Multiple Innovation-Tier Enterprises Shine in 2025　Beijing Stock Exchange's "Reserve Force" Shows Quality Improvement

As the annual report season begins, a group of innovative companies on the New Third Board (NEEQ) have delivered impressive results. Wind data shows that as of March 16, when this report was published, 47 companies on the NEEQ Innovation Layer have disclosed their 2025 annual reports, with 45 achieving positive full-year profits and 29 seeing growth in net profit attributable to shareholders. The reasons behind this include an improving market environment that boosts industry demand and increased company orders, which have become key drivers of performance growth for innovation layer companies.

As a reserve force for the Beijing Stock Exchange (BSE), NEEQ companies have shown a clear trend of improving quality in recent years, characterized by rapid performance growth and prominent strategic emerging attributes, injecting strong momentum into the market.

90% of Companies Achieve Profitability

On March 16, eight NEEQ Innovation Layer companies, including Zhongke Yi, Longchen Technology, Julifei, and Zhenhong Shares, released their 2025 annual reports, all of which recorded profits for the year. Among these, four companies with comparable data showed growth compared to 2024, adding another highlight to the 2025 “report card” of innovation layer companies.

Notably, Julifei’s 2025 revenue and net profit attributable to shareholders (hereinafter “net profit attributable to shareholders”) both grew by over double digits. The annual report shows the company’s total revenue for the year was approximately 108 million yuan, up 19.94% year-over-year; net profit attributable to shareholders was 8 million yuan, up 62%.

Similarly, Zhenhong Shares experienced rapid growth, with total revenue reaching 1.327 billion yuan in 2025, an increase of about 16.81%; net profit attributable to shareholders was 146 million yuan, up 40.50%.

In recent years, NEEQ companies have continued to improve quality, showing rapid performance growth and prominent strategic emerging features, injecting strong momentum into the market.

Wind data indicates that as of March 16, 47 companies on the NEEQ Innovation Layer have disclosed their 2025 annual reports, with over 95% (45 companies) achieving full-year positive profits; 31 companies saw positive growth in revenue, and 29 in net profit attributable to shareholders, with all proportions exceeding 60%.

Two innovation layer companies, Danoer and Oury Electric, doubled their net profits attributable to shareholders in 2025. For example, Danoer, an electronic chemicals company, achieved total revenue of 352 million yuan, up 41.79%, and net profit attributable to shareholders of 56.34 million yuan, up 308.18%. Public information shows Danoer’s main business involves R&D, production, and sales of ultra-high purity microelectronic chemicals, with key products including ultra-pure ammonia water and ultra-pure isopropanol.

Oury Electric achieved revenue of 151 million yuan, up 33.18%, and net profit of 13.73 million yuan, up 269.74%. Its main products include current transformers, electromagnetic voltage transformers, and other electrical components.

Additionally, several other innovation layer companies, such as Supersonic, turned losses into profits and maintained substantial earnings. Financial reports show that in 2025, Supersonic achieved revenue of 169 million yuan, up 64.27%, and net profit of 10.82 million yuan, turning profitable from a loss of 38.74 million yuan in the previous year. Supersonic is a high-tech enterprise focusing on robotics and machine vision applications, with main products including intelligent inspection equipment and machine vision accessories.

Demand Release Drives Performance Growth

The growth reasons mainly stem from an improving market environment and sustained demand from downstream industries, which have become key factors driving performance increases for many innovation layer companies.

“In 2025, the market environment improved, industry demand increased, and the company adjusted its business strategy, focusing on core businesses and high-quality clients. Product structure continued to optimize, and order scale significantly expanded,” Supersonic stated in its annual report. The company also strengthened project lifecycle management, improved delivery efficiency and operational capacity, and continuously enhanced overall competitiveness, leading to substantial revenue growth.

“In 2025, the company added a heating project for Linglong Thermal Power Co., Ltd. in Quanzhou, which increased sales volume and profitability,” Julifei also indicated.

Furthermore, Oury Electric attributed its revenue growth mainly to increased market demand for circuit breaker products. Danoer also stated that its industry is developing rapidly, with sales scale continuously expanding.

The overall recovery of corporate profitability has become a consensus among many institutions.

Cinda Securities recently noted that after three consecutive years of decline, corporate profits showed signs of stabilization and rebound in 2025. Under the influence of continued monetary and fiscal policies, 2026 is expected to see a turning point in profit growth. PPI recovery is a key catalyst for profit rebound. Although policies in 2026 will be strong, they are not overly aggressive, suggesting a relatively gradual but sustained recovery in corporate profits. Goldman Sachs forecasts that in 2026 and 2027, Chinese corporate profits will grow by 14% and 12% quarter-over-quarter, respectively.

Facilitating Multi-Level Capital Market Service Channels

In recent years, as a reserve force for the BSE, NEEQ’s focus on serving specialized, innovative, and small and medium-sized enterprises has yielded notable results, with steady performance growth among listed companies.

In addition to the impressive performance of innovation layer companies, newly listed companies also exemplify this trend. According to information from the BSE, in 2025, newly listed companies had an average annual revenue of 850 million yuan, average net profit of 60.72 million yuan, and average R&D investment of 28.93 million yuan—amounts 2.74, 4.68, and 2.26 times higher than the performance indicators of existing listed companies in 2024. This demonstrates a healthy development trend of “incremental driving existing stock” among NEEQ-listed companies.

Moreover, NEEQ has effectively aligned with national strategies, achieving significant results in serving specialized, innovative, and small and medium-sized enterprises. In 2025, 50.75% of newly listed companies were national-level “Little Giants” in specialized, innovative fields, and 33.03% were provincial-level “Little Giants.” By integrating its role in nurturing SMEs with the Ministry of Industry and Information Technology’s “strengthening foundation and improving quality” initiatives, NEEQ actively supports specialized, innovative enterprises to enhance their operational standards through listing.

In recent years, NEEQ and the BSE have worked together to provide full-cycle capital market services for high-quality SMEs. From the four-tier market to NEEQ and then to the BSE, a layered, progressive capital market pathway is gradually becoming smoother.

According to the BSE, in 2025, 47 companies’ applications for listing on the BSE have been accepted, with an average of 166 days from listing to application, and 14 companies taking less than 100 days. The channel from NEEQ to BSE listing remains open, with faster review processes while maintaining strict access standards.

“China’s capital market has formed a multi-level system including the main boards of Shanghai and Shenzhen, the STAR Market, ChiNext, the BSE, NEEQ, and regional equity exchanges, showing a clear progressive structure and differentiated positioning,” said Kaiyuan Securities. NEEQ is an important part of China’s multi-level capital market, providing services such as listing and equity financing for numerous SMEs. As of February 22, 2026, NEEQ has facilitated the listing of 866 companies on the Shanghai, Shenzhen, Hong Kong, and other exchanges.