Fortune Chinese released the 2024 Fortune China 500 list on July 25, Beijing time. The list follows the same methodology as the Fortune Global 500 and includes both listed and unlisted companies. Based on this list and its data, one can get an idea of the latest trends in China's largest companies. FORTUNE.com has also released the English version of the list globally.
At the same time, the latest Fortune Global 500 list will be released globally on August 5.
The total operating income of the 500 Chinese companies on this year's list will reach $14.6 trillion in 2023, a decrease of about 3% compared with the companies on the list last year. Net profit reached US$706.4 billion, down approximately 1.5% from the previous year. The annual revenue threshold for companies on this year's list is about $3.74 billion, an increase of about 9% from last year's threshold. In dollar terms, China's total GDP will reach $17.89 trillion in 2023, and the combined revenue of the 500 companies in this year's list exceeds 81% of China's GDP that year.
State Grid Corporation of China topped the list with $545.9 billion in revenue, followed by Sinopec and PetroChina in second and third place, respectively, and China State Construction Group in fourth place. Industrial and Commercial Bank of China ranked fifth, up one place from last year. Apple's largest OEM Hon Hai Precision ranked seventh, down two places from last year, and remained the highest-ranked Taiwan company. As Ping An Insurance (Group) Co., Ltd. of China fell five places from last year to 14th, there are no mainland private enterprises in the top 10 this year. JD.com, ranked 13th, has become the highest-ranked private enterprise in mainland China.
This year, there are a total of 60 new and re-listed companies, and the highest ranking among the new companies on the list is Hangshi Group, ranking 103rd. Thanks to the travel boom, Ctrip is back on the list again. The company's 2023 revenue increased by 122%, ranking 351st with more than $6.2 billion in revenue.
The rankings of the two leading companies in the new energy field continued to improve significantly compared with the previous year. BYD ranked 40th, up 26 places from last year. CATL ranked 68th, up 18 places from last year. As a representative of the new car-making forces, Li Auto has risen 140 places in the ranking compared with last year, and has also achieved a turnaround in the past year.
Li Auto is also the company with the biggest jump in the rankings. Second only to Li Auto are two airlines – Air China and China Eastern Airlines Co., Ltd. They both moved up more than 100 places to 169th and 191st respectively. Written by Wang Fang, executive editor of Shanghai magazine, "Flying Over the Turbulence" reviews the rebuilding process of an 80-year-old Hong Kong airline in terms of capacity, performance and reputation, mentioning that the three major airlines in Chinese mainland and Hong Kong's Cathay Pacific are emerging from the darkest moment of the pandemic. In terms of profits, although Air China, China Eastern Airlines and China Southern Airlines on the mainland have not yet turned a profit, they have significantly reduced their losses while improving their revenue and rankings.
In terms of profitability, among the ten most profitable companies on the list, in addition to five commercial banks and PetroChina, China Mobile, and CNOOC, two private companies have also entered the top 10 in the profit list, of which TSMC ranks 5th in the profit list with a net profit of 27.35 billion US dollars, and Tencent's net profit in 2023 will fall by about 39% year-on-year, but it still ranks 8th in the profit list with a net profit of more than 16.2 billion US dollars. The total profit of these 10 companies last year was about $284.7 billion, about 40% of the combined profits of the companies on the list.
In terms of net profit margin, among the top 10 companies, there are three liquor companies from the beverage industry, namely Kweichow Moutai, Luzhou Laojiao and Shanxi Fenjiu, of which Kweichow Moutai ranks first in the profit margin list with a profit margin of more than 49%. Because of the blessing of diversified business, the highest ranking in the beverage industry is Sichuan Yibin Wuliangye Group Co., Ltd., ranking 151st.
In third place in the profit margin list is TSMC, with a profit margin of more than 39%. There are two real estate companies in the top 10 of the sub-list, both headquartered in Hong Kong: Cheung Kong Group and Sun Hung Kai Properties, with Cheung Kong Group ranking fourth in the profit margin list with a profit margin of more than 36%, and the company is also the company with the highest profit margin among the real estate companies on the list.
