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—such as Zhongke Yi, Longchen Technology, Juli Co., Ltd., and Zhenhong Co., Ltd.—released their 2025 annual reports, all of which posted profits for the year. Among these, four companies with comparable data showed growth compared to 2024, highlighting another positive aspect of the 2025 “report card” for innovation layer companies.

Notably, Juli Co., Ltd. achieved double-digit growth in both revenue and net profit attributable to shareholders in 2025. The annual report shows the company’s total revenue was approximately 108 million yuan, up 19.94% year-over-year, and net profit attributable to shareholders was 8 million yuan, up 62%.

Similarly, Zhenhong Co. saw rapid growth, with total revenue reaching 1.327 billion yuan, up about 16.81%, and net profit attributable to shareholders of 146 million yuan, up 40.50%.

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

Wind data indicates that as of March 16, 2025, 47 companies on the NEEQ Innovation Layer have disclosed their annual reports, with over 95% (45 companies) achieving full-year positive earnings; 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 specializes in R&D, production, and sales of ultra-high purity microelectronic chemicals, mainly 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 innovation layer companies like 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 after 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.

“By 2025, the market environment has improved, industry demand has increased, and the company has adjusted its business strategy, focusing on core businesses and high-quality clients. Product structure has continued to optimize, and order scale has 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.

“By 2025, the company added a heating project with Linglong Thermal Power Co., Ltd. in Quanzhou, increasing sales volume and profitability,” Juli Co., Ltd. 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 remain 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 a Multi-Tiered Capital Market Service Channel

In recent years, as a reserve force for the BSE, NEEQ has achieved notable results in serving specialized and innovative enterprises, 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 28.92 million yuan—amounts 2.74, 4.68, and 2.26 times higher than the performance indicators of existing listed companies in 2024. This indicates a healthy development trend of “incremental driving existing stock” among NEEQ-listed companies.

Moreover, NEEQ has effectively aligned with national strategies, making significant achievements in serving specialized and innovative small and medium-sized enterprises (SMEs). In 2025, 50.75% of newly listed companies were national-level “Little Giants” in specialized and innovative industries, and 33.03% were provincial-level “Little Giants.” Combining its regulatory functions with the Ministry of Industry and Information Technology’s “Foundation and Quality Improvement” initiative, NEEQ actively supports the standardization and upgrading of specialized and innovative SMEs 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 BSE listings, a progressively smooth capital market pathway for serving high-quality SMEs is gradually forming.

According to the BSE, in 2025, 47 companies’ applications for listing on the BSE were accepted, with an average of 166 days from listing to application approval, and 14 companies took less than 100 days. The channel from NEEQ to BSE remains smooth, with faster review processes while maintaining strict entry 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-tiered 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.