Some IPO "reserve troops" at the Beijing Stock Exchange saw significant performance growth, and these companies on the New Third Board had revenues exceeding 10 billion yuan last year.

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Some companies listed on the National Equities Exchange and Quotations (NEEQ) saw a surge in last year’s performance.

As a “back-up pool” for North China’s Beijing Stock Exchange (BSE) IPOs, some NEEQ-listed companies’ last year’s revenue has already reached a scale of 306.03B yuan.

Wind data shows that, as of March 30, 411 NEEQ-listed companies had disclosed their 2025 annual reports, with more than half of the companies seeing revenue and profit increase simultaneously. Among them, Guangzhou Pharmaceutical (874839.NQ) and Hanlinhui (835281.NQ) both had last year’s revenue exceeding 10 billion yuan; more than 60 companies had net profits exceeding 58.17B yuan.

The latest net profit scale of some NEEQ companies has already surpassed the financial standards for BSE IPOs. If estimated based on data such as market value, net profit, and weighted average return on equity (ROE), among the companies that disclosed their latest annual reports, dozens have already met the BSE listing conditions.

“Judging from the regulatory rules, the filing threshold for BSE IPOs has not been raised at present. The rise in net profits of filing companies is the common result of continuous cultivation of the NEEQ market and the expansion of the cohort of high-quality companies.” He Yu, Deputy General Manager of the Investment Banking Management Headquarters at Northeast Securities, told First Finance.

Some companies’ performance surged

Data from the National Equities Exchange and Quotations Company shows that as of March 30, there were 5,929 NEEQ-listed companies; based on this, the annual report disclosure rate as of the end of that month was approximately 6.93%.

According to calculations based on Wind and companies’ annual report data, the 411 NEEQ companies mentioned above collectively achieved revenue of RMB 34.65B and net profit of RMB 5.86B last year, up approximately 6.4% and 14.77% year over year, respectively. Among them, there were 268 companies and 260 companies with year-over-year increases in revenue and net profit, respectively, with both shares exceeding 60%. A total of 221 companies had revenue and profit increase simultaneously, accounting for over half.

At present, the top three companies by revenue are Guangzhou Pharmaceutical, Hanlinhui, and Longjin Rare Earth (874673.NQ), with figures of RMB 58.169 billion, RMB 34.649 billion, and RMB 5.856 billion, respectively. The top three by net profit are Sinoclear Instrument (中科仪), Yanjin Technology (亚锦科技), and Guangzhou Pharmaceutical, reaching RMB 844 million, RMB 782 million, and RMB 609 million, respectively.

Including the companies above, among NEEQ companies that have already disclosed performance, there were 55 companies with last year’s revenue exceeding RMB 1 billion, and 63 companies with net profit exceeding RMB 100 million. Using the net profit indicator above for screening, and according to Wind’s industry classification, this group of top-performing companies is mainly concentrated in the machinery, chemical, and hardware equipment industries.

Some NEEQ companies saw explosive growth in last year’s performance.

Lizheng Co., Ltd. (873170.NQ) not only turned losses into profits last year, but its revenue also grew from less than 10,000 yuan to over 20 million yuan.

The annual report shows that the company achieved revenue of RMB 27.9263 million last year, while in the same period of the previous year it was only RMB 9,805.31, representing a growth rate of 284,707.79%; net profit was RMB 7.2889 million, turning losses into profits and increasing year over year by 890.09%.

Regarding the change in revenue, Lizheng Co., Ltd. stated that the company and its subsidiaries saw a significant increase in business volume and thus turned losses into profits. However, in the future, due to market factors, there remains uncertainty about the business transformation, and there could be a risk that the transformation fails.

In addition, more than 10 companies such as Lida Smart (873263.NQ) and Jinshi Weikai (873511.NQ) saw last year’s revenue growth exceed 100%. More than 60 companies such as San You Optoelectronics (873946.NQ) and Taiyu Bio (873592.NQ) saw net profit growth exceed 100%.

Some companies meet BSE listing requirements

In early April, more than 100 NEEQ companies will continue to submit their “report cards.”

Regarding the current performance of NEEQ companies, industry insiders believe that among the listed companies that released their annual reports first, most achieved breakthroughs in both revenue and profit in 2025, reflecting their core competitiveness and sustained growth potential in their respective sub-sectors.

He Yu, Deputy General Manager of the Investment Banking Management Headquarters at Northeast Securities, said that the performance of NEEQ companies that have disclosed annual reports overall shows a trend of steady improvement in financial performance, continuous optimization of profitability structure, and the continued strengthening of groups of high-quality companies.

