New Core Arena, Hard-Tech Future—Decoding the 2025 Annual Performance of SSE STAR Market Companies

As of April 30, 2026, 608 SSE STAR Market companies had disclosed their key operating results for 2025. Over the year, SSE STAR Market companies continued their trajectory toward innovation and quality, demonstrating robust vitality. The sector achieved total revenue of RMB 1,598.596 billion, up 10.3% year-on-year, and net profit attributable to shareholders reached RMB 58.624 billion, up 26.6%. Total R&D investment amounted to RMB 189.247 billion, maintaining a nearly 13% R&D intensity for the seventh consecutive year. Over seven years of cultivation, the SSE STAR Market has gradually become a core capital market platform serving the development of new-quality productive forces, showcasing China's technology innovation narrative through solid data and tangible practice, highlighting the resilience, innovative energy, and growth potential of science and technology enterprises.

I. Integration of Technology and Industry Fuels "Growth"

Since its inception, SSE STAR Market companies have consistently adhered to innovation-driven development, promoting deep integration between technological innovation and industrial application, accelerating the translation of R&D achievements into operational results. In 2025, the sector's overall revenue and net profit both achieved stable double-digit growth, advancing the scale and quality of corporate development.

Operating performance climbs steadily. SSE STAR Market companies collectively recorded revenue of RMB 1,598.596 billion in 2025, up 10.3% year-on-year. Over 70% of companies saw revenue growth, a 4.93-percentage-point increase compared with the previous year, with 72 companies growing over 50%. A total of 321 companies set historical revenue highs, including 61 companies reaching the RMB 5 billion milestone. Over the past five years, SSE STAR Market revenue has maintained a steady upward trajectory, with a compound annual growth rate (CAGR) of 11.7%; the median revenue increased from RMB 586 million to RMB 916 million, reflecting solid foundational growth. In terms of profitability, companies in the sector recorded aggregate net profit attributable to parent companies of RMB 58.624 billion in 2025, up 26.6% year on year. Net profit excluding non-recurring gains and losses reached RMB 31.037 billion, representing a year-on-year increase of 43.4%. Nearly 60% of the companies achieved net profit growth, up 7.40 percentage points from a year earlier, including 39 companies whose net profit more than doubled and 52 companies that returned to profitability.

Growth-tier companies show positive momentum. Empowered by the differentiated institutional arrangements of SSE STAR Market, the growth momentum of companies in the SSE STAR Growth Tier continues to accumulate and accelerate. The total revenue of the 40 STAR Growth Tier companies grew by 37.2% year-on-year, leading the entire market. Among them, 17 companies achieved revenue exceeding RMB 1 billion, with BeiGene surpassing RMB 38 billion in revenue, ranking among the top in the sector in terms of revenue scale. Losses continued to narrow, with total net losses decreasing by 56.2% year-on-year. Notably, six companies, including BeiGene, Cambricon, and InnoCare Pharma, turned profitable for the first time, becoming the first "graduates" of the SSE STAR Growth Tier. Meanwhile, 21 companies, including Junshi Biosciences, Dizal Pharmaceuticals, and Qi'an Xin, benefited from industrialization and economies of scale, reducing their year-on-year losses. Furthermore, SSE STAR Growth Tier companies continue to build long-term growth drivers, with total R&D expenditure reaching RMB 35.576 billion and a median R&D intensity of 43.7%. This high level of R&D investment lays a solid foundation for future innovation breakthroughs.

Fundamentals of operational quality and efficiency remain robust. The overall gross margin of SSE STAR Market remains high, with a median gross margin of 35.8%, underscoring the high value-added nature of hard-tech enterprises. Profitability cash conversion continued to strengthen, with net cash flow from operating activities reaching RMB 178.055 billion for the full year, a significant year-on-year increase of 33.3%. The median cash content of net profit stood at 0.89, up 7.5% year-on-year, indicating sustained improvement in earnings quality. Companies maintain ample orders on hand, with contract liabilities balance reaching RMB 143.269 billion, up 10.3% year-on-year, further enhancing earnings visibility. Additionally, in 2025, a total of 43 SSE STAR Market companies disclosed supplementary financial indicators based on non-standard accounting standards (Non-GAAP), tailored to their respective operating characteristics. This provides market investors with more comprehensive and effective references for assessing the core operational performance of these companies. For example, SMIC disclosed its EBITDA and EBITDA margin, excluding the effects of different capital structures, depreciation policies, and tax burdens. Its adjusted profit and adjusted profit margin stood at RMB 37.755 billion and 56.1%, respectively, offering additional insights into the company's core profitability and cash flow status.

