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Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
"The 14th Five-Year Plan is a landmark five-year period in the development of China's scientific and technological industry," said Chinese Minister of Science and Technology Yin Hejun at a press conference held by the State Council Information Office.
It is inseparable from the system-forming force of public companies, which is activated at the forefront of innovation. Over the past five years, this innovative driver has become the most characteristic foundation for the qualitative development of public companies.
Public companies are steadily increasing their R&D investments and becoming innovation leaders.
In 2024, China's entire society invested over 3.6 trillion yuan in R&D, up 48% from 2020. The R&D investment intensity reached 2.68%, exceeding the EU average. Listed companies, in particular, made a remarkable contribution: in 2024, the total R&D investment of A-share listed companies reached 1.88 trillion yuan, accounting for 51.96% of the country's total R&D expenditure. R&D intensity increased to 2.61%, up 0.1 percentage points from the previous year. BYD, CATL, and 26 other manufacturing companies have joined the "R&D club with an RMB 10 billion or less," whose members invest heavily in developing key technologies.
According to data from the China Association of Public Companies, in the first half of this year, R&D intensity on the ChiNext Market (Shenzhen), STAR Market (Shanghai), and the Beijing Stock Exchange was 4.89%, 11.78%, and 4.63%, respectively, further highlighting the importance of the scientific and technological indicator. Strategic emerging industries and high-tech manufacturing demonstrated a demonstration effect of innovation, with their R&D intensity exceeding 3.29 percentage points and 4.44 percentage points, respectively.
The well-known anti-cancer drug Zanubrutinib has been approved in 75 markets worldwide, becoming the benchmark for Chinese original pharmaceuticals worldwide. This is due to the biotech company BeiGene's long-standing commitment to R&D: from 2021 to 2024, the company invested over 47 billion yuan, and in 2024, it ranked first in the industry with R&D investment of 14.1 billion yuan, with R&D accounting for 52% of revenue.
Deep integration of scientific, technological and industrial innovation in public companies is an important driving force in the transformation of scientific and technological achievements.
Through industrialization research, Sailun implemented a material manufacturing technology that broke the "impossible trinity" of tire characteristics described in articles and magazines, bringing "liquid gold" tires to the high-quality tire market. GEM implemented a technology for regenerating retired nickel-cobalt (NMC) traction batteries with a recovery rate of over 99%. Trina Solar has broken the world record for battery efficiency dozens of times and continues to lead the development of photovoltaic technologies. All these examples clearly demonstrate how public companies can transform innovative achievements into real-world performance.
While expanding their domestic market, public companies are also bringing their innovative achievements to the global market. The Kirin battery, developed by CATL, offers a range of over 1,000 km on a single charge, and its technology has been licensed to several international automotive companies. Mindray's high-tech ultrasound equipment has appeared in leading hospitals in Europe and the United States, setting a benchmark for high-end domestic medical equipment. Thus, Chinese public companies are earning widespread respect for their innovative prowess, allowing the world to observe the acceleration of Chinese innovation.
According to available data, 376 companies have registered on the STAR Market since 2021, raising over 600 billion yuan in seed capital. In 2025, the volume of refinancing for scientific and technological innovation and technological transformation increased to 800 billion yuan. Most of these financial resources were directed to listed companies and prospective public companies, providing key financial support for the "spectacular leap" in scientific and technological innovation and industrialization.
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