Summary of Key Points
In 2025, the inclusion of data assets in financial statements by Chinese companies revealed a pattern of differentiated growth among A-share listed firms and slower growth among unlisted enterprises: The number and value of data assets recognized on A-share markets increased, with the main board leading the trend while the Science and Technology Innovation (STAR) Board and the Beijing Stock Exchange lagging behind. Although the number of unlisted companies incorporating data assets also rose, the growth rate slowed down. The industries covered expanded to 15 sectors, but the majority of the value was concentrated in the information transmission industry. Data exchanges shifted from focusing on expanding their scale to becoming centers for compliant data transactions. Meanwhile, the global data trading market is entering a phase of simultaneous acceleration in infrastructure (computing power and storage) development and regulatory standardization.
Detailed Analysis
1. A-share Data Inclusion: Rapid Growth with Uneven Distribution
In 2025, 136 A-share companies recognized data as assets, a 36% increase from 2024, with the total value reaching 3.786 billion yuan, up 74.95%. However, there were significant differences across sectors:
- Main Board Dominance: 107 companies included data assets, accounting for 78.6% of the total; approximately 3.35 out of every 100 main board companies did so.
- STAR Board and Beijing Stock Exchange: Only 7 companies on the STAR Board (1.15%) and 2 on the Beijing Stock Exchange (0.65%) included data assets.
The report suggests that while technology companies have ample data, they are hesitant to include it in their financial statements due to uncertainties regarding how to quantify its value and prove ownership.
2. Unlisted Companies: Slowing Growth Rate
Although the number of unlisted companies incorporating data assets increased to 417, the growth rate slowed significantly. Two main reasons were identified:
- Lack of Financing: Companies can use data for financing (e.g., through pledged loans) only after they have included it in their financial statements, but the financing process lags behind the data inclusion, discouraging further participation.
- Increased Compliance Requirements: The compliance standards have become more stringent, requiring legal data sources and detailed disclosures, making unlisted companies more cautious about incorporating data assets.
Despite this, technology companies accounted for a high proportion of unlisted entities (34.5%), indicating their interest in turning data into valuable assets.
3. Industry Distribution
The manufacturing sector had the highest number of companies including data assets, with the information transmission industry generating the largest amount of value:
- Number of Companies: 32 companies in the manufacturing sector, the most common industry for data inclusion (e.g., production and supply chain data). New sectors such as education and water resources were also included, covering a total of 15 industries.
- Value: The information transmission/software industry accounted for 77.92% of the total value, with the three major telecom operators (China Mobile, China Unicom, and China Telecom) contributing 55.46% (2.1 billion yuan).
The high value in the information transmission industry is due to the direct monetization potential of data (e.g., user and traffic data), whereas manufacturing data is primarily used for operational support and currently less valuable.
4. Data Exchanges: Transitioning from Volume to Quality
In 2025, there were 46 data exchanges nationwide, covering 21 provinces and cities. Significant changes occurred:
- Exchanges no longer focus solely on transaction volume but aim to become safe and compliant hubs for data transactions, ensuring privacy protection and legal data sources.
- Both the volume and variety of data transactions have increased, with a focus on critical sectors (e.g., finance and healthcare) for more concentrated data exchanges.
In essence, data exchanges have evolved from traditional marketplaces to specialized platforms that ensure quality and security in data transactions.
5. Global Market: Simultaneous Acceleration in Infrastructure and Regulation
2026 will see a period of accelerated growth in global data trading:
- Infrastructure: The industrialization of AI requires massive amounts of data, leading to expanded data centers and increased computing power for processing.
- Regulation: Countries are formulating laws governing data transactions, making the regulatory framework more comprehensive.
This indicates that the foundations and rules for global data trading are being established, paving the way for a more standardized market in the future.
In Summary
The inclusion of data assets in financial statements is moving from a novelty to a standardized practice. The A-share main board and the information transmission industry are leading this trend, while technology companies and unlisted firms are still working on resolving challenges related to data ownership and valuation. The global market is preparing for a surge in data transactions. Essentially, data is becoming an important asset for businesses, similar to land and machinery, but its full potential remains to be realized over time.