43 companies enter list of innovative SMEs in Shandong

Forty-three companies in the Weihai Torch Hi-tech Science Park – located in Weihai city in Shandong province – have recently been chosen for the 2024 first batch list of innovative small and medium-sized enterprises (SMEs) in Shandong released by the Department of Industry and Information Technology of Shandong Province. The Weihai Torch Hi-tech Science Park now boasts a total of 166 approved innovative SMEs.

These enterprises demonstrate high specialization, robust innovation capabilities and growth potential, forming the foundation of top-tier SMEs. The economic development bureau of the Weihai Torch Hi-tech Science Park actively promotes and identifies such enterprises in accordance with relevant management practices and recognition criteria, following unified directives at the provincial and municipal levels. The chosen firms primarily operate in sectors such as next-generation information technology and high-end equipment, representing 39.5 percent and 25.6 percent, respectively. In 2024, the newly selected firms averaged a research and development investment of 1.918 million yuan ($264,419), with an R&D intensity of 8.1 percent. (Edited by Gao Xin and Du Xiaping)