Shanghai Stock Exchange: In 2024, nearly 70% of companies on the Science and Technology Innovation Board achieved revenue growth, with 54 companies seeing growth exceeding 50%.

The Shanghai Stock Exchange releases an overview of the 2024 annual operating performance of companies listed on the Science and Technology Innovation Board. In 2024, the companies listed on the Sci-Tech Innovation Board achieved a total operating income of 1,422.17 billion yuan, a year-on-year increase of 0.24%; nearly 70% of companies saw an increase in operating income, with an average increase of 3.09 percentage points, including 54 companies with growth rates exceeding 50% and 285 companies achieving record high revenues. The total net profit for the year was 47.523 billion yuan, with half of the companies experiencing an increase in net profit, up by 7.17 percentage points year-on-year, including 30 companies doubling their profits and 32 companies turning losses into profits. Original Text: Moving towards "new" strength to build a foundation--Overview of the 2024 annual operating performance of companies listed on the Science and Technology Innovation Board As of April 30, 2025, all 586 companies listed on the Science and Technology Innovation Board have disclosed their main operating performance information for 2024. Faced with a complex and changing external environment, the companies listed on the Sci-Tech Innovation Board have firmly adhered to the concept of innovation-driven development, forging ahead, overcoming difficulties, guiding the high-quality development of key industries such as integrated circuits, artificial intelligence, innovative medicine, and advanced manufacturing, and contributing to the accelerated development of new productive forces in China and the promotion of high-level scientific and technological self-reliance. I. Forging ahead to consolidate the "stable" situation Progress was made steadily in overall performance. In 2024, the companies listed on the Science and Technology Innovation Board achieved a total operating income of 1,422.17 billion yuan, a year-on-year increase of 0.24%; nearly 70% of companies saw an increase in operating income, with an average increase of 3.09 percentage points, including 54 companies with growth rates exceeding 50% and 285 companies achieving record high revenues. The total net profit for the year was 47.523 billion yuan, with half of the companies experiencing an increase in net profit, up by 7.17 percentage points year-on-year, including 30 companies doubling their profits and 32 companies turning losses into profits. It is worth noting that more than 30 companies have disclosed financial data under the Non-GAAP calibers based on their own business and capital investment characteristics, providing incremental information for investors to understand the core business development of the companies. For example, BEIGENE, a pharmaceutical company that was not profitable at the time of listing, continued to disclose the company's operating profit after excluding non-cash expenses such as share-based payments and depreciation and amortization, and based on the rapid growth of its global income, CKH HOLDINGS effectively controlled operating expenses, achieving positive adjusted operating profit for three consecutive quarters, with adjusted operating profit reaching 528 million yuan in 2024, an increase of 57.04% year-on-year. Leading technological enterprises played a leading role. The Science and Technology Innovation Board has shown unique advantages in supporting technological innovation enterprises, gradually becoming fertile ground and a "cradle" for nurturing leading technology enterprises in China. Data shows that the top 10 companies in market value on the Sci-Tech Innovation Board, such as Semiconductor Manufacturing International Corporation, Hygon Information Technology, Beijing Kingsoft Office Software, Inc., and Sichuan Biokin Pharmaceutical, achieved year-on-year revenue and net profit growth of 21.2% and 24.3% in 2024; compared to before listing on the Sci-Tech Innovation Board, they achieved a cumulative growth of 175.6% and 394.8%, realizing leaps in development. Among them, Semiconductor Manufacturing International Corporation achieved a milestone revenue of 50 billion yuan for the first time; Advanced Micro-Fabrication Equipment Inc. China's high-end etching equipment was crucial in the super-high aspect ratio etching process of advanced memory device production lines in China; Hygon Information Technology, Horizon Robotics, Beijing Kingsoft Office Software, Inc. and other companies are leading the development of underlying technologies of artificial intelligence and accelerating the scale application. At the same time, some leading technology enterprises have gradually played a core role in the industry chain by enabling technology and building supply chain ecosystems, leading industry technological innovation and