China’s top 500 enterprises recorded steady growth in research and development (R&D) spending last year, with average R&D intensity rising for the eighth consecutive year, according to a 2025 ranking report released by the China Enterprise Confederation and the China Enterprise Directors Association.
In 2024, the average R&D intensity of the listed companies reached a record 1.95 percent.
Based on 2024 operating revenues, the entry threshold for the ranking was 47.96 billion yuan (about 6.75 billion U.S. dollars), up 579 million yuan from the previous year.
Among the top 500 enterprises, 267 reported revenues exceeding 100 billion yuan, making up 53.4 percent of the list.
The combined operating revenues of these companies totaled 110.15 trillion yuan in 2024, maintaining a steady growth trend.