In the top 10 of the return on equity (ROE) list, there are also three companies from the beverage industry: Nongfu Spring, Shanxi Fenjiu and Kweichow Moutai. Among them, Nongfu Spring topped the list with an ROE of more than 42%. Haidilao, a food service industry, ranked second with an ROE of more than 39%. Internet company Pinduoduo ranked 10th with an ROE of 32%.
This time, a total of 57 companies on the Fortune China 500 list failed to make a profit. Among the top 10 companies on the loss-making list, there is one chemical company, two car companies and seven real estate companies. The liquidity crisis encountered by China's real estate companies is an important reason for the continued slowdown of the industry.
In the article "The Mirror of China's Economy" written by senior editor Liu Lanxiang, it is mentioned that in China, real estate is not only a place to live, but also an important way to store wealth; The real estate woes have stalled the two driving forces of consumption and investment, and economic growth cannot be sustained by exports alone. That's why the largest policy easing in China's real estate history is unfolding. (Download and install the "Fortune Plus" APP to get the complete list of the 2024 Fortune China 500 for free, as well as the list of the most profitable companies, the list of losses, the list of net profit margins, the list of return on net assets and other sub-lists)
The industry with the highest number of companies on the list this year is the metal products industry, with a total of 55 companies on the list with a total revenue of $1.3 trillion.
Finally, it is worth noting that several representative Internet companies in China have re-entered the growth track: JD.com ranks 13th, up three places from last year; Tencent ranked 38th, up seven places from last year. Alibaba's ranking remained unchanged and ranked 21st. Meituan, on the other hand, rose 35 places to 99th. Pinduoduo rose 56 places from last year to 119th, while making a profit of more than $8.4 billion.
——Editorial Department of this journal
1
State Grid Corporation of China
Revenue (million USD): 545,947.5
102
Xiaomi Group
Revenue (million USD): 38,276.8
151
Sichuan Yibin Wuliangye Group Co., Ltd
Revenue (million USD): 25,011.4
196
Jiangsu Soho Holding Group Co., Ltd
Revenues (million USD): 15,915.3
217
XCMG Construction Machinery Co., Ltd
Revenues (million USD): 13,115.6
286
J&T Express Global Limited
Revenue (million USD): 8,849.3
288
ANTA Sports Products Group Co., Ltd
Revenue (million USD): 8,808.3
326
Goldwind Science and Technology Co., Ltd
Revenue (million USD): 7,127.5
372
Beijing-Shanghai High-speed Railway Co., Ltd
Revenue (million USD): 5,746.8
471
Lead Technology Group Limited
Revenue (million USD): 4,038.3
Full list
| ranking | Company name | Revenues (US$ millions) |
