Source: Times Weekly Author: Zhang Zhao

At present, new quality productivity has become the core force to promote high-quality economic development, and scientific and technological innovation is the core element and main driving force for the development of new quality productivity.

The Shanghai Stock Exchange recently issued a document saying that the board will implement the innovation-driven development strategy and continue to build a "main position" to cultivate new quality productivity, of which the board's new generation of information technology, biomedicine, high-end equipment manufacturing industry companies accounted for more than 80%.

Shanghai Stock Exchange data show that in 2023, more than 60% of the companies on the board achieved positive growth in operating income, with 47 companies increasing their operating income by more than 50%. The annual net profit was 75.96 billion yuan. Based on 2019, the compound growth rates of operating income and net profit for the last four years reached 23.3 percent and 24.4 percent, respectively, with 75 companies having positive net profit growth for four consecutive years.

In 2023, the total amount of research and development investment of the company reached 156.12 billion yuan, up 14.3 percent year-on-year, the median ratio of research and development investment to operating income was 12.2 percent, and the research and development intensity of 83 companies exceeded 20 percent for three consecutive years. By the end of 2023, the board had gathered more than 230000 scientific research personnel, with research and development personnel accounting for more than 30% of the total number of employees.

As of the end of May, the number of listed companies on the CRE Board had reached 572. Time Weekly counted the data of all companies in the company's research and development investment in 2023, and explored the most innovative companies.

28 companies have invested more than 1 billion in R & D

Judging from the R & D investment of listed companies on the Science and Technology Innovation Board in 2023, 28 companies have invested more than 1 billion yuan in R & D, of which 8 companies have invested more than 2 billion yuan.

among them, baiji shenzhou-U(688235.SH) ranked first in research and development investment, reaching 12.813 billion yuan, accounting for 73.54 percent of the revenue. Jingke Energy (688223.SH) ranked second in research and development investment, accounting for 6.899 billion yuan, accounting for 5.81 percent of the revenue. Trine Solar (688599.SH) ranked third in research and development investment, accounting for 5.53 billion yuan, accounting for 4.88 percent of revenue.

As a global oncology innovative pharmaceutical company, Baekje Shenzhou-U continues to accelerate its research and development progress in the product pipeline. By the end of 2023, the company and its subsidiaries had 41 Chinese invention patents, 58 U.S. invention patents, 1 Chinese utility model patent, 3 Chinese design patents, several Chinese patent applications and U.S. patent applications, PCT international applications and their corresponding national applications.

as a global manufacturer of photovoltaic modules, photovoltaic module leaders jingke energy, trine solar energy and arcs (688472.SH) ranked first, second and fifth in global photovoltaic module shipments in 2023, while ternary cathode material leader rongbai technology (688005.SH) ranked first in the world for three consecutive years.

by 2023, jingke energy has obtained a total of 2143 invention patents, surpassing most brands in the n-type TOPCon patent list with 330 TOPCon patents. Trine Solar has won a total of 393 invention patents, and its independently developed 210 + N i-TOPCon photovoltaic module has set a new world record in terms of conversion efficiency and module output power of photovoltaic cell modules.

Zhang Xiaorong, president of the Institute of Deep Science and Technology, told Times Weekly that the huge investment in research and development by science and technology enterprises in 2023 shows the industry's emphasis on technological innovation and its determination to pursue technological leadership. In particular, the huge investment of JinkoSolar and Tran Solar in the field of N-type TOPCon batteries reflects the trend of the photovoltaic industry towards high-efficiency technology.

"N-type TOPCon technology is regarded as an important development direction of photovoltaic cell technology due to its high conversion efficiency and low light attenuation rate. With the growth of global demand for clean energy and the reduction of photovoltaic power generation costs, N-type TOPCon batteries are expected to have significant demand in the future market, especially in the high-end market and large-scale power plant projects." Zhang Xiaorong added.

39 enterprises accounted for more than 50% of R & D investment

From the proportion of R & D investment of listed companies on the board in 2023, 39 enterprises accounted for more than 50% of R & D investment, of which 19 enterprises accounted for more than 100.

