China’s largest 500 private companies of 2025 are led by e-commerce giant JD.com, with the full list showing strong growth, innovation, and global expansion.
China unveiled its 2025 ranking of the 500 largest private enterprises, highlighting the strength and resilience of its private sector. E-commerce giant JD.com leads the list, followed by Alibaba and Hengli Group, marking the fourth consecutive year these companies occupy the top 3 positions. The ranking was released at the China Top 500 Private Enterprises Summit in Shenyang, Liaoning province, by the All-China Federation of Industry and Commerce (ACFIC).
JD.com reported annual revenue of approximately ¥1.16 trillion (approximately £120.5 billion), taking the top spot and becoming the first private company in China to surpass the trillion-yuan mark.
This is the 27th large-scale survey of private enterprises organised by ACFIC. A total of 6,379 companies with annual revenue exceeding ¥1 billion (approximately £104 million) in 2024 participated. The top 500 companies were selected based on their operating revenue.
The entry threshold for the top 500 rose to around ¥27 billion (approximately £2.81 billion) in 2024. The total operating revenue of the top 500 reached ¥43.05 trillion (approximately £4.47 trillion). Operational efficiency has also improved, with 361 companies reporting year-on-year revenue growth. The combined net profit reached ¥1.8 trillion (approximately £187.0 billion), averaging about ¥3.6 billion (approximately £374 million) per company, up 6.48% from the previous year, and together showing continued growth and strength for China’s top private companies.
Innovation and Global Expansion
The top 500 companies invested heavily in research and development. Total R&D spending reached ¥1.13 trillion (approximately £117.3 billion), employing 1.15 million staff. Average R&D intensity was 2.77%.
In addition, Huawei is the top R&D investor among the private 500. It spent approximately ¥969.5 billion (about £101 billion) in the first half of 2025. The company holds over 150,000 active patents worldwide. Huawei is advancing in foldable smartphones, automotive technology, and its HarmonyOS ecosystem.
These companies hold 721,600 active patents, representing an 8.23% increase from last year, with domestic patents growing by 12.42%. The top 10 R&D spenders include Huawei, Tencent, Alibaba, BYD, Geely, Xiaomi, Ant Group, Baidu, Meituan, and CATL.
Strategic emerging industries are a focus. Among 309 reporting companies, 627 projects are underway in new materials, renewable energy, next-generation IT, high-end equipment, new energy vehicles, and environmental protection.
Exports from the top 500 reached ¥1.77 trillion (approximately £183.9 billion), up 5.17%, while overseas revenue totalled ¥3.19 trillion (approximately £331.2 billion), up 14.74%. Private companies accounted for 57.1% of China’s total imports and exports in the first seven months of 2025, with 54.3% of exports going to Belt and Road countries.
Many firms are moving from contract manufacturing to global brands. For example, Chinese new energy vehicle makers are building factories in Europe. Companies are also localising operations and establishing overseas R&D and supply chains.
Most top 500 companies have diversified ownership and established supervisory boards, as well as legal and audit departments. Over 50% report ESG (environmental, social, and governance) information. Experts say strong governance supports competitiveness and long-term growth.
Additional reporting by Xinhua, CNS, HKCNA.
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