Beijing Stock Exchange (BSE) listed companies are experiencing a significant increase in institutional research activity. According to Wind data, over the past month, as of May 15th, 43 listed companies have received research visits from institutional investors such as securities firms and funds, totaling 250 research sessions. Notably, beyond common 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 the market's deeper scrutiny into the "specialized, sophisticated, distinctive, and innovative" qualities of BSE enterprises.
Technological strength has become a focal point. Wind data shows that in the recent month, 43 BSE-listed companies received research from institutions including securities firms, funds, and insurance capital, involving 250 sessions and attracting participation from over a thousand institutions.
Titan King Tire and Jianbang Technology were researched 6 times and 4 times respectively over the month. Additionally, eight other BSE-listed companies, including Anda Technology and Aweite, have each been researched three times in the past month.
The content of these research visits shows a clear "technology-oriented" focus. For example, during multiple sessions, Titan King Tire, specializing in the R&D and production of construction tires, highlighted its self-developed specialized tires for electric mining dump trucks. These tires are optimized for the heavy-load, high-heat, and high-frequency operation characteristics of electric mining trucks, featuring improved carcass structure and heat dissipation formulas, leading to significant enhancements in heat resistance, load capacity, and stability. The overall technology has reached internationally advanced levels, with two core technologies being internationally leading. The product has already passed certification by major original equipment manufacturers and achieved batch supply. Wind data indicates that the six research sessions on Titan King Tire within the month involved a total of 60 institutions, demonstrating considerable market attention.
Jianbang Technology, which received four research visits during the month, revealed that on the product development front, the company will continuously conduct research and develop products in automotive electronics, photoelectric signal interconnection, and new energy vehicles. It will also continue to focus on areas such as yachts, motorboats, motorcycles (including ATV/UTV), 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 11th, 12th, and 14th consecutively. "The company's R&D expenses for the first quarter were 62.0787 million yuan, with a relatively large year-on-year increase primarily due to a significant rise in R&D material inputs this period. Current R&D projects mainly include next-generation lithium iron phosphate products, lithium compensation agent R&D projects, and sodium iron phosphate pyrophosphate R&D projects," the company stated during the research. It has successfully transformed from a traditional phosphorus chemical company into a high-tech enterprise, possessing 66 authorized patents (including 21 invention patents) as of the end of 2025, demonstrating R&D strength capable of rapidly responding to customer needs and continuously upgrading products.
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, Titan King Tire mentioned that its overseas business already covers over 100 countries and regions, with a focus on Belt and Road partner countries and emerging markets, where sales account for over 80% of its overseas revenue. The company 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 customs declaration value for 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 growth this year is expected to be favorable, driven by factors such as increased customer recognition of Chinese products, expansion of new dealers, growth in direct sales, cooperation with central and state-owned enterprises, and partnerships with overseas mining companies.
BSE-listed companies have shown significant overall quality improvement. Against the backdrop of China's sustained, stable, and improving economic development towards new and superior growth, BSE-listed companies have demonstrated overall stable operations. Multiple emerging sectors, including high-end equipment and biopharmaceuticals, are flourishing, and the quality of listed companies has notably improved.
In 2025, BSE-listed companies delivered an impressive "report card." According to information from the BSE, 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%. They realized a combined net profit of 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%; 259 companies remained profitable, with a profit coverage rate of 83.28%. Among them, 43 listed companies, including CASI and Tongli Heavy Industry, reported net profits exceeding 100 million yuan. 13 companies turned losses into profits, and approximately half of the companies saw year-on-year improvement in net profit.
In the first quarter of this year, the performance of BSE-listed companies showed a trend of structural divergence but overall stability with progress. Some companies in the new energy and new materials sectors continued their strong growth momentum, with leading companies in lithium battery materials and carbon fiber maintaining revenue growth rates above 30% year-on-year. However, some traditional manufacturing companies faced performance pressure. Wind data indicates that in the first quarter, the proportion of profitable BSE-listed companies reached 80%, and the share of companies with positive net cash flow from operating activities increased year-on-year, reflecting 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 the implementation of mixed market-making and optimization of margin trading and securities lending mechanisms to the simplification of refinancing processes, the recent 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 for identifying sub-sectors within BSE-listed companies that are in the technological germination stage and may present disruptive opportunities, such as in frontier technology directions like silicon photonics.
Sustained dividend payments have become a "new calling card" for the BSE. Alongside overall stable operations and improved development quality and efficiency, BSE companies continue to strengthen investor returns, aiming to "thicken" investor gains and enhance their sense of reward. BSE data shows that during the disclosure of 2025 annual reports, 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, an increase of 18.79% year-on-year. 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, indicating significantly enhanced dividend sustainability.
According to Wind statistics, 166 BSE-listed companies had total 2025 cash dividends in the tens of millions of yuan range, accounting for nearly 70%, with 26 exceeding 50 million yuan. Six companies—BTR New Material Group, Tongli Heavy Industry, KDX 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 Group 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."
Regarding dividend yield, 29 companies across the market exceeded 2%, with Zhongcheng Consulting, Shichang Co., and Aomeson surpassing 4%, attracting the attention of long-term investors.
Zhao Hao, an analyst at Huayuan Securities, believes that overall, BSE-listed companies demonstrate a strong willingness to pay dividends, actively rewarding shareholders with cash distributions, which reflects positive returns for investors.
Analysis by the Kaiyuan Securities BSE research team suggests that from the perspective of high-quality enterprise attributes, the BSE achieved impressive returns in 2025 in areas such as new quality productive forces, ESG, high scarcity, and high dividends. As of December 19, 2025, the average annual 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 value-sharing concepts with tangible dividends.
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