A-share R&D spending tops RMB810 billion in H1 2026, intensity at 2.25%

As of August 30, 2026, more than 5,550 A-share listed companies had released their 2026 interim reports. The data show that combined R&D investment by these companies in the first half exceeded RMB810 billion, up more than 7% year on year, with R&D intensity reaching 2.25%. Among them, more than 1,200 companies each invested over RMB100 million in R&D, and over 900 companies reported R&D spending accounting for more than 10% of revenue. More than 2,800 companies increased R&D spending year on year, and over 1,200 companies recorded growth of more than 20%. Artificial intelligence, new energy and biomedicine were the three main areas of R&D investment.

In the AI sector, Hygon Information Technology invested RMB2.652 billion in R&D in the first half, up 55.05% year on year, with R&D intensity of 29.15%. The company employed more than 3,000 R&D personnel, representing over 80% of its total workforce, and had accumulated 2,099 intellectual property rights, including 1,204 invention patents. Hygon continued to deepen its dual-chip strategy of CPUs and DCUs, with its DCU products now adapted to major domestic and international large language models and deployed in hundreds of application scenarios. In the first half, Hygon generated revenue of RMB9.099 billion, up 66.52% year on year, and net profit attributable to shareholders of RMB1.798 billion, up 49.69%.

In the new energy sector, Trina Solar invested RMB2.111 billion in R&D in the first half, up 13.44% year on year, and added 419 patents. The company advanced its technology roadmap around TOPCon 3.0 and THBC, with its self-developed THBC cell breaking the 28.0% efficiency threshold on 210R large-area cells. Innovative drug companies maintained high R&D spending: BeiGene invested approximately RMB7.953 billion in R&D, up 9.27% year on year, with R&D intensity of about 35.79%. Hengrui Medicine invested RMB4.605 billion, up 18.96%, and in the first half obtained approvals for seven innovative achievements, had nine marketing applications accepted by the National Medical Products Administration, advanced 17 clinical programs to Phase III and 22 to Phase II. Fosun Pharma invested RMB3.247 billion, up 25.66%, of which RMB2.650 billion was related to innovative drugs, up 48.38%.

CATL invested RMB11.377 billion in R&D in the first half, up 12.70% year on year. During the reporting period, the company launched its third-generation Shenxing superfast-charging battery, third-generation Kirin battery, Kirin condensed-matter battery, second-generation Xiaoyao super hybrid battery and Naxtra sodium-ion battery. In the first half, CATL's power battery system revenue reached RMB192.125 billion, up 46.02% year on year; energy storage battery revenue rose 87.54%, with shipments ranking first globally for five consecutive years. Total revenue was RMB276.917 billion, up 54.80%, and net profit attributable to shareholders was RMB43.284 billion, up 41.98%.

CRRC invested RMB7.770 billion in R&D in the first half, up 14.62% year on year, supporting the development of major equipment such as the CR450 high-speed train, a 600 km/h maglev train, serial urban and suburban rail vehicles, and equipment for the Sichuan-Tibet Railway. The company achieved net profit attributable to shareholders of RMB7.991 billion, up 10.28%. Several companies posted simultaneous growth in R&D spending and earnings: Luxshare Precision invested RMB6.573 billion, up 43.09%, with net profit attributable to shareholders of RMB7.843 billion, up 18.04%. AMEC invested RMB2.041 billion, up 36.86%, with net profit of RMB2.825 billion, up 300.22%. Huaqin Technology invested RMB3.557 billion, up 20%, with net profit attributable to shareholders of RMB3.0 billion, up 58.80%.

Some companies disclosed their forward plans. Luxshare's interim report showed cumulative R&D investment of RMB28.173 billion over the past three years, with 9,367 patents. Key projects for core consumer electronics customers, as well as high-speed electrical and optical connections, thermal management and power management in the communications and data center segment, have entered the mass-production and deployment stage. Hengrui's interim report showed that new indications for Ruikang trastuzumab in HER2-positive second-line breast cancer, dalpiciclib in adjuvant breast cancer treatment, and adebrelimab in perioperative treatment of non-small cell lung cancer were approved in the first half. Great Wall Motor's interim report stated that its Haval H6, Dagu and Tank series will complete product iterations and launch HEV versions; the WEY brand will introduce new models such as the V8X based on the Guiyuan S platform, 800V high-voltage architecture and full-stack self-developed intelligent driving; and ORA will launch all-new models including the ORA 7 and ORA 5 series.