Recently, the "report card" for the first half of 2025 for companies listed on the ChiNext board was released. As of August 31, 2025, 1384 listed companies on the ChiNext board have disclosed their semi annual reports for the year 2025. Overall, companies listed on the ChiNext board led the A-share market in terms of revenue and net profit growth in the first half of the year. 1384 companies listed on the ChiNext board achieved a total operating revenue of 205 trillion yuan, with an average operating revenue of 1.483 billion yuan, a year-on-year increase of 9.03%, and a steady growth in revenue scale; The total net profit attributable to listed shareholders (hereinafter referred to as "net profit") was 150.542 billion yuan, with an average net profit of 109 million yuan, a year-on-year increase of 11.18%. The total net profit after deducting non recurring gains and losses (hereinafter referred to as "non recurring net profit") was 130.925 billion yuan, with an average non recurring net profit of 95 million yuan, a year-on-year increase of 11.80%, indicating a significant improvement in profitability. At the same time, the ability of ChiNext companies to generate revenue has significantly increased, with an average net cash inflow from operating activities of 113 million yuan, a significant year-on-year increase of 54.44%. More than 70% of companies on the ChiNext board have achieved profitability, and over half of the companies have seen a year-on-year increase in net profit. Out of 1384 companies, 1028 achieved profitability, accounting for 74.28%; The net profit of 728 companies increased year-on-year, accounting for 52.60%, an increase of 4.86 percentage points compared to the same period last year; 305 companies had a year-on-year increase in net profit of over 50%, and 173 companies had a year-on-year increase in net profit of over 100%. Regarding the impressive performance of companies listed on the ChiNext board in the first half of the year, Tian Lihui, a finance professor at Nankai University, stated that the ChiNext board's 2025 interim report leads the A-share market with a net profit growth rate of 11.18%, reflecting the profound transformation of China's capital market in serving the real economy. The ChiNext board has entered a new stage of "quality and efficiency enhancement" from "scale expansion", and is becoming an important driving force for innovation. It not only demonstrates the strategic determination and resilience of the capital market in cultivating hard technology enterprises, but also embodies the inherent logic and path of high-quality development. The growth momentum in key areas is strong. The ChiNext board gathers over 800 listed companies in key areas such as advanced manufacturing, digital economy, and green low-carbon. In the first half of 2025, the ChiNext board will achieve a total operating revenue of 1.34 trillion yuan, a year-on-year increase of 9.87%, and a net profit of 113.919 billion yuan, a year-on-year increase of 15.90%, with revenue and net profit growth rates exceeding the overall sector by 0.84 percentage points and 4.72 percentage points, respectively. Among them, the leading advantage in the green and low-carbon field continues to consolidate. There are over 190 companies in the green and low-carbon field of the ChiNext board, with a total operating revenue of 507.346 billion yuan in the first half of 2025, a year-on-year increase of 10.85%, and a total net profit of 49.699 billion yuan, a year-on-year increase of 25.55%. In the segmented field, the new energy vehicle industry operates steadily, with operating revenue increasing by 11.45% year-on-year and net profit increasing by 23.38% year-on-year. The leading role of top companies is highlighted. In the first half of 2025, the top companies on the ChiNext board will maintain rapid growth in performance and continue to play a "ballast stone" role. The top 100 companies in terms of market value will achieve a total operating revenue of 937.231 billion yuan, a year-on-year increase of 14.59%, and a total net profit of 102.454 billion yuan, a year-on-year increase of 21.56%. The proportion of operating revenue and net profit to the total amount of the board is 45.68% and 68.06%, respectively. Among them, 87 companies achieved profitability, 59 companies had a year-on-year increase in net profit, and 39 companies had a net profit growth rate of over 30%. In a single quarter, the top companies saw a double increase in revenue and net profit compared to the previous quarter. In the second quarter, they achieved a total revenue of 499.149 billion yuan, an increase of 13.94% compared to the previous quarter, and a total net profit of 54.333 billion yuan, an increase of 12.91% compared to the previous quarter. In addition, the investment in research and innovation on the ChiNext board continues to increase. In the first half of 2025, the total R&D expenses of ChiNext companies amounted to 94.989 billion yuan, a year-on-year increase of 5.35%. Among them, 188 companies have R&D expenses exceeding 100 million yuan, 19 companies have R&D expenses exceeding 500 million yuan, and 8 companies including CATL, Sunshine Power, and Huichuan Technology have R&D expenses exceeding 1 billion yuan. Based on research and development expenses, 295 companies on the ChiNext board have a research and development intensity greater than 10%, and 105 companies have a research and development intensity greater than 20%. "The GEM should take innovation as the spearhead, structure as the shield, and the world as the field to achieve the unity of efficiency and fairness. In the future, the GEM should grow into the main battlefield for the development of new quality productivity, and inject more power and vitality into Chinese path to modernization." Tian Lihui said. (New Society)