JD.com tops China’s 2026 ranking of the 500 largest private enterprises, followed by Alibaba and Hengli Group, according to an ACFIC survey.
JD.com topped China’s 2026 ranking of the country’s 500 largest private enterprises, with operating revenue of about 1.3 trillion yuan (£145 billion) in 2025, according to China News Service (CNS).
The All-China Federation of Industry and Commerce (ACFIC) released the ranking in Tianjin on September 22. Alibaba (China) Co Ltd and Hengli Group Co Ltd ranked second and third, respectively.
The survey was the ACFIC’s 28th survey of large private enterprises. A total of 6,350 companies with annual operating revenue of at least 10 billion yuan (£1.12 billion) in 2025 took part. The 500 companies with the highest revenue made up this year’s ranking.
Revenue and Profits
According to the report, the combined operating revenue of the 500 companies reached 44.93 trillion yuan (£5.01 trillion) in 2025, up 4.35 per cent from a year earlier.
Their combined net profit rose 1.31 per cent to 1.83 trillion yuan (£204 billion). The companies also paid 1.3 trillion yuan (£145 billion) in taxes.
A total of 254 companies paid more than 10 billion yuan (£1.12 billion) in taxes, accounting for 50.8 per cent of the 500 companies.
Digital and Green Transition
The secondary industry accounted for 74.4 per cent of the companies on the list, while manufacturing companies made up 70.6 per cent.
Meanwhile, 60.6 per cent of the companies had developed strategic plans for digital transformation and artificial intelligence applications. In addition, 83.4 per cent were advancing green and low-carbon transformation.
R&D spending among companies that reported the relevant data reached 1.26 trillion yuan (£141 billion). These companies employed 1.34 million R&D personnel, while their average R&D spending as a share of operating revenue was 2.95 per cent.
Employment and Other Rankings
The 500 companies employed 11.96 million people in total. Furthermore, 66.4 per cent of the companies said they were involved in rural revitalisation, including efforts to develop industries that support rural incomes.
The ACFIC also released rankings of the top 500 private manufacturing companies and the top 100 private service companies.
Hengli Group ranked first among private manufacturing companies for the fifth consecutive year. JD.com topped the private service companies ranking for the sixth consecutive year.
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