Shanghai Stock Exchange: Nearly 70% of the companies on the Science and Technology Innovation Board achieved revenue growth in 2024, 54 companies increased by more than 50%

The Zhitong Finance App learned that the Shanghai Stock Exchange released an overview of the business performance of the Science and Technology Innovation Board in 2024. In 2024, Science and Technology Innovation Board companies achieved a total revenue of 1,422,170 billion yuan, an increase of 0.24% over the previous year; nearly 70% of companies achieved revenue growth, an increase of 3.09 percentage points over the previous year. Of these, 54 companies increased by more than 50%, and 285 companies reached record highs in revenue. Net profit for the whole year was 47.523 billion yuan. 50% of companies achieved net profit growth, an increase of 7.17 percentage points over the previous year. Of these, 30 companies doubled, and 32 turned losses into profits.

The original text is as follows:

Building a foundation for “new” efforts - an overview of the 2024 business performance of science and technology innovation board companies

As of April 30, 2025, all 586 companies on the Science and Technology Innovation Board have disclosed their main business performance information for 2024. Facing a complex and changing external environment, companies listed on the Science and Technology Innovation Board firmly believe in innovation-driven development concepts, forge ahead and overcome difficulties, lead the high-quality development of key industries such as integrated circuits, artificial intelligence, innovative pharmaceuticals, advanced manufacturing, etc., and contribute the strength of the Science and Technology Innovation Board to China to accelerate the development of new quality productivity and promote self-reliance and self-improvement in high-level technology.

1. Forge ahead and consolidate the “stable” trend

Overall performance is progressing steadily. In 2024, Science and Technology Innovation Board companies achieved a total revenue of 1,422,170 billion yuan, an increase of 0.24% over the previous year; nearly 70% of companies achieved revenue growth, an increase of 3.09 percentage points over the previous year. Of these, 54 companies increased by more than 50%, and 285 companies reached record highs in revenue. Net profit for the whole year was 47.523 billion yuan. 50% of companies achieved net profit growth, an increase of 7.17 percentage points over the previous year. Of these, 30 companies doubled, and 32 turned losses into profits. It is worth noting that more than 30 companies combined their own business and capital investment characteristics to disclose financial data under non-standard accounting standards (non-GAAP) standards, providing incremental information for investors to understand the development of the company's core business. For example, BeiGene, an innovative pharmaceutical company that was unprofitable at the time of listing, continued to disclose the company's operating profit after excluding the impact of non-cash expenses such as share payments and depreciation. Based on its rapid growth in global revenue and effective control of operating expenses, it has corrected adjusted operating profit for three consecutive quarters. The adjusted operating profit for 2024 reached 528 million yuan, an increase of 5.704 billion yuan over the previous year.

Leading technology companies play a leading role. Leveraging its unique advantages in supporting science and technology innovation enterprises, the Science and Technology Innovation Board is gradually becoming a fertile ground and “cradle” for cultivating leading science and technology enterprises in China. According to the data, the top 10 companies on the Science and Technology Innovation Board by market capitalization, such as SMIC, Haiguang Information, Jinshan Office, and Baili Tianheng, achieved total revenue and net profit increases of 21.2% and 24.3% year-on-year in 2024; compared with before the listing of the Science and Technology Innovation Board, they achieved a cumulative increase of 175.6% and 394.8%, achieving leapfrog development. Among them, SMIC's revenue scale reached a milestone of 50 billion yuan for the first time; high-end etching equipment from China and Micro was applied on a large scale in ultra-high depth to width ratio etching processes, which are essential for advanced domestic memory device production lines; and companies such as Haiguang Information, Cambrian, and Jinshan Office led the development and large-scale application of artificial intelligence at an accelerated pace. At the same time, some leading science and technology enterprises are gradually playing the central role of “chain owners” in the industrial chain, leading the industry's scientific and technological innovation and collaborative industrial development through technological empowerment and co-construction of the supply chain ecosystem. For example, Lianying Medical has actively built a full-chain localization ecosystem, formed an industrial innovation cluster with industry demonstration effects, and cultivated nearly 1,000 high-quality domestic suppliers, including nearly 100 “specialized, innovative, and small giant” enterprises.

