ChiNext Growth Layer Welcomes First Group of "Graduates," Six Companies Achieve Profitability and Plan to Remove U-Tier Status

Interface News Reporter | Sun Yizhen

As the disclosure of the 2025 annual performance forecast progresses, the Sci-Tech Innovation Board Growth Tier has entered its first “graduation season” nine months after its establishment.

According to Interface News, Cambrian (688256.SH), BeiGene (688235.SH), NuoCheng Jianhua (688428.SH), OBi Zhongguang (688322.SH), Jingjin Electric (688280.SH), and Beixin Life (688712.SH) have all turned losses into profits. Industry-wise, these companies cover strategic emerging fields such as artificial intelligence, biomedicine, new energy, and high-end medical devices. It is expected that after the official annual report is released, they will remove their special markings and exit the Sci-Tech Innovation Growth Tier.

According to the relevant regulations of the Shanghai Stock Exchange’s “Guidelines for Self-Regulation of Listed Companies on the Sci-Tech Innovation Board No. 5—Sci-Tech Innovation Growth Tier,” among these six companies planning to exit, Beixin Life is a newly listed company as of February 2026, while the other five are existing companies that meet the delisting conditions.

Interface News Illustration

Among them, Cambrian achieved a total operating revenue of 6.497 billion yuan in 2025, a year-on-year increase of 453.21%, and a net profit attributable to the parent company of 2.059 billion yuan, turning from loss to profit compared to the previous year.

BeiGene’s total operating revenue was 38.205 billion yuan, up 40.4% year-on-year, with a net profit attributable to the parent of 1.422 billion yuan.

The other four companies also experienced a “turning point” in operations. Notably, Beixin Life, as a newly registered company after the establishment of the Growth Tier, achieved delisting of the “U” mark in its first year of listing.

Overall, based on the 2025 performance forecast, 39 companies in the Sci-Tech Innovation Growth Tier collectively show a trend of “increased revenue and reduced losses.” Data indicates that these 39 companies are expected to see a 37% year-on-year revenue growth and a significant 57% reduction in net losses. Currently, the total market value of these 39 companies reaches 2 trillion yuan.

Additionally, according to a review by Interface News, since the market opened, 61 companies listed on the Sci-Tech Innovation Board were unprofitable at the time of listing. Of these, 22 have since “delisted” the “U” mark. After the 2025 annual reports are disclosed, the number of companies expected to remove the “U” will reach 28, nearly half. The average time from listing to delisting for these 28 companies is about 2.2 years. In 2025, these companies are projected to achieve a combined operating revenue of 175.816 billion yuan and a net profit of 9.487 billion yuan.

In June 2025, Wu Qing, Chairman of the China Securities Regulatory Commission, announced at the Lujiazui Forum that the demonstration effect of the Sci-Tech Innovation Board would be fully leveraged, and further reform policies, the “1+6” measures, would be introduced. The Sci-Tech Innovation Growth Tier was established. As of March 2026, 39 companies are included in the Growth Tier, with 32 existing companies and 7 newly registered companies. At the end of October last year, HeYuan Bio, Xi’an Yicai, and Bibert listed on the Sci-Tech Innovation Board, becoming the first batch of newly registered companies in the Growth Tier.

For the six companies about to exit the tier, leaving the Growth Tier means removing the “U” mark and returning to the regular ranks of Sci-Tech Innovation Board companies. How will “delisting” affect their stock prices? Market reactions generally view this change as a positive signal.

Some investors commented to Interface News that this is an effective validation of the tiered mechanism of the Sci-Tech Innovation Board. In the short term, the impact is reflected in trading, while in the medium to long term, it involves reshaping valuation logic: “In the short term, leading companies like Cambrian and BeiGene removing the ‘U’ mark reinforce the ‘stronger companies stay stronger’ logic, attracting more capital and improving market liquidity. Meanwhile, market concerns will shift from ‘whether they can turn losses into profits’ to ‘whether growth can be sustained.’ After delisting, investors’ tolerance for performance fluctuations may decrease, potentially increasing short-term trading volatility.”

The above individual further pointed out that delisting means companies move from the “special protection layer” into the regular valuation system of the Sci-Tech Innovation Board, significantly increasing the emphasis on price-to-earnings ratios (PE). Moreover, these six companies cover high-growth sectors such as AI chips, innovative drugs, and high-end manufacturing. Their exit will help improve the overall risk appetite of the growth tier and attract more long-term capital.

Some investment professionals also commented from a financing perspective that, moving forward, investors may pay more attention to the exit pathways of companies from the growth tier. “Unprofitable companies with unclear commercialization capabilities will face valuation pressure in the primary market. In the secondary market, funds will withdraw from zombie concept stocks and flow toward those companies with clear ‘graduation’ expectations.”

Sun Yuhao, senior partner at Shanghai Hahua Yongtai Law Firm, told Interface News that from a legal perspective, the implementation of the delisting mechanism for the growth tier is a concrete practice of the “Opinions on Setting up the Sci-Tech Innovation Growth Tier on the Sci-Tech Innovation Board to Enhance Systemic Inclusiveness and Adaptability,” which clarifies the “new-old” delineation principle for delisting conditions. It provides clear legal guidance for unprofitable companies.

“On one hand, it sets clear quantitative standards for profitability (existing companies are delisted upon first profit, while new companies must meet net profit or revenue indicators), encouraging companies to focus on core businesses and accelerate commercialization through positive feedback mechanisms. On the other hand, based on the disclosure requirements of the Securities Law, companies must disclose reasons for losses and risks during the delisting process, guiding them to standardize R&D accounting treatment, carefully plan profit-making rhythms, and, after meeting the conditions, enjoy refinancing convenience in accordance with laws and regulations. This creates a legal framework supporting companies throughout their entire lifecycle,” Sun Yuhao further explained.