The 2025 annual reports from companies listed on the Beijing Stock Exchange (BSE) demonstrate high-quality development, with 83% of firms turning a profit and an average R&D intensity of 4.75%.
By April 30, 2026, all 311 BSE-listed companies had disclosed their 2025 annual reports and first-quarter 2026 results. Among them, 43 companies, including Zhongke Instrument and Tongli Co., Ltd., reported net profits attributable to parent company shareholders exceeding 100 million yuan for 2025. Collectively, BSE companies achieved total operating revenues of 226.115 billion yuan in 2025 and 55.039 billion yuan in Q1 2026, representing average revenues of 727 million yuan and 177 million yuan, respectively, with year-on-year growth of 5.89% and 12.71%.
The aggregate net profit attributable to parent company shareholders for the BSE was 14.391 billion yuan in 2025 and 3.418 billion yuan in Q1 2026, translating to average net profits of 46.2732 million yuan and 10.9902 million yuan per company. In 2025, 201 companies, or 64.63% of the total, saw year-on-year revenue growth, while 154 companies, or 49.52%, reported growth in net profit. A total of 259 companies remained profitable, achieving an 83.28% profitability rate.
Performance by Industry
In 2025, the top five industries on the BSE all reported year-on-year revenue growth. High-end equipment, information technology, chemical & new materials, consumer services, and pharmaceuticals & biotechnology posted revenues of 88.530 billion yuan, 28.437 billion yuan, 62.373 billion yuan, 32.522 billion yuan, and 10.025 billion yuan, respectively, with corresponding growth rates of 2.01%, 7.81%, 10.99%, 3.90%, and 8.67%.
Research and Development Focus
Total R&D expenses for BSE-listed companies reached 10.054 billion yuan in 2025, a 2.21% year-on-year increase, with average R&D expenses per company at 32.327 million yuan, up 2.36%. Over 60% of companies increased their R&D spending, with 13 firms investing over 100 million yuan. The market's average R&D intensity reached 4.75%, led by sectors such as pharmaceuticals & biotechnology and computers. Collectively, these companies hold over 30,000 patents, including more than 8,000 invention patents.
Specialized, Sophisticated, Distinctive, and Innovative Enterprises
The BSE is home to 283 "Little Giant" enterprises specializing in niche sectors, accounting for 91.0% of listed companies. Among these, 177 are national-level "Little Giants," representing 56.91% of the total. Additionally, there are 69 single-product champion enterprises, making up 22.19%. In 2025, the net profit margin for these specialized "Little Giant" enterprises was 8.72%, exceeding the market average.
Market Outlook and Investment Strategy
Overseas markets performed strongly during the May Day holiday, providing a positive signal for post-holiday trading in A-shares and the BSE. The BSE 50 and BSE Specialized & Innovative Indices closed at 1,330.09 points and 2,204.97 points, with weekly declines of 3.48% and 4.76%, respectively. Based on industry classifications, the price-to-earnings ratios (TTM, excluding negative values) for the five major sectors—high-end equipment, information technology, chemical & new materials, consumer services, and pharmaceuticals & biotechnology—stand at 35.64X, 95.21X, 43.86X, 39.84X, and 31.75X, respectively.
Looking ahead, from a valuation perspective, the investment appeal of certain solidly performing, undervalued leaders in specific segments continues to improve. Investors are advised to consider companies likely to be included in the next index rebalancing and high-quality recent listings with significant scarcity value. A highlighted stock portfolio includes companies across various industrial chains.
Listing, Review, and Regulatory Updates
This week, Haichang Intelligent and Zhongke Instrument debuted with first-day gains of 93.98% and 344.05%, respectively. Several companies, including Xinsheng Technology, Yongli Precision, Southern Dairy, Yikun Electric, and Yingshi Holdings, have updated their review status to "registration submitted." Others, such as Hengxing Co., Ltd., Kangmeite, and Tute Co., Ltd., have progressed to "approved." The BSE Listing Committee is scheduled to hold its 47th and 48th review meetings of 2026 on May 8 and May 11 to deliberate the listings of Senhe Gaoke and Juren New Materials.
Risk Considerations
Potential risks include policy implementation falling short of expectations, statistical data inaccuracies, and broader macroeconomic environment uncertainties.