II. Forge Industrial Strength Through Cluster Synergy

The SSE STAR Market serves as a core platform for the capital market to implement the national innovation-driven development strategy, focusing on "hard-tech" enterprises. It is a key foundation for achieving high-level technological self-reliance and developing new quality productive forces. Since its inception, the SSE STAR Market has prioritized strategic national demand areas such as integrated circuits (ICs), biomedicine, artificial intelligence, and high-end manufacturing. It strives to build end-to-end industrial ecosystems, cultivate and expand clusters of strategic emerging industries, while proactively laying out future industries to foster new growth points for the development of new quality productive forces during the 15th Five-Year Plan period. Companies in these sectors together account for 82% of SSE STAR Market's total market capitalization.

The integrated circuit industry plays a pillar role. The IC industry is a core cornerstone for ensuring the security of national industrial and supply chains and achieving high-level technological self-reliance. It plays an irreplaceable, pillar role within the SSE STAR Market's hard-tech industrial clusters. Currently, the SSE STAR Market is home to 129 IC companies, making it the preferred listing destination for "China Chip" companies and the market leader in terms of industrial chain completeness.

Driven by multiple factors in 2025, including the surge in AI computing power, accelerated domestic substitution, and recovering downstream demand, the 129 SSE STAR Market companies' IC industry chain achieved total revenue of RMB 371.851 billion, up 25.4% year-on-year; and aggregate net profit attributable to parent companies of RMB 28.783 billion, a sharp year-on-year increase of 86.3%. This dual high growth in revenue and profit fully demonstrates the sector's resilience and vitality. Specifically, net profit growth rates in chip design, packaging and testing, and semiconductor equipment reached 344%, 116%, and 14%, respectively. Leading wafer foundries maintained high capacity utilization rates. Four companies, SMIC, Hua Hong Semiconductor, Nexchip, and United Nova Technology, ranked second, fifth, eighth, and tenth globally in the specialized wafer foundry market. Breakthroughs in key core technologies across the chain have deepened. More than 20 companies, including SJ Semiconductor, are focused on advanced packaging R&D and capacity construction, while over 30 companies are making forward-looking investments in third- and fourth-generation semiconductor technology R&D. The sector's leading and driving role continues to strengthen. For example, Fudan Microelectronics' FPGA series chips provide localized solutions for emerging applications such as satellite communications, and United Nova Technology's automotive-grade products have penetrated over 90% of China's new energy vehicle manufacturers.

The biopharmaceutical industry has strengthened support for the Healthy China strategy. The biopharmaceutical industry is a key strategic area for implementing the Healthy China strategy, safeguarding public well-being, and cultivating new quality productive forces. Since its inception, the SSE STAR Market has supported the listing of 119 biopharmaceutical companies, deeply serving the construction of Healthy China. It continues to empower the global expansion of domestically developed innovative drugs and high-end medical devices, serving as a critical support for China's biopharmaceutical innovation to reach the forefront globally.

