Sci-Tech Innovation Growth Tier Welcomes First "Graduates"! 6 Sci-Tech Innovation Board Companies Including Cambricon and BeiGene to Remove "U" and Exit Tier

Science and Technology Innovation Board Daily, March 13 (Reporter Huang Xiumei)
Following Cambrian’s disclosure of its 2025 annual report on the evening of March 12, the company has turned profitable and will remove the “U” from its stock symbol starting March 16, exiting the Sci-Tech Innovation Growth Tier, becoming the first company to “graduate” from this tier.

It is worth noting that as the annual report season for listed companies progresses, besides Cambrian, five other companies—BeiGene, Opi Zhongguang, Nuocheng Jianhua, Beixin Life, and Jingjin Electric—are also expected to remove the “U” and exit the Sci-Tech Innovation Growth Tier.

Industry insiders see this exit of six companies as marking the first complete “incubation-to-graduation” cycle of the tier system, a significant milestone in the capital market’s support for technological innovation. It also signifies that the tiered mechanism has shifted from “establishment and implementation” to “visible results.”

The first six companies to remove the “U” and graduate are beginning to have self-sustaining capabilities.

Specifically, Cambrian’s 2025 annual report shows revenue of 6.497 billion yuan, a year-on-year increase of 453.21%; net profit attributable to the parent company of 2.059 billion yuan; and a non-recurring net profit of 1.77 billion yuan.

In the announcement released on the evening of March 12, Cambrian stated that its net profit attributable to the parent and non-recurring net profit for 2025 are both positive, meeting the criteria of “a non-profit company achieving its first profit upon listing.” The company’s A-shares will remove the special “U” mark on March 16, and the stock abbreviation will change from “Cambrian-U” to “Cambrian.”

Jingjin Electric’s performance brief released on the evening of February 28 shows the company expects 2025 revenue of 2.726 billion yuan, a 108.93% increase; net profit attributable to the parent of 162 million yuan, up 137.06%; and non-recurring net profit of 40.42 million yuan, up 108.26%. The company is also expected to turn profitable in 2025.

Opi Zhongguang’s performance brief released on the evening of February 27 indicates that in 2025, the company achieved revenue of 941 million yuan, a 66.66% increase; net profit attributable to the parent of 127 million yuan, an increase of 190 million yuan; and non-recurring net profit of 71.33 million yuan, up 184 million yuan. The company has turned profitable year-on-year.

Beixin Life’s performance brief released on February 27 shows that in 2025, the company achieved revenue of 542 million yuan, a 71.23% increase; net profit attributable to the parent of 80.62 million yuan, turning from loss to profit; and non-recurring net profit of 65.14 million yuan, which was a loss in the previous year. Beixin Life is a newly listed company after the tier was established, and it is expected to be delisted from the Sci-Tech Innovation Board in February 2026, with a potential exit in its first year of listing.

BeiGene’s performance brief released on the evening of February 26 shows that the company achieved annual revenue of 38.205 billion yuan, a 40.4% increase; net profit attributable to the parent of 1.422 billion yuan; and turned from a net loss of 4.978 billion yuan last year to profit. Non-recurring net profit was 1.38 billion yuan, also turning from a loss of 5.379 billion yuan last year.

This marks BeiGene’s first annual profit, possibly indicating that this innovative pharmaceutical company has entered a new stage of sustainable profitability.

Nuocheng Jianhua’s earnings forecast released on the evening of January 29 indicates that in 2025, the company expects revenue of about 2.365 billion yuan, a 134% increase; net profit attributable to the parent of 633 million yuan; and non-recurring net profit of 534 million yuan, turning from a loss of 440.6 million yuan and 440.2 million yuan respectively last year, achieving a turnaround.

According to relevant standards for listed companies, aside from Cambrian, the other five companies are expected to announce their removal of the “U” after their annual reports are disclosed. These companies operate in key fields such as AI chips, innovative drugs, and high-end manufacturing. They have all achieved a transition from “burning money on R&D” to “product commercialization and volume growth,” demonstrating self-sustaining capabilities.

The growth trajectories of these companies not only confirm the effectiveness of the Sci-Tech Innovation Board’s “test field” reform but also free up resources in the growth tier to incubate the next wave of potential companies. They also open new avenues for subsequent financing and valuation for “graduated” companies, providing clearer development directions for unprofitable tech firms.

39 Growth Tier Companies Expected to “Increase Revenue and Reduce Losses” in 2025

Last June, Wu Qing, Chairman of the China Securities Regulatory Commission, announced at the Lujiazui Forum that, leveraging the demonstration effect of the Sci-Tech Innovation Board, further reform policies—“1+6” measures—would be introduced, leading to the creation of the Growth Tier.

As of now, the “1+6” measures are being rapidly implemented, with seven new companies, including Moore Threads, listed on the Growth Tier.

Meanwhile, data from the Shanghai Stock Exchange shows that the overall trend for Growth Tier companies is positive, with notable “increased revenue and reduced losses” changes.

According to the 2025 performance brief, including the six companies mentioned above, a total of 39 Growth Tier companies are expected to see a 37% year-on-year increase in revenue and a significant 57% reduction in net losses. The total market value of these 39 companies reaches 2 trillion yuan, reflecting investors’ strong confidence in the long-term value of “hard technology.”

It is also noteworthy that the Shanghai Stock Exchange data shows that since the launch of the Sci-Tech Innovation Board in 2019, it has supported 61 companies that were unprofitable at listing. Among them, 22 have successfully “removed the U” after listing. Including the six companies above, the total number of “U” removals will reach 28, nearly half of the supported companies.

The Sci-Tech Innovation Board’s role as a reform “experimental field” is also worth highlighting.

Wu Qing, Chairman of the CSRC, explicitly proposed at the Fourth Session of the 14th National People’s Congress that the successful experience of the Sci-Tech Innovation Board should be replicated and promoted to the ChiNext Board. This includes implementing IPO pre-review for high-quality innovative companies, especially those with breakthroughs in core technologies, allowing eligible companies in review to increase capital from existing shareholders, and optimizing new stock issuance pricing reforms.

Based on this, in February this year, the Shanghai Stock Exchange introduced a package of measures to optimize refinancing, emphasizing “supporting excellence and supporting science,” better meeting the needs of tech innovation companies for refinancing, and researching standards for “light assets, high R&D investment” for main board companies.

Since the release of the “New National 9 Rules” and the “8 Rules for the Sci-Tech Innovation Board,” a series of capital market reforms have begun to bear fruit on the Sci-Tech Innovation Board and are gradually spilling over to other sectors, driving overall market innovation forward.