coordinated development. For example, Shanghai United Imaging Healthcare actively built a fully domesticated industrial ecology, forming an industry innovation cluster with industry demonstration effects, nurturing nearly a thousand high-quality domestic suppliers, including nearly a hundred "specialized and new small giants". Private economy unleashing vitality and resilience. Private enterprises are an important force on the Sci-Tech Innovation Board, accounting for over 80% of the total number of companies. With the support of a series of policies to promote the high-quality development of the private economy, private enterprises listed on the Sci-Tech Innovation Board have steadily improved their investment confidence, development vitality, and operational efficiency. In 2024, more than 160 companies announced plans to invest in new projects or progress in project construction, such as Nanya New Material Technology planning to invest 1.2 billion yuan to build high-end IC substrate materials and high-end copper clad laminate industrial construction projects, and Hymson Laser Technology Group planning to invest 1 billion yuan to build a high-end laser and intelligent equipment research and development center and manufacturing base project. In terms of performance, private enterprises have achieved leaps in development with the help of the capital market: 154 companies doubled their revenue after listing, 70 companies doubled their net profit or turned losses into profits, such as Piotech Inc. achieving compound growth rates of 75.6% and 115.8% in revenue and net profit after listing. In 2024, the overall collection situation of private enterprises listed on the Sci-Tech Innovation Board improved, with the total cash amount received from sales of goods and services amounting to 1,050.758 billion yuan, an increase of 3.7% year-on-year, which was 2 percentage points higher than the revenue growth rate.As of now, a total of 26 non-profitable companies on the Science and Technology Innovation Board have achieved operating income of 174.479 billion yuan, a year-on-year increase of 24%. Among them, 26 companies have revenue exceeding 1 billion yuan. The total net loss is 13.641 billion yuan, a year-on-year decrease of 35.5%. SICC Co., Ltd. and Piotech Inc. have turned from consecutive years of losses before listing to achieve net profits of over 100 million yuan and 600 million yuan in 2024 respectively. As of now, a total of 22 companies on the Science and Technology Innovation Board have successfully achieved profitability and "de-listed" after going public for the first time, among them, 3 companies including Shenzhou Cell, Sichuan Biokin Pharmaceutical, and Shanghai Microport EP Medtech achieved "de-listing" in the current year. Among the 20 companies listed under the fifth set of standards on the Science and Technology Innovation Board, 18 companies have already listed their core products, and the remaining 2 companies' applications for listing the core products have been accepted. Out of these, 16 companies have revenue exceeding 1 billion yuan, with 4 companies having revenue exceeding 10 billion yuan. Companies like Shanghai Allist Pharmaceuticals Co., Ltd. and Shenzhou Cell have based their products on domestic demand, launching blockbuster products with annual sales exceeding 1.5 billion yuan, leading to revenue breaking through 3.5 billion yuan and 2.5 billion yuan respectively by 2024 from zero revenue before listing.Two, Dedicating Efforts to Accumulate the Momentum of "Progress" Companies listed on the Sci-Tech Innovation Board adhere to innovation-driven development, uphold a long-term perspective, accelerate the convergence of innovative elements, and accumulate strong momentum for innovation, advancing steadily and forcefully. Technological innovation capabilities continue to strengthen. The total R&D investment of Sci-Tech Innovation Board companies reached 168.078 billion yuan for the year, exceeding net profits by 2.5 times, with a year-on-year growth of 6.4% and a compound annual growth rate of 10.7% in the past three years. The median R&D investment as a percentage of operating income reached 12.6%, leading various A-share sectors, with 107 companies maintaining an R&D intensity of over 20% for three consecutive years. By the end of 2024, the Sci-Tech Innovation Board had gathered 240,000 research and development personnel, accounting for nearly 30% of the total employees. There were 20,000 newly issued invention patents for the year, totaling over 120,000 invention patents accumulated, with leading companies such as Semiconductor Manufacturing International Corporation and Xinke Mobile having reserves of over 10,000 patents each; 138 companies have led or participated in projects that have won major awards such as the National Science and Technology Progress Award and the National Technology Invention Award; over 60% of companies have been selected as national specialized