The latest rankings of China's 500 largest private enterprises were announced, with leading tech giants including Alibaba, Huawei, and BYD retaining top positions on the list. The list shows that amid complex economic conditions, China's private sector is leveraging innovation-driven strategies to demonstrate resilience and vitality, achieving steady growth. The list, compiled by the All-China Federation of Industry and Commerce (ACFIC), showed that 6,350 enterprises with operating revenue exceeding CNY1 billion each in 2025 participated in this year's survey. The top 500 were ranked by operating revenue. The total operating revenue of China's top 500 private enterprises reached CNY44.93 trillion, up 4.35% year-on-year. Their total net profit rose by 1.31% to CNY1.83 trillion.
Compared with last year's list, the most notable change is the continued optimization of the industrial structure, with the growing weight of enterprises in the real economy, high-end manufacturing, and artificial intelligence (AI)-related sectors, Beijing-based Economist Tian Yun, told the Global Times. The list shows that high-end manufacturers continue to expand in scale, with companies such as BYD and CATL remaining among the top ranks. AI is now expanding into the real economy, with a growing number of related firms making the list, Tian said. Among the top 500 private companies, manufacturing enterprises reported a combined operating revenue of CNY32.22 trillion, up 8.73% year-on-year, accounting for 71.72% of the total. These companies are actively expanding into strategic emerging industries and industries of the future. A total of 311 companies have invested in 679 projects in strategic emerging industries, spanning sectors including new materials, new energy, and next-generation information technology. Meanwhile, 82 companies have launched 112 projects in industries of the future, covering areas including embodied intelligence, hydrogen energy and nuclear fusion energy, and biomanufacturing, according to the survey. “In addition, the list shows that not only have many Chinese private enterprises continued to expand in scale, but some have also broken into the Global 500, underscoring the resilience and international competitiveness of China's private economy,” the expert said.
The survey showed that the top 500 enterprises reported combined overseas operating revenue of CNY3.70 trillion, up 11.23% year-on-year, and 209 made overseas investments, up 3.98% year-on-year. “Another distinct feature is the continuous rise in research and development (R&D) intensity among private enterprises, which are increasingly demonstrating their crucial role in cultivating and strengthening new quality productive forces,” Wan Zhe, Professor at Beijing Normal University, told the Global Times. The survey showed that 60.6% of these enterprises have formulated strategic plans for digital transformation, while 83.4% are advancing green and low-carbon transition initiatives. Additionally, the top 500 reported combined R&D spending of CNY1.26 trillion. Private enterprises offer a micro-level window into China's macroeconomy, while these new trends showcase the transition toward an economy driven by manufacturing upgrading and tech innovation, Wan said.
