With the intensive release of preliminary 2025 financial results, the STAR Market Growth Layer is experiencing its first wave of company exits since its establishment.
Statistics show that all 39 companies currently in the Growth Layer have disclosed key 2025 performance data. Among them, six companies have successfully turned profitable, with revenue ranging from 500 million to 38.2 billion yuan. These companies will exit the Growth Layer following the publication of their annual reports.
Notably, five of these six companies were existing constituents of the Growth Layer, while one, North Chip Life, was newly listed after the layer's implementation. North Chip Life went public on the STAR Market in February 2026 and is expected to be removed from the Growth Layer in its first listing year.
Industry experts view the exit of these six pioneer companies as a significant milestone for the capital market in serving technological innovation. It signifies that the layered mechanism has progressed from initial implementation to demonstrating tangible results. The growth trajectories of these companies not only validate the effectiveness of the STAR Market's "testing ground" reforms but also chart a development path for other pre-profit technology firms.
The six exiting companies operate across key sectors including innovative pharmaceuticals, high-end medical devices, semiconductors, and artificial intelligence.
Although the Growth Layer's exit criteria follow a "grandfathering" principle—new listings require two years of positive net profit with a cumulative total ≥50 million yuan, or one year of positive net profit with revenue ≥100 million yuan; existing companies can exit upon achieving their first profit—all six companies met the stricter "one year of positive net profit with revenue ≥100 million yuan" standard.
Beyond mere financial turnaround, a common characteristic is their clear demonstration of how technological breakthroughs translate into market returns.
Cambricon Technologies Corporation Limited reported the largest profit among the group. It achieved operating revenue of 6.497 billion yuan in 2025, a year-on-year increase of 453.21%, and a net profit attributable to shareholders of 2.059 billion yuan. This marks the company's first annual profit since its 2020 listing.
Cambricon attributed the profitability to sustained growth in AI computing demand. By leveraging its product competitiveness to expand into new markets and application scenarios, the company significantly increased its revenue scale compared to the previous year, indicating the profit turnaround was primarily driven by revenue growth.
In fact, signs of profitability emerged earlier amidst the computing demand surge and accelerated domestic substitution. Building on years of accumulation in the AI chip sector, Cambricon achieved a quarterly profit as early as Q4 2024. Its full-year 2024 loss narrowed to 452 million yuan. Momentum accelerated in 2025, with revenue in the half-year and third-quarter reports surging 4347.82% and 2386.38% year-on-year respectively, laying a solid foundation for the full-year turnaround.
BeiGene reported the largest revenue figure. The company achieved operating revenue of 38.205 billion yuan in 2025, up 40.4% year-on-year. It reported a net profit of 1.422 billion yuan, a turnaround from a loss of 4.978 billion yuan the previous year. After adjusting for non-recurring items, the profit was 1.381 billion yuan, compared to an adjusted loss of 5.379 billion yuan a year earlier.
The strong performance was primarily driven by two flagship products. Global sales of BRUKINSA reached 28.067 billion yuan, increasing 48.8% year-on-year and hitting a record high. This product is the BTK inhibitor with the broadest range of approved indications globally, having gained approval in over 75 countries and regions, with its indications continuing to expand.
Sales of the other major product, tislelizumab, reached 5.297 billion yuan globally in 2025, an increase of 18.6%. It is approved in over 50 markets. The company plans to submit new drug applications in the first half of 2026 in China and the US for tislelizumab combined with another drug as a first-line treatment for HER2-positive gastroesophageal adenocarcinoma. Approval for first-line gastric cancer treatment in Japan is anticipated in the second half of 2026.
Other exiting companies include 3D vision leader Orbbec, which reported 2025 operating revenue of 941 million yuan and a net profit of 127 million yuan; new energy vehicle electric drive system leader Jing-Jin Electric Technologies, with 2025 revenue of 2.726 billion yuan and a net profit of 162 million yuan; cardiovascular medical device firm North Chip Life, with 2025 revenue of 542 million yuan and a net profit of 80.6219 million yuan; and innovative biopharmaceutical company InnoCare Pharma, which estimated 2025 revenue of approximately 2.365 billion yuan and a net profit of approximately 633 million yuan.
The exit of these first Growth Layer companies serves as a testament to the virtuous cycle of "technology-industry-finance" under the deepening reform of the capital market.
The layered mechanism's effectiveness is becoming apparent. The STAR Market Growth Layer, a core initiative of the "1+6" reform package announced by CSRC Chairman Wu Qing at the Lujiazui Forum on June 18, 2025, officially commenced operations.
In less than a month, on July 13, 2025, the Shanghai Stock Exchange released supporting rules, including the "Guidelines for Self-Regulation of Listed Companies on the STAR Market No. 5 – The Sci-Tech Innovation Growth Layer," formalizing the layer's launch. Thirty-two existing pre-profit companies were initially included.
Following the policy clarification, the review process for pre-profit companies accelerated significantly. By late October 2025, the first batch of newly registered companies held their listing ceremonies on the STAR Market, with He Yuan Bio, Xi'an Yicai, and Bebetter Pharmaceuticals becoming the first new registrants in the Growth Layer.
Subsequently, companies like Moore Threads, OnMicro, MetaX, and North Chip Life joined, expanding the Growth Layer to 39 constituents.
Dong Junfeng, Managing Director of China Securities Co., Ltd., stated that the establishment of the Growth Layer provides a valuable opportunity for technology innovation companies at different development stages, with varying scales and characteristics, to access the capital market earlier. For tech firms with significant breakthroughs, promising commercial prospects, and substantial ongoing R&D investment that are not yet profitable, this transitional listing platform enables earlier public recognition. It allows them to leverage the benefits of the capital market to accelerate commercialization while enabling public investors to share in the rewards of their rapid growth phase.
According to the rules, the Growth Layer supports technology companies that are not profitable at the time of listing but demonstrate technological breakthroughs, promising prospects, and large R&D investments. Companies unprofitable at listing, or those already listed but not yet profitable before the guidelines were issued, are included from their listing date or the guideline issuance date, respectively.
The emergence of the first batch of exiting companies sends a positive signal to the market: the growth of hard-tech companies follows a discernible path, where sustained R&D investment eventually leads to commercial returns. It also validates the STAR Market's role as a reform "testing ground," demonstrating that its layered mechanism can accurately identify a company's life cycle stage and provide dynamically adaptable institutional support.
"The Growth Layer, through differentiated regulation and services, offers invaluable patience and space for pre-profit companies, accompanying them through the most challenging 'valley of death'—the critical transition phase from heavy R&D investment to stable profitability. When a company achieves profitability and removes the 'U' share identifier, it, to some extent, confirms its strength in business model and technological innovation. Their exit also frees up valuable resources within the Growth Layer to continue incubating the next batch of promising companies," said Cao Gang, Partner at Zehao Capital.
Comments