| 1 | State Grid Corporation of China | 545,947.5 |
| 2 | China Petroleum & Chemical Corporation | 429,699.7 |
| 3 | China National Petroleum Corporation (CNPC). | 421,713.6 |
| 4 | China State Construction Group Co., Ltd | 320,430.5 |
| 5 | Industrial and Commercial Bank of China Limited | 222,484.2 |
| 6 | China Construction Bank Corporation | 199,826.1 |
| 7 | Hon Hai Precision Industry Co., Ltd | 197,876.0 |
| 8 | Agricultural Bank of China Co., Ltd | 192,398.3 |
| 9 | China Railway Engineering Group Co., Ltd | 178,562.9 |
| 10 | Bank of China Limited | 172,327.6 |
| 11 | China Railway Construction Group Co., Ltd | 160,847.4 |
| 12 | China Baowu Iron & Steel Group Co., Ltd | 157,216.3 |
| 13 | Jingdong Group Co., Ltd | 153,217.4 |
| 14 | Ping An Insurance (Group) Company of China Co., Ltd | 145,759.1 |
| 15 | Sinochem Holdings Co., Ltd | 143,240.0 |
| 16 | China Mobile Communications Group Co., Ltd | 142,832.4 |
| 17 | China National Offshore Oil Corporation (CNOOC). | 141,731.8 |
| 18 | Chinese Life Insurance (Group) Company | 139,615.9 |
| 19 | China Communications Construction Group Co., Ltd | 136,670.7 |
| 20 | China Minmetals Corporation | 132,019.7 |
| 21 | Alibaba Group Holding Limited | 131,337.9 |
| 22 | CITIC Group Co., Ltd | 131,242.3 |
| 23 | China Resources Limited | 126,169.5 |
| 24 | Shandong Energy Group Co., Ltd | 122,383.2 |
| 25 | China Southern Power Grid Co., Ltd | 118,813.5 |
| 26 | Hengli Group Co., Ltd | 114,664.5 |
| 27 | China Post Group Co., Ltd | 112,778.5 |
| 28 | National Energy Investment Group Co., Ltd | 112,048.7 |
| 29 | Xiamen C&D Group Co., Ltd | 110,665.6 |
| 30 | SAIC Motor Group Co., Ltd | 105,195.7 |
| 31 | Huawei Investment Holding Co., Ltd | 99,470.3 |
| 32 | COFCO | 97,765.1 |
| 33 | Power Construction Corporation of China | 97,034.9 |
| 34 | China National Pharmaceutical Group Co., Ltd | 96,072.2 |
| 35 | China FAW Group Co., Ltd | 89,485.0 |
| 36 | China Telecom Group Co., Ltd | 87,961.5 |
| 37 | Zhejiang Rongsheng Holding Group Co., Ltd | 86,535.6 |
| 38 | Tencent Holdings Limited | 86,028.3 |
| 39 | Xiamen ITG Holding Group Co., Ltd | 85,818.8 |
| 40 | BYD Co., Ltd | 85,082.0 |
| 41 | Aviation Industry Corporation of China | 82,654.1 |
| 42 | Wusan Zhongda Group Co., Ltd | 81,952.4 |
| 43 | Bank of Communications Co., Ltd | 78,757.1 |
| 44 | Jiangxi Copper Group Co., Ltd | 78,243.2 |
| 45 | Chinese People's Insurance Group Co., Ltd | 78,181.7 |
| 46 | China North Industries Group Co., Ltd | 76,506.9 |
| 47 | Pacific Construction Group Co., Ltd | 76,433.0 |
| 48 | Shaanxi Coal Chemical Group Co., Ltd | 74,776.7 |
| 49 | Shenghong Holding Group Co., Ltd | 74,700.8 |
| 50 | China Poly Group Co., Ltd | 73,998.5 |
| 51 | Shandong Weiqiao Venture Group Co., Ltd | 73,484.4 |
| 52 | China Merchants Bank Co., Ltd | 71,514.6 |
