高金报告：上市公司数据资产入表总体规模稳健增长

Core Insights - The report from Shanghai Jiao Tong University's Shanghai Advanced Institute of Finance indicates a steady growth in the data asset reporting of listed companies, although the growth rate has slowed compared to 2024 [1] Group 1: Non-Listed Companies - As of September 30, 2025, 375 non-listed companies in China have disclosed their data asset reporting, securing a total financing amount of 1.899 billion yuan, with a noticeable slowdown in growth [2] - Local state-owned enterprises are the main contributors to data asset reporting among non-listed companies, with 310 local state-owned enterprises accounting for 82.67% of the total, raising 1.710 billion yuan [2] - The types of businesses and data categories for non-listed companies that have reported data assets are diverse, with the leading sectors being information transmission, software and IT services, and leasing and business services, which together account for 75.50% of the total [2] Group 2: Regional Distribution - The coverage of data asset reporting among non-listed companies has expanded to 27 provincial-level administrative regions, with Shandong and Jiangsu leading [3] - More than half of the companies have chosen to register their data assets on local platforms, indicating a localized trend in registration [3] - The proportion of technology companies among the reporting non-listed companies is significant, making up 33.60% of the total [3] Group 3: Listed Companies - As of August 31, 2025, 109 out of over 5,000 listed companies in A-shares have disclosed data asset reporting, involving a total amount of 2.640 billion yuan, with a steady growth in overall scale but a slowdown in growth rate compared to 2024 [4] - The "intangible assets" category remains the primary method for listed companies to disclose data resources, with 101 companies reporting amounts totaling 1.706 billion yuan [4] Group 4: Industry Trends - The number of financial industry companies reporting data assets has significantly increased by 33% compared to the end of 2024, involving an amount of 0.054 billion yuan, primarily from banks and securities firms [4] - The three major telecom operators have made a notable contribution, with a total reporting amount of 1.600 billion yuan, accounting for 60.7% of the market total [4] - The report introduces a new section on data asset valuation, detailing the concepts, processes, methods, and examples of data asset valuation, while discussing the current challenges and future outlook [4]