The Science and Technology Innovation Growth Layer Welcomes Its First "Graduates" - Six Companies, Including Cambrian, to Remove the "U" and Exit the Layer

On the evening of March 12, Cambrian disclosed its 2025 annual report, achieving a net profit of 2.059 billion yuan for the year. This marks the company’s official removal of the “unprofitable” label, becoming the first “graduated” company in the Sci-Tech Innovation Growth Tier.

As the annual report season unfolds, five companies—BeiGene, OBi Zhongguang, NuoCheng Jianhua, BeiXin Life, and Jingjin Electric—are also expected to gradually shed the “U” designation from their tiers.

The Sci-Tech Innovation Growth Tier is about to welcome its first “graduates”

Cambrian (688256.SH) disclosed its 2025 annual report on the evening of March 12. In 2025, the company achieved operating revenue of 6.497 billion yuan, a year-on-year increase of 453.21%; net profit attributable to the parent company was 2.059 billion yuan, with a non-recurring profit of 1.77 billion yuan.

In another announcement, Cambrian stated that its net profit attributable to the parent and its non-recurring net profit for 2025 were both positive, meeting the criteria of “a company that was unprofitable at listing but first achieved profitability.” The company’s A-shares will remove the special “U” mark on March 16, 2026. The stock’s abbreviated name will change from “Cambrian-U” to “Cambrian,” with the stock code 688256 remaining unchanged.

Industry insiders note that the long-term cultivation of “hard tech” companies in the capital market is beginning to bear fruit. Cambrian (688256.SH), BeiGene (688235.SH), OBi Zhongguang (688322.SH), NuoCheng Jianhua (688428.SH), BeiXin Life (688712.SH), and Jingjin Electric (688280.SH) are expected to exit the Sci-Tech Innovation Growth Tier after the annual reports are disclosed. These companies cover strategic emerging fields such as artificial intelligence, biomedicine, new energy, and high-end medical devices, representing the forefront of China’s tech industry breakthroughs.

In their early development stages, these companies invested heavily in R&D, accumulated core technologies, and relied on major national projects and key research initiatives to overcome critical technological barriers, ultimately achieving product commercialization and volume growth. As a benchmark for domestic AI chips, Cambrian’s growth path is highly representative. From 2020 to 2024, the company invested over 5.6 billion yuan in R&D, iterated multiple chip products, and completed key transformations within five years of listing. With the explosive growth in AI computing power demand in 2025, the company has become a trendsetter. The annual report shows that the company’s revenue structure in 2025 underwent a significant shift—from primarily intelligent computing clusters at the start of listing to a focus on commercial cloud chip product lines. The annual net profit broke through 2 billion yuan for the first time, indicating it may enter a stage of “self-sustaining growth.”

Similarly, in the field of innovative drugs—following the “Double Ten” law (note: the average cost of developing and bringing an innovative drug to market exceeds $1 billion, with a development cycle over 10 years)—BeiGene has spent over a decade bringing its core product, BeiYueZe (Zanubrutinib), from laboratory research to the global market, establishing a solid leadership position in the BTK inhibitor field. In 2025, the company achieved operating revenue of 38.205 billion yuan, a 40.4% increase year-on-year; net profit was 1.422 billion yuan, successfully turning losses into profits.

The other four companies are also reaching operational inflection points. BeiXin Life, a cardiovascular diagnostic device company newly registered after the establishment of the Tier, achieved “U” removal in its first year of listing; NuoCheng Jianhua, in the blood tumor field, turned profitable through drug sales and business development; OBi Zhongguang, a leader in 3D vision, benefited from the accelerated penetration of 3D perception technology in embodied intelligence and other applications, with business scale continuously expanding; Jingjin Electric, a supporting enterprise in new energy vehicles, has focused on its core business, with several new products featuring core patents reaching volume production.

Overall, the development trend of companies in the Sci-Tech Innovation Growth Tier is positive. According to the 2025 performance quick report, 39 companies in this tier are expected to see a 37% year-on-year increase in revenue, while net profits are expected to significantly reduce losses by 57%. This positive “revenue growth and loss reduction” trend strongly validates the commercialization prospects of core technologies and improvements in operational efficiency. The market responded positively, with the total market value of these 39 companies reaching 2 trillion yuan, reflecting investors’ firm confidence in the long-term value of “hard tech.”

Data shows that since the market opened, the Sci-Tech Innovation Board has supported 61 unprofitable companies at listing, with 22 successfully “graduating” from the “U” designation. After the 2025 annual report disclosure, the number of companies shedding the “U” is expected to reach 28, nearly half. On average, these 28 companies took about 2.2 years from listing to “U” removal. It is estimated that these “graduates” will achieve combined revenue of 1.75816 trillion yuan and net profit of 9.487 billion yuan in 2025.

The Sci-Tech Innovation Board enhances service quality for technological innovation, with reform effects continuously expanding

The “graduation” of the first batch of companies in the Tier vividly illustrates the synchronized progress of deepening reform in the capital market and the wave of technological innovation.

Over the past six years, the Sci-Tech Innovation Board’s institutional supply has continuously iterated and expanded its inclusive boundaries, enabling more precise and effective capital flow into the most needed areas of tech innovation. In June 2024, the board launched the “Eight Measures for the Sci-Tech Innovation Board,” comprising 35 reform initiatives, including standards for “light-asset, high R&D investment” re-financing and staged payment for mergers and acquisitions, supporting the development path of tech companies focused on R&D and integration.

In June 2025, 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. The “Sci-Tech Innovation Growth Tier” was thus established. Currently, the implementation of these measures is accelerating, with seven new companies, including Moore Threads, listed; several Tier companies recognized by the fifth set of standards have engaged professional institutional investors; the issuance guidelines for the fifth set of standards for the Sci-Tech Innovation Board have been released; and Changxin Technology became the first project accepted under the pre-approval mechanism for IPOs on the Tier.

The spillover effects of institutional innovations on the Sci-Tech Innovation Board are also noteworthy. For example, the “Eight Measures” proposed optimizing the equity and debt financing system for listed companies, exploring standards for “light-asset, high R&D investment” recognition. Since the standards’ release, 14 companies—including Cambrian and Dizhe Medicine (688192.SH)—have applied for refinancing under these standards, with a total proposed financing amount exceeding 35 billion yuan, promoting the launch of numerous chip and innovative drug R&D projects. Building on this, in February, the Shanghai Stock Exchange introduced a package of measures to optimize refinancing, emphasizing “supporting excellence and supporting tech,” aiming to better meet the needs of tech innovation companies for refinancing, and researching standards for “light-asset, high R&D investment” recognition for mainboard companies.

Recently, at the third session of the 14th National People’s Congress, Wu Qing explicitly stated that the successful reform experience of the Sci-Tech Innovation Board should be replicated and promoted to the Growth Enterprise Market (ChiNext). This includes implementing IPO pre-approval for high-quality innovative companies, especially those with breakthroughs in key core technologies, allowing eligible companies under review to increase capital and issue new shares, and optimizing new share pricing reforms. As a “test field” for institutional reform, the Sci-Tech Innovation Board continues to play a leading role in reforming the capital market.