China’s Top 500 Private Enterprises Report Strong Growth and Rising Innovation in 2026

TIANJIN, China — The All-China Federation of Industry and Commerce (ACFIC) on Tuesday released the 2026 China Top 500 Private Enterprises list and a related research report in Tianjin, highlighting continued improvements in the revenue, profitability, innovation capacity and industrial transformation of China’s leading private companies.

According to the report, the 500 largest private enterprises recorded combined operating revenue of 44.93 trillion yuan ($6.25 trillion) in 2025. The number of companies with annual revenue exceeding 100 billion yuan reached 110.

JD.com, Alibaba (China) Limited and Hengli Group Co., Ltd. ranked among the top three companies on the list.

The ACFIC said this year marked the 28th large-scale private enterprise survey organized by the federation. A total of 6,350 companies with annual revenue of at least 1 billion yuan in 2025 participated in the survey, with the 500 companies reporting the highest revenues making up the 2026 China Top 500 Private Enterprises.

The survey showed that China’s leading private enterprises continued to strengthen their innovation capabilities, improve operating efficiency and enhance core competitiveness in 2025, demonstrating an overall shift toward higher-quality and more innovation-driven development.

Profitability Continues to Improve

In terms of business performance, the 500 leading private enterprises generated combined net profits of 1.83 trillion yuan in 2025, with average net profit per company reaching 3.652 billion yuan, an increase of 1.31 percent year on year.

Among them, 77 companies reported net profits exceeding 5 billion yuan, while 31 companies surpassed 10 billion yuan and 17 companies recorded net profits above 20 billion yuan.

The figures indicate that despite changes in the global economic and business environment, major private enterprises continued to improve their profitability and operational efficiency.

Manufacturing Remains a Major Growth Driver

Industrial transformation was another prominent feature of the development of China’s leading private enterprises.

Manufacturing companies among the top 500 recorded combined operating revenue of 32.22 trillion yuan in 2025, representing an 8.73 percent increase from the previous year.

At the same time, many leading private enterprises accelerated investment in strategic emerging industries and future industries.

According to the survey, 311 participating companies reported investments in a total of 679 strategic emerging industry projects, while another 82 companies had invested in or laid out 112 future-industry projects.

The investments covered emerging areas and reflected the growing efforts of major private enterprises to upgrade their industrial structures and develop new sources of growth.

R&D Investment Remains Strong

Innovation continued to be a major priority for China’s largest private enterprises.

The 500 companies that reported relevant data spent a combined 1.26 trillion yuan on research and development (R&D) in 2025, with average R&D intensity reaching 2.95 percent.

The level of R&D investment highlights the increasing importance of technological innovation in the development strategies of large private enterprises, particularly as companies seek to improve technological capabilities and strengthen their competitiveness in emerging industries.

Greater Contributions to Employment and Society

China’s leading private enterprises also continued to make substantial contributions to employment, taxation and rural development.

The 500 companies paid a combined 1.30 trillion yuan in taxes in 2025 and employed approximately 11.96 million people.

The survey also found that 66.40 percent of the companies actively participated in rural revitalization initiatives, including efforts to develop industries that increase household incomes and create new opportunities for farmers.

In addition, the companies continued to strengthen corporate governance and promote the establishment and improvement of modern enterprise systems with Chinese characteristics, according to the ACFIC.

The latest survey provides a snapshot of the development of China’s largest private enterprises, showing continued expansion in busin