In 2025, a total of 119 SSE STAR Market biopharmaceutical companies achieved a total operating revenue of RMB 173.945 billion, a year-on-year increase of 15.4%, and a net profit attributable to parent companies of RMB 11.709 billion, a year-on-year increase of 254%. In the innovative drug sector, R&D value continued to materialize, commercialization accelerated comprehensively, and the industry as a whole reached an inflection point to profitability, with a total net profit of RMB 1.562 billion, an increase of RMB 8.112 billion year-on-year. Over the course of 2025, nine innovative drugs from SSE STAR Market companies received domestic approval for market launch, bringing the cumulative total to 37. The cumulative potential value of global patent licensing and deal-making for R&D pipelines exceeded USD 45 billion. Notably, the overseas licensing deal between Sunshine Guojian and Pfizer, with an upfront payment of USD 1.4 billion, set a new record for the highest upfront payment for a domestically developed innovative drug. The localization of high-end medical equipment accelerated, with significant progress in import substitution. For example, United Imaging's high-end CT and MRI equipment captured domestic market shares of 28% and 25%, respectively, strongly advancing the development of China's precision medical system. Sibiono GeneTech's independently developed Fractional Flow Reserve (FFR) system, the first domestically approved FFR product meeting the gold standard, successfully broke the import monopoly and rose to become the top domestic brand in market share, ranking second overall in the entire market.

The AI industry has built a fully domestic, self-supporting ecosystem across the entire chain. As a core driver of the new round of technological revolution and industrial transformation, AI is a key engine for developing new quality productive forces. Led by AI chip companies such as Haiguang Information and Cambricon, the AI sector on the SSE STAR Market has initially established a self-supporting industrial ecosystem spanning the entire "chip-model-cloud-application" chain. The combined market value of related companies exceeded RMB 3.6 trillion, injecting capital momentum into China's efforts to capture the global high ground in the AI industry.

In 2025, over 30 SSE STAR Market AI companies achieved a total operating revenue of RMB 179.876 billion, a year-on-year increase of 25.7%, and a net profit attributable to parent companies of RMB 13.38 billion, up 200.8% year-on-year, reflecting a sharp rise in profitability. Breakthroughs have been made in domestic AI chip development, with leading companies such as Haiguang Information, Cambricon, Moore Thread, and Muxi forming a "national chip for national model" self-supporting ecosystem, driving the large-scale deployment of domestic computing power in key industries such as telecom operators and the internet. VeriSilicon's NPU IP has been adopted by 91 clients and used in over 140 AI chip products. AI technology has deeply integrated with the real economy, achieving notable success in multi-scenario commercial applications. For instance, Kingsoft Office's WPS AI service handles over 200 billion daily token calls on average, a year-on-year increase exceeding 12 times, leading the domestic office AI market. Companies like United Imaging and SUPCON are deepening AI-driven innovation in high-end medical equipment and industrial smart manufacturing, respectively, providing crucial support for industrial upgrades and digital-intelligent development. In addition, the accelerated large-scale deployment of computing infrastructure continues to drive demand for supporting sectors such as communications and storage. Companies including Biwin Storage Technology and Y-STAR Technology seized industry opportunities, achieving double-digit profit growth year-on-year. The growth of the computing power industry has also opened up stable application scenarios for renewable energy consumption, effectively broadening the growth space for over 10 SSE STAR Market companies in the solar and energy storage sectors.

High-end manufacturing industry forges national pillars. High-end equipment manufacturing and advanced materials are core pillars for implementing the strategy of becoming a manufacturing powerhouse and developing new quality productive forces. They are also key sectors for solidifying the foundation of the real economy and achieving self-sufficiency and control over industrial and supply chains. From individual breakthroughs to cluster formation, the high-end equipment manufacturing and advanced materials segment on the SSE STAR Market has continued to expand and improve in quality, gradually forming a distinctive industrial cluster with prominent advantages, while the scale effect continues to be released.

In 2025, the 184 high-end equipment manufacturing and new materials companies listed on the STAR Market recorded combined operating revenue of RMB 347.614 billion, up 15.3% year on year, while net profit attributable to parent companies reached RMB 26.885 billion, representing a year-on-year increase of 11.4%. Supported by solid industrial growth, these companies have contributed STAR Market strength to China's endeavor to build a manufacturing powerhouse. A number of major achievements showcasing China's intelligent manufacturing capabilities have continued to emerge. For example, China Railway Signal & Communication, Zhongfu Shenying, Kede Numerical Control, and China Railway Construction Heavy Industry have respectively realized the world's first experimental operation of a control system for 35,000-ton heavy-haul train groups, the world's first T1200-grade ultra-high-strength carbon fiber capable of mass production at the hundred-ton scale, the world's first medium-speed wire EDM machine tool capable of five-axis linkage, and the world's first kilometer-level vertical shaft boring machine, among other major achievements. More than ten companies are accelerating technological breakthroughs in robotics, driving the upgrading of manufacturing toward intelligence.

