The 2026 Fortune China 500 ranking has been released. State Grid Corporation of China leads the list with revenue of $555.37 billion, followed by PetroChina and Sinopec in second and third place respectively. China State Construction Engineering Group ranks fourth. Hon Hai Precision Industry, the largest contract manufacturer for Apple, moves up one spot to fifth place. Industrial and Commercial Bank of China ranks sixth.
JD-SW (09618) is the only mainland private enterprise to feature in this year's top ten, climbing two positions to rank ninth, maintaining its status as the highest-ranked mainland private firm. The combined revenue of the 500 listed companies for 2025 reached $14.26 trillion, representing a growth of approximately 0.3% compared to last year's list. Their total net profit amounted to $794.9 billion, a rise of about 5% year-on-year. The minimum annual revenue threshold for inclusion this year was roughly $3.54 billion.
Measured in US dollars, China's total GDP for 2025 reached $19.63 trillion. The aggregate revenue of the 500 companies on this year's list equates to nearly three-quarters of the nation's GDP for that year. Benefiting from rising precious metals markets, Hunan Gold is the company with the most significant rank improvement, jumping 155 places compared to last year.
Despite increasingly fierce competition, the new energy vehicle sector and its related supply chain continued their growth trajectory. Leapmotor, CALB, and XPeng Group saw substantial rank increases, rising 151, 125, and 113 places respectively. All three of these companies belong to the automotive and components industry.
Revenue for several major Chinese internet companies continues to expand: JD ranks 9th, up 2 spots; Alibaba ranks 15th, up 3 spots; Tencent ranks 27th, up 5 spots; Pinduoduo ranks 65th, up 5 spots; and Meituan ranks 76th, up 4 spots.
Among the ten most profitable listed companies, aside from five commercial banks, PetroChina, and China Mobile, three private enterprises entered the top ten profit ranking this year: Taiwan Semiconductor Manufacturing Company (TSMC), Tencent, and Ping An Insurance. TSMC leads the profit list with a net profit of $54.488 billion, a year-on-year increase of 51%. Tencent's net profit for 2025 grew about 16%, securing the sixth spot on the profit list with over $31.2 billion. Ping An Insurance's 2025 net profit exceeded $18.7 billion, ranking ninth. The combined profit of these ten companies last year was approximately $334.1 billion, accounting for about 42% of the total profit of all listed firms.
On the profitability (net margin) ranking, Hong Kong Exchanges and Clearing Limited tops the list with a net margin of 60.9%. Trip.com Group ranks second with a margin exceeding 53%, also making it the most profitable internet company on the list. Shimao Group holds the third position with a margin over 50%. Among the top ten companies by net margin, two are from the alcoholic beverage sector: Kweichow Moutai and Luzhou Laojiao, ranking fourth and seventh respectively on the profitability list.
In the new consumption wave, Pop Mart, making its debut on the list this year, secured the tenth spot on the profitability ranking with a net margin exceeding 34%, driven by growth from popular IPs like LABUBU. On the Return on Equity (ROE) ranking, Fujian Wanchen Food Group leads with an ROE over 88%. Pop Mart ranks second, followed by Melco International Development in third. Lao Pu Gold, Wiwynn, and Haidilao rank fourth through sixth respectively.
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