Specifically, the top nine R & D investments are all biomedical companies, they are Zhixiang Jintai-U(688443.SH), Shouyao Holding-U(688197.SH), Yahong Medicine-U(688176.SH), Di Zhe Medicine-U(688192.SH), Maiwei Biology-U(688062.SH), Mengke Medicine-U(688373.SH), Yifang Biology-U (68.882, eight are unprofitable enterprises and one "pick U" and then lose money.

Zhixiang Jintai-U is mainly engaged in the research and development of antibody drugs. The products under research are monoclonal antibody drugs and bispecific antibody drugs. As of the end of 2023, it is still in the research and development stage and has not yet realized the commercialization of its own products.

First Drug Holdings-U, Yahong Pharmaceuticals-U, Dizhe Pharmaceuticals-U, Maiwei Bio-U, Yifang Bio-U main research and development areas are involved in anti-tumor drugs. First Drug Holding-U R & D pipeline covers a number of key tumor indications and other important disease areas such as type II diabetes. Yahong Medicine-U focuses on the field of urogenital system tumors, Dizhe Medicine-U focuses on the field of malignant tumors and immune diseases, and Maiwei Biology-U covers a number of treatment areas such as autoimmune, tumor, metabolism, ophthalmology, infection, etc, yifan Bio-U focuses on major disease areas such as oncology, metabolism and autoimmune diseases.

In addition, Mengke Pharmaceutical-U focuses on the treatment of infectious diseases and focuses on the increasingly serious problem of bacterial drug resistance in the world. Frontier Biology-U focuses on the research and development of anti-HIV and has realized the commercialization of the new domestic anti-AIDS drug Aconin. Concino is mainly engaged in the research and development of vaccines, the pipeline of marketed products and products under research covers the prevention of meningitis, pneumonia, white break, new crown pneumonia, Ebola virus disease, herpes zoster, tuberculosis and other clinical demand for a number of vaccine varieties.

More than half of the R & D personnel in 85 enterprises

Judging from the number of R & D companies listed on the Science and Technology Innovation Board in 2023, 42 companies have more than 1000 R & D people, of which 19 companies have more than 2000 R & D people.

among them, China tong (688009.SH) has the largest number of research and development, with 4345 people, accounting for 22.67 of the total number; Baiji Shenzhou-U ranked second with 3744 people, accounting for 35.7 of the total number of R & D; Chuanyin Holdings (688036.SH) ranked third with 3725 people, accounting for 21.5 of the total.

as a provider of rail transit control system solutions, China tong has been deeply engaged in the field of rail transit control system and invested 2.038 billion yuan in research and development in 2023. By the end of 2023, it has 4618 authorized patents, including 2434 invention patents, with 73 doctors and 1675 masters in research and development personnel.

transmission holding is deeply engaged in four major fields: deep skin color photographing technology, application innovation of new hardware materials, big data user behavior analysis, OS system and mobile internet product services, and has invested 2.256 billion yuan in research and development in 2023. By the end of 2023, it has 995 invention patents, with 14 doctors and 700 masters among its research and development personnel.

in addition, by the end of 2023, there will be 764 doctors and 1601 masters in baiji shenzhou-u research and development personnel.

In terms of the proportion of R & D of listed companies on the board in 2023, 85 companies have more than 50% of the total number of R & D companies. Among them, 12 enterprises accounted for more than 80%. The research and development of Yifan Bio-U(688382.SH) and Haiguang Information (688041.SH) accounted for more than 90%, 92.76 percent and 91.68 percent respectively.

yifang biology-u's main research and development fields are tumors, metabolism and autoimmune diseases and other major diseases, with a research and development expenditure of 0.443 billion yuan in 2023. By the end of 2023, it has 103 invention patents authorized. There are 205 research and development personnel, including 24 doctors and 78 masters.

the main research and development fields of haiguang information are high-end general purpose processors (CPU) and coprocessors (DCU), with a research and development expenditure of 2.81 billion yuan in 2023. By the end of 2023, it has 670 invention patents. There are 1641 research and development personnel, including 34 doctors and 1267 masters.

In addition, the number of R & D people in the technology-U(688220.SH) and core shares (688521.SH) accounted for nearly 90 percent, 89.87 percent and 89.16 percent, respectively.