Forward-looking layout in future industries continues to deepen. Future industries are an important source of new quality productive forces and a key lever for gaining commanding heights in global technological competition. The SSE STAR Market is becoming a core capital market fulcrum and capital empowerment platform for strategically planning future industries in China. More than 40 companies have taken early positions in cutting-edge fields such as quantum technology, 6G communications, and bio-manufacturing, accelerating breakthroughs in key core technologies and the realization of industrial applications. In the arena of international standard-setting, SSE STAR Market companies have gained a head start. CICT Mobile has carried out a total of 21 key technology pre-research projects for 6G, effectively supporting the 3GPP 6G standard-setting efforts and enhancing China's international voice in next-generation communications. On the front of industrializing original technologies, SSE STAR Market companies continue to break through core bottlenecks: Western Superconducting's high-temperature superconducting wire has successfully achieved kilometer-scale, high-performance long-wire mass production, with potential for important applications in cutting-edge fields such as superconducting magnet coils for fusion reactors. On the front of implementing cutting-edge technologies into real-world scenarios, SSE STAR Market companies are accelerating large-scale adoption: QuantumCTek's specialized technology service, the "Quantum Encrypted Call and Messaging Service," now serves more than six million users.

III. Hardcore R&D Leads "Innovation Power"

SSE STAR Market companies are deeply embedded in the national innovation system, adhering to two-way empowerment and deep coupling between technological innovation and industrial innovation. A number of major original, iconic, and trend-setting technological achievements have emerged, effectively promoting breakthroughs in core technologies, progress in bottleneck areas, and the import substitution process, continuously strengthening the foundation for China's high-level technological self-reliance and self-strengthening.

High-intensity R&D investment leads society-wide innovation trends. The SSE STAR Market has maintained an R&D intensity of nearly 13% for seven consecutive years, far exceeding the national average R&D intensity and ranking first among all A-share boards. As of the end of 2025, the board's cumulative R&D investment approached RMB 900 billion, with a three-year compound growth rate of 7.5%. Innovation factors continue to converge on key areas of national strategy, driving both quantity and quality increases in innovation output. The board's cumulative number of invention patents exceeded 150,000, with more than 20,000 new invention patents added in 2025 alone. Three companies, including Allist, won the China Patent Gold Award. Companies such as Trina Solar and JinkoSolar jointly established China's first photovoltaic industry patent pool, collaboratively enhancing the global competitiveness of the industry. The innovation leadership advantage continues to solidify: a total of 148 SSE STAR Market companies have, as leaders or participants, won major national awards such as the National Science and Technology Award; nearly 70% of companies have been designated as national-level "Little Giant" enterprises specializing in niche sectors; and 141 companies have been recognized as national manufacturing single champions or hold single champion products, becoming benchmarks for innovation-driven development in their niche sectors.

Independent innovation supports the stabilization, strengthening, and securing of industrial chains. SSE STAR Market companies are actively tackling weak links in industrial chains, increasingly becoming a "critical link" in the process of achieving self-sufficiency and control over China's industrial and supply chains, and striving to safeguard national industrial security and development initiative. For example, semiconductor equipment leaders such as AMEC and Piotech continue to break through technical barriers, gradually increasing the self-sufficiency rate of high-end semiconductor equipment in China. Semiconductor material companies such as Xi'an Yicai have achieved technological breakthroughs in key areas such as large-diameter silicon wafers, electronic bulk gases, and high-end photoresists, ensuring the stability of chip manufacturing supply. Leading "chain master" technology companies fully leverage their guiding and driving roles, vigorously advancing import substitution and actively cultivating and supporting domestic suppliers. For instance, AVIC (Chengdu) UAS focuses on building an industrial ecosystem, establishing normalized innovation and collaboration mechanisms with more than 20 entities, significantly enhancing its capacity to lead the industry and integrate resources. China Railway Construction Heavy Industry has built a strategic supplier alliance, continuously improving strategic procurement capabilities and supply chain coordination.

