In 2025, the consumer electronics and electrical industry saw 397 companies included in the database. Among them, 371 disclosed R&D investments totaling 270.631 billion yuan. The top 10 companies collectively invested 128.573 billion yuan in R&D, accounting for nearly half of the total.
The most significant change was the shift at the top, with Xiaomi overtaking Midea to claim the number one spot. The gap between the two stems primarily from R&D investment. Xiaomi scored 51.93 points, nearly 10 points higher than Midea (42.43), and also outperformed the other eight companies. In 2024, Xiaomi’s R&D investment grew by 25.93% year-on-year to 24.05 billion yuan, while its R&D personnel increased by 19.04% to 21,200, achieving an R&D intensity of 6.57%. In contrast, Midea employed slightly more R&D personnel (23,700) than Xiaomi, but its R&D expenditure (RMB 16.233 billion), growth rate (11.31%), and R&D intensity (3.99%) all fell short of Xiaomi’s figures. The automotive business has been the primary driver of Xiaomi’s R&D investment. Since announcing its entry into vehicle manufacturing in March 2021, Xiaomi’s R&D expenses from 2021 to 2024 (72.344 billion yuan) have accounted for over 70% of its total investment over the past decade, primarily driven by electric vehicles. In the first half of 2025, Xiaomi and Midea’s R&D investment growth rates were 35.8% and 14.41% respectively, widening the gap once again. The fruits of this R&D investment became evident in 2024—in the SU7’s debut year, the smart electric vehicle business contributed approximately 9% of revenue. Combined with stable performance from smartphones, IoT and lifestyle products, and internet services, Xiaomi achieved roughly 35% growth in both revenue and net profit during the period. Its score in the Enterprise Development dimension (16.064) continues to lead the entire ranking. By the first half of 2025, the smart electric vehicle business’s share had further increased to 17%. In the R&D output dimension, Midea scored 14.483 points, surpassing Xiaomi (8.397) by 6 points and leading the second-ranked Gree Electric Appliances (11.378) by 3 points, thanks to its advantages in drafting national standards and patent applications. As a leading home appliance manufacturer, Midea places significant emphasis on technological accumulation. Safety incidents occurring throughout 2025 have cast Xiaomi’s automotive venture in a mixed light, introducing uncertainty to next year’s rankings. Two “Apple supply chain” manufacturers—Foxconn Industrial Internet and Luxshare Precision—demonstrated relatively stable performance. High-end manufacturing is both technology- and labor-intensive, relying heavily on significant manpower costs. In 2024, Foxconn’s R&D personnel increased by 5.93% year-on-year to 33,700, ranking first on the list. Luxshare Precision employed 22,600 R&D staff, with a growth rate (18.47%) second only to Xiaomi. Delta Electronics and TCL Technology experienced a “one in, one out” scenario, climbing from 11th to 10th and slipping from 8th to 11th respectively. Comparing the two, Delta Electronics saw year-on-year growth in both R&D investment and personnel, while TCL Technology’s figures declined. Additionally, TCL Technology’s operational metrics deteriorated, notably with net profit turning negative, primarily due to its new energy photovoltaic business segment facing an industry downturn.
In the 2025 Automotive Manufacturing Top 10, BYD retained its top position, largely due to its all-in commitment to new energy vehicles. In 2024, China’s new energy vehicle sales grew by 35.5% year-on-year, surpassing the 10-million-unit milestone for the first time to reach 12.866 million units. BYD alone accounted for one-third of this total, with its vehicle sales increasing by 41.26% to 4.2721 million units during the period.
Translated with DeepL.com (free version)
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