High-growth enterprises are widely perceived as pivotal actors in regional and national development, but most of them cannot realize sustained high growth, especially for those of small and medium sizes, resulting in the so-called “One-hit Wonder” curse. However, few studies have explored the mechanism to break this curse. Drawing upon the perspective of institutional logics and employing an analysis of a panel dataset of Chinese gazelle enterprises—a kind of high-growth small and medium-sized enterprises—we find that both the state logic and market logic are indispensable in ensuring their sustained high growth within the Chinese context. Notably, the modes of the logic balance matter. We propose two balancing modes, namely the external balance and internal balance, and find that the external balanced logics can promote these small and medium-sized enterprises’ sustained high growth significantly, whereas the internal balanced logics fall short in achieving this outcome. The positive effect of external balanced logics is moderated by demonstration zones and shareholders’ equity: operating in demonstration zones weakens it, while high shareholders’ equity strengthens it.