| 53 | Guangzhou Automobile Industry Group Co., Ltd | 71,386.1 |
| 54 | Zhejiang Geely Holding Group Co., Ltd | 70,356.8 |
| 55 | TSMC | 69,415.8 |
| 56 | Xiamen Xiangyu Group Co., Ltd | 69,286.9 |
| 57 | Beijing Automotive Group Co., Ltd | 67,852.2 |
| 58 | China Vanke Co., Ltd | 65,789.4 |
| 59 | Jinneng Holding Group Co., Ltd | 63,639.8 |
| 60 | Aluminum Corporation of China | 63,595.4 |
| 61 | Industrial Bank Co., Ltd | 59,152.3 |
| 62 | China Huaneng Group Co., Ltd | 57,890.8 |
| 63 | China Energy Construction Group Co., Ltd | 57,708.1 |
| 64 | Dongfeng Motor Group Co., Ltd | 57,595.9 |
| 65 | Zhejiang Hengyi Group Co., Ltd | 57,468.0 |
| 66 | Lenovo Group Co., Ltd | 56,863.8 |
| 67 | HBIS Group Co., Ltd | 56,728.3 |
| 68 | CATL New Energy Technology Co., Ltd | 56,632.8 |
| 69 | China Electronics Technology Group Co., Ltd | 56,083.8 |
| 70 | State Power Investment Corporation Limited | 54,484.6 |
| 71 | Tsingshan Holdings Group Co., Ltd | 53,980.0 |
| 72 | China COSCO Shipping Group Co., Ltd | 53,929.6 |
| 73 | Midea Group Co., Ltd | 52,789.6 |
| 74 | China United Network Communications Co., Ltd | 52,632.3 |
| 75 | Shaanxi Yanchang Petroleum (Group) Co., Ltd | 51,525.9 |
| 76 | Greenland Holding Group Co., Ltd | 50,897.0 |
| 77 | Shanghai Pudong Development Bank Co., Ltd | 50,864.5 |
| 78 | Jinchuan Group Co., Ltd | 49,900.7 |
| 79 | China National Building Materials Group Co., Ltd | 49,088.8 |
| 80 | China State Shipbuilding Corporation (CSSC). | 48,890.0 |
| 81 | Jingye Group Co., Ltd | 48,120.0 |
| 82 | China National Machinery Industry Group Co., Ltd | 46,482.2 |
| 83 | Zhejiang Provincial Communications Investment Group Co., Ltd | 45,772.0 |
| 84 | China Pacific Insurance (Group) Co., Ltd | 45,759.9 |
| 85 | China Huadian Group Co., Ltd | 45,534.1 |
| 86 | Sushang Construction Group Co., Ltd | 45,265.4 |
| 87 | China Ordnance Equipment Group Corporation | 44,790.2 |
| 88 | China Minsheng Bank Co., Ltd | 43,553.6 |
| 89 | Shanghai Construction Engineering Group Co., Ltd | 43,031.1 |
| 90 | Guangzhou Construction Group Co., Ltd | 42,403.2 |
| 91 | Zijin Mining Group Co., Ltd | 41,445.6 |
| 92 | Shenzhen Investment Holdings Co., Ltd | 41,025.2 |
| 93 | Anshan Iron and Steel Group Co., Ltd | 40,684.6 |
| 94 | Pegatron United Technology Co., Ltd | 40,356.8 |
| 95 | New Hope Holdings Group Limited | 39,988.0 |
| 96 | China National Nuclear Corporation (CNNC). | 39,632.9 |
| 97 | Taikang Insurance Group Co., Ltd | 39,411.6 |
| 98 | Jiangsu Shagang Group Co., Ltd | 39,241.3 |
| 99 | Meituan | 39,092.5 |
| 100 | Chery Holding Group Co., Ltd | 39,091.7 |
| 101 | Guangzhou Industrial Investment Holding Group Co., Ltd | 38,345.2 |
| 102 | Xiaomi Group | 38,276.8 |
| 103 | Hangzhou Industrial Investment Group Co., Ltd | 37,398.0 |
| 104 | Haier Smart Home Co., Ltd | 36,928.8 |
