The 2025 annual reports for A-share-listed companies have all been released. The 913 A-share-listed companies in Guangdong achieved a total revenue of 11.26 trillion yuan in 2025, a year-on-year increase of 5.46%. These figures reflect an outstanding performance in both revenue scale and innovation capabilities.

The electronics industry is a cornerstone of Guangdong's economy. One in every five listed companies in Guangdong operates in the electronics sector, and one in every three smartphones sold worldwide is "Made in Guangdong." Led by industry giants like Foxconn Industrial Internet, Guangdong's 181 listed electronics companies achieved a total revenue of 2.37 trillion yuan for the year, a significant year-on-year increase of 27.58%. Beyond the electronics industry, industrial clusters such as automobiles and power equipment are also picking up steam. The total revenue of listed auto companies in Guangdong is approaching one trillion yuan, while the power equipment sector generated 545.66 billion yuan over the year, a substantial 15.61% increase from the previous year.

In 2025, Guangdong-based A-share listed companies reported a total R&D investment of 358.51 billion yuan, accounting for 3.5% of total revenue, higher than the A-share average of 2.66%. The six core industries—electronics, automobiles, home appliances, power equipment, communications, and computers—contributed over 270 billion yuan in R&D expenditure, accounting for more than three-quarters of the total. BYD topped all A-share companies in R&D with an annual investment of 63.44 billion yuan, up 17% year on year. Other industry leaders, including Midea Group, Foxconn Industrial Internet, and Luxshare-ICT, each surpassed the 10-billion-yuan mark in R&D spending, setting innovation benchmarks in their respective fields.

解码上市粤企年报：11万亿营收、3585亿研发

2025年A股上市公司年报披露正式收官，广东913家A股上市企业2025年合计总营收11.26万亿元，同比增长5.46%，在营收体量、创新实力上表现抢眼。

电子产业是广东稳固基本盘，每5家上市粤企就有1家是电子企业，全球每卖出3部智能手机就有一部“广东造”。以工业富联等为龙头的181家电子行业上市粤企，全年合计营收2.37万亿元，同比增长高达27.58%。电子产业之外，汽车、电力设备等产业集群同步发力，汽车板块上市粤企总营收逼近万亿，电力设备行业全年营收5456.60亿元，同比大增15.61%。

2025年，广东A股上市公司研发投入已披露金额高达3585.08亿元，研发投入占总体营收的3.5%，高于A股平均水平（2.66%）。电子、汽车、家用电器、电力设备、通信、计算机六大核心产业合计贡献了超2700亿元的研发支出，占总额的四分之三以上。比亚迪以634.41亿元的年度研发投入成为A股“研发王”，同比增长17%。美的集团、工业富联、立讯精密等龙头企业研发投入也分别突破百亿元，成为各自赛道的创新标杆。

文｜记者 莫谨榕
图 | 记者 曾潇
译｜黄健新
英文审校｜林佳岱