The private economy unleashes vitality and resilience. Private enterprises are an important force in the Science and Technology Innovation Board, accounting for more than 80% of the total number of companies in the sector. With the support of a series of policies to promote the high-quality development of the private economy, the investment confidence, development vitality, and operational quality and efficiency of private enterprises on the Science and Technology Innovation Board have steadily improved. In 2024, more than 160 sub-companies announced that they intend to invest in the construction of new projects or project construction progress. For example, NANIA New Materials plans to invest 1.2 billion yuan to build high-end IC carrier materials and high-end copper-clad plate industrialization projects, and Hymo Star plans to invest 1 billion yuan to build high-end laser and intelligent equipment R&D centers and manufacturing base projects. Judging from the performance performance, private enterprises relied on the capital market to achieve leapfrog development. The revenue of 154 companies doubled after listing, and the net profit of 70 companies doubled or turned losses into profits. For example, Tuojing Technology's revenue and net profit after listing had a compound growth rate of 75.6% and 115.8% compared to before listing. In 2024, the overall repayment situation of private enterprises on the Science and Technology Innovation Board improved. The total amount of cash received from selling goods and providing services was 1,050,758 billion yuan, an increase of 3.7% over the previous year, 2 percentage points higher than the revenue growth rate.

Companies that were unprofitable at the time of listing developed positively. With the help of the capital market, unprofitable enterprises increased R&D investment and the industrialization process at the time of listing. Technological innovation has made many breakthroughs, and development momentum has built up. In 2024, 54 unprofitable companies at the time of listing achieved a total operating income of 174.479 billion yuan, an increase of 24% over the previous year, and the revenue of 26 companies exceeded 1 billion yuan; a total net loss of 13.641 billion yuan, a year-on-year reduction of 35.5%. Tianyue Advanced and Tuojing Technology exceeded 100 million yuan and 600 million yuan respectively from continuous losses before listing to net profit in 2024. Up to now, 22 companies on the Science and Technology Innovation Board have achieved profits and “picked U” for the first time since listing. Among them, 3 companies, Shenzhou Cell, Baili Tianheng, and Microelectrophysiology, achieved “U harvesting” this year. Of all 20 companies listed on the Science and Technology Innovation Board, 18 have now achieved core product listing, and the remaining 2 companies' core product listing applications have been accepted; 16 companies have revenue exceeding 100 million yuan, of which 4 companies have revenue of more than 1 billion yuan. Based on domestic demand, companies such as Alice and Shenzhou Cell have launched major products with annual sales exceeding 1.5 billion yuan, achieving sales exceeding 3.5 billion yuan and 2.5 billion yuan respectively from zero revenue before listing.

2. The momentum for striving to innovate and save money to “advance”

Science and technology innovation board companies adhere to innovation-driven development, adhere to the “long-term principle”, accelerate the convergence of innovative elements, accumulate momentum for innovation, and the pace of “progress” is solid and strong.

Technological innovation capabilities are constantly being enhanced. The total R&D investment of the Science and Technology Innovation Board for the year reached 168.078 billion yuan, more than 2.5 times net profit, up 6.4% year on year. The compound growth rate in the last 3 years reached 10.7%. R&D investment accounted for 12.6% of revenue, continuing to lead the A-share sector. Of these, 107 companies have R&D intensity exceeding 20% for 3 consecutive years. By the end of 2024, the Science and Technology Innovation Board had gathered 240,000 R&D personnel, accounting for nearly 30% of the total number of employees. 20,000 new invention patents were added throughout the year, and more than 120,000 invention patents were formed, and leading companies such as SMIC and Xinke Mobile all had patent reserves exceeding 10,000; a total of 138 projects led or participated in by sub-companies won important awards such as the National Science and Technology Progress Award and the National Technological Invention Award; over 60% of companies were selected as national specialized and innovative enterprises, and 64 companies joined the ranks of individual champions.

