Securities Times reporter Wu Shaolong
Another year has passed in the annual ring of time, and on October 2023, 10, the GEM will usher in the 30th anniversary of its opening.
In the past 14 years, a group of vivid data has demonstrated the vitality and vitality of the GEM, and demonstrated the function and quality of the capital market to support high-level scientific and technological self-reliance and self-reliance.
Since the opening of the board in 2009, the average annual compound growth rate of revenue and net profit of GEM companies has been about 19% and 12% respectively; It has more than 31,260 patents, with an average of more than 90 patented technologies per company; High-tech enterprises account for nearly 60%, and strategic emerging industry enterprises account for more than <>%, and a number of innovation "leaders" and industrial "vanguards" have emerged.
Nowadays, with the in-depth development of a new round of scientific and technological revolution and industrial transformation, the Growth Enterprise Market (GEM), which is loaded with the "engine" of the registration system, will further focus on the goals and tasks of the capital market to serve high-level scientific and technological self-reliance and self-reliance, and is committed to pushing the quality and efficiency of serving the innovation-driven development strategy and supporting high-level scientific and technological self-reliance and self-improvement to a new level.
Build a high-growth and high-quality enterprise
financial activity, economic activity; Financial stability, economic stability.
Over the past 14 years, the operating performance of GEM listed companies has shown a steady and positive trend, and it has also become an important engine to promote the high-quality development of China's economy.
Since the opening of the board in 2009, the GEM companies have achieved an average annual compound growth rate of about 19% and 12% in revenue and net profit, and an average annual compound growth rate of 22% and 21% in total assets and net assets.
A number of GEM companies continue to grow rapidly. Up to now, among the companies listed on the GEM, 546 companies have doubled their operating income after listing. Among them, 32 companies have increased their operating income by more than 20 times, 76 companies have increased their revenue by more than 10 times, and 168 companies have increased their revenue by more than 5 times. In addition, 264 companies have doubled their net profits after listing, of which 12 companies have increased their net profits by more than 20 times, 33 companies have increased their net profits by more than 10 times, and 72 companies have increased their net profits by more than 5 times.
As of October 2023, 10, 27,1222 GEM companies have announced their third quarter results, with a total operating income of 2.6 trillion yuan in the first three quarters, an average of 21.55 billion yuan per company, a year-on-year increase of nearly 9%, and a total net profit of nearly 2000 billion yuan, with an average of 1 million yuan per company, of which the average net profit in the third quarter was 62 million yuan, an increase of more than 0% from the previous quarter.
Sticking to the positioning of the sector, over the past 14 years, the characteristics of the GEM in serving growth-oriented innovative and entrepreneurial enterprises have become increasingly distinct, and the overall scale has been steadily improving. At the same time, a number of high-growth benchmark enterprises with high market recognition and industry influence have emerged in key areas such as advanced manufacturing, digital economy, and green and low-carbon, leading the continuous innovation and growth of the industrial chain, and promoting the comprehensive improvement of the industry from agglomeration development to cluster development.
In the field of advanced manufacturing, the GEM listed companies have a wide range of high-quality companies, consolidating the cornerstone of the development of "manufacturing power". As of October 2023, 10, there are nearly 27 listed companies in the field of advanced manufacturing on the GEM, with a market value of nearly 400.3 trillion yuan, including 5 industrial categories and 6 industrial sub-categories, including new generation information technology, high-end equipment, biotechnology, new materials, new energy equipment, and new energy vehicle energy storage and kinetic energy devices.
In the field of digital economy, GEM listed companies continue to innovate and make breakthroughs, building a solid foundation for the development of "Digital China". There are more than 300 listed companies in the field of digital economy on the GEM, with a market value of nearly 3 trillion yuan, including three industrial categories: basic layer, service layer and application layer.
In the field of green and low-carbon, GEM listed companies have begun to take shape in scale and characteristics, strengthening the strategic force of "carbon peak and carbon neutrality". There are nearly 200 listed companies in the green and low-carbon field on the GEM, with a market value of more than 2 trillion yuan, including three industrial categories: energy conservation and environmental protection, new energy, and new energy vehicles.
