The latest national survey on private enterprises, conducted by the All-China Federation of Industry and Commerce for the 28th time, drew participation from 6,350 companies with annual revenues exceeding 1 billion yuan in 2025. From this pool, the top 500 by revenue now constitute the 2026 China Private Enterprises 500 Strong list, with JD.com, Alibaba, and Hengli Group securing the top three positions.

Steady Expansion in Overall Scale

In 2025, the 500 leading private firms posted combined revenues of 44.93 trillion yuan, averaging 89.851 billion yuan per company, a 4.35% year-on-year increase. The number of enterprises surpassing 100 billion yuan in revenue reached 110, five more than the previous year, while 12 companies exceeded 500 billion yuan, adding one new entrant. Total assets climbed to 53.74 trillion yuan, with an average of 107.479 billion yuan per firm, reflecting a 5.05% growth. Meanwhile, 99 companies held assets above 100 billion yuan, up two from last year, and 17 firms exceeded 500 billion yuan in assets, one more than before. Additionally, 29 of these 500 enterprises secured spots on this year's Fortune Global 500 list.

Among the 500 firms, 375 reported revenue growth compared with the prior year, including 227 with gains exceeding 5% and 141 with growth above 10%. Within the 110 companies generating over 100 billion yuan in revenue, 59 achieved growth rates beyond 5%, 40 surpassed 10%, and 10 exceeded 20%. On the asset side, 363 companies expanded their asset bases, with 235 posting growth above 5% and 156 exceeding 10%. Of the 99 firms with assets over 100 billion yuan, 45 grew by more than 5%, 33 by more than 10%, and 13 by over 20%.

Improved Profitability and Operational Efficiency

Aggregate net profits for the 500 private enterprises reached 1.83 trillion yuan, averaging 3.652 billion yuan per company, up 1.31% year on year. A total of 77 firms posted net profits exceeding 5 billion yuan, 31 surpassed 10 billion yuan, and 17 exceeded 20 billion yuan. Year-on-year profit growth was recorded at 287 companies, with 205 expanding by over 10% and 158 by more than 20%. Among the 77 firms with profits above 5 billion yuan, 42 saw growth exceeding 10% and 26 surpassed 20%. The average net profit margin stood at 4.06%, while the average return on net assets reached 9.86%.

Industrial Transformation and Quality Enhancement

Secondary industry enterprises account for 74.40% of the 500 firms, with manufacturers making up 70.60%. Manufacturing companies within the group generated 32.22 trillion yuan in revenue, an 8.73% increase, representing 71.72% of the total. Their combined assets rose 11.13% to 27.42 trillion yuan, or 51.02% of the aggregate, while net profits grew 13.43% to 1.09 trillion yuan, comprising 59.58% of the total. R&D spending by these manufacturers grew 11.20% to 0.89 trillion yuan, accounting for 70.80% of the overall R&D investment.

The 500 firms are actively venturing into strategic emerging and future industries. Among the 311 companies that disclosed data, investments have been made in 679 strategic emerging industry projects spanning new materials, new energy, next-generation information technology, and high-end equipment manufacturing. Additionally, 82 firms have initiated 112 future industry projects, including embodied intelligence, hydrogen and fusion energy, and bio-manufacturing.

International expansion continues apace. Export volumes from the 500 firms totaled 1.97 trillion yuan, up 11.25%, representing 7.31% of national exports, an increase of 0.34 percentage points from the prior year. Overseas revenue reached 3.70 trillion yuan, up 11.23%, while year-end overseas assets grew 17.61% to 2.86 trillion yuan. Overseas investments were undertaken by 209 companies, a 3.98% rise.

Vibrant Innovation Momentum

Combined R&D expenditures for the 500 firms reached 1.26 trillion yuan, supported by 1.3449 million R&D personnel and an average R&D intensity of 2.95%. The number of companies with R&D spending above 1 billion yuan, 3 billion yuan, 5 billion yuan, and 10 billion yuan stood at 185, 72, 39, and 21, respectively. R&D staff accounted for more than 3% of total employees at 371 firms and exceeded 10% at 204 firms. Similarly, R&D intensity surpassed 3% at 109 companies and topped 10% at 16 companies.

These enterprises hold 848,700 valid patents, including 733,500 domestic patents. They have led or contributed to the formulation of 11,904 national standards and 8,004 industry standards. Valid domestic trademark registrations reached 215,000, while overseas registrations totaled 57,400, including 13,200 Madrid international trademarks.

Digital and green technologies are being widely adopted. Strategic plans for digital transformation and AI applications have been established by 60.60% of the firms, while 53.20% are advancing smart manufacturing and 50.00% are developing digital products and services. Green transition efforts, including low-carbon technologies, carbon accounting, and green upgrades, have been implemented by 83.40% of companies. During the 14th Five-Year Plan period, 64.40% of the firms reported notable progress in digital transformation, 48.80% in technological breakthroughs, and 45.00% in green low-carbon development.

Significant Social Contributions

The 500 private enterprises paid a total of 1.30 trillion yuan in taxes, with 254 firms contributing over 1 billion yuan, representing 50.80% of the group. Tax payments above 5 billion yuan were recorded at 61 companies, or 12.20%, while 27 firms exceeded 10 billion yuan, accounting for 5.40%. Total employment reached 11.9633 million people, averaging 23,900 employees per company. Employment surpassed 10,000 at 249 firms, or 49.80%, and exceeded 50,000 at 48 firms, or 9.60%. The computer, communication, and other electronic equipment manufacturing sector employed the most people at 1.395 million, comprising 11.66% of the total workforce.

Rural revitalization efforts engaged 66.40% of the firms, helping boost rural industries and farmer incomes, while 59.00% participated in the "10,000 Enterprises Assisting 10,000 Villages" initiative to enhance rural governance and consolidate poverty alleviation achievements. Charitable donations were made by 69.40% of the companies, totaling 9.939 billion yuan.

Strengthened Corporate Governance

Corporate governance continues to improve as the 500 firms build modern enterprise systems with Chinese characteristics. In terms of shareholding structure optimization, 113 companies introduced strategic investors, 75 brought in financial investors, and 69 engaged industrial investors. Internal control and legal affairs departments have been established by 94.80% of firms to boost management efficiency. Democratic management practices include employee directors or supervisors on boards at 50.40% of companies, trade unions at 84.40%, and workers' congresses at 70.00%. Equity incentive or employee stock ownership plans have been adopted by 59.40% of firms. Credit management systems have been developed at 94.60% of companies, while 49.40% engaged credit rating agencies for reports and 55.40% disclosed ESG information in a standardized manner. Tax credit ratings of A and B were held by 76.80% and 11.40% of firms, respectively.

The complete list of the 500 enterprises is available below.