The "2025 Hurun China 500" ranking has been released, listing the top 500 non-state-owned enterprises in China. The total value of the companies on the 2025 list increased by 21 trillion yuan (38%) to reach 77 trillion yuan. Taiwan Semiconductor Manufacturing Company (TSMC) saw its value grow by 3.5 trillion yuan, retaining the top position as China's most valuable private enterprise with a value of 10.5 trillion yuan. TENCENT Holdings secured second place with a value of 5.3 trillion yuan after a 1.9 trillion yuan increase, while ByteDance maintained third place with a value of 3.4 trillion yuan following a 1.8 trillion yuan rise. XIAOMI-W entered the top ten for the first time, ranking eighth with a value of 1 trillion yuan after a 357 billion yuan increase.
By industry, the semiconductor sector experienced the most significant growth this year, surpassing life and health to become the second-largest industry represented in the Hurun China 500. The industrial products sector remained in first place, with life and health ranking third. Other sectors showing considerable growth included chemicals, metals and mining, and energy. Real estate experienced the most significant decline, followed by retail.
The ranking threshold for the 2025 list rose by 7.5 billion yuan to 34 billion yuan, a 28% increase. The average value of a top 500 company grew by 41.5 billion yuan to 153 billion yuan. Among the listed companies, 386 saw their value increase compared to the previous year, including 95 new entrants; 16 companies maintained the same value, while 102 companies experienced a decrease in value. Sixty-five percent are B2B enterprises, an 8% increase from the previous year, while 35% operate directly with consumers. Seventy-five percent provide physical products, and 25% offer software or services.
The semiconductor, media and entertainment, industrial products, and consumer goods sectors collectively account for half of the total value of the Hurun China 500. The average age of these companies is 29 years, meaning they were typically founded in 1996. Beijing, Shanghai, and Shenzhen remain the top three cities by number of listed companies, hosting 59, 57, and 49 enterprises, respectively. They are followed by Taipei (32), Hong Kong (30), and Hangzhou (26). Companies from these top six cities constitute 50% of the total list. Shanghai saw the largest increase in the number of companies this year, adding seven, followed by Hangzhou and Shaoxing, which each added three. Yantai entered the top 20 for the first time. The number of listed companies from Taiwan and Beijing faced some pressure.
The top ten companies on the list now account for 38% of the total value, an increase of 4 percentage points from the previous year, reaching 29 trillion yuan—a 10 trillion yuan increase from the previous year's top ten. Shenzhen is home to the most top-ten companies, with four, followed by Beijing with two. The Yangtze River Delta region hosts 161 companies on the list, accounting for 32% of the total, a 3% increase from the previous year. The Guangdong-Hong Kong-Macao Greater Bay Area is home to 108 companies, representing 22% of the total, a 1% increase.
In terms of absolute value growth, TSMC led with a 3.5 trillion yuan increase, driven by strong AI demand, advanced process technology, and a solid market position. TENCENT followed with a 1.9 trillion yuan increase, attributed to strong performance in its core businesses of gaming, advertising, and fintech. ByteDance ranked third with a 1.8 trillion yuan increase, fueled by progress in its AI business. Alibaba saw a 1.2 trillion yuan increase due to strategic investments in AI and cloud computing, alongside a recovery in its traditional e-commerce base. Contemporary Amperex Technology Co. Limited (CATL) grew by 690 billion yuan, benefiting from sustained demand in the new energy vehicle market. Cambricon, often called "China's Nvidia," increased by 370 billion yuan, driven by explosive growth in AI computing demand and market expectations for domestic AI chips. XIAOMI-W's value rose by 357 billion yuan, thanks to explosive growth in its automotive business and profitability improvements from breakthroughs in its high-end smartphone segment.
From a percentage growth perspective, the top performers were Shenghong Technology, Lao Pu Gold, and Eoptolink. Shenghong Technology, a PCB supplier based in Huizhou, saw its value increase more than fivefold due to deep partnerships with leading clients like Nvidia, the release of global production capacity, and better-than-expected performance. Lao Pu Gold more than doubled in value, boosted by rising gold prices driving consumption and investment demand, and its establishment as a benchmark Chinese luxury gold brand. Chengdu-based communication equipment company Eoptolink also more than doubled in value due to geometric growth in its performance. Shenzhen-based semiconductor company Longsys saw its value more than double, benefiting from an explosion in AI storage demand and significant achievements in R&D. Taiwan-based Taiflex Scientific saw its value more than double, driven by surging demand for high-end copper-clad laminates and sustained above-expectation performance. Shenzhen-based DJI doubled in value, attributable to its solid position in the consumer drone market, continued overseas growth, and expanded application scenarios driven by low-altitude economy policies. Pop Mart grew by nearly 200%, leveraging its unique IP stories and successful brand operations, alongside strong overseas market performance. Shandong-based China Hongqiao Group saw its value increase nearly 200% due to an upcycle in the aluminum industry.
Ninety-nine companies from the previous year's list fell off the 2025 ranking. The total operating revenue of the Hurun China 500 companies in 2024 was approximately 32 trillion yuan, an increase of 300 billion yuan from the previous year. The average annual revenue per company was 67 billion yuan, up 4.5 billion yuan. Twenty-two companies had annual revenues below 1 billion yuan, primarily concentrated in the semiconductor, life and health, and software services sectors.
Nearly 40% of the companies on the 2025 list were not on the list four years ago. Compared to the list from four years prior, the entry threshold has risen from 32 billion yuan to 34 billion yuan, and the total value has grown from 66 trillion yuan to 77 trillion yuan. The industrial products and life and health sectors remain in the top three, while the semiconductor and consumer goods sectors have risen rapidly. The chemicals and retail sectors have fallen out of the top five.
Comments