“Consumption + Technology” Reshape Growth Drivers in SSE-Listed Companies
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Innovation Meets Real Economy
As of August 30, 2025, Shanghai Stock Exchange (SSE) listed companies completed their 2025 semi-annual reports. Data reveal that consumption-driven demand and technology-led innovation are increasingly shaping growth. Total operating revenue reached RMB 24.68 trillion, slightly down 1.3% year-on-year, while net profit rose 1.1% to RMB 2.39 trillion. Net profit excluding non-recurring items grew 0.7%. Quarterly momentum remained positive, reflecting a subtle but steady recovery. Interim dividends hit a record RMB 555.2 billion, supporting investor confidence. R&D investment continued to rise, particularly in STAR Market-listed technology companies, where median R&D intensity reached 13%, maintaining leadership across A-share boards.
Manufacturing remains the backbone, contributing the bulk of revenue and profit growth. Emerging industries such as electronics, biomedicine, and rail transit equipment show faster expansion, with their share of manufacturing revenue rising from 39% to 49% over five years and profit share from 33% to 50%.
New Engines: Integrated Circuits and Biomedicine
TWO
The SSE STAR Market is driving growth in integrated circuits (IC) and biomedicine, emerging as engines of high-quality development. IC companies saw revenue grow 14% year-on-year, while net profit surged 57%, reflecting full-chain expansion from design to manufacturing and packaging. AI adoption is accelerating upgrades, opening broad incremental space for the industry. Biomedicine firms recorded 14% net profit growth, supported by innovative drugs reaching global markets and sustained commercial success, signaling the sector’s transition to a new phase of sustainable growth.
Consumption Upgrade: Steady and New Drivers
THREE
Consumer sectors illustrate the dual engine of stable and emerging consumption. Food, beverages, and home appliances grew steadily, while new consumption forms—self-indulgent, spiritual, and IP-driven—rapidly expanded. Tourism and cultural sectors thrived, with scenic spots, festivals, and airports reporting significant revenue and profit growth, highlighting how domestic consumption continues to underpin broader economic stability.
Traditional Industries and Global Expansion
FOUR
Traditional sectors are embracing innovation and green transformation. Steel, machinery, and energy firms are upgrading toward high-value products, integrating digital manufacturing and low-carbon technologies, achieving efficiency and profit gains. In foreign trade, SSE-listed manufacturers demonstrated resilience, with overseas revenue up 5%, led by private enterprises. Emerging markets, Belt and Road projects, and technology-driven exports are creating new growth corridors. ETFs and STAR Market indices are attracting long-term capital into innovative sectors, strengthening the link between policy, investment, and sustainable development.
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