The level of autonomy and control has been steadily improving. Facing key areas of global technology competition, science and technology innovation board companies are accelerating import substitution and international pioneering, driving the industry to achieve a qualitative leap from scratch, from weak to strong. According to statistics, over 80% of companies' core products target import substitution and autonomy and control, and more than 850 products or technologies from over 380 companies have reached the international advanced level. For example, Huahai Qingke has reached the launch milestone of more than 500 12-inch chemical mechanical polishing (CMP) equipment, and the product has achieved basic coverage of a large domestic 12-inch integrated circuit production line; Aibo Healthcare's first aspherical intraocular lens product has been approved for marketing, which is expected to break the situation where this field has been monopolized by leading overseas players for a long time. Over 60 companies launched the world's first products, leading the way to “overtaking corners” in segments such as medical equipment, semiconductor materials, and photovoltaic modules. For example, Tianyue Advanced launched the world's first 12-inch silicon carbide substrate product, marking China's third-generation semiconductor field moving from “domestic replacement” to “global leadership”; Lianying Medical helped successfully complete the world's first complex coronary intervention (PCI) surgery using “zero noise” digital subtraction angiography (DSA) technology, which strongly confirms the technical strength and clinical value of domestic medical equipment.

Actively compete upstream in the international value chain. Science and technology innovation board companies have diversified “overseas” strategies, are deeply integrated into the global industrial supply chain, compete for the upper reaches of the value chain, and are showing positive momentum. In 2024, the total overseas revenue of science and technology innovation board companies was 430.361 billion yuan, up 6.1% year on year; 173 companies' overseas revenue increased by more than 30% year on year, and 63 companies' products were exported to more than 50 countries or regions. High-value-added products have penetrated the global market at an accelerated pace. The median gross margin of overseas sales of science and technology innovation board companies reached 40.8%. The products of 37 companies ranked first in the world in terms of shipment volume, market share, sales, etc., 58 companies participated in setting international standards, and 10 innovative drug companies granted overseas rights in innovative drugs to overseas companies through external licensing (license-out), exporting global influence in the field of technology. In addition, 110 science and technology innovation board companies have built production capacity in 37 countries or regions. For example, Rongbai Technology's Korean factory supports the company leading the world in shipments of ternary materials for four consecutive years. More than 80 companies, including Xidiwei, have overseas subsidiaries to further open up overseas products, channels, and customer resources to build a cooperative and win-win global supply chain.

3. Beading into a chain to build a hard-core industrial system

The strategic emerging industries served by the Science and Technology Innovation Board are highly compatible with the development direction of new quality productivity. Companies in emerging industries such as next-generation information technology, biomedicine, and high-end equipment manufacturing account for more than 80%, with a total market value of more than 5 trillion yuan, which is an important support for promoting new industrialization and high-quality economic development.

Integrated circuit companies have ushered in good development opportunities. Nearly 120 integrated circuit companies achieved total revenue of 277.766 billion yuan, an increase of 22.2% over the previous year, and their performance regained an upward channel. Benefiting from the development of AI technology and the recovery in consumer electronics demand, more than 70 chip product companies, including Haiguang Information and Lanqi Technology, closely followed the positive trend in the industry. Revenue and net profit increased 22.5% and 41.4%, respectively. The recovery in the domestic substitution and superposition industry led to a rise in performance. Four companies, including SMIC, Huahong, Crystal Integration, and Chip Connect, ranked 2nd, 5th, 9th, and 10th among the world's exclusive wafer foundry companies in terms of market share. More than 10 semiconductor equipment companies took advantage of autonomous and controllable opportunities. The total number of equipment shipped in 2024 exceeded 16,000 units, driving revenue up 38.8% year on year. Segment leaders such as China Micro, Tuojing Technology, and Shengmei Shanghai have made breakthroughs in high-end product development for etching, film, and cleaning. Huahai Clean Technology, Xinyuan Micro, etc. are focusing on strengthening the “stuck neck” links in the industrial chain such as ion implantation and glue development to push China's integrated circuit industry towards the high-end.