High R&D investment bears fruit
Innovation is productivity, enterprises rely on strength, and the country depends on prosperity.
Over the past 14 years, the GEM has adhered to the in-depth implementation of the innovation-driven development strategy, strived to create an inclusive and efficient innovation support market system, guided the agglomeration of innovation elements to enterprises, supported enterprises to increase R&D investment, promoted the formation of a market mechanism to support the sustainable growth of innovative enterprises, improved the efficiency of innovation capital formation, served the high-level circulation of science and technology, industry and capital, and created a source of high-level innovation and entrepreneurship momentum.
According to incomplete statistics, GEM companies have more than 31,260 patents, with an average of more than <> patented technologies per company, including innovative benchmarking enterprises with more than <>,<> core patented technologies, such as CATL, Mindray Medical, Sunwoda, CIMC Vehicles, etc.
As of the end of 2022, the GEM has gathered a R&D team of more than 53,420 people, with an average of more than 17 R&D personnel per GEM company, and the average proportion of R&D personnel in the total number of employees exceeds 248%, of which 30 companies have R&D personnel accounting for more than <>%.
High-intensity R&D investment has yielded fruitful innovations. According to incomplete statistics, 144 GEM companies have won the National Science and Technology Progress Award, 24 companies have National Natural Science Foundation projects, 144 companies have major national science and technology projects, 231 companies have national key research and development projects, and 229 companies have National Torch Program projects.
"Innovation" has always been a distinctive attribute of the GEM, and the reform of the registration system has made the characteristics of "innovation" more prominent.
Accelerate the formation of innovative capital
With the focus on supporting high-level scientific and technological self-reliance and self-reliance, the Shenzhen Stock Exchange continues to broaden financing channels, continuously improve financing mechanisms, further improve market functions, increase the proportion of direct financing, focus on key areas such as advanced manufacturing, digital economy, and green and low-carbon, and increase the supply of targeted systems and products. At present, high-tech enterprises account for nearly 90% of the listed companies on the GEM, and more than 60% of enterprises in strategic emerging industries, and a number of innovation "leaders" and industrial "vanguards" have emerged.
In addition, since the reform of the GEM and the pilot registration system, the implementation of normalized issuance and market-oriented pricing mechanism has made the atmosphere of innovation and entrepreneurship in the whole society stronger, and the equity investment culture has become more popular.
According to incomplete statistics, 685 GEM companies have received investment from 2605,675 venture capital institutions before listing, with a total investment amount of 5.10 billion yuan, and the investment appreciation rate is nearly <> times based on the current stock price simulation.
The GEM has effectively driven the growth of a large number of venture capital institutions such as Shenzhen Venture Capital, Dachen Venture Capital, and Tongchuangweiye, and guided them to actively invest in innovative enterprises that are in line with the national strategy and break through key core technologies. By guiding capital investment and smoothing exit channels, the GEM effectively promotes the standardized and healthy development of innovative capital, and creates a good ecology for industry, learning, research and capital to jointly serve the national innovation-driven development strategy.
At present, the world's new round of scientific and technological revolution and industrial transformation and China's transformation of the historical intersection of the development mode is coming, high-level scientific and technological self-reliance and self-improvement is the due meaning of high-quality development, but also the key to shaping new competitive advantages in the future and seizing the commanding heights of future competition. The Shenzhen Stock Exchange said that it will start from the construction of a new development pattern of services, put the implementation of the innovation-driven development strategy and support for high-level scientific and technological self-reliance and self-improvement in a more prominent position, combined with the construction goal of "high-quality innovation capital center and world-class exchange", give full play to the direct financing and resource allocation functions of the capital market, promote the accelerated formation of innovative capital, promote the deep integration of innovation chain, industrial chain, capital chain and talent chain, and build a "four beams and eight pillars" for the Shenzhen capital market to support high-level scientific and technological self-reliance and self-reliance.