Changan Automobile (000625.SZ) R&D Input-Output Efficiency Analysis Report

Based on the comprehensive data collection and analysis above, I provide you with an in-depth investment research report on

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Changan Automobile has continued to increase R&D investment in recent years, showing a high-growth trend [0][1]:

Indicator	2020	2022	2023	2024	H1 2025
R&D Investment (CNY 100 million)	38.95	56.11	91.63	151.0	32.84
YoY Growth Rate (%)	5.6	16.2	63.3	64.8	12.76
R&D as a % of Revenue (%)	4.8	5.0	5.5	5.5	4.5
R&D Personnel (10,000 people)	1.38	1.52	1.65	1.80	1.80

• The CAGR of R&D investment from 2020 to 2024 reached 40.3%
  , with the investment scale increasing by 287.7%
• Cumulative R&D investment over the past decade exceeded
  CNY 110 billion
  [1][2]
• Planned R&D investment of
  CNY 200 billion
  in the next decade, with an additional 10,000-person R&D team [1][2]

Changan Automobile’s R&D investment as a percentage of revenue increased from 4.8% in 2020 to 5.5% in 2024, higher than the industry average (~4.5%), ranking at the

[0][3].

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Year	Per Capita R&D Investment (CNY 10,000)	Industry Average (CNY 10,000)	Difference
2020	28.2	~35	-19.4%
2024	83.9	~45	+86.4%

Changan Automobile’s per capita R&D investment increased from CNY 282,000 in 2020 to CNY 839,000 in 2024, with a growth rate of , significantly higher than the industry average, indicating that the company is adopting a high-density R&D investment strategy [0].

Year	New Patents (Units)	Output per CNY 100 Million R&D Investment (Units)
2023	5,739	62.6
2024	6,000+	~40

In 2023, an average of , and the patent output efficiency ranks among the top in the industry [3].

Year	Net Profit (CNY 100 million)	R&D Input-Output Ratio (Net Profit/R&D)
2020	35.5	0.91
2022	14.8	0.26
2023	113.3	1.24
2024	74.6	0.49

The R&D input-output ratio reached 1.24 in 2023, indicating that every 1 yuan of R&D investment can generate 1.24 yuan of net profit; however, affected by industry price wars, this indicator fell back to 0.49 in 2024 [0]. The financial return of R&D investment has the .

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Enterprise	R&D Investment (CNY 100 million)	Ranking	R&D as a % of Revenue (%)
BYD	395.2	1	6.6
SAIC Motor	209.2	2	4.3
NIO Inc.	149.1	3	22.1
Changan Automobile	151.0	4	5.5
Geely Automobile	141.3	5	8.7
Li Auto Inc.	105.6	6	14.1
Great Wall Motor	110.5	7	5.1

Changan Automobile ranks 4th in R&D investment scale among traditional automakers, but its per capita investment (CNY 839,000) is significantly higher than that of peers such as BYD (CNY 384,000) and Geely (CNY 329,000) [0].

Enterprise	Per Capita R&D Investment (CNY 10,000)
Li Auto Inc.	203.1
NIO Inc.	135.5
Changan Automobile	83.9
SAIC Motor	63.4
GAC Group	43.2
Great Wall Motor	33.9
Geely Automobile	32.9
BYD	38.4

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• Golden Bell Battery
  : Equipped in over 1 million new energy vehicles since 2020,
  zero fire record
  [1][3]
• New Blue Whale Hybrid Engine
  : Thermal efficiency reaches 44.28%, 1L of gasoline generates 3.63 kWh of electricity, leading in the industry [3]
• Solid-State Battery
  : Functional prototype vehicle is expected to debut by the end of 2025, with mass production in 2027 [2]

• SDA Platform Architecture
  : Central computing + regional ring network architecture, leading in the industry [1][3]
• Tianshu Intelligent Driving
  : L3-level autonomous driving capability,
  obtained the first batch of L3 access permits
  [4]
• Tianshu Large Model
  : Independently developed AI large model
• Comprehensive cooperation with Huawei to jointly build a full-domain 5G digital intelligent factory [1][2]