Biomedical companies are entering a new stage of commercialization. More than 110 biomedical companies achieved total revenue of 148.277 billion yuan, an increase of 18.1% over the previous year, and achieved net profit of 3.391 billion yuan. The year-on-year loss turned into a profit, and innovation went hand in hand. Up to now, biomedical companies on the Science and Technology Innovation Board have promoted the approval and listing of 27 domestically produced Class 1 innovative drugs, and 32 indications for 16 products have been included as breakthrough treatment varieties, filling domestic gaps and rewriting the global medical landscape in key treatment areas such as tumors, cardiovascular, and rare diseases. For example, Rongchang Biotech focuses on titacip in the field of autoimmune diseases and continues to expand new indications such as myasthenia gravis and IgA nephropathy to bring more treatment options to patients around the world; Dizhe Pharmaceuticals' suvortinib is the only oral small molecule targeted drug approved in the world to treat EGFR20 exon insertion mutation non-small cell lung cancer. Commercialization is also accelerating. Thirty-one innovative pharmaceutical companies achieved total revenue of 61.7 billion yuan in 2024, an increase of 45.6% year on year, and net profit reduced by 62.1% year on year. Medical device companies continue to cultivate in the fields of electrophysiology, vascular intervention, and orthopedic materials, and since listing, more than 1,000 Class III medical device products have been approved for registration. The 3D pulse polymorphic overall solution independently developed by Huitai Medical was officially approved for clinical application, marking a new breakthrough in the field of atrial fibrillation ablation treatment with domestic devices.

High-end equipment manufacturers and new material companies compete for “invisible champions”. Nearly 180 companies achieved a total revenue of 294.609 billion yuan, an increase of 3.7% over the previous year, with a significant marginal improvement trend; nearly 70% achieved a year-on-year increase in operating income, and nearly 50% achieved a month-on-month increase in net profit in the fourth quarter. Science and technology innovation board companies continue to empower the manufacturing industry to upgrade to “high-end, intelligent, and green”. For example, Kode CNC's high-end CNC machine tools have achieved large-scale applications in aerospace, aviation and other fields, successfully filling many domestic technical gaps, with an autonomy rate of 85% for core components and a localization rate of 95%; more than 100 units of major global or domestic equipment, such as the super-diameter shield machine “Jianghai” independently developed by Railway Construction Heavy Industries, have been successfully used in more than 200 major domestic and foreign projects, demonstrating the technical strength of “Big Power Heavy Equipment”; Western superconducting superconducting products, high-end titanium alloy and other products have completely replaced the “card” neck of aircraft manufacturing Question, broad Used in major national equipment, large-scale scientific engineering, etc.

Furthermore, the Science and Technology Innovation Board Company is based on core technology reserves and industrialization advantages, actively integrates into the national strategic layout, forwardly lays out a new track for future industries, and actively cultivates new momentum for development. In the field of physical intelligence, more than 10 companies provide full-chain support for robots, from body development, power hardware to control systems; in the field of artificial intelligence, more than 30 companies are rooted in large-scale model training, algorithm optimization and scenario implementation to promote large-scale application of AI technology in new scenarios such as intelligent driving, smart medical care, and intelligent manufacturing; in the field of low-altitude economy, nearly 20 companies have collaborated on airframe materials, drone R&D and manufacturing, and air traffic control systems to form a relatively complete industrial chain.

4. Strive to reform to promote high-quality development

As a new round of capital market reform initiatives such as the “Eight Rules for Science and Technology Innovation Board” and the “Six Rules for Mergers and Acquisitions” accelerate implementation and results, the adaptability and inclusiveness of the Science and Technology Innovation Board system continues to improve, supporting the development of new quality productivity to a new level.