and new innovative enterprises, with 64 companies being ranked as champions in their respective fields. The level of independent controllability continues to steadily improve. In key areas of global technological competition, Sci-Tech Innovation Board companies are accelerating the pace of import substitution and international pioneering efforts, driving the industry to achieve qualitative leaps from non-existent to strong. According to statistics, more than 80% of core products of these companies are aimed at import substitution and independent controllability, with over 380 companies having 850 products or technologies reaching international advanced levels. For example, Hwatsing Technology has achieved a milestone with over 500 sets of 12-inch Chemical Mechanical Polishing (CMP) equipment, covering major production lines of domestic 12-inch integrated circuits; Eyebright Medical Technology (Beijing) Co., Ltd. has introduced China's first non-spherical intraocular lens product, approved for listing, potentially breaking the long-term monopoly of overseas leaders in the field. Over 60 companies have launched globally pioneering products, leading sectors such as medical equipment, semiconductor materials, and photovoltaic modules in achieving "overtaking on the curve." For example, SICC Co., Ltd. has launched the world's first 12-inch silicon carbide substrate product, marking China's third-generation semiconductor field transitioning from "domestic substitution" to "global leadership"; Shanghai United Imaging Healthcare has successfully completed the first coronary intervention surgery using "zero noise" Digital Subtraction Angiography (DSA) technology globally, confirming the technological strength and clinical value of domestically produced medical equipment. Actively competing in the upstream of the international value chain. Sci-Tech Innovation Board companies have diversified their "go-global" strategies, deeply integrating into the global industrial supply chain, competing in the upstream of the value chain, showing a positive trend. In 2024, the total overseas income of Sci-Tech Innovation Board companies reached 430.361 billion yuan, a year-on-year growth of 6.1%; 173 companies saw their overseas income grow by over 30%, with 63 companies exporting products to more than 50 countries or regions. High value-added products are penetrating the global market at an accelerated pace, with the median gross profit margin of Sci-Tech Innovation Board companies reaching 40.8%, 37 companies ranking first in their respective fields in terms of shipment volume, market share, sales revenue, and so on, and 58 companies participating in the setting of international standards. Ten innovative pharmaceutical companies have granted overseas rights to overseas companies through external licensing, exporting global influence in the field of technology. Furthermore, 110 Sci-Tech Innovation Board companies have established production capacity in 37 countries or regions, such as Ningbo Ronbay New Energy Technology's Korean factory supporting the company's continuous lead in global shipments of ternary materials for four consecutive years; over 80 companies including Halo Microelectronics have overseas subsidiaries, further connecting overseas products, channels, and customer resources to create a win-win global supply chain. Three, Stringing Beads into Chains to Build a Solid Industrial System The strategic emerging industries and new productive forces that the Sci-Tech Innovation Board focuses on are highly aligned with the direction of development, with new-generation information technology, biomedicine, high-end equipment manufacturing, and other emerging industry companies accounting for over 80% of the total, with a total market value exceeding five trillion yuan, becoming an important support for advancing new industrialization and high-quality economic development. Integrated circuit companies are facing favorable development opportunities. Nearly 120 integrated circuit companies collectively achieved revenues of 277.766 billion yuan, a year-on-year growth of 22.2%, signaling a rebound in performance. Benefiting from the development of AI technology and the recovery of consumer electronics demand, over 70 chip product companies such as Hygon Information Technology and Montage Technology are closely following the industry's positive trend, with revenues and net profits growing by 22.5% and 41.4% respectively. The combined effect of domestic substitution and the recovery of industry prosperity has driven the performance of companies such as Semiconductor Manufacturing International Corporation, Hua Hong Semiconductor, Nexchip Semiconductor Corporation, and Silan Semiconductors, with market shares ranking second, fifth, ninth, and tenth among global dedicated foundry enterprises. Over ten semiconductor equipment companies have seized the opportunity for independent controllability, with