2 1 Shi Ji Jing Ji Bao Dao·2025-09-01 15:38Core Insights - The article highlights a significant shift in Chinese companies' focus from "cost advantages" to "technological advantages," driven by increased R&D investments, indicating a new phase of innovation competition in the A-share market [1][4]. Financial Performance - In the first half of 2025, the total revenue of all listed companies in China reached 35.01 trillion yuan, a year-on-year increase of 0.16%, while net profit was 3.00 trillion yuan, up 2.54% [1]. - Excluding the financial sector, the revenue of real economy companies was 30.42 trillion yuan, remaining flat year-on-year, with net profit at 1.59 trillion yuan, reflecting a 0.94% increase [1]. R&D Investment - Total R&D expenditure across the market was 745.69 billion yuan, marking a 2.68% year-on-year growth [1]. - The overall R&D intensity in the A-share market reached 2.13%, with the ChiNext, Sci-Tech Innovation Board, and Beijing Stock Exchange showing intensities of 4.89%, 11.78%, and 4.63%, respectively [4]. - Notably, 113 companies invested over 1 billion yuan in R&D, and 926 companies had an R&D intensity exceeding 10% [4]. Leading Companies in R&D - BYD, China State Construction, ZTE, China Mobile, SAIC Motor, and CATL were identified as the top six companies with R&D investments exceeding 10 billion yuan, with BYD leading at 30.88 billion yuan, a 50% increase year-on-year [4][5]. - BYD's R&D investment accounted for 8.32% of its total revenue, which was 371.28 billion yuan, reflecting a 23.3% increase in revenue and a 13.79% increase in net profit [4][5]. Sector Analysis - The highest R&D investments were seen in the electronics, automotive, power equipment, pharmaceutical, and construction sectors, with respective amounts of 1,036 billion yuan, 1,026 billion yuan, 667.43 billion yuan, 643.79 billion yuan, and 637.01 billion yuan [5]. - Industries such as software development, biopharmaceuticals, semiconductors, chemical pharmaceuticals, and medical devices exhibited R&D intensities exceeding 10% [5]. International Revenue - In the first half of 2025, listed companies achieved overseas revenue of 4.90 trillion yuan, a 4.50% year-on-year increase, marking a continuous rise for three years [8]. - The shipbuilding sector led global exports with a 38.6% increase in delivery value, while overall revenue growth for listed companies was 23.42%, and net profit surged by 135.33% [8]. Synergy Between R&D and International Expansion - Companies like BYD and Midea reported significant growth in overseas revenue, with BYD's overseas income increasing by 130%, constituting 36.46% of total revenue [9]. - The article emphasizes that R&D and international expansion are interconnected, with technological innovation driving market expansion abroad [9][10].