| 105 | Hangzhou Iron & Steel Group Co., Ltd | 36,772.3 |
| 106 | Shanghai Pharmaceutical Group Co., Ltd | 36,768.8 |
| 107 | Shandong High-speed Group Co., Ltd | 36,743.8 |
| 108 | Guangdong Guangxin Holding Group Co., Ltd | 36,608.9 |
| 109 | S.F. Holding Co., Ltd | 36,502.4 |
| 110 | Guangzhou Pharmaceutical Group Co., Ltd | 36,309.8 |
| 111 | China Datang Group Co., Ltd | 36,266.4 |
| 112 | Jardine Matheson | 36,049.0 |
| 113 | Hailiang Group Co., Ltd | 35,701.8 |
| 114 | China Electronics Corporation Limited | 35,390.9 |
| 115 | Shudao Investment Group Co., Ltd | 35,379.3 |
| 116 | China Coal Energy Group Co., Ltd | 35,364.0 |
| 117 | Tongling Nonferrous Metals Group Holdings Co., Ltd | 35,244.5 |
| 118 | CK Hutchison Holdings Limited | 35,199.8 |
| 119 | Pinduoduo | 34,981.1 |
| 120 | Quanta Computer Co., Ltd | 34,860.2 |
| 121 | AIA Group Limited | 34,851.0 |
| 122 | CRRC Group Co., Ltd | 34,519.7 |
| 123 | Shanghai Delong Iron & Steel Group Co., Ltd | 34,399.4 |
| 124 | Beijing Jianlong Heavy Industry Group Co., Ltd | 34,069.6 |
| 125 | Shaanxi Construction Engineering Holding Group Co., Ltd | 34,060.9 |
| 126 | Taiwan China National Petroleum Co., Ltd | 33,903.7 |
| 127 | Tongwei Group Limited | 33,731.3 |
| 128 | Shougang Group Co., Ltd | 33,621.3 |
| 129 | Shanxi Coking Coal Group Co., Ltd | 33,533.2 |
| 130 | Guangxi Investment Group Co., Ltd | 33,428.1 |
| 131 | Hunan Iron & Steel Group Co., Ltd | 33,344.8 |
| 132 | China National Aviation Fuel Group Co., Ltd | 32,984.2 |
| 133 | Luxshare Precision Industry Co., Ltd | 32,758.5 |
| 134 | Liaoning Fangda Group Industrial Co., Ltd | 31,811.8 |
| 135 | Anhui Conch Group Co., Ltd | 30,648.9 |
| 136 | Compal Computer Industry Co., Ltd | 30,400.1 |
| 137 | Xinjiang Guanghui Industrial Investment (Group) Co., Ltd | 30,314.6 |
| 138 | Weichai Power Co., Ltd | 30,223.5 |
| 139 | Yunnan Investment Holding Group Co., Ltd | 29,637.0 |
| 140 | Cathay Financial Holdings Co., Ltd | 29,254.8 |
| 141 | Zhuhai Gree Electric Appliance Co., Ltd | 28,960.6 |
| 142 | Hisense Group Holdings Co., Ltd | 28,566.2 |
| 143 | Fosun International Limited | 27,997.6 |
| 144 | Wistron Information Technology Co., Ltd | 27,842.2 |
| 145 | Luoyang Luanchuan Molybdenum Group Co., Ltd | 26,312.1 |
| 146 | WH Group Limited | 26,236.0 |
| 147 | Huaxia Bank Co., Ltd | 25,934.1 |
| 148 | Longfor Group Holdings Limited | 25,530.6 |
| 149 | Zhongsheng Group Holdings Limited | 25,326.3 |
| 150 | China National Chemical Engineering Corporation Limited | 25,313.0 |
| 151 | Sichuan Yibin Wuliangye Group Co., Ltd | 25,011.4 |
| 152 | Fubon Financial Holdings Co., Ltd | 24,988.1 |
| 153 | Wanhua Chemical Group Co., Ltd | 24,771.3 |
| 154 | China Merchants Shekou Industrial Zone Holding Co., Ltd | 24,721.4 |
| 155 | BOE Technology Group Co., Ltd | 24,655.8 |