the total number of equipment shipments exceeding 16,000 units in 2024, driving a 38.8% year-on-year growth in revenues. Leading companies in specific segments such as Advanced Micro-Fabrication Equipment Inc. China, Piotech Inc., and Acm Research (Shanghai), Inc. have made breakthrough progress in the research and development of high-end products for etching, thin films, and cleaning processes, while companies like Hwatsing Technology and Kingsemi Co., Ltd. continue to achieve breakthroughs.Focus on strengthening the "bottleneck" links of ion implantation, coating and development in the industry chain, and promote China's integrated circuit industry to move towards high-end.Biopharmaceutical companies are moving towards a new stage of commercial development. A total of more than 110 biopharmaceutical companies achieved a revenue of 148.277 billion yuan, an increase of 18.1% year-on-year, and a net profit of 3.391 billion yuan, turning losses into profits, with innovation and revenue generation progressing simultaneously. As of now, biopharmaceutical companies on the Sci-Tech Innovation Board have facilitated the approval and market listing of 27 domestic innovative drugs, with 32 indications of 16 products included in breakthrough therapies. They have filled domestic gaps and reshaped the global medical landscape in key treatment areas such as tumors, cardiovascular and cerebrovascular diseases, and rare diseases. For example, REMEGEN focuses on its core drug Taixi for autoimmune diseases, continuously expanding into new indications such as myasthenia gravis and IgA nephropathy, providing more treatment options for patients worldwide; Di Zhe Pharmaceuticals' Suvatinib is the only orally available small molecule targeted drug approved worldwide to treat EGFR exon 20 insertion mutation non-small cell lung cancer. Commercialization is also accelerating, with 31 innovative drug companies achieving a total revenue of 61.7 billion yuan by 2024, a year-on-year increase of 45.6%, and a net profit shrinking by 62.1% year-on-year. Medical device companies are deeply cultivating in electrophysiology, vascular intervention, and orthopedic materials, with over 1,000 Class III medical device products registered after going public. APT Medical Inc.'s independently developed three-dimensional pulse multi-form holistic solution has been officially approved for clinical application, marking a new breakthrough in the field of atrial fibrillation ablation therapy using domestic devices. High-end equipment manufacturing and new material companies are striving to become "hidden champions". Nearly 180 companies achieved a total revenue of 294.609 billion yuan, a year-on-year increase of 3.7% with significant marginal improvement trends; nearly seventy percent saw a year-on-year increase in operating income, and nearly fifty percent saw a quarter-on-quarter increase in net profit for the fourth quarter. The Sci-Tech Innovation Board companies continue to empower the manufacturing industry to upgrade to "high-end, intelligent, and green" levels. For example, Kede Numerical Control's high-end CNC machine tools have been used in over 1,300 applications in aerospace and aviation, filling several domestic technological gaps and achieving an 85% self-sufficiency rate in core components and a 95% localization rate. China Railway Construction Heavy Industry Corporation Limited has independently developed over 100 global or domestic first-of-their-kind large diameter tunnel boring machines such as the "Jianghai", successfully applied to over 200 major domestic and international projects, showing the technical strength of "big country, big equipment". Western Superconducting Technologies' superconducting products and high-end titanium alloys have completely replaced imports, solving aircraft manufacturing bottlenecks and widely applying to major national equipment and large-scale scientific projects. In addition, Sci-Tech Innovation Board companies are leveraging their core technological reserves and industrial advantages, actively integrating into national strategic layouts, strategically planning future industry trends, and actively cultivating new driving forces. In the intelligent robot field, over ten companies provide full-chain support for Siasun Robot & Automation from ontology development, power hardware to control systems; in the field of artificial intelligence, over thirty companies are rooted in large-scale model training, algorithm optimization, and practical applications, promoting the large-scale application of AI technology in new scenes such as intelligent driving, smart healthcare, and intelligent manufacturing; in the low-altitude economy sector, nearly twenty companies work together in aircraft materials, UAV research and development manufacturing, and airspace control systems, forming a relatively complete industrial chain. Reform initiatives are driving high-quality development. With the