Venture(US:VEMLY) Di Yi Cai Jing·2025-05-16 06:52Core Insights - R&D investment has become a key driver for innovation and development among A-share listed companies, with 2886 companies reporting year-on-year growth in R&D spending, representing nearly 60% of the total [1] - The ChiNext board shows the highest R&D conversion efficiency, while the main board has increased its R&D investment in recent years [1] R&D Investment by Board - The Sci-Tech Innovation Board leads in R&D expense ratio, reaching 10.83% in 2024, up 0.79 percentage points from 2022, aligning with its focus on "hard technology" sectors [3] - The ChiNext board's R&D expense ratio is steadily increasing, reaching 4.81% in 2024, with a five-year revenue growth rate of 79.86% and profit growth of 45.51%, indicating high R&D conversion efficiency [3][4] - The main board's R&D expense ratio is relatively low at 1.9% in 2024, with a five-year revenue growth rate of 27.26% and profit growth of 22.27%, reflecting a more stable but less explosive performance compared to emerging industries [4] Industry-Specific R&D Insights - The computer industry has the highest R&D investment, with an expense ratio of 9.06%, but faces significant profit declines, indicating a "revenue without profit" scenario due to high costs associated with AI technology [5][8] - The top five industries by R&D expense ratio include SW Computer (9.06%), SW Defense Industry (5.97%), SW Electronics (5.56%), SW Machinery (5.35%), and SW Pharmaceutical Biology (5.02%), all showing high revenue growth but facing short-term profit pressures [7][8] - AI-related companies are experiencing a "revenue without profit" dilemma, with rising costs in hardware and talent, leading to significant profit declines despite revenue growth [9] Long-term Outlook - The short-term profit challenges in the computer industry are seen as necessary costs for the AI technology revolution, with expectations for margin recovery as the ecosystem matures and enterprise-level AI adoption increases by 2025 [9]