As of Q3 filings from 614 STAR Market companies, aggregate R&D spending in the first nine months reached 147.11 bln yuan, up 25.83% YoY; median R&D-to-revenue ratio was 12.64%, keeping the STAR Market ahead of other A-share segments. 188 companies (3

2026-11-01

As of Q3 filings from 614 STAR Market companies, aggregate R&D spending in the first nine months reached 147.11 bln yuan, up 25.83% YoY; median R&D-to-revenue ratio was 12.64%, keeping the STAR Market ahead of other A-share segments. 188 companies (31% of reporters) posted R&D intensity above 20%, a 6 pp increase YoY. In the STAR Growth tier, 37 companies spent a combined 14.534 bln yuan on R&D, up 18% YoY, with a median R&D intensity of 38.26%.