The Zhitong Finance App learned that on July 21, the 2026 “Fortune” China Top 500 ranking was released. State Grid Corporation topped the list with revenue of 555.37 billion US dollars. CNPC and Sinopec ranked second and third, while China Construction Group ranked fourth. Apple's largest foundry company Hon Hai Precision ranked fifth, up 1 place from last year. The Industrial and Commercial Bank of China ranked sixth. JD Group (09618) became the only mainland private enterprise in the top ten this year, ranking 9th, up 2 places from last year, and is still the highest ranked mainland private enterprise.
The total revenue of the 500 Chinese companies on the list this year reached 14.26 trillion US dollars in 2025, an increase of about 0.3% compared with the companies listed last year; net profit reached 794.9 billion US dollars, an increase of about 5% over the previous year. The annual revenue threshold for companies on the list this year is about US$3.54 billion. In US dollars, China's total GDP reached 19.63 trillion US dollars in 2025, and the total revenue of the 500 companies on this year's list is close to three-quarters of China's GDP in that year.
Thanks to the rise in the precious metals market, Hunan Gold became the company with the biggest jump in ranking in this year's list, rising 155 places from last year. Despite increasingly intense competition, the NEV industry and related industrial chains have continued their growth trend, and the rankings of Zero Run Technology, China Airlines, and Xiaopeng Group have also risen sharply, rising 151, 125 and 113 places respectively. All three companies are from the vehicle and parts industry.
The revenue scale of several leading Internet companies in China continues to grow: JD ranked 9th, up 2 places from last year; Alibaba ranked 15th, up 3 places from last year; Tencent ranked 27th, up 5 places from last year; Pinduoduo ranked 65th, up 5 places from last year; Meituan ranked 76th, up 4 places from last year.
Among the ten most profitable companies on the list, in addition to the five commercial banks, CNPC, and China Mobile, there are three private enterprises in the top ten profit rankings this year: TSMC, Tencent, and Ping An of China. Among them, TSMC topped the profit list with net profit of 54.488 billion US dollars, and net profit increased 51% year on year; Tencent's net profit in 2025 increased by about 16% year on year, ranking 6th in the profit list with net profit of over 31.2 billion US dollars; and Ping An of China's net profit in 2025 exceeded 18.7 billion US dollars, ranking 9th in the profit list. The total profit of these ten companies last year was about 334.1 billion US dollars, accounting for about 42% of the total profit of the listed companies.
In the profit margin list, Hong Kong Exchanges and Clearing Limited topped the list with a profit margin of 60.9%. Ctrip Group ranked second in the profit margin list, with a profit margin of over 53%. The company is also the company with the highest profit margin among the Internet companies on the list. Shimao Group ranked third in the profit margin list, with a profit margin of over 50%.
Among the top ten companies with the highest net profit margins, there are two liquor companies from the beverage industry: Kweichow Moutai and Luzhou Laojiao, ranked fourth and seventh respectively. In the new consumer wave, relying on the growth brought about by popular IPs such as LABUBU, Bubble Mart, which first appeared on the list this year, ranked 10th in the profit margin list, with a net profit margin of over 34%.
In the return on net assets (ROE) list, Fujian Wanchen Food Group Co., Ltd. topped the list with an ROE of over 88%, Bubble Mart ranked second, and the old stores Gold, Weiying, and Haidilao ranked fourth to sixth respectively.