acceleration of new rounds of capital market reform measures such as the "Sci-Tech Innovation Board Eight Measures" and the "M&A Six Measures", the adaptability and inclusiveness of the Sci-Tech Innovation Board system continue to improve, supporting the development of new productive forces to a new level. Mergers and acquisitions support high-quality industrial integration. Since the release of the "Sci-Tech Innovation Board Eight Measures" in June 2024, there have been 100 new industrial merger and acquisition deals on the Sci-Tech Innovation Board, with disclosed transaction amounts exceeding 24.7 billion yuan. Among them, 32 deals involve significant asset restructuring or securities issuance, exceeding the sum of transactions in the years before the release of the "Sci-Tech Innovation Board Eight Measures"; 27 deals involve the acquisition of unprofitable targets, 7 deals involve acquisitions of IPO-targeted companies, and 14 deals involve acquisitions of overseas assets, with assets assessment, transaction pricing, and performance commitments becoming more market-oriented and diversified. The parties involved in the transactions adhere to industrial logic to actively promote value chain enhancement and optimization. For example, leading domestic EDA company Primarius Technologies plans to acquire IP design leader XMC Semiconductor Co., Ltd., pioneering the formation of a deep integration of domestic "EDA+IP" industrial form; top semiconductor packaging materials company Jiangsu HHCK Advanced Materials plans to acquire industry peer company CGEC, consolidating its leading position in the industry and building a world-class semiconductor packaging materials company. Equity and bond financing support continued research and development innovation. In terms of refinancing, the release of the "light asset, high R&D investment" recognition standards supports qualified companies in exceeding the proportion of capital injected into research and development, with 8 companies having disclosed relevant refinancing plans according to the standards, raising over 17.5 billion yuan in financing. The DZD8586 and other drugs with "global new" potential. In terms of bond financing, China Railway Signal & Communication Corporation issued the first Sci-Tech Innovation Board state-owned enterprise technology innovation corporate bond at a face value interest rate of 2.2%-2.4%, successfully raising 25 billion yuan, promoting the continuous improvement of the company's research and development strength and technological innovation capabilities. In addition, companies such as SICC Co., Ltd., and Maiwei Bio have submitted applications for H-share offerings to the Hong Kong Stock Exchange, aligning with international capital to facilitate global expansion. State-owned capital and industrial capital empowerment effects are becoming apparent. Nine Sci-Tech Innovation Board companies have actively introduced state-owned capital or industrial capital as controlling shareholders, empowering long-term healthy development through key resources such as technology, market, and channels. For example, semiconductor equipment company Kingsemi Co., Ltd. introduced a leading state-owned enterprise in the industry to become the controlling shareholder.As the controlling shareholder, NAURA Technology Group and Quantumctek Co., Ltd. will share fully in the supply chain, research and development, and customer resources; Quantum technology enterprise Quantumctek Co., Ltd. was acquired by China Telecom Corporation's subsidiary China Telecom Quantum Group, leveraging the overall resources of China Telecom Corporation to promote the systematic development of the quantum communication industry; In vitro diagnostics enterprise Hob Biotech Group Corp., Ltd. was acquired by Hong Kong Stock Exchange-listed company SINO BIOPHARM Holdings, deepening cooperation in clinical research and development, marketing channel layout, and product aspects.5. Implementing multiple measures to enhance investor confidence The concept of "improving quality and efficiency for better returns" is accelerating. Since the launch of the "improving quality and efficiency for better returns" special action on the Science and Technology Innovation Board in January 2024, companies listed on the board have actively participated and willingly taken on the main responsibility of improving the quality and investment value of their companies. During this annual report disclosure period, over 470 listed companies on the Science and Technology Innovation Board evaluated their action plans for 2024 and released their plans for 2025, with over 80% of companies covered, an increase of 6.14% from the previous year. Based on the disclosure information, most companies have proposed practical measures for this year focusing on improving operational quality, accelerating the development of new productive forces, etc. For example, companies like Espressif Systems and