Time	Milestone Event
2017	Launched R&D of L3 autonomous driving capability
2021	L3 technology began to be applied in the Deep Blue brand
June 2024	One of the first batch of pilot enterprises for L3-level autonomous driving access and road access
November 2024	The first enterprise to enter product testing and safety assessment
December 2024	Deep Blue SL03 obtained the first batch of L3 access permits [4]

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1. Continuous increase in investment intensity
   : R&D investment CAGR reached 40.3%, with R&D as a percentage of revenue increasing from 4.8% to 5.5%
2. High-efficiency patent output
   : 16 patents produced per day in 2023, strong technology conversion capability
3. Significant technological achievements
   : Breakthroughs in core technologies such as Golden Bell Battery and L3 autonomous driving
4. Strong talent reserve
   : 18,000-person R&D team covering 31 countries and regions
5. Leading per capita investment
   : Per capita R&D investment of CNY 839,000, ranking among the top in the industry

1. Fluctuations in financial returns
   : R&D input-output ratio dropped to 0.49 in 2024, affected by industry price wars
2. Organizational efficiency to be optimized
   : The R&D system involves 17 technology companies, with high integration difficulty [2]
3. Short-term performance pressure
   : H1 2025 revenue decreased by 5.25% YoY, and net profit decreased by 19.09% YoY [1]
4. Long input-output cycle
   : It takes 2-3 years for R&D investment to be converted into product monetization

Dimension	Score	Explanation
Investment Scale	8.5	CNY 15.1 billion investment, 4th among traditional automakers
Investment Intensity	7.5	5.5% ratio, higher than industry average
Per Capita Efficiency	8.0	Per capita investment of CNY 839,000, leading in the industry
Patent Output	8.5	16 patents per day, high-efficiency output
Technology Conversion	7.5	Breakthroughs such as L3 access and solid-state batteries
Financial Returns	5.5	Short-term returns affected by price wars
Overall	7.6	Excellent level

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Changan Automobile’s R&D input-output efficiency is at the

, with the following characteristics:

• High investment
  : Cumulative investment of over CNY 110 billion in the past decade, planned investment of CNY 200 billion in the next decade
• High output
  : High-efficiency patent output (16 patents per day), core technological breakthroughs (L3 access, solid-state batteries)
• High efficiency
  : Per capita R&D investment of CNY 839,000, significantly higher than industry average
• High risk
  : Short-term financial returns affected by industry price wars, long-term value to be unlocked

R&D investment continues to increase, but industry price wars persist, putting pressure on profits. Focus on marginal improvements in volume growth and price stability.

Technological dividends such as mass production of solid-state batteries (2027), L3 commercialization (2026), and flight vehicle rollout (2028) will be unlocked, and R&D investment is expected to be converted into performance growth.

In the second half of the intelligent competition, the technological advantages accumulated through R&D investment will become core competitiveness. We are optimistic about Changan’s development prospects in the new energy intelligent connected vehicle sector.

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[0] Jinling AI Financial Database - Changan Automobile (000625.SZ) Financial and Market Data

[1] Wall Street CN - “New Central Enterprise Changan Releases Half-Year Report: What’s Its Quality?” (https://wallstreetcn.com/articles/3754084)

[2] Sina Finance - “Changan Automobile Spins Off Software Company: How to Integrate Hundreds of Billions of R&D Investment” (https://finance.sina.com.cn/stock/t/2025-06-24/doc-infccqhs9287361.shtml)

[3] Xinhua News - “Steady Transformation and Leap Forward: Changan Automobile Strives to Create a New Situation of High-Quality Development” (http://www.news.cn/auto/20240510/f0141eea2ee64bb28aec987d87cc0142/c.html)

[4] Securities Times - “Obtaining L3-level Autonomous Driving Access Permit, Changan Automobile Receives Research from Over 200 Institutions” (https://www.stcn.com/article/detail/3549447.html)

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