China's Internet Industry Sees Steady Growth in the First Half of 2024, with Continued Increase in R&D Investment

China's Internet Industry Sees Steady Growth in the First Half of 2024, with Continued Increase in R&D InvestmentJuly 31, 2024 - According to CCTV News, the Ministry of Industry and Information Technology (MIIT) recently released the operational data of the internet and related service industries for the first half of 2024. Data shows that in the first half of the year, China's large-scale internet and related service enterprises achieved internet business revenue of 867

China's Internet Industry Sees Steady Growth in the First Half of 2024, with Continued Increase in R&D Investment

July 31, 2024 - According to CCTV News, the Ministry of Industry and Information Technology (MIIT) recently released the operational data of the internet and related service industries for the first half of 2024. Data shows that in the first half of the year, China's large-scale internet and related service enterprises achieved internet business revenue of 867.6 billion yuan, a year-on-year increase of 5.6%, with the growth rate rising by 0.6 percentage points compared to the first five months.

Profitability Continues to Improve, R&D Investment Shows Steady Growth

In the first half of the year, China's large-scale internet companies saw a 0.2% year-on-year decrease in operating costs, achieving a total profit of 74.37 billion yuan, a year-on-year increase of 1.9%, with the growth rate increasing by 14.7 percentage points compared to the first five months. This indicates that internet companies, while controlling costs, are gradually improving their profitability.

Furthermore, in the first half of the year, China's large-scale internet companies invested a total of 45.98 billion yuan in R&D, a year-on-year increase of 1.2%, with the growth rate increasing by 0.4 percentage points compared to the first five months. The continued increase in R&D investment indicates that internet companies continue to attach importance to technological innovation and are actively promoting industry development.

Significant Regional Development Differences, Rapid Growth in Some Areas

In the first half of the year, Beijing (growth of 11.4%), Shanghai (decline of 1.7%), Guangdong (growth of 6.6%), Zhejiang (growth of 3.8%), and Tianjin (growth of 8.1%), the top 5 provinces/municipalities in terms of accumulated internet business revenue, achieved a total business revenue of 715.8 billion yuan, a year-on-year increase of 5.7%, accounting for 82.5% of the country's (excluding cross-regional enterprises) internet business revenue.

It's worth noting that 16 provinces (autonomous regions, municipalities) across the country saw a positive growth in internet business revenue, with Gansu and Anhui experiencing a growth rate exceeding 30%. This indicates that while the development of the internet industry exhibits regional differences, some regions are rapidly emerging, leveraging their own advantages.

Summary

Overall, in the first half of 2024, China's internet industry has shown a positive development trend, with steady growth in business revenue, continuous improvement in profitability, and steady growth in R&D investment. In the future, with technological advancements and continuous expansion of application scenarios, the internet industry will continue to maintain healthy development, contributing more to economic and social progress.

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