The Hurun Research Institute released the "2025 Hurun China 500" list on February 5th, revealing that TSMC's value increased by 3.5 trillion yuan, securing its position as China's most valuable private enterprise for another year with a total valuation of 10.5 trillion yuan. Tencent's value grew by 1.9 trillion yuan, firmly holding the second spot with 5.3 trillion yuan. ByteDance's value rose by 1.8 trillion yuan, maintaining its third-place ranking with 3.4 trillion yuan. Xiaomi entered the top ten for the first time, with its value surging by 357 billion yuan to reach 1 trillion yuan, landing it in eighth place. Meituan dropped out of the top ten, falling to 17th position.
Value creation is increasingly concentrated among the leading enterprises. The combined value of the top ten companies on this year's list accounts for 38% of the total list value (a 4 percentage point increase from the previous year), reaching 29 trillion yuan, which represents a 10 trillion yuan growth compared to the total value of last year's top ten.
In terms of geographical distribution, Shenzhen hosts the highest number of headquarters for listed companies, with a total of four; Beijing follows with two.
A total of 386 companies on the list saw their value increase compared to the previous year, including 95 new entrants. Companies experiencing significant growth were primarily from the industrial products, semiconductor, and life sciences sectors.
In absolute terms of value increase, TSMC recorded the largest growth over the past year, with its value rising by 3.5 trillion yuan, mainly driven by robust artificial intelligence demand, advanced process technology, and a solid market position. Tencent followed, with a value increase of 1.9 trillion yuan, largely attributable to outstanding performance in its three core businesses—gaming, advertising, and fintech—which propelled the company's overall results. ByteDance ranked third, with its value growing by 1.8 trillion yuan, benefiting from progress in its AI business that continued to drive up its valuation.
Alibaba's value increased by 1.2 trillion yuan, primarily due to rapid growth from strategic investments in artificial intelligence and cloud computing, coupled with a stabilization and recovery of its traditional e-commerce foundation.
Contemporary Amperex Technology Co. Limited (CATL) saw its value grow by 690 billion yuan, largely thanks to sustained demand growth in the new energy vehicle market. In May 2025, CATL completed a secondary listing on the Hong Kong Stock Exchange, raising over 32.5 billion yuan, making it the largest IPO on the Hong Kong stock market in 2025.
Cambricon, often referred to as "China's Nvidia," experienced a value increase of 370 billion yuan, primarily fueled by explosive performance growth driven by AI computing demand and market expectations for domestically produced AI chips.
Xiaomi's value grew by 357 billion yuan, mainly attributable to the explosive growth of its automotive business and a profitability leap resulting from breakthroughs in its high-end smartphone segment.
Zhongji Innolight, headquartered in Yantai, saw its value increase by 356 billion yuan. As a leading global supplier of data center optical modules, it benefited from growing market demand, leading to higher volumes and prices for its premium products and continuous improvement in profitability.
Delta Electronics' value rose by 306 billion yuan, with AI server power supplies becoming a core growth driver that enhanced its profitability.
NetEase's value increased by 238 billion yuan, driven by rapid growth in its gaming business fueled by both domestic and international markets, along with performance and profits consistently exceeding expectations.
In terms of percentage value increase, the companies with the largest gains were Victory Giant Technology, LAOPU GOLD, and Eoptolink Technology.
Victory Giant Technology, headquartered in Huizhou, saw its value increase more than fivefold. As a printed circuit board supplier deeply integrated with leading clients like Nvidia, coupled with the release of global production capacity and better-than-expected performance, multiple core advantages jointly propelled its substantial value appreciation.
LAOPU GOLD's value grew by over two times, as rising gold prices stimulated both consumer and investment demand for gold. The company has established itself as a Chinese luxury gold brand, becoming a benchmark enterprise in the industry.
Eoptolink Technology Inc., Ltd., a communication equipment company based in Chengdu, experienced a value surge of over two times, primarily due to its geometric performance growth. Similarly, the Shenzhen-based semiconductor firm Longsys saw its value more than double, benefiting from the dividend of exploding AI memory demand and significant achievements in technological R&D. Taiwan-based substrate supplier Tripod Technology also saw its value increase by over two times, mainly driven by a surge in demand for high-end copper-clad laminates and its consistently exceeding growth expectations.
SZ DJI Technology Co., Ltd. (DJI), headquartered in Shenzhen, doubled its value, attributed to its solid position in the consumer drone market, sustained growth in overseas markets, and the expansion of application scenarios propelled by policy benefits in the low-altitude economy. Pop Mart International Group Limited's value increased by nearly two times, with its core competitiveness lying in unique IP storytelling and successful brand operations, supplemented by excellent performance in overseas markets driving overall growth.
China Hongqiao Group Limited, based in Binzhou, Shandong, saw its value rise by nearly two times, benefiting from an upward cycle in the aluminum industry that triggered an earnings explosion.
The value of 102 companies declined compared to the previous year.
In terms of the absolute amount of value decrease, Meituan experienced the largest drop over the past year, with its value falling by 394 billion yuan, primarily due to a subsidies war in food delivery squeezing core profits, leading to a shift from profit to loss. Shein followed, with a value decrease of 95 billion yuan, mainly resulting from impacts from overseas market policies, intensified industry competition, and a decline in its own profitability. Mindray Bio-Medical Electronics Co., Ltd. ranked third, declining by 76 billion yuan, due to a performance slump in the first three quarters of 2025, setbacks in core businesses, and dual impacts from industry policies and changes in hospital business models.
JD.com's value decreased by 48 billion yuan, owing to sluggish growth in its core e-commerce business and losses in new ventures such as food delivery and ride-hailing.
Foshan Haitian Flavouring & Food Company Ltd. saw its value drop by 33 billion yuan, primarily because of intensified industry competition and cost increases squeezing profits.
Great Wall Motor Company Limited's value fell by 33 billion yuan, due to delays in its new energy transition, heightened industry competition, and declining profitability.
E Ink Holdings Inc. experienced a value decrease of 27.5 billion yuan, related to short-term pressures from capacity expansion and R&D investments.
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