Several companies listed on the STAR Market's Growth Layer have recently released their preliminary financial results for 2025. Firms such as Cambricon Technologies Corporation Limited and Beigene have reported a turnaround to profitability. According to the relevant rules for the Growth Layer, these companies are expected to have their special identification removed and exit the Growth Layer following the official disclosure of their annual reports. This marks the first group of companies to exit the layer since its launch in June of last year.

Last July, 32 companies that were not yet profitable were officially included in the STAR Market Growth Layer. In late October, the listing ceremony for the first batch of newly registered companies on the Growth Layer was held at the Shanghai Stock Exchange. Companies including Heyuan Biology, Xi'an Yicai, and Bibeite debuted on the STAR Market, becoming the first newly registered entrants to the Growth Layer.

In line with the China Securities Regulatory Commission's requirements for deepening reforms on the STAR Market, the Growth Layer primarily serves technology enterprises that have made significant technological breakthroughs, possess broad commercial prospects, and maintain high R&D investment, but are still in a pre-profitability stage.

Recently, many companies on the Growth Layer have issued their 2025 performance forecasts, with several achieving a profit turnaround. On February 27, Cambricon disclosed its 2025 preliminary results, reporting operating revenue of 6.497 billion yuan, a year-on-year increase of 453.21%, and a net profit attributable to shareholders of the parent company of 2.059 billion yuan, shifting from a loss to a profit compared to the previous year.

Also on February 27, Beigene released its 2025 performance preview, announcing total operating revenue of 38.205 billion yuan, up 40.4% year-on-year, and a net profit attributable to shareholders of the parent company of 1.422 billion yuan, also turning profitable. On the same day, Northcode Life announced its 2025 preliminary results, with operating revenue of 542 million yuan for the reporting period, an increase of 71.23% over the previous year, and a net profit attributable to shareholders of the parent company of 80.6219 million yuan, achieving a turnaround from a loss.

Jingjin Electric released its performance report on the evening of February 27, stating that its 2025 operating revenue was 2.726 billion yuan, a year-on-year increase of 108.93%, with a net profit attributable to shareholders of the parent company of 162 million yuan, compared to a net loss of 436 million yuan in the same period last year. Orbbis announced that for the 2025 fiscal year, the company achieved total operating revenue of 941 million yuan, an increase of 66.66% over the previous year, and realized a net profit attributable to shareholders of the parent company of 127 million yuan, returning to profitability.

These companies are likely to be among the first batch removed from the STAR Market Growth Layer. The CSRC's "Opinions on Setting Up a Growth Layer on the STAR Market to Enhance Institutional Inclusiveness and Adaptability" clarified the criteria for entry and exit from the layer. All unprofitable technology companies are included in the Growth Layer, with exit conditions applying differently to new and existing listings.

For newly registered unprofitable tech companies, they will be removed from the Growth Layer if they meet either of the following conditions: net profit has been positive for the last two years with cumulative net profit not less than 50 million yuan; or net profit was positive in the most recent year and operating revenue was not less than 100 million yuan. Existing unprofitable tech companies that meet the current criteria for removing their special identification will be exited from the Growth Layer.

Among the five companies that have returned to profit, Northcode Life, which listed newly in February 2026, meets the exit criteria. The company should disclose an announcement confirming it meets the conditions for removal from the Growth Layer simultaneously with the disclosure of its annual report. The exchange will then promptly remove the company from the Growth Layer.

For the other four existing companies that have turned profitable, according to relevant rules, the exchange will remove them from the Growth Layer upon their first profitable year following listing. These four companies are also expected to be exited from the Growth Layer after the official disclosure of their annual reports.

It is noted that Northcode Life explicitly stated in its listing report that if a Growth Layer company's audited financial report for the most recent accounting year shows it meets the conditions specified in Article 4 of the "Shanghai Stock Exchange STAR Market Listed Company Self-Regulatory Guideline No. 5 – Growth Layer," the company must disclose an announcement confirming it qualifies for removal simultaneously with its annual report. The Shanghai Stock Exchange will then promptly remove the company from the Growth Layer.

As a key measure of the STAR Market's "1+6" reform package, the Growth Layer currently includes 39 companies. Over 90% of these companies are concentrated in the two core "hard tech" sectors of new-generation information technology and biopharmaceuticals. These 39 companies are projected to see a 36.7% year-on-year increase in total revenue for 2025, with their aggregate net loss expected to decrease by 56.9% compared to the previous year.