Our reporter Meng Ke

　　As of March 17, three listed companies on the Beijing Stock Exchange have released their 2021 annual reports.

Specifically, Gasgoo achieved a year-on-year increase of 57.29% in operating income, Litong Technology achieved a year-on-year increase of 16.12% in revenue, and Hongxi Technology achieved a year-on-year increase in revenue of 20.73%.

　　At the same time, 86 listed companies have completed the disclosure of their annual performance in 2021. Except for Northland, all other companies have achieved profitability; 54 companies have achieved positive growth in net profit, with a median increase of 17%.

　　Industry insiders believe that it is not difficult to find through the data that the Beijing Stock Exchange is also playing an important role in promoting high-quality economic development by expanding the breadth of capital coverage and helping high-quality small and medium-sized enterprises to "run fast".

　　Listing standard

　　Both "Big and Excellent" and "Small and Beautiful"

　　The median operating income and net profit of companies listed on the Beijing Stock Exchange increased from 124 million yuan and 10.765 million yuan in the year before listing to 314 million yuan and 47.3952 million yuan in 2020. The cumulative growth rate since listing was as high as 153.20%, 340.27%.

　　In terms of listing access, in order to serve innovative small and medium-sized enterprises at different growth stages more widely, expand financing channels for small and medium-sized enterprises, so that "earlier, smaller and newer" enterprises can easily enter the capital market, and use the capital market to become bigger and stronger. In terms of setting the conditions for listing on the third board, there are no hard and fast rules on whether an enterprise is profitable.

Among the 87 listed companies, 39 had a net profit of less than 10 million yuan in the year before their listing, 15 had fewer than 100 employees, and 11 had been established for less than five years when they were listed.

At the same time, in response to the weak normative foundation of small and medium-sized enterprises, listing on the New Third Board requires enterprises to establish a modern joint-stock enterprise system with sound internal control and effective governance, continuously strengthen standardized operation and the effectiveness of enterprise internal control, and improve the level of internal control.

　　Zhou Yunnan, founder of Beijing Nanshan Investment, said in an interview with a reporter from "Securities Daily" that the basic layer of the New Third Board serves as an incubator for innovative small and medium-sized enterprises, and the innovation layer, as an accelerator for innovative small and medium-sized enterprises, provides a large number of small and medium-sized enterprises with sufficient financing and transactions. , standardize, and develop a platform to help listed companies grow from small to large, from weak to strong, so that listed companies have a broader stage for development.

　　In terms of the listing system, the four sets of parallel listing standards focus on profitability, growth, market recognition, research and development capabilities, etc., and take into account different types and different characteristics of enterprises. "Small and medium-sized enterprises also serve small and medium-sized enterprises with outstanding innovation capabilities in strategic emerging industries, producer service enterprises extending to the high end of the specialization and value chain, and life service enterprises upgrading to high quality and diversification.

87 listed companies are involved in 25 industry categories; at present, 8 companies have an annual net profit of over 100 million yuan, and 15 have an annual net profit of less than 30 million yuan. And beautiful".

　　Tailored

　　Rich and diverse financing channels

　　Innovative small and medium-sized enterprises have the continuity of innovation investment and the uncertainty of development.

According to the characteristics of its financing needs of "small, fast, and on-demand", the Beijing Stock Exchange and the New Third Board provide a variety of financing and M&A channels. M&A and reorganization optimize resource allocation, promote upstream and downstream extension layout, and achieve high-quality development of the enterprise.

　　According to statistics, as of March 10, 87 listed companies have achieved a total of 202 common stock financings on the Beijing Stock Exchange and the New Third Board, with a total financing of 28.627 billion yuan. Reorganized 8 times, involving a transaction amount of 1.128 billion yuan; a number of companies implemented equity incentives, issued innovative bonds and convertible bonds, and used diversified capital tools to optimize the company's talent and asset structure.

　　Many companies have achieved rapid growth with continuous financial support.

For example, since its listing, Runnong Water Saving has completed 4 directional issuances and raised 259 million yuan to expand the area and supplement working capital, and has gradually developed into a leading company in the water-saving irrigation industry.

After Xujie Technology completed 3 directional issuance and financing, it successively issued 26.2 million yuan of entrepreneurship and innovation bonds and entrepreneurship and innovation convertible bonds in 2017. From 2017 to 2019, the annual compound annual growth rate of operating income was 52.59%.

　　Capital empowerment

　　Press the corporate innovation "accelerator"

　　The listing realized capital empowerment and pressed the "accelerator" of innovation investment of small and medium-sized enterprises.

Based on the 2020 annual report, under the background of the epidemic, the listed companies invested a total of 2.127 billion yuan in research and development, a year-on-year increase of 10.40%.

Thanks to the continuous and stable high investment in research and development, listed companies have made a series of achievements in technological innovation.

87 listed companies hold 5,595 patents, including 1,344 invention patents; 85 companies have been certified as national high-tech enterprises, 11 participated in 863 and other important national special projects, 9 participated in the drafting and formulation of national and industry standards, and 2 Received the National Science and Technology Progress Award.

　　Over 20 listed companies implemented equity incentives.

Through the equity incentive system, it injects "stimulant" into scientific research and technical talents, promotes the formation of a community of interests between management, technical talents and capital owners, and stabilizes the company's core talent team.

　　At present, the Beijing Stock Exchange has assembled a technology research and development team of over 12,000 people, with an average of more than 140 people in each company. The average technology research and development personnel in each company accounts for nearly 20% of the total number of employees. 9 companies have set up academician workstations , post-doctoral workstation, and post-doctoral innovation practice base, laying a solid foundation for the Beijing Stock Exchange to continue to advance technological breakthroughs.

(Securities Daily)