“This both reflects an improvement in the operating capabilities of the listed companies themselves, and also reflects the enabling effect of the BSE, as well as the effectiveness of NEEQ’s continued deepening of reforms, improvement of market functions, and empowering high-quality small and medium-sized enterprises. ” He said. At present, annual report disclosures are still at an early stage, so the number disclosed is relatively limited. However, given the backdrop of the macroeconomy continuing to improve, strong support from industrial policies, and optimization of tiered management in the NEEQ market, NEEQ-listed companies’ 2025 performance is expected to be generally good.

“On the one hand, the fundamentals of the NEEQ market are favorable. With the BSE opening having entered its fifth year, the appeal to high-quality companies continues to strengthen, further raising the overall level of market construction in the NEEQ. On the other hand, the industrial structure of the NEEQ market continues to be optimized.” He said.

As the tiered, step-by-step listing path gets fully connected, NEEQ Innovation Layer companies have become the core “back-up pool” for BSE listings. The latest performance of these companies also serves as a key indicator for forecasting the quality of companies that will be listed in the future on the BSE.

According to regulations, when an issuer applies for an open offering and listing on the BSE, it should comply with requirements such as being an Innovation Layer listed company that has been continuously listed on the National Equities Exchange and Quotations System for at least 12 months, and having net assets at the end of the most recent one-year period not less than RMB 50 million.

Meanwhile, the BSE has four sets of listing standards centered on “market value + financials.” Standard One is the “market value + net profit + ROE” indicators. The company needs to meet requirements such as having an expected market value of not less than RMB 200 million‌,‌ having net profits of not less than RMB 15 million for both of the most recent two years, and having an average weighted average return on equity of not less than 8%‌,‌ or, under the above market value standards, having net profit in the most recent one year not less than RMB 25 million, and a weighted average return on equity of not less than 8%.

If screened using “latest net profit of RMB 25 million + ROE (return on equity) not less than 8%,” and meeting the requirements for Innovation Layer companies, and calculated based on the closing total market value on March 30 (Wind total market value indicator 1), among the more than 400 NEEQ companies that have disclosed their performance, many have already met the BSE listing conditions.

Ample back-up strength for BSE IPOs

Recently, the total number of BSE listed companies surpassed 300, entering a new stage of development.

On March 20, XinHengTai (920028.BJ) listed, bringing the number of existing listed companies on the BSE to 300. In mid-November 2021, the first batch of companies listed on the BSE totaled 81. Over more than four years, the number of listed companies has cumulatively increased by 3.7 times.

On March 31, after Longyuan shares listed, the number of BSE listed companies increased to 303. And so far this year, the BSE has maintained a relatively fast issuance pace, with 8 new stocks in March.

NEEQ companies are an important force behind BSE IPOs. He Yu believes that, at present, BSE IPOs show characteristics such as sufficient numbers of reserve companies, optimized structure, and improved quality.

He said that, on the one hand, the depth of back-up resources for BSE IPOs continues to increase. The scale of Innovation Layer companies continues to expand steadily, and many companies with prominent main businesses and stable profitability have filing potential. They are highly aligned with the BSE’s positioning in key areas such as advanced intelligent manufacturing, new energy, and new materials. On the other hand, the NEEQ market continues to empower enterprise growth by continuously optimizing systems such as financing, trading, and equity incentive mechanisms, forming a positive feedback loop from listing on the NEEQ to listing on the BSE. After continuous supervision on the NEEQ and information disclosure-related standardization, corporate governance, financial compliance, and internal control systems have become more mature.

“Overall, through continuous deepening of reforms, continuously improving systems, and continuously serving the real economy, the NEEQ continuously strengthens the foundation of the BSE listing back-up pool, providing solid support for high-quality small and medium-sized enterprises to enter the capital market,” he said.

As NEEQ’s top-performing companies continue to release their annual reports, the market has also been paying close attention. Some companies’ financial indicators have already crossed the BSE thresholds. Could this also, to some extent, lead to an increase in the BSE IPO threshold?

He Yu said that, from the perspective of regulatory rules, the BSE listing threshold has not been adjusted. At present, a group of filing companies with better performance, larger size, and stronger growth are showing up. Fundamentally, this reflects that the linkage system between the BSE and NEEQ is producing significant results, the market ecosystem is continuously improving, and more high-quality small and medium-sized enterprises are being attracted and retained.” He said. “The improvement in filing quality reflected in the market is an embodiment of a market-based best-selection mechanism, not an increase in the BSE IPO filing threshold.

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责任编辑：宋雅芳