Shanghai Haohai Biological Technology have completed their fundraising project plans on schedule and plan to continue to improve the economic benefits of fundraising projects. Investor confidence continues to strengthen. Companies listed on the Science and Technology Innovation Board have significantly increased their awareness and actions to increase investor returns while balancing research and development investment and sustainable development. Over 60% of companies have introduced cash dividend plans for 2024, with a total dividend amount of 38.682 billion yuan, with over 290 companies having a cash dividend ratio exceeding 30%. For the companies in the midterm report and those implemented dividends before the Spring Festival, they shared the dividends of their performance growth with investors. Since 2024, 320 companies have introduced repurchase and increase holding plans, with a total limit amount exceeding 35 billion yuan. 78 companies have utilized special loans for repurchase and increase holdings, with a total limit amount of nearly 9 billion yuan. ESG disclosure effectiveness has been improved. Companies listed on the Science and Technology Innovation Board actively incorporate ESG concepts and requirements into their business models and management systems, continuously exploring ESG practices in innovation. In 2024, 241 listed companies separately disclosed their ESG reports, achieving full coverage for the top 50 companies and a coverage rate of 66% for the top 100 companies. All 586 companies diversified their ESG practice information in relevant sections of annual reports. In terms of technology ethics, companies adhere to scientific ethical norms in innovation decision-making and practices. Companies like JUNSHI BIO prioritize research integrity and animal welfare. In terms of supply chain security, companies strive to build an ecosystem of shared benefits. Companies like Intco Recycling Resources have assessed 1,040 suppliers and provided capacity-building projects for 368 suppliers. In terms of data security, companies protect data security from all angles. Companies like Hangzhou EZVIZ Network have established a governance framework that includes data security management, technology, operations, and evaluation systems and have obtained information security and privacy compliance certification from multiple global consulting and audit firms. 6. Continuous optimization of the market ecosystem Index investment becomes a new trend. Since 2024, 16 indices such as the Science and Technology 200 Index and the Science and Technology Comprehensive Index have been successively released. Currently, the number of Science and Technology Innovation Board indices has reached 28, forming a system covering scale, themes, and strategies for the Science and Technology Innovation Board, providing diversified investment options for medium and long-term funds. By the end of 2024, the domestic and overseas products with Science and Technology Innovation Board indices totalled 243.695 billion yuan, with the Science and Technology 50 products reaching 185.431 billion yuan, a 25.8% increase from the beginning of 2024, making it the fourth largest broad-based index product in China and the largest single-market ETF product. Patient capital continues to grow. By the end of the first quarter of 2025, the number of active accounts for professional institutional investors exceeded 77,000, with institutional investors holding over 60% of total positions. Fund investors held a total market value of over 1.2 trillion yuan in the Science and Technology Innovation Board market, a 37% year-on-year increase, accounting for over 20%. Foreign professional institutional investors such as Shanghai-Hong Kong Stock Connect, QFII, and RQFII held positions exceeding 3%, while long-term funds such as social security, insurance, and pension funds held positions exceeding 4%. In the first quarter of 2025, the holding ratio of these two categories of institutions increased, and the trend of "long-term investment" continued to strengthen. Value investment orientation emerges. In 2024, the market value of the top 50 companies on the Science and Technology Innovation Board accounted for 45.4% of the overall market value of the board, with trading volume accounting for over 34%, an increase of over 3% from 2023. The market value and trading volume of the top 10 companies accounted for 23.5% and 19.2% respectively, showing an increase in market concentration with more funds flowing towards the top companies. According to disclosure data from the first quarter, 79 listed companies on the Science and Technology Innovation Board are top holding stocks for social security funds, with a total holding market value exceeding 16 billion yuan, including 30 companies in the top 50 and top 100 companies. This article is selected from the WeChat public account "Shanghai Stock Exchange Released", GMTEight Edited by: Xu Wenqiang.