On November 25, the Shanghai Advanced Institute of Finance (SAIF) released its "Tracking Report on Chinese Enterprises' Data Asset Recognition Practices" for the first half of 2025, revealing the latest progress in data asset recognition among listed and non-listed companies. The overall growth rate showed signs of slowing down.

For listed companies, based on semi-annual reports disclosed by the end of August 2025, 109 out of over 5,000 A-share listed firms reported data asset recognition, involving a total amount of RMB 2.64 billion. While the scale of recognized data assets continued to grow steadily, the growth rate slowed compared to 2024.

The report noted that the "intangible assets" category remained the primary disclosure method, with 101 companies recording data resources as intangible assets (RMB 1.706 billion), mostly amortized using the straight-line method over 3–5 years.

Sector-wise, listed Financial Institutions (金融机构) saw a notable 33% increase in recognition compared to the end of 2024, totaling RMB 54 million, primarily from banks and securities firms. Meanwhile, the three major telecom operators contributed significantly, accounting for RMB 1.6 billion (60.7% of the total market). Data asset recognition has now expanded to 25 provincial-level regions, with increasing participation from high-market-cap and state-owned enterprises, which surpassed private firms in adoption.

Among non-listed companies, an incomplete survey identified 375 firms disclosing data asset recognition by September 30, securing financing (including bank credit and equity valuation) worth RMB 1.899 billion. Progress remained steady but decelerated.

The report highlighted that as industries transition from isolated pilot projects to broader implementation, enterprises face greater challenges, leading to more cautious disclosure practices.

Local state-owned enterprises (SOEs), including urban investment firms, dominated non-listed adoption (310 firms, 82.67%), raising RMB 1.71 billion. Key sectors included IT, business services, and transportation, with transport, government, and utility data being the top recognized assets. Twenty-seven provincial regions reported breakthroughs, led by Shandong and Jiangsu. Tech firms also stood out, comprising 82.13% of adopters.