ACFIC Report: Top 1,000 Private Firms' R&D Spending Hits RMB1.59 Trillion in 2025
The All-China Federation of Industry and Commerce (ACFIC) reported on September 9 that the top 1,000 private enterprises by R&D investment spent RMB1.59 trillion in 2025, up 10.72% year on year, with an average R&D intensity of 3.73%. Among them, 640 firms were classified as high-tech, high-value, and high-growth. The report was released at a conference in Wenzhou.
The All-China Federation of Industry and Commerce (ACFIC) released its 2026 Report on Innovation of the Top 1,000 Private Enterprises by R&D Investment on September 9. The report showed that the combined R&D spending of the listed companies reached RMB1.59 trillion in 2025, an increase of 10.72% year on year, with an average R&D intensity of 3.73%. Among the companies included, 640 were identified as "high-tech, high-value, and high-growth" enterprises.
The report also indicated that the overall scale of the listed companies remained stable with modest progress, total profits continued to grow, and the number and quality of employees improved. These companies also actively engaged in rural revitalization and charitable initiatives. The report was released at the 2026 Private Economy Innovation and Development Conference and the event featuring renowned private enterprises contributing to Zhejiang's high-quality development, held in Wenzhou, Zhejiang Province, and co-hosted by the ACFIC and the People's Government of Zhejiang Province.