China's private enterprises see steady growth

SHENYANG -- China on Thursday unveiled the latest rankings of its 500 largest private enterprises, with e-commerce giant JD.com claiming the top spot. The released data show that amid complex economic conditions, the Chinese private sector is leveraging innovation-driven strategies to demonstrate robust resilience and vitality, achieving steady growth.

The list, compiled by the All-China Federation of Industry and Commerce (ACFIC), was released at the 2025 China Top 500 Private Enterprises Summit in Shenyang, capital of Northeast Liaoning province.

JD.com, Alibaba (China) Co Ltd and Hengli Group Co Ltd retained the top three positions on the list for the fourth consecutive year.

This is the 27th survey of large-scale private enterprises organized by the ACFIC. A total of 6,379 enterprises with an operating revenue exceeding 1 billion yuan ($140.72 million) each in 2024 participated in the survey this year. The ACFIC has released the top 500 list according to their operating revenues.

According to the survey, the entry threshold in terms of operating revenue for China's top 500 private enterprises rose to around 27 billion yuan in 2024, with their total operating revenue reaching 43.05 trillion yuan, reflecting continued growth in overall scale.

Among them, JD.com reported annual revenue of approximately 1.16 trillion yuan, becoming the first private company in China to surpass the trillion-yuan mark.

"Despite the challenging economic situation, our company has achieved steady revenue growth," said Jin Weidong, chairman of Wellhope Foods Co Ltd, at the summit. His firm has been consistently listed among China's top 500 private enterprises for multiple years.

The globally influential agricultural and animal husbandry company registered 74.3 billion yuan in operating revenue last year, marking an increase of over 4 billion yuan compared to the previous year. This achievement elevated its ranking from 162nd to 144th place.

The operational efficiency of the top 500 enterprises has continued to improve, with 361 companies reporting year-on-year revenue growth last year. Specifically, 237 enterprises recorded growth rates exceeding 5 percent, with 161 of them demonstrating growth of over 10 percent.

The combined net profit of the top 500 reached 1.8 trillion yuan, averaging about 3.6 billion yuan per company, a 6.48 percent increase from the previous year, according to the ACFIC.

"These figures fully demonstrate that China's private enterprises possess strong risk resilience and adaptive capacity, providing substantial support for the stable growth of the country's economy," said Li Zheng, dean of the School of Economics at Liaoning University.

A report released by the ACFIC at the summit highlights a series of impressive data points that outline the trajectory of innovation and breakthrough in China's private sector -- the top 500 private firms invested a total of 1.13 trillion yuan in R&D expenditures, employed over 1.15 million R&D personnel, and collectively held 721,600 valid patents, up 8.23 percent year-on-year.

Of the top 500, 171 companies invested over 1 billion yuan in R&D, with 19 enterprises exceeding 10 billion yuan in R&D expenditure. These firms span six strategic sectors including electronic information and automobile manufacturing.

Tencent's sustained advancements in cloud computing and artificial intelligence, alongside Huawei's substantial investments in 5G communication technology, have become exemplary models of industry innovation, the report said.

The top 500 are proactively accelerating their transition towards digitalization and green development, while actively expanding into strategic emerging industries. The report showed that a total of 64.2 percent of these enterprises have formulated strategic plans for digital transformation, while 83 percent are advancing green and low-carbon transition initiatives.

Additionally, 309 companies have made investments in 627 strategic emerging industry projects, covering key sectors including new materials, new energy, next-generation information technology, high-end equipment manufacturing, new energy vehicles, and energy conservation and environmental protection.

"We have always adhered to integrating innovation into all areas and the entire process of the company's development," said Liao Mengyuan, director of the strategic development department at Kingfa Sci & Tech Co Ltd, a supplier of advanced materials in China, ranking 200th on the top 500 list.

Liao revealed that the company's sales of modified plastics hit a new record this year, with all core products in the new materials segment achieving rapid growth across the board.

During the 14th Five-Year Plan period (2021-2025), the innovation capacity of China's private sector has continued to rise, with private enterprises representing over 92 percent of the firms recognized as national high-tech enterprises.

"Developing new quality productive forces presents vast opportunities for China's private sector," said Song Zhiping, president of the China Association for Public Companies.

"As a series of pragmatic measures are implemented thoroughly, they will continuously stimulate the innovation and creativity of private enterprises, injecting robust momentum into the high-quality development of the country's economy," Song said.

The top 500 private firms have also exhibited remarkable resilience in their overseas operations. Their total exports amounted to 1.77 trillion yuan, a year-on-year increase of 5.17 percent, while overseas revenues totaled 3.19 trillion yuan, up 14.74 percent from the previous year.

Jiangsu Shagang Group, a global leading steel material manufacturer, ranked 22nd on this year's list of China's top 500 private enterprises. Gong Sheng, president of the group, said that the company has established stable cooperation with 35 countries participating in the Belt and Road Initiative.

"These top 500 firms' endeavors in innovation and internationalization indicate the continuously enhanced competitiveness and expanding global perspective of China's private sector, contributing to the elevation of the country's economy within the global industrial chain," Li said.