As of the third quarter of 2025, the Beijing Stock Exchange (BSE) has completed the disclosure of Q3 earnings for all its listed companies, showing solid performance across the board.

Key Figures

• Total revenue: RMB 120.35 billion, up 2.6% year-on-year.

• Net profit: RMB 8.86 billion, down 23.1% year-on-year.

Among the BSE 50 index components, 46 companies reported profits, with nine firms achieving net profits above RMB 100 million.

Company-Level Performance

• Revenue growth: Approximately 60% of listed companies saw year-on-year revenue increases; 16 companies achieved growth above 50%, and 17 companies posted revenues exceeding RMB 1 billion. 76 companies reported three consecutive years of revenue growth.

• Profitability: 201 companies reported net profits, representing 90% of the market. Half of these companies saw profit growth, 26 firms posted year-on-year growth above 50%, and 12 companies reported net profits exceeding RMB 100 million. 10 companies achieved net profit growth exceeding 100% during the period.

• R&D investment: Total R&D spending reached RMB 5.19 billion, up 8% year-on-year, with more than 70% of companies increasing R&D expenditures.

Zhuozhao Adhesives stood out with net profit growth exceeding tenfold year-on-year, highlighting the performance potential of specialized SMEs listed on the BSE.

• “Little Giants”: As of Q3, 112 BSE-listed companies (49.78%) were included in the national-level “Specialized, Innovative SMEs” list. These companies achieved average revenue of RMB 58.1 million and average net profit of RMB 4.39 million, surpassing market averages by 8.6% and 11.5%, respectively.

• Equity incentives: 24 companies launched equity incentive plans this year, a 38.5% increase from 2022. Companies with such programs recorded average revenue growth of 23.1% and net profit growth of 27.3%, indicating a correlation between incentives and operational performance.
  

• Dividends: Over 80% of BSE-listed firms implemented cash dividends, with a total payout exceeding RMB 5 billion, both coverage and amount higher than in previous years.

• Share repurchases: Companies launched 51 new buyback plans, up 112.5% year-on-year, with a combined maximum repurchase value exceeding RMB 924 million.

Market Composition and Outlook

As of November 14, 2025, the BSE listed 282 companies, with SMEs accounting for over 80% and private firms nearly 90%. Since its launch in 2021 to address financing needs of smaller and innovative firms, the BSE plans to strengthen its role during the 15th Five-Year Plan (2026–2030), further supporting innovative SMEs in capital access and growth.