The STAR Market Growth Tier welcomes its first "delisted" companies

As of March 11, companies on the STAR Market have completed disclosures of their operating conditions for 2025 in the form of performance bulletins or forecasts, with an expected operating revenue of 1.59 trillion yuan, a year-on-year increase of 10.3%; and a net profit of 59.1 billion yuan, a year-on-year increase of 28.2%. Among them, 39 companies in the growth tier of the STAR Market are expected to see revenue growth of 36.7% year-on-year and a 56.9% reduction in net loss year-on-year, demonstrating strong technological transformation and the ability to cross economic cycles.

With the concentrated disclosure of performance, six companies including BeiGene, Cambricon, Orbbec, Jingjin Electric, Innovent Biologics, and North Star Life Sciences are expected to become the first batch of “delisted” companies from the growth tier of the STAR Market. Except for North Star Life Sciences, the remaining five are existing companies in the growth tier.

Among the six companies, BeiGene ranks first in terms of revenue scale. During the reporting period, the company’s operating revenue reached 38.205 billion yuan, a year-on-year increase of 40.4%; the net profit attributable to the parent was 1.422 billion yuan. This is mainly due to the sales growth of the company’s two flagship products, Brukinsa (Zebutinib) and Tazverik (Tazemetostat). Notably, Brukinsa’s sales revenue reached a new high, with global sales of 28.067 billion yuan, a year-on-year increase of 48.8%. Currently, Brukinsa has firmly established its position as a global leader in the field of BTK inhibitors, being the BTK inhibitor with the most approved indications worldwide, having received approval in over 75 markets.

Driven by strong demand for AI and computing power, Cambricon achieved revenue of 6.497 billion yuan, a substantial year-on-year increase of 453.21%; the net profit attributable to the parent was 2.059 billion yuan, marking the company’s first annual profit since its listing in 2020.

In 2025, Orbbec achieved operating revenue of 940 million yuan, a year-on-year increase of 66.66%, with a net profit attributable to the parent of 127 million yuan; Jingjin Electric achieved operating revenue of 2.726 billion yuan, a year-on-year increase of 108.93%, with a net profit attributable to the parent of 162 million yuan; Innovent Biologics is expected to achieve operating revenue of 2.365 billion yuan and a net profit attributable to the parent of 633 million yuan.

North Star Life Sciences, a newly listed company in the growth tier after its establishment, listed on the STAR Market on February 5, 2026, achieving profitability in its first year of listing and successfully removing the “U” label. According to the performance bulletin, in 2025, the company achieved operating revenue of 542 million yuan, a year-on-year increase of 71.23%; the net profit attributable to the parent was 80.6219 million yuan.

It is reported that during the reporting period, the number of hospital admissions and clinical usage proportion of multiple innovative products from North Star Life Sciences rapidly increased after their launch, entering over 60 countries and regions worldwide and achieving clinical applications in more than 2,000 hospitals; overseas business revenue increased by over 130% year-on-year.

On June 18, 2025, the China Securities Regulatory Commission introduced the “1+6” policy measures to further deepen the reform of the STAR Market, including the establishment of a growth tier. On July 13 of the same year, the Shanghai Stock Exchange formulated and issued relevant guidelines for the growth tier of the STAR Market, further emphasizing its support and inclusiveness for “hard technology” enterprises.

From the positioning perspective, the growth tier of the STAR Market precisely supports technology-based enterprises that achieve significant breakthroughs, have broad commercial prospects, are continuously investing in R&D, and are unprofitable at the time of listing. Regarding company admission, both 32 existing unprofitable companies and newly registered companies that are unprofitable at the time of listing will be included in the growth tier of the STAR Market from the date of the guidelines’ release and the date of listing, respectively.

Since the release of the “1+6” reform policy measures for the STAR Market, a number of cutting-edge technology companies have accelerated their listing pace. On October 28, 2025, three companies—He Yuan Biotech, Xi’an Yicai, and Bibetech—were collectively listed on the Shanghai Stock Exchange, becoming the first batch of incremental companies in the growth tier of the STAR Market.

Currently, along with the newly listed companies, including Moer Technologies, Angrui Micro, Muxi Co., and North Star Life Sciences, the growth tier of the STAR Market has included 39 companies, with over 90% concentrated in the two core “hard technology” sectors of new-generation information technology and biomedicine.