| 156 | TCL Technology Group Co., Ltd | 24,642.1 |
| 157 | Hengtong Group Co., Ltd | 24,581.8 |
| 158 | Great Wall Motor Co., Ltd | 24,467.7 |
| 159 | Lu'an Chemical Group Co., Ltd | 24,438.8 |
| 160 | Formosa Petrochemical Co., Ltd | 22,881.7 |
| 161 | China Southern Airlines Co., Ltd | 22,591.4 |
| 162 | Sunac China Holdings Limited | 21,786.5 |
| 163 | WPG Investment Holdings Co., Ltd | 21,575.1 |
| 164 | Kweichow Moutai Liquor Co., Ltd | 21,268.0 |
| 165 | Jointown Pharmaceutical Group Co., Ltd | 21,208.6 |
| 166 | Bank of Jiangsu Co., Ltd | 21,125.7 |
| 167 | ENN Natural Gas Co., Ltd | 20,318.9 |
| 168 | Shanghai Electric Holding Group Co., Ltd | 20,193.1 |
| 169 | Air China Limited | 19,931.7 |
| 170 | Bank of Beijing Co., Ltd | 19,460.5 |
| 171 | WT Technology Co., Ltd | 19,090.7 |
| 172 | China Taiping Insurance Group Co., Ltd | 19,014.2 |
| 173 | Baidu Group Co., Ltd | 19,013.2 |
| 174 | China Hongqiao Group Co., Ltd | 18,875.5 |
| 175 | ASE Investment Holding Co., Ltd | 18,686.0 |
| 176 | Uni-President Enterprises Co., Ltd | 18,659.9 |
| 177 | Greentown China Holdings Limited | 18,559.0 |
| 178 | LONGi Green Energy Technology Co., Ltd | 18,292.7 |
| 179 | China International Marine Containers (Group) Co., Ltd | 18,054.2 |
| 180 | Zheshang Bank Co., Ltd | 18,015.0 |
| 181 | Inner Mongolia Yili Industrial Group Co., Ltd | 17,824.0 |
| 182 | Zall Zhilian Group Co., Ltd | 17,698.4 |
| 183 | ZTE Corporation | 17,551.5 |
| 184 | Ideal car | 17,495.1 |
| 185 | TCL Industrial Holdings Co., Ltd | 16,996.5 |
| 186 | Digital China Group Co., Ltd | 16,897.9 |
| 187 | Metro Development Holdings Limited | 16,875.3 |
| 188 | JinkoSolar Corporation | 16,764.9 |
| 189 | Inventec AG | 16,529.1 |
| 190 | Guangdong Haid Group Co., Ltd | 16,402.6 |
| 191 | China Eastern Airlines Co., Ltd | 16,066.9 |
| 192 | Kuaishou Technology | 16,028.6 |
| 193 | Trina Solar Co., Ltd | 16,017.6 |
| 194 | Bank of Ningbo Co., Ltd | 15,965.5 |
| 195 | Vipshop Holdings Limited | 15,941.9 |
| 196 | Jiangsu Soho Holding Group Co., Ltd | 15,915.3 |
| 197 | Muyuan Food Co., Ltd | 15,660.1 |
| 198 | Bank of Shanghai Co., Ltd | 15,627.9 |
| 199 | Ningbo Jintian Copper (Group) Co., Ltd | 15,609.0 |
| 200 | ASUS Computer Corporation | 15,487.7 |
| 201 | New Unigroup Co., Ltd | 15,455.4 |
| 202 | China Reinsurance (Group) Co., Ltd | 15,453.0 |
| 203 | Beijing BBMG Group Co., Ltd | 15,249.7 |
| 204 | NetEase, Inc | 14,615.8 |
| 205 | Sinotrans Co., Ltd | 14,366.7 |
| 206 | China Electrical Equipment Group Co., Ltd | 14,173.8 |
| 207 | Shenzhen Liye Group Co., Ltd | 14,090.5 |
| 208 | China Mengniu Dairy Co., Ltd | 13,931.5 |
| 209 | Goertek Co., Ltd | 13,924.4 |
| 210 | MediaTek Corporation | 13,918.5 |
| 211 | TBEA Corporation | 13,872.5 |
| 212 | Gemdale (Group) Co., Ltd | 13,861.1 |
