The All-China Federation of Industry and Commerce (ACFIC) released the 2025 China Top 500 Private Enterprises list, which highlighted the strong growth in scale and steady improvement in quality of China's private sector thanks to the country's robust policy support and high-quality development. The total operating revenue of the Top 500 enterprises reached CNY43.05 trillion. JD.com, Alibaba (China) Co and Hengli Group Co retained the top three positions on the list for the fourth consecutive year. Among them, JD.com reported annual revenue of approximately CNY1.16 trillion, becoming the first private company in China to surpass the trillion-yuan mark.
The ACFIC conducted the 27th survey of large-scale private enterprises, with 6,379 enterprises having operating revenues exceeding CNY1 billion in 2024 participating. Among them, the top 500 enterprises by operating revenue were listed as the top 500 private enterprises.
The report showed that there were 105 enterprises with total revenue exceeding CNY100 billion and 11 enterprises with revenue surpassing CNY500 billion. Additionally, 29 private enterprises on the list were included in this year's Fortune Global 500 list. The top 500 private enterprises have actively expanded into strategic emerging industries, with 309 participating enterprises investing in 627 projects, covering key sub-sectors such as new materials, new energy, next-generation information technology, high-end equipment manufacturing, new-energy vehicles, and energy conservation and environmental protection, according to the ACFIC.
These enterprises are also accelerating their digital and green transformation. The survey showed that 64.2% of them have formulated digital transformation plans, 60.2% have implemented digital transformation at the management level, and 66.8% have achieved cost reduction and efficiency gains through digital transformation. Additionally, 83% of the companies are advancing green and low-carbon transformation, primarily through measures such as adopting green and low-carbon technologies and equipment, implementing “green + intelligent” upgrades, conducting carbon emissions assessments, and promoting green collaborative development across industrial chains, the ACFIC report showed.
The report also highlighted the resilient overseas businesses of China's top private enterprises. The total export value of participating enterprises reached CNY1.77 trillion, a 5.17% increase, with overseas operating revenue totaling CNY3.19 trillion, up 14.74%. The top 500 private enterprises reported a total research and development (R&D) expenditure of CNY1.13 trillion, 1.15 million R&D personnel and an average R&D investment intensity of 2.77%. There were 19 enterprises with R&D expenditures exceeding CNY10 billion, spanning six industries including computers, communications, the internet and automobile manufacturing, the report said. These 500 enterprises employed a total of 11.09 million people, with an average of 22,200 employees per enterprise, the Global Times reports.
