Chongqing—Fortune released the 2025 Fortune China 500 on July 22. Continuing the Fortune Global 500 methodology, the ranking is based on 2024 revenue figures and includes listed and non-listed companies.

The main welding line at the Seres factory processes automotive components. (Photo/Seres)

According to the list, the total revenue of the 500 Chinese companies reached 14.2 trillion USD in 2024, representing a decline of approximately 2.7% from the previous year. However, profits rose by around 7% to 756.4 billion USD.

The revenue threshold for inclusion in this year’s list was 3.62 billion USD, down 3% from last year. China’s GDP in 2024 was 18.75 trillion USD, meaning the combined revenue of the 500 companies accounted for roughly three-quarters of the national GDP.

According to available information, revenue refers to the total economic inflows generated by a company’s regular business activities, such as product sales and service provision. A decline in revenue typically reflects macroeconomic fluctuations, weakened market demand, or intensified price competition.

Net profit, the final earnings after deducting all costs, expenses, and income taxes, indicates a company’s actual profit. An increase in net profit suggests improved profitability through cost optimization, operational efficiency, or a strategic focus on high-value-added sectors.

Among the top 10 companies on the list, State Grid ranked first with 548.4 billion USD in revenue, followed by China National Petroleum and Sinopec Group. Hon Hai Precision Industry, Apple’s largest contract manufacturer, ranked sixth and was the only privately owned company among the top 10; the remaining nine were state-owned enterprises.

China's state-owned enterprises (SOEs) primarily operate in critical national security and public welfare sectors, including energy, transportation, telecommunications, defense, finance, infrastructure, and emerging strategic industries. These sectors typically possess large market scales, driving high revenue.

Only three of the nine SOEs in the top 10 recorded revenue growth: State Grid (0.5%), Agricultural Bank of China (2.6%), and Bank of China (2.2%). In terms of profitability, five companies saw declines, while four improved. State Grid posted the largest profit increase, at 9.1%, while China State Construction Engineering recorded the steepest drop, at 16.1%.

The new energy vehicle (NEV) sector continued to show strong momentum. BYD, China’s NEV leader, ranked 27th, with revenue and net profit up by 26.9% and 31.8%, respectively. Seres climbed to 169, the biggest jump of any company on the list, soaring 235 spots from last year.

Amid rapid NEV sector growth and intensifying competition, Seres partnered with Chinese tech giant Huawei to launch the Aito brand in Chongqing Liangjiang New Area. In 2024, Aito’s sales doubled, driving Seres’ revenue up over 300% year on year. Its return on equity (ROE) reached 49.2%, ranking second.

Other NEV makers also improved significantly. Nio and Xpeng rose 43 and 101 places, respectively, to rank 269 and 351. Nio remains in a deep loss, reporting a net loss of 3.149 billion USD, ranking sixth among the list’s loss-making firms. The company aims to achieve profitability in Q4 2025.

Battery giant CATL dropped nine places to 77, affected by falling raw material prices. Its 2024 revenue stood at USD 50.31 billion, with net profit up 13.2% to 7.05 billion USD.

Among private internet platform companies, JD.com ranked highest at 11, two places higher than last year. Recently, major platforms such as Alibaba (which owns Ele.me), Meituan, and JD.com have drawn market attention due to an ongoing food delivery price war.

Alibaba rose three spots to 18, while Meituan climbed 19 places to 80. Meituan recorded the highest profit increase among the three at 154.3%. Its revenue rose 20% year-on-year, while both JD.com and Meituan saw identical revenue growth of 5.1%, highlighting Meituan's rapid growth in this competitive sector.

A JD.com food delivery rider is on the way to deliver an order. (Photo/JD.com)

To capture market share in food delivery, the three platforms have introduced consumer subsidies, merchant commission cuts, and rider incentives, while leveraging their broader ecosystems to support instant retail services. This intense competition has prompted regulatory attention.

On July 18, China’s State Administration for Market Regulation summoned Ele.me, Meituan, and JD.com for talks, urging them to regulate promotional practices and engage in rational competition. Local regulators have since followed up with additional oversight.