dexinwin China’s private enterprises continue to demonstrate resilience and vitality, with the country’s top 500 private companies recording steady growth in revenue, profitability, technological innovation and industrial transformation.
On September 22, the All-China Federation of Industry and Commerce released the 2026 China Top 500 Private Enterprises list and a related research report in Tianjin. The findings show that in 2025, the combined operating revenue of the top 500 private enterprises reached 44.93 trillion yuan, with average revenue per company rising 4.35 percent year on year to 89.851 billion yuan. Combined net profits reached 1.83 trillion yuan, up 1.31 percent. The number of companies with annual revenue exceeding 100 billion yuan rose to 110, five more than the previous year. JD.com, Alibaba China and Hengli Group ranked among the top three.
The growth has been accompanied by continued industrial upgrading. Secondary-industry companies accounted for 74.40 percent of the top 500, while manufacturing companies accounted for 70.60 percent. Manufacturing enterprises generated combined revenue of 32.22 trillion yuan, an increase of 8.73 percent year on year, while their combined net profits rose 13.43 percent to 1.09 trillion yuan. The figures highlight the continued importance of manufacturing and the real economy in the development of China’s private sector.
Innovation has also become a major source of competitiveness. In 2025, the top 500 private enterprises that submitted data reported total research and development spending of 1.26 trillion yuan, with 1.3449 million R&D personnel. Their average R&D intensity reached 2.95 percent. The companies collectively held 848,700 valid patents and participated in the formulation of 11,904 national standards and 8,004 industry standards.
Private enterprises are also expanding into emerging and future industries. According to the report, 311 companies among those submitting information had invested in 679 strategic emerging-industry projects, covering areas such as new materials, new energy, next-generation information technology and advanced equipment manufacturing. Another 82 companies had entered 112 future-industry projects, including embodied intelligence, hydrogen energy, nuclear fusion and biomanufacturing.
International expansion is another notable feature of the latest data. The reporting companies recorded combined exports of 1.97 trillion yuan in 2025, up 11.25 percent year on year, while overseas operating revenue reached 3.70 trillion yuan, an increase of 11.23 percent. A total of 209 companies had made overseas investments, indicating continued expansion of private enterprises in global markets.
Digitalization and green transformation are also reshaping the way private companies operate. More enterprises are integrating artificial intelligence and digital technologies into manufacturing, management and services, while green technologies and intelligent upgrades are being used to improve efficiency and reduce resource consumption.
The latest performance of China’s top 500 private enterprises provides a window into the broader evolution of the private economy. Amid a complex external environment, companies are seeking new growth drivers through technological innovation, industrial upgrading, market expansion and efficiency improvements.
From expanding scale to strengthening industrial competitiveness, and from upgrading traditional businesses to investing in emerging and future industries, China’s private enterprises are continuing to adjust and evolve. The latest figures suggest that innovation, industrial transformation and international expansion are becoming increasingly important engines for their future development.
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