Actively align with and integrate into major national development strategies. Guided by national strategic needs, SSE STAR Market companies are making multifaceted efforts—including strategic planning alignment, core research breakthroughs, industrial ecosystem collaboration, and talent pool support—to form an integrated chain of strength in serving the national innovation system. On strategic alignment, 219 companies explicitly incorporated the "15th Five-Year Plan" into their mid- to long-term development strategies in their annual reports, proactively charting their course around key national priority areas such as artificial intelligence, integrated circuits, and biopharmaceutical. On research breakthroughs, according to incomplete statistics, over the past five years, SSE STAR Market companies have led or participated in 659 national key R&D programs and presided over or contributed to the formulation of more than 3,400 national standards. Guided by major national research projects, they are translating strategic blueprints into tangible technological breakthroughs. On collaborative innovation, technology-leading enterprises such as Haiguang Information have taken the lead in forming innovation consortia, driving collaborative problem-solving across the industrial chain. More than 80% of companies have established deep cooperative relationships with universities and research institutes, promoting seamless integration among industry, academia, research, and application. On talent base, over 60% of companies have founding teams composed of research talents such as scientists and engineers. The board's R&D workforce has exceeded 260,000, accounting for nearly 26% of total employees, and the innovative vitality of high-caliber scientific and technological talent continues to be unleashed.

"Technology going global" has achieved a leap from quantitative to qualitative change. SSE STAR Market companies are leveraging technological innovation to drive high-level opening up, accelerating their integration into global innovation networks and industrial division systems, actively competing for high-end positions in the global value chain, and achieving an upgrade from product exports to technology exports, standard exports, and ecosystem exports. In 2025, SSE STAR Market companies generated RMB 477.181 billion in overseas operating revenue, an 8% year-on-year increase, reaching new highs. A total of 169 companies saw overseas revenue growth exceed 50%. The median gross margin of overseas business remained around 41% for two consecutive years, highlighting the high-value-added nature of hard tech products. A number of companies are accelerating the global expansion of China's intelligent manufacturing. For example, Sany Renewable Energy's total annual overseas orders exceeded RMB 10 billion, setting a record for single-unit capacity in the Central Asian market. A group of companies have reached the global technology forefront. For instance, Baili Tianheng's EGFR×HER3 bispecific antibody was the first in its class globally to complete Phase III clinical research, propelling China's tumor-targeted therapy R&D into the world's top tier. A number of companies are building an open and shared global industrial ecosystem. For example, Aier Medical, with its self-developed intraocular lens products, supports Chinese volunteer doctors in carrying out the "Belt and Road" International Brightness Action, benefiting visually impaired patients in countries along the route. ZWSOFT, together with more than 1,000 global partners, serves 1.4 million clients, helping small and medium-sized enterprises worldwide with their digital transformation.

IV. Precision and Inclusiveness Unleash "Reform Power"

Addressing the full lifecycle development needs of tech enterprises, the SSE STAR Market continues to deepen fundamental system reforms and innovations in the capital market, continuously enhancing its inclusiveness and adaptability, focusing on improving comprehensive support for new quality productive forces, and precisely serving high-level technological self-reliance and self-strengthening.

The SSE STAR Market's "1+6" reform measures have been implemented with tangible results. The SSE STAR Growth Tier is steadily expanding, having cumulatively supported the listing and development of eight unprofitable enterprises, including Xi'an Yicai and OnMicro. The fifth set of listing standards has been expanded in an orderly manner, extending its applicability from innovative drugs and medical devices to the commercial rocket launch sector, with LandSpace's listing application having been officially accepted. The IPO pre-screening system has been smoothly implemented, with enterprises already beginning to utilize the system, and the inclusiveness and precision of the issuance and listing review process continue to improve. Four companies, including Tonomab, have disclosed relevant information regarding senior professional institutional investors in accordance with regulations, fully leveraging the value discovery and cultivation functions of professional institutional investors for high-quality tech enterprises.