Aojie Technology-U, Core Original shares and Haiguang Information belong to the semiconductor industry, but the research and development field is different, Aojie Technology-U focuses on the research and development of wireless communication chips, while Core Original shares focus on market and customer demand-oriented chip technology research and development.

in 2023, the research and development expenditures of sojet technology-U and core original shares were 1.116 billion yuan and 0.954 billion yuan respectively. By the end of 2023, it had 147 and 185 authorized invention patents respectively, with 1135 and 1662 research and development personnel respectively.

Of the above semiconductor companies, only Haiguang Information is profitable, with revenue of 60.12 in 2023.Billions of yuan, deducting non-net profit of 1.136 billion yuan. Soje Technology-U, core original shares 2023 revenue of 2.6 billion yuan, 2.338 billion yuan, non-net profit of -0.658 billion yuan, -0.318 billion yuan.

Linzhi, chief analyst of Wit Display, told the times weekly that although the R & D investment of domestic semiconductor manufacturers is gradually increasing, there is still a certain gap compared with foreign chip design manufacturers and wafer manufacturers, so more R & D investment and innovation are still needed according to market demand. But in the long run, this will help stimulate the innovation of Chinese semiconductor manufacturers and further improve the competitiveness of mature process chips.

At the same time, Linzhi also told the Times Weekly reporter that on the one hand, domestic semiconductor manufacturers need to reduce costs through design innovation, and on the other hand, they also need to innovate with upstream and downstream manufacturers to improve cost performance to reduce the impact of U.S. tariffs.

21 companies deduct non-net profit over 1 billion

Among the 572 companies listed on the Science and Technology Innovation Board, 396 companies have achieved profitability in their main business, and the net profit after deduction is positive.

Among them, there are 90 enterprises in the computer, communications and other electronic equipment manufacturing industries, followed by 87 enterprises in the special equipment manufacturing industry, and 41 enterprises in the software and information technology service industry.

according to the reporter of times weekly, only 21 of the main profit-making enterprises have their non-net profits exceeded 1 billion yuan. Among them, Jingke Energy, Daquan Energy (688303.SH), Tris Solar and Transsion Holdings deducted non-net profits of more than 5 billion yuan, namely 6.904 billion yuan, 5.776 billion yuan, 5.755 billion yuan and 5.134 billion yuan respectively.

specifically, jingke energy shipped 48.41GW of n-type components in 2023, up 352 year-on-year; Trine Solar's total component shipments in 2023 were 65.21GW, and sales of high-power 210 series component products increased steadily and were recognized by the market.

Daquan Energy belongs to the photovoltaic industry like Jingke Energy and Trine Solar, but the difference is that Daquan Energy is the front-end supplier of the photovoltaic industry chain. The main line product polysilicon is mainly used to process solar photovoltaic products such as silicon ingots, silicon wafers, battery chips and battery modules. In 2023, Daquan Energy spent 1.208 billion yuan on research and development, and by the end of 2023, it had obtained 36 invention patents.

As for the sharp increase in profits of photovoltaic enterprises last year, Zhang Xiaorong analyzed to the times weekly that the main reason is the growth of demand, including the increase of global investment in renewable energy, technological progress and cost reduction, policy support and incentive measures, and the development of international market. These factors have jointly promoted the expansion of market demand and the improvement of corporate performance.

In addition, 176 companies have not achieved profitability in their main business, and net profits after deduction are all negative. Among them, computer, communication and other electronic equipment manufacturing enterprises are the majority, with 54; followed by software and information technology service enterprises, with 40; and pharmaceutical manufacturing enterprises are the third, with 27.

among the unprofitable enterprises, the top three with huge losses are Baiji Shenzhou-U, Hehui Optoelectronics-U(688538.SH) and Junshi Biology-U(688180.SH). The net profit deducted in 2023 is -9.682 billion yuan, -3.332 billion yuan and -2.298 billion yuan respectively.

Junshi Biology-U, like Baiji Shenzhou-U, is an innovative drug research and development enterprise. The research and development expenditure in 2023 is 1.937 billion yuan, far exceeding the revenue of 1.503 billion yuan in the same period. Hehui Optoelectronics-U continues to focus on the industrial layout with semiconductor display as the core. In 2023, the main business income was 3.007 billion yuan, but the operating cost was as high as 4.991 billion yuan.

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