From August 20 to 21, 2026, three STAR Market companies - Jiaci Technology, Sepax Technology, and Haier Biomedical - disclosed their 2026 "Quality Enhancement, Efficiency Improvement, and Return Focus" 2.0 action plans in succession. These three companies operate in the military electronics, core biopharmaceutical consumables, and life science tools sectors respectively, all representing hard-tech tracks. The concentrated release of their plans signals that the 2.0 special initiative, launched by the Shanghai Stock Exchange to encourage STAR Market listed companies to enhance quality and efficiency while prioritizing shareholder returns, has entered its substantive implementation phase.
On June 23 this year, the Shanghai Stock Exchange issued a public proposal to all Shanghai-listed companies calling for participation in the 2.0 special action initiative. Compared with the first initiative launched in 2024, the core change in version 2.0 lies in guiding companies to set quantitative targets, refine specific measures, and strengthen execution across business operations, corporate governance, and investor returns. The shift moves these efforts from "whether they exist" to "whether they are substantial," and from "qualitative descriptions" to "quantitative commitments." Alongside the announcement, the exchange published supporting model templates that added clear metrics for operational performance, shareholder returns, and regulatory compliance.
Judging by the plans disclosed by the three companies, all follow the "quantifiable, executable, and assessable" logic advocated by version 2.0, though each places emphasis on different aspects.
Jiaci Technology stated that since its listing in December 2024, it has maintained a stable dividend policy, with cumulative cash dividends reaching 360 million yuan, representing 75.18% of its average net profit for the 2024-2025 period. Moving forward, the company plans to increase dividend frequency by adding interim dividends and pre-Spring Festival distributions, based on its operational performance, cash flow conditions, and capacity to pay.
Sepax Technology put forward clear annual performance targets: a 25% revenue growth rate, a 33% net profit growth rate, and a net profit margin exceeding 32% for 2026. On operational efficiency metrics, the company plans to raise its return on equity from 9.79% in 2025 to above 10%, maintain gross margin above 70%, and lift net profit margin to above 32%. In terms of product innovation, it plans to launch three new chromatography media products, including alkali-resistant rigid affinity media and high-capacity, high-flow-rate hydrophobic chromatography media. Regarding investor returns, the company explicitly committed to maintaining a dividend payout ratio of no less than 30%.
Haier Biomedical outlined its three-year development goals: striving to raise overseas revenue share from 36% in 2025 to no less than 50%, increase the contribution of M&A-related revenue from 30% to no less than 40%, and grow AI-related business revenue share from 15% to no less than 30%. The company's first-half 2026 revenue reached 1.296 billion yuan, up 8.45% year-on-year, further confirming its operational inflection point. In terms of shareholder returns, the company has implemented cash dividends for seven consecutive years, with a dividend payout ratio of 41.03% in 2025. For 2026, it plans to execute a fourth share buyback of no more than 100 million yuan, with all repurchased shares to be cancelled. The previous three rounds of buybacks totaled 250 million yuan, with 1.4596 million shares already cancelled.
Beyond these three companies, several other STAR Market firms including Xiamen Tungsten New Energy, VeriSilicon Microelectronics, Dongwei Technology, Mech-Mind Robotics, Jingye Intelligent, Xinyichang, and Ruilian New Materials have also disclosed or are evaluating their 2026 action plans.