BEIJING – Firms listed on China’s Nasdaq-style Science and Technology Innovation Board, also referred to as the STAR Market, have proven growth resilience and high-quality growth with arduous expertise enjoying a pivotal function within the first three quarters of 2025, in line with the quarterly reviews of the businesses.
During the interval, STAR Market corporations achieved working income of 1.11 trillion yuan (about $156.02 billion), a year-on-year improve of seven.9 %. Their internet revenue reached 49.27 billion yuan, with a year-on-year growth of 8.9 %.
These corporations achieved a big year-on-year improve of 75 % in internet revenue within the third quarter, demonstrating a robust momentum of growth.
In the primary 9 months, over 70 % of the businesses achieved income growth, and practically 60 % of them recorded internet revenue growth. Some 158 corporations noticed their internet revenue improve by greater than 50 % and 46 corporations turned losses into earnings.
The reviews show that the arduous expertise sector — together with built-in circuits, chip design, synthetic intelligence, biomedicine and new vitality corporations — has proven a thriving development, pushed by reform efforts and sturdy R&D expenditure.
In the built-in circuit trade, the whole 121 enterprises achieved a year-on-year improve of 25 % in mixed working income and a year-on-year growth of 67 % in mixed internet revenue within the first three quarters.
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In the chip design sector, benefiting from the increase in downstream demand, 80 % of enterprises achieved income growth and 60 % noticed internet revenue growth through the interval, with an total year-on-year internet revenue improve of 141 %.
The complete R&D funding of STAR Market corporations reached 119.75 billion yuan, 2.4 instances the board’s internet revenue, with a median R&D depth of 12.4 % — remaining considerably greater than different sectors of the A-share market.
The China Securities Regulatory Commission (CSRC), the nation’s securities regulator, introduced the organising of the sci-tech growth tier on June 18 this yr, with an goal to offer higher assist for high-quality tech enterprises that weren’t but worthwhile.
Since June, the STAR Market has been steadily advancing reforms, together with the pilot introduction of senior skilled institutional buyers and pre-review mechanisms.
Industry consultants imagine that with sustained coverage implementation and the regular launch of enterprises’ inner growth drivers, the STAR Market is poised to domesticate extra main arduous expertise enterprises and additional advance China’s drive for high-level technological self-reliance.