Innovation-Driven Performance Breakthrough: New Third Board Solidifies Beijing Stock Exchange's "Incubator" Function

As the 2025 annual report disclosure work continues to advance, companies listed on the New Third Board are gradually presenting their “report cards.” As of March 17, 2026, over a hundred companies that have disclosed their annual reports are generally operating steadily, with particularly impressive performance in strategic emerging industries. A group of “specialized, refined, characteristic, and innovative” small giants are achieving rapid growth through their core technological advantages. Meanwhile, the “incremental drive for existing stock” pattern of healthy development in the New Third Board market is becoming increasingly clear, continuously supplying high-quality backup forces to the Beijing Stock Exchange.

Multiple Performance Breakthroughs

Innovation Leading the Way

Wind data shows that as of March 17, more than 130 companies listed on the New Third Board have disclosed their 2025 performance reports, with over 70% of these companies experiencing growth in revenue and profitability.

Among the companies that have disclosed annual reports, the main drivers of performance growth include endogenous growth driven by technological barriers and product upgrades, external expansion resulting from capacity release and industry cycle resonance, and market strategy adjustments leading to increased market share.

Technology-driven companies have achieved rapid growth by leveraging their core barriers. For example, FeiGao Technology, a national-level “Little Giant” and a provincial manufacturing champion in Guangdong, specializes in semiconductor packaging materials. In 2025, the company achieved revenue of 406 million yuan, a 32.46% increase year-over-year; net profit attributable to shareholders was 29.66 million yuan, up 87.89%. The company states that the growth is due to continuous product structure optimization and technological progress, with breakthroughs and simultaneous increases in volume and price in core products like lead frame.

Danoer engages in R&D, production, and sales of ultra-high purity microelectronic chemicals, with core products used in semiconductor chip manufacturing processes such as cleaning and diffusion. In 2025, after the production capacity of its subsidiary in Hubei was significantly expanded and downstream customer sales increased, net profit attributable to shareholders grew by 308.18% year-over-year. The company adopts a “sales-driven production” refined management model, relying on independent R&D technology systems to achieve leapfrog growth in business performance.

Companies that resonate with industry cycles and capacity release have seized demand windows to achieve leapfrog growth. Jiatou Intelligent, a “Little Giant” in lithium battery equipment, directly benefits from the recovery of the global new energy vehicle industry chain. In 2025, the company achieved revenue of 4.515 billion yuan, a 22.53% increase; net profit attributable to shareholders was 192 million yuan, up 9.43%. The core driver of performance growth is a 130.9% year-over-year increase in new orders, reflecting the large-scale expansion needs of downstream battery manufacturers. The company’s main products include key manufacturing equipment for lithium batteries, such as coating machines, and it is a domestic leader in the field of electrode coating machines.

Market strategy adjustment companies have achieved rapid growth through capacity release and market share expansion. Subordinate to Supersonic, Jiangxi Supersonic Artificial Intelligence Technology Co., Ltd. saw revenue and net profit grow by 111.52% and 162.74%, respectively, in 2025, becoming the group’s core engine for turning losses into profits and demonstrating the value release effect of asset restructuring. Oru Electric, through gross profit margin recovery and refined expense management, achieved approximately 270% growth in net profit attributable to shareholders on the basis of about 33% revenue growth, confirming the role of internal management improvements in boosting profitability.

Active Market Capital Operations

Smooth and Efficient Pathways to the Beijing Stock Exchange

While maintaining steady growth in performance, the pace of capital operations among companies listed on the New Third Board has also accelerated significantly, continuously strengthening the “nursery” function of the market.

According to the National Equities Exchange and Quotations (NEEQ) company, since 2025, over 350 new companies have been listed on the New Third Board, with notable improvements in quality. The average net profit of these new companies exceeds 60 million yuan, six times that of existing listed companies, with over 40% being national-level “Little Giants.” About 200 companies issued targeted financing totaling 7.875 billion yuan, and 125 companies engaged in mergers and acquisitions, with transaction amounts reaching 8.495 billion yuan, continuously utilizing investment and financing tools to strengthen core businesses.

Alongside the growth in quantity and quality, the pathway for New Third Board companies to apply for listing on the Beijing Stock Exchange has become increasingly smooth. In 2025, the companies that issued listing notices had an average recent-year revenue of 850 million yuan, net profit of 60.72 million yuan, and R&D investment of 28.92 million yuan, which are 2.74, 4.68, and 2.26 times respectively higher than the performance indicators of existing listed companies in 2024. The positive development trend of “incremental driving existing stock” is evident.

Among these, 54 newly listed companies with issuance notices had net profits exceeding 100 million yuan at the time of application, and 12 newly loss-making companies successfully listed through differentiated standards. Several companies chose R&D standards; for example, Xin晶圆, the first company to apply under Article 20 of the stock listing rules, has become a benchmark case supporting unprofitable tech companies on the New Third Board. Another example is Xinglong New Materials, a company with over 200 shareholders, which clarified complex historical issues and met the requirements for clear equity, successfully listing.

The New Third Board continues to strengthen its role as a “nursery” for the Beijing Stock Exchange. As of now, nearly 50 companies among those that issued listing notices in 2025 have had their applications for listing on the Beijing Stock Exchange accepted, with an average of 166 days from listing to application, and 14 companies taking less than 100 days.

The capital market channel from the New Third Board to the Beijing Stock Exchange remains smooth. While strictly controlling access, the review speed has been continuously accelerated. For example, Sain Electronic, which was listed on the New Third Board twice, completed its listing on the Beijing Stock Exchange within 360 calendar days after being accepted for listing and approval. As of March 17, the Beijing Stock Exchange official website shows that the company’s review status has changed to “Registered,” just one step away from listing.

Some high-quality companies are also speeding up their capital operations. Jiatou Intelligent started preparing for listing on the New Third Board in June 2025 and successfully entered the Innovation Layer in December. On March 5 this year, the company announced that it had applied for public offering of shares to unspecified qualified investors and for listing on the Beijing Stock Exchange, with the controlling shareholder Putailai having approved the relevant proposal, demonstrating the “listing and immediate start, preparation for war” attitude of New Third Board companies.