M&A and restructuring are continuously empowering high-quality industrial integration. Since the release of the "Eight SSE STAR Market Measures" in June 2024, the SSE STAR Market M&A and restructuring market has remained active, with a cumulative addition of over 200 new industrial M&A deals and disclosed transaction values exceeding RMB 106 billion. Among these, 56 deals involved major asset restructurings or share issuances to acquire assets, with the transaction volume exceeding the sum of all years before the release of the "Eight Measures", highlighting the function of serving industrial integration. SMIC's proposed issuance of shares to acquire SMIC Beijing, with a transaction size of RMB 40.6 billion, has become the largest restructuring deal since the launch of SSE STAR Market, facilitating the intensive and large-scale development of China's wafer manufacturing industry. Over 70 M&A deals across the board involved the acquisition of unprofitable tech enterprises, and over 20 involved cross-border M&A, with system designs increasingly adapted to the needs of new quality productive forces and corporate globalization strategies. Apmd completed an acquisition using an installment payment tool for shares for the first time, making payment methods more flexible and diverse, and better suited to the M&A needs of tech enterprises.

The refinancing orientation of "supporting excellence, supporting technology, and enhancing efficiency" is clearly evident. In 2025, 45 STAR Market companies announced refinancing plans, with a total intended fundraising size of RMB 47 billion, a year-on-year increase of 65%. Since 2026, following the release of the SSE's package of measures to optimize refinancing, market resources have accelerated their concentration on key areas of new quality productive forces. The financing needs of high-R&D enterprises are being precisely met. Five refinancing cases involving "asset-light, high R&D investment" enterprises, such as Orbbec and Piotech, have made substantial progress in the review and registration process. To date, a total of 16 companies have applied this policy, with an aggregate intended fundraising size exceeding RMB 33.3 billion, effectively supporting enterprises in overcoming restrictions on working capital replenishment and concentrating resources on core technology R&D. The flexibility and convenience of the refinancing system have significantly improved. Two companies, including Xianfeng Precision, whose previous fundraising has not yet been substantially utilized, have successively disclosed refinancing plans based on their own development needs. The efficiency of the review and registration process continues to improve. Since 2026, three convertible bond projects on the SSE STAR Market have obtained registration approval, with an average of only 99 days from acceptance to registration effectiveness, further enhancing market predictability.

Equity incentives continue to stimulate the innovation vitality of tech talents. Relying on the differentiated equity incentive system arrangements of the board, SSE STAR Market companies deeply practice the development philosophy of "investing in people", continuously improving long-term incentive and restriction mechanisms for core tech talents. As of the first quarter of 2026, a total of 459 SSE STAR Market companies have launched 876 equity incentive plans, with a board coverage rate of 75.9%. Over 90% of companies have chosen restricted shares of the second type, precisely targeting the needs of talent team development in core areas of technological innovation. Espressif Systems has launched a total of 10 equity incentive plans in the nearly seven years since its listing. The latest incentive plan includes performance indicators deeply tied to chip R&D and global market expansion, further strengthening the long-term incentive and restriction effect.

V. Integration of Investment and Financing Shapes "Ecosystem Power"

The capital market serves as a crucial hub connecting technological innovation and industrial upgrading. Since its inception, the SSE STAR Market has steadfastly adhered to its "hard tech" positioning, leveraging comprehensive investment and financing reforms as a key driver to build a long-term "integrated investment and financing" ecosystem, promoting the deep integration of technological innovation, industrial innovation, and the capital market, allowing a broad base of investors to fully share in the dividends of new quality productive forces, and injecting lasting capital momentum into achieving high-level technological self-reliance and self-strengthening.

