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2874 companies · fiscal year 2025 · SEC EDGAR · September 25, 2026

Companies in China that spend the most on R&D

Research and development expense is what the company charged to R&D in the income statement for the year. Most companies report no R&D at all — the line is absent rather than zero — so this ranking covers the roughly 40% of filers that do. Figures are for fiscal year 2025 and are read directly from each company's SEC filings; the source column on every row links to the document.

Ranks 1–60 of 60 · Fiscal year 2025 · Data as of September 25, 2026

JD.com (JD) tops the list with $3.2B in r&d expense for fiscal 2025, ahead of Baidu ($2.9B) and NetEase ($2.5B). The top 10 together report $13.9B in r&d expense; the gap between #1 and #10 is ×12.84. 60 companies in China report r&d expense, 4.7% of the 1270-filer universe. The last place on the list, Quhuo, comes in at $1.0M.

R&D expense
#CompanyR&D expenseYoY15-year trend
1JD.comJDCNConsumer discretionary$3.2B+36.3%
2BaiduBIDUCNTechnology$2.9B−3.6%
3NetEaseNTESCNTechnology$2.5B+5.5%
4Li AutoLICNConsumer discretionary$1.6B+6.7%
5NIONIOCNConsumer discretionary$1.5B−15.1%
6Universe PharmaceuticalsUPCCNHealthcare$672M−77.8%
7BilibiliBILICNTechnology$505M+0.1%
8Ke HoldingsBEKECNReal estate$369M+18.0%
9WeiboWBCNTechnology$324M+5.0%
10Sohu.comSOHUCNTechnology$248M−3.0%
11Futu HoldingsFUTUCNFinancials$245M+27.5%
12IqiyiIQCNCommunication services$238M−2.4%
13KanzhunBZCNTechnology$236M−4.9%
14Zai LabZLABCNHealthcare$221M−5.8%
15Sinovac BiotechSVACNHealthcare$216M−20.1%
16Lotus TechnologyLOTCNConsumer discretionary$171M−37.8%
17Himax TechnologiesHIMXCNTechnology$161M+0.5%
18AutohomeATHMCNTechnology$152M−15.8%
19Jinkosolar HoldingJKSCNTechnology$128M+1.7%
20Full Truck AllianceYMMCNTechnology$125M+3.7%
21Ecarx HoldingsECXCNTechnology$123M−29.5%
22Kingsoft CloudKCCNTechnology$116M−0.0%
23Hesai GroupHSAICNIndustrials$114M−2.8%
24Up FintechTIGRCNFinancials$100M+24.8%
25TuyaTUYACNTechnology$89.7M−5.6%
26Gaotu TecheduGOTUCNConsumer discretionary$89.7M+1.0%
27Lexinfintech HoldingsLXCNFinancials$85.1M+7.5%
28XunleiXNETCNTechnology$80.0M+11.8%
29Finvolution GroupFINVCNFinancials$76.7M+12.8%
30ZhihuZHCNTechnology$75.1M−25.2%
31YoudaoDAOCNConsumer discretionary$73.5M−0.6%
32HuyaHUYACNTechnology$71.0M+1.1%
33Jiayin GroupJFINCNFinancials$61.1M+19.7%
34Yiren DigitalYRDCNFinancials$58.1M+3.0%
35Zepp HealthZEPPCNTechnology$45.3M−1.8%
36China Automotive SystemsCAASCNConsumer discretionary$45.1M+63.0%
37WaterdropWDHCNFinancials$33.3M+12.2%
38Atour LifestyleATATCNConsumer discretionary$25.4M+38.6%
39Lucas GCLGCLCNTechnology$25.1M+8.6%
40Niu TechnologiesNIUCNConsumer discretionary$23.8M+33.5%
41Viomi TechnologyVIOTCNConsumer discretionary$23.7M+21.0%
42Yatsen HoldingYSGCNConsumer staples$19.6M+31.1%
43So-Young InternationalSYCNTechnology$19.6M−13.3%
44RLX TechnologyRLXCNConsumer staples$18.7M+54.9%
45Douyu InternationalDOYUCNTechnology$17.3M−30.4%
46Cbak Energy TechnologyCBATCNTechnology$15.8M+21.5%
47Here GroupHERECNConsumer discretionary$13.8M−31.0%
48BingexFLXCNIndustrials$12.1M−38.7%
49Scienjoy HoldingSJCNTechnology$11.9M−3.7%
50Jianpu TechnologyAIJTYCNTechnology$10.4M−2.9%
51Planet Image InternationalYIBOCNTechnology$9.8M+57.8%
52Huize HoldingHUIZCNFinancials$8.4M−1.8%
53LZ TechnologyLZMHCNTechnology$8.0M+1,215.2%
54Cheer HoldingCHRCNTechnology$5.2M+50.9%
55Sunlands TechnologySTGCNConsumer discretionary$4.2M+23.4%
56Wing Yip Food HoldingsWYHGCNConsumer staples$4.1M−17.0%
57Daqo New EnergyDQCNTechnology$2.6M−43.3%
58Youlife GroupYOULCNConsumer discretionary$2.4M—
59UxinUXINCNTechnology$1.8M−62.1%
60QuhuoQHCNTechnology$1.0M−30.6%

All figures from SEC filings · FY2025 · 60

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{{cite web |title=Companies in China that spend the most on R&D |url=https://companiesranked.com/en/companies-in-china-that-spend-the-most-on-research-and-development |website=CompaniesRanked |date=2026-09-25 |language=en}}

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@misc{companiesranked-en-companies-in-china-that-spend-the-most-on-research-and-development-2026,
  author       = {{CompaniesRanked}},
  title        = {{Companies in China that spend the most on R\&D}},
  year         = {2026},
  howpublished = {\url{https://companiesranked.com/en/companies-in-china-that-spend-the-most-on-research-and-development}},
  note         = {Compiled from SEC EDGAR XBRL filings; data as of 2026-09-25},
  urldate      = {2026-09-25}
}

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