| 213 | Sichuan Changhong Electric Co., Ltd | 13,766.5 |
| 214 | Zhejiang Zheneng Electric Power Co., Ltd | 13,557.4 |
| 215 | Bank of Nanjing Co., Ltd | 13,319.1 |
| 216 | China Tower Co., Ltd | 13,279.6 |
| 217 | XCMG Construction Machinery Co., Ltd | 13,115.6 |
| 218 | Zhejiang Construction Investment Group Co., Ltd | 13,081.4 |
| 219 | Shenzhen Aisid Co., Ltd | 13,018.4 |
| 220 | Anhui Construction Engineering Group Co., Ltd | 12,889.0 |
| 221 | Shandong Iron & Steel Co., Ltd | 12,780.4 |
| 222 | Wen's Food Group Co., Ltd | 12,702.2 |
| 223 | Baiyin Nonferrous Metals Group Co., Ltd | 12,285.4 |
| 224 | Guangdong Guangwu Holding Group Co., Ltd | 12,275.0 |
| 225 | Shanghai Ganglian E-commerce Co., Ltd | 12,192.6 |
| 226 | Yuanda Industrial Holdings Co., Ltd | 12,189.9 |
| 227 | New World Development Company Limited | 12,161.8 |
| 228 | Zhejiang Satellite Holding Co., Ltd | 12,141.3 |
| 229 | Chow Tai Fook Jewellery Group Limited | 12,094.2 |
| 230 | China National Heavy Duty Truck (Hong Kong) Co., Ltd | 12,077.4 |
| 231 | Huaqin Technology Co., Ltd | 12,054.8 |
| 232 | Tianneng Power International Co., Ltd | 11,850.3 |
| 233 | Tongkun Group Co., Ltd | 11,673.6 |
| 234 | China General Nuclear Power Co., Ltd | 11,660.7 |
| 235 | Huitongda Network Co., Ltd | 11,644.3 |
| 236 | Beijing Enterprises Co., Ltd | 11,627.5 |
| 237 | JA Solar Technology Co., Ltd | 11,520.5 |
| 238 | Daqin Railway Co., Ltd | 11,444.9 |
| 239 | Guangdong Construction Engineering Group Co., Ltd | 11,422.6 |
| 240 | Master Kong Holdings Limited | 11,359.8 |
| 241 | Yuexiu Real Estate Co., Ltd | 11,332.1 |
| 242 | Heavy Pharmaceutical Holdings Co., Ltd | 11,317.5 |
| 243 | Liuzhou Iron and Steel Co., Ltd | 11,253.3 |
| 244 | GCL Group Co., Ltd | 11,198.6 |
| 245 | CLP Holdings Limited | 11,134.3 |
| 246 | Yonghui Supermarket Co., Ltd | 11,108.9 |
| 247 | China Yangtze Electric Power Company Limited | 11,034.0 |
| 248 | Sunshine Insurance Group Co., Ltd | 11,005.7 |
| 249 | Beike Holdings Limited | 10,986.7 |
| 250 | China Cinda Asset Management Co., Ltd | 10,759.4 |
| 251 | Heart Mileage Holdings Group Co., Ltd | 10,716.9 |
| 252 | Jining Energy Development Group Co., Ltd | 10,711.0 |
| 253 | Shanghai Tunnel Engineering Co., Ltd | 10,480.5 |
| 254 | Sany Heavy Industry Co., Ltd | 10,455.8 |
| 255 | Huaibei Mining Holding Co., Ltd | 10,395.6 |
| 256 | Midea Real Estate Holdings Limited | 10,391.6 |
| 257 | Innovative New Material Technology Co., Ltd | 10,289.8 |
| 258 | Huishang Bank Co., Ltd | 10,278.8 |
| 259 | China Yongda Automobile Service Holdings Co., Ltd | 10,254.8 |
| 260 | Qiya Group Co., Ltd | 10,249.4 |
| 261 | Nanjing Iron & Steel Co., Ltd | 10,247.3 |
| 262 | New China Life Insurance Co., Ltd | 10,206.5 |
| 263 | Sungrow Power Supply Co., Ltd | 10,206.1 |
| 264 | Bank of Hangzhou Co., Ltd | 10,197.2 |
