China’s top 500 companies in 2025 report record revenues, stronger profits, and higher R&D investment. The list highlights advanced manufacturing, modern services, and China’s push toward innovation.
On September 15, the China Enterprise Confederation and the China Enterprise Directors Association released the 2025 China Top 500 Enterprises list.
The combined revenue of the 500 companies reached 110.15 trillion yuan (£12.1 trillion), showing strong growth. The entry threshold has risen for 23 consecutive years, now standing at 47.96 billion yuan (£5.3 billion). The list itself has been published for 24 years.
Giants and Rising Profit
267 companies reported revenues over 100 billion yuan (£11 billion).
15 companies passed the one-trillion-yuan (£110 billion) mark.
State Grid led with revenue close to 4 trillion yuan (£440 billion). PetroChina, Sinopec, and China State Construction each exceeded 2 trillion yuan (£220 billion).
The top 500 firms posted 4.71 trillion yuan (£518 billion) in net profits, up 4.39% year on year. Profit margins also improved slightly.
Innovation and New Industries
Investment in research and development hit 1.73 trillion yuan (£190 billion), a record high. R&D intensity reached 1.95%, rising for the eighth year in a row. Companies held more than 2.24 million valid patents, with invention patents making up nearly half.
More firms from advanced manufacturing and modern services entered the list. The auto and auto parts sector added six newcomers. Logistics, supply chain, telecom, and Internet service companies also showed strong performance in innovation.
Balanced Growth and Global Outlook
Revenue growth came from manufacturing (40.48%), services (40.29%), and other industries (19.23%). Total assets reached 460.85 trillion yuan (£50.7 trillion), up 7.46%.
Analysts say the rankings highlight the scale, profitability, and innovation capacity of Chinese enterprises. The rise of advanced manufacturing and digital services points to China’s push toward a more resilient and technology-driven economy.
Additional reporting by HKCNA.
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