Mergers, acquisitions and restructuring support high-quality industrial integration. Since the release of the “Eight Rules of the Science and Technology Innovation Board” in June 2024, the Science and Technology Innovation Board has added 100 new industrial mergers and acquisitions, and the disclosed transaction amount has exceeded 24.7 billion yuan. Among them, 32 involved major asset restructuring or issuance of securities, and the number of transactions exceeded the sum of the years before the publication of the “Eight Rules of the Science and Technology Innovation Board”; 27 involved the acquisition of unprofitable targets, 7 involved the acquisition of proposed IPOs and 14 acquisitions of overseas assets. Asset evaluations, transaction pricing, and performance commitments were becoming increasingly marketable and diversified. All parties involved in the transaction closely follow the logic of the industry and actively promote the repair and strengthening of the chain. For example, Guilun Electronics, a leading domestic EDA company, plans to acquire Ruicheng Xinwei, a leading IP design company, to take the lead in creating an industrial form with deep integration of domestic “EDA+IP”; Huahai Chengke, a leading semiconductor packaging materials company, plans to acquire the same industry company Hengsho Warwick to consolidate its leading position in the industry and build a world-class semiconductor packaging materials company.

Equity financing supports continuous R&D and innovation. In terms of refinancing, “asset-light, high R&D investment” certification standards were issued to support eligible enterprises to break through the refill ratio limit and invest raised capital in R&D. Currently, 8 companies have disclosed relevant refinancing plans in accordance with this standard. The financing scale has exceeded 17.5 billion yuan. The Dizhe Pharmaceutical case has taken the lead and has successfully raised 1,773 billion yuan, of which 967 million yuan will be used for drug research and development with “new global” potential such as DZD8586. In terms of bonds, China Connect issued the first science and technology innovation corporate bond of a central enterprise on the Science and Technology Innovation Board at a coupon interest rate of 2.2% to 2.4%, successfully raising 2.5 billion yuan to promote the continuous improvement of the company's R&D and technological innovation capabilities. In addition, five companies, including Tianyue Advanced and Maiwei Biotech, submitted H share issuance applications to the Hong Kong Stock Exchange to connect with international capital to help the global layout.

The enabling effects of state-owned capital and industrial capital are showing. Nine science and technology innovation board companies actively introduced state-owned capital or industrial capital as controlling shareholders to enable long-term healthy development through key resources such as technology, markets, and channels. For example, semiconductor equipment company Xinyuanwei introduced industry-leading state-owned enterprise Beifang Huachuang as controlling shareholder, and the two sides will fully share supply chain, R&D, and customer resources; quantum technology company Guoshun Quantum was taken over by China Telecom Quantum Group, a subsidiary of China Telecom Group, to promote the systematic development of the quantum communication industry based on China Telecom's full-network resource advantages; in vitro diagnostic company Haoou won shares in China Biopharmaceutical Holdings, a company listed on the Hong Kong Stock Exchange. The two sides will deepen cooperation in clinical research and development, marketing channel layout and products.

5. Take more measures to enhance investors' sense of attainment

The concept of “improving quality, increasing efficiency, and valuing return” has been formed at an accelerated pace. Since the Science and Technology Innovation Board first launched the “Improve Quality, Increase Efficiency and Value Return” campaign in January 2024, Science and Technology Innovation Board companies have actively participated and consciously assumed the main responsibility of improving the company's quality and investment value. During the disclosure period of this annual report, over 470 science and technology innovation board companies evaluated the 2024 action plan and released the 2025 action plan at the same time. The sector coverage exceeded 80%, an increase of 6.14 percentage points over last year. Judging from the disclosure, on the basis of an in-depth evaluation of the previous year's implementation, most companies proposed targeted practical measures for this year in terms of improving the quality of operations and speeding up the development of new quality productivity. Companies such as Lexin Technology and Haohai Biotech completed the fund-raising project promotion plan on schedule, and plan to continue to improve the economic efficiency of the fund-raising project; companies such as Electric Wind Power and Junshi Biotech have completed the cost reduction and efficiency goals according to the plan and plan to continuously improve cost reduction and cost control capabilities; companies such as Anji Technology and Zhongke Xingtu have successfully completed their R&D and invention patent application goals, and plan to continue to increase R&D investment intensity.