| 265 | Zhuhai Huafa Industrial Co., Ltd | 10,191.1 |
| 266 | CIFI Holdings (Holdings) Co., Ltd | 10,147.0 |
| 267 | Lao Fengxiang Co., Ltd | 10,090.9 |
| 268 | Inner Mongolia Baogang Steel Union Co., Ltd | 9,968.0 |
| 269 | Hangzhou Binjiang Real Estate Group Co., Ltd | 9,950.6 |
| 270 | Zhangzhou Jiulongjiang Group Co., Ltd | 9,947.6 |
| 271 | Yunnan Yuntianhua Co., Ltd | 9,755.4 |
| 272 | Skyworth Group Limited | 9,751.2 |
| 273 | Bohai Bank Co., Ltd | 9,711.3 |
| 274 | Jiangsu Zhongnan Construction Group Co., Ltd | 9,674.5 |
| 275 | China Tourism Group China Duty Free Co., Ltd | 9,540.6 |
| 276 | China Reserve Development Co., Ltd | 9,501.9 |
| 277 | Shaanxi Communications Holding Group Co., Ltd | 9,465.6 |
| 278 | VSC Holdings Limited | 9,438.3 |
| 279 | Zhongliang Holding Group Co., Ltd | 9,410.0 |
| 280 | Zhejiang Huayou Cobalt Co., Ltd | 9,366.0 |
| 281 | Inspur Electronic Information Industry Co., Ltd | 9,304.2 |
| 282 | Shenzhen Qianhai WeBank Co., Ltd | 9,293.5 |
| 283 | Shenzhen Zhongjin Lingnan Nonferrous Metals Co., Ltd | 9,273.2 |
| 284 | Sun Hung Kai Properties Limited | 9,093.9 |
| 285 | Jinke Real Estate Group Co., Ltd | 8,933.0 |
| 286 | J&T Express Global Limited | 8,849.3 |
| 287 | Suning Tesco Group Co., Ltd | 8,846.7 |
| 288 | ANTA Sports Products Group Co., Ltd | 8,808.3 |
| 289 | Shenzhen Transsion Holdings Co., Ltd | 8,799.7 |
| 290 | Xinfengming Group Co., Ltd | 8,683.0 |
| 291 | CICC Gold Company Limited | 8,654.0 |
| 292 | Wingtech Technology Co., Ltd | 8,646.9 |
| 293 | Tianjin Youfa Steel Pipe Group Co., Ltd | 8,605.2 |
| 294 | Dongfang Electric Co., Ltd | 8,571.1 |
| 295 | Shenzhen Jinyafu Holding Group Co., Ltd | 8,476.1 |
| 296 | Guangdong Electric Power Development Co., Ltd | 8,434.3 |
| 297 | Shimao Group Holdings Limited | 8,399.8 |
| 298 | Shandong Gold Mining Co., Ltd | 8,373.2 |
| 299 | Rongsheng Real Estate Development Co., Ltd | 8,328.6 |
| 300 | Zhenshi Holding Group Co., Ltd | 8,255.2 |
| 301 | Luoyang Guohong Investment Holding Group Co., Ltd | 8,242.0 |
| 302 | Guangzhou Industrial Investment Holding Group Co., Ltd | 8,190.3 |
| 303 | YTO Express Co., Ltd | 8,148.4 |
| 304 | Wumart Technology Group Co., Ltd | 8,111.9 |
| 305 | Zhejiang Zhengtai Electric Appliance Co., Ltd | 8,087.2 |
| 306 | Nine Dragons Paper (Holdings) Limited | 8,015.0 |
| 307 | SDIC Power Holding Co., Ltd | 8,011.1 |
| 308 | China Gold Group Gold & Jewellery Co., Ltd | 7,962.0 |
| 309 | Zhongyuan Bank Co., Ltd | 7,881.2 |
| 310 | Shenzhen Overseas Chinese Town Co., Ltd | 7,874.4 |
| 311 | Ningbo Joyson Electronics Co., Ltd | 7,872.1 |
| 312 | NIO Group | 7,856.5 |
| 313 | Hongwang Holding Group Co., Ltd | 7,771.8 |
| 314 | Chongqing Rural Commercial Bank Co., Ltd | 7,737.0 |
| 315 | Lens Technology Co., Ltd | 7,697.3 |
| 316 | Huafon Group Co., Ltd | 7,669.3 |
