Illustration: Liu Xidan/GT
Companies listed on the Beijing Stock Exchange (BSE) achieved steady growth in the first three quarters of this year, posting combined operating revenue of 145.07 billion yuan ($20.37 billion) and net profit of 9.2 billion yuan. More than 80 percent of listed firms remained profitable, the Economic Information Daily reported on Tuesday.
Four years after its launch, the BSE has achieved remarkable results. As a key platform supporting tech-driven small and medium-sized enterprises (SMEs), the BSE’s strong performance reflects the synergy of policy support and market vitality, underscoring the rising innovation momentum of the world’s second-largest economy amid structural transitions and external pressures.
The fact that more than 80 percent of BSE-listed companies are profitable underscores their sound fundamentals and competitiveness in specialized industry segments. More importantly, the BSE’s sustained expansion is not an isolated phenomenon - it mirrors the broader trend of accelerating technology-driven industrial upgrading across China’s economy.
The BSE began trading on November 15, 2021, and it is approaching its fourth anniversary. From an initial 81 listed companies with a total market capitalization of less than 300 billion yuan, the exchange has expanded to more than 270 companies with a combined market value approaching 1 trillion yuan, according to the China Fund.
Behind the sustained development of the BSE lies the continuous updating of its systems and the strict control over enterprise quality, innovation, and steady development.
The quality of companies applying to list on the BSE in 2024 improved significantly. Among the newly accepted IPO applications last year, more than 60 percent were national-level "Specialized, Refined, Unique, and Innovative" (SRUI) "Little Giant" enterprises, the China Securities Journal reported in January.
The financial reports of BSE companies in the first three quarters of this year also showed that they increased their research and development (R&D) investment. For example, JunChuang Technologies spent 30.85 million yuan on R&D, up 45.64 percent year-on-year, according to the Economic Information Daily.
This focus on R&D enables companies to stay ahead of rapidly evolving market demand, continuously improve their technological expertise, and refine their production processes. By fostering innovation and strengthening operational capabilities, firms can better meet customer needs, adapt to industry changes, and maintain a competitive edge. This in turn supports long-term business sustainability, enhances resilience against market fluctuations, and lays a solid foundation for steady growth and value creation.
While ramping up efforts to explore the potential of domestic consumption, "going global" has also become a key theme at recent earnings briefings by BSE companies. In recent years, BSE-listed companies have accelerated their expansion into overseas markets - establishing subsidiaries abroad, developing international clients, and participating in global trade fairs to steadily enhance their international influence.
As China’s emerging industries - such as high-end manufacturing, the digital economy, and the green economy - continue to grow in global competitiveness, the international competitiveness of Chinese companies’ innovative products is also increasing. Placing greater emphasis on strategies to expand into overseas markets will help Chinese firms unlock broader growth potential.
The BSE stands at a new starting point marked by both quantitative and qualitative improvement. As more supportive measures take effect, liquidity and valuation systems are expected to undergo a systematic re-rating, drawing greater attention from domestic and international investors. Once the threshold of 1 trillion yuan is crossed, index-based investment and long-term capital allocation are likely to accelerate.
Crucially, a large portion of BSE firms operate in strategic and emerging industries, such as high-end manufacturing, new energy, biomedicine, and artificial intelligence. These sectors align closely with the focus of China’s upcoming 15th Five-Year Plan (2026-30) on new quality productive forces and high-quality development. Supported by the rising status of Chinese companies in the restructuring of global supply chains, many of these companies are poised to evolve into industrial champions.
In the foreseeable future, the BSE will no longer be merely a financing platform for SMEs, but a core source of high-growth, high-tech assets within the A-share market ecosystem - injecting sustained capital momentum and innovative vitality into China’s path toward high-quality development.
原文地址：http://en.people.cn/n3/2025/1112/c90000-20389488.html