Investors' sense of attainment continues to grow. While taking into account R&D investment and sustainable development, science and technology innovation board companies have significantly increased their awareness and actions to increase investor returns. Over 60% of companies launched a 2024 cash dividend plan, with a total dividend of 38.682 billion yuan, of which over 290 companies had a cash dividend ratio of more than 30%; 119 sub-companies reported interim reports and implemented dividends before the Spring Festival to share performance growth dividends with investors. Since 2024, 320 companies have introduced repurchase and increase holdings plans, with a total upper limit of over 35 billion yuan; 78 companies have used special loans to repurchase and increase their holdings, with a total limit of nearly 9 billion yuan.

The quality and efficiency of ESG credit claims has been improved. Science and technology innovation board companies actively integrate ESG concepts and requirements into business models and management systems, and continue to explore science and innovation samples of ESG practices. In 2024, 241 science and technology innovation board companies separately disclosed ESG reports. The Science Innovation 50 Index companies achieved full coverage, and the coverage rate of the Science Innovation 100 Index companies reached 66%; all 586 companies disclosed ESG practice information in a variety of ways in the relevant sections of their annual reports. In terms of scientific and technological ethics, we abide by scientific ethics standards in innovation decisions and practices. For example, Junshi Biotech takes animal welfare into account to the greatest extent while safeguarding the scientific nature and reliability of research. In terms of supply chain security, efforts are being made to build a win-win ecosystem. For example, Yingke Regeneration conducted desk or on-site assessments of 1,040 suppliers and provided capacity building projects for 368 suppliers. In terms of data security, data security is protected from all angles. For example, Fluorite Network has built a governance framework including data security management, technology, operation, supervision and evaluation systems, and has passed information security and privacy compliance certifications from many consulting and auditing agencies around the world.

6. Work hard for a long time to continuously optimize the market ecology

Indexed investing is a new trend. Since 2024, 16 indices, including the Science Innovation 200 Index and the Science and Innovation Composite Index, have been released one after another. Currently, the number of science and technology innovation board indices has reached 28, and a science and technology innovation board index system covering types such as scale, themes, and strategies has been established to provide multiple investment options for medium- to long-term capital. By the end of 2024, the scale of domestic and foreign products of the Science Innovation Index was 243.695 billion yuan, of which 50 products at home and abroad were 185.431 billion yuan, an increase of 25.8% over the beginning of 2024, making it the fourth largest broad-based index product and the largest single-market ETF product in China.

Patience capital continues to grow. By the end of the first quarter of 2025, the number of active accounts of professional institutional investors exceeded 77,000, with total institutional investors accounting for more than 60%; fund investors held a total market value of more than 1.2 trillion yuan in the science and technology innovation board market, up 37% year on year, accounting for more than 20%; investors from overseas professional institutions such as Shanghai Stock Connect, QFII, and RQFII accounted for more than 4% of the positions held by long-term funds such as social security, insurance, and annuity.

The value investment orientation is evident. In 2024, Science and Technology Innovation 50 companies accounted for 45.4% of the total market value of the Science and Technology Innovation Board, and the transaction amount accounted for more than 34% of the total market value of the Science and Technology Innovation Board, an increase of more than 3 percentage points over 2023. Among them, the market value and turnover of the top 10 companies by market capitalization accounted for 23.5% and 19.2% respectively. Transaction concentration increased, and more market capital was being invested in leading companies. Meanwhile, according to data disclosed in the first quarterly report, 79 science and technology innovation board companies are heavy stocks of social security funds, with a total market value of over 16 billion yuan. Of these, 30 are science and technology innovation 50 and science innovation 100 companies.

This article was compiled from the WeChat account “Published on the Shanghai Stock Exchange”. Zhitong Finance Editor: Xu Wenqiang.