year increase of 5.89%. Combined net profit reached 14.391 billion yuan, with an average net profit of 46.2732 million yuan. 201 companies saw year-on-year revenue growth, accounting for 64.63% of the total; 259 companies remained profitable, with a profitability coverage rate of 83.28%. Among them, 43 listed companies, including Zhongke Instrument and Tongli Heavy Industry, reported net profits exceeding 100 million yuan. 13 companies turned losses into profits, and approximately half of the companies showed year-on-year improvement in net profit.
In the first quarter of this year, the performance of BSE-listed companies showed a structural differentiation trend but maintained overall stability with progress. Some companies in the new energy and new materials sectors continued their high-growth momentum, with leading firms in lithium battery materials and carbon fiber maintaining revenue growth rates above 30%. However, some traditional manufacturing companies faced performance pressures. Wind data indicates that in the first quarter, the profitability rate among BSE-listed companies reached 80%, and the proportion of companies with positive net cash flow from operating activities increased year-on-year, indicating continuous improvement in corporate operational quality.
Reflecting on the development of the BSE in recent years, Yao Shi, a fund manager at Everbright Prudential, believes the market has undergone profound and significant changes. From mixed market-making and optimization of margin trading mechanisms to simplification of refinancing processes, and more recently, the expansion of the BSE 50 Index Fund and the relaxation of restrictions on public fund investments in the BSE, a series of policy measures have made the BSE's trading rules, financing functions, and index product system more robust, with market operations becoming increasingly standardized. There is greater optimism about finding sub-sectors within BSE-listed companies that are in the technological incubation stage and may present disruptive opportunities, such as in frontier technology directions like silicon photonics.
Sustained Dividends Become a "New Calling Card" for the BSE While maintaining overall operational stability and improving development quality and efficiency, BSE companies continue to strengthen returns to investors, aiming to "thicken" investor returns and enhance their sense of gain. BSE data shows that during the 2025 annual report disclosure period, a total of 242 BSE-listed companies proposed cash dividend plans, covering over 90% of profitable enterprises. Combined with interim dividends, the total annual dividend amount reached 7.088 billion yuan, a year-on-year increase of 18.79%. Among them, 175 companies had a dividend payout ratio exceeding 30%, 168 companies achieved stable dividends for three consecutive years, and 32 implemented multiple dividend distributions within the year, significantly enhancing dividend sustainability.
According to Wind statistics, 166 BSE-listed companies had total cash dividends for the 2025 fiscal year at the ten-million-yuan level or above, accounting for nearly 70%, with 26 exceeding 50 million yuan. Six companies—BTR New Material, Tongli Heavy Industry, Kaifa Technology, Yinuowei, Qingju Technology, and Guangzi—had 2025 cash dividend amounts (pre-tax) exceeding 100 million yuan. As among the first batch of BSE-listed companies, both BTR New Material and Tongli Heavy Industry paid cash dividends exceeding 300 million yuan in 2025; the former, with a total annual dividend of 339 million yuan, became the BSE's "dividend king."
In terms of dividend yield, 29 companies across the market exceeded 2%, with Zhongcheng Consulting, Shichang Shares, and Aomeson surpassing 4%, attracting the attention of long-term investors.
Analyst Zhao Hao from Huayuan Securities believes that, overall, BSE-listed companies demonstrate a strong willingness to pay dividends, actively returning value to shareholders through cash distributions, showcasing positive returns for investors.
The BSE research team at Kaiyuan Securities analyzed that, from the perspective of high-quality enterprise attributes, directions such as new quality productive forces, ESG, high scarcity, and high dividends within the BSE all achieved impressive returns in 2025. As of December 19, 2025, the average annualized returns for these four categories of targets were 50.49%, 48.44%, 49.14%, and 57.51% respectively, with the high-dividend portfolio yielding the highest return. This also confirms that BSE companies are practicing the concept of value sharing with tangible dividends.
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