The market's investment value continues to stand out. Three years into the implementation of the special action "Corporate Value and Return Enhancement", the intrinsic motivation of SSE STAR Market listed companies to reward investors has continued to strengthen, with their capacity for value creation and dividend distribution steadily improving. The coverage of the special action continues to expand, with nearly 90% of companies disclosing their action plans for 2026. Constituent stocks of the STAR 50 and STAR 100 indices have achieved full coverage for three consecutive years, fully demonstrating their exemplary and leading role. At the same time, SSE STAR Market companies remain committed to their "hard tech" positioning, balancing long-term innovation-driven development with reasonable returns for investors. While maintaining high-intensity R&D investment and cementing the core foundation of technological innovation, they have steadily increased the level of cash dividend payouts, achieving synergistic progress in R&D innovation and shareholder returns. In 2025, the total cash dividends paid by STAR Market companies reached RMB 39.915 billion, a year-on-year increase of 2.8%. The practice of distributing dividends multiple times a year has gradually become common, with 102 companies implementing interim dividends. Over the course of the year, there were 128 newly announced share repurchases and plans by controlling shareholders, directors, and senior management to increase their holdings, with a total upper limit of RMB 11.971 billion, conveying confidence in long-term development to the market and continuously enhancing investors' sense of gain.

The index system and products continue to expand. The SSE STAR Market index system has been progressively refined, and the range of investment products has continued to grow, providing investors with diversified allocation tools and continuously smoothing the channels for long-term capital to enter the market. Since 2025, eight stock indices, including the SSE STAR Market Composite Index and the SSE STAR Market Private Enterprise Index, have been released, bringing the total number of SSE STAR Market stock indices to 33, forming a complete index system covering broad-based, thematic, and strategy indices. The scale of tracking products for related indices is nearly RMB 290 billion, and the number of SSE STAR Market ETFs listed exceeds 110, creating a diversified and full-spectrum matrix of investment tools, which not only provides a path for institutional and individual investors to easily share in the dividends of technological innovation but also injects long-term and stable capital into the development of the board. Among these, the scale of STAR 50 products domestically and internationally is nearly RMB 137 billion, making it the fourth largest broad-based index product in China and the largest single-market ETF product. The SSE STAR Market Composite Index already has 83 index funds domestically, forming a complete product chain including ETFs, feeder funds, and enhanced products, providing a comprehensive perspective for observing the overall situation and development trends of SSE STAR Market.

The market development layout continues to optimize. The SSE STAR Market is striving to create a market environment where medium- and long-term funds are "willing to come in and stay", and the pattern of "long-term capital for long-term investment" is continuously strengthening. Various types of medium- and long-term funds continue to see net inflows, with a significant increase in the market value of their holdings. At the same time, the international appeal of the board has steadily increased, making it an important asset allocation area for overseas investors. In 2025, the SSE STAR Market continuously built bridges connecting global capital with Chinese hard tech enterprises, hosting five international roadshow events, regularly conducting 16 "Value Discovery" events for international investors to visit companies, and facilitating in-depth exchanges between SSE STAR Market companies and nearly 300 foreign institutional investors, covering major global capital markets. This not only brings in global long-term capital to empower technological innovation but also helps Chinese tech enterprises "go global" and integrate into global innovation networks, promoting a favorable development layout featuring two-way opening up for investment and financing and smooth coordination between domestic and international circulation.

The SSE STAR Market achieved a strong start in the first quarter of 2026, with significant growth in both revenue and net profit and a marked acceleration in profitability. Excluding three red-chip companies with multiple listings (SMIC, Hua Hong Semiconductor, and BeiGene), the 605 STAR Market companies achieved a total operating revenue of RMB 352.577 billion, a year-on-year increase of 21.7%, and a net profit attributable to parent companies of RMB 20.307 billion, a substantial year-on-year increase of 207%.

While the overall performance of the board continues to improve, due to a combination of internal and external factors, a small number of companies have seen performance divergences and face pressures to turn around. At the same time, annual review institutions have effectively played their "gatekeeper" role, issuing modified audit opinions on the financial reporting issues and internal control deficiencies of certain listed companies to alert the market to risks. The SSE has consistently adhered to the main policy line of "preventing risks, strengthening regulation, and promoting high-quality development," while maintaining equal emphasis on development and regulation. By empowering development through institutional innovation and safeguarding market discipline through strict regulation and zero tolerance for violations, the SSE has fully supported the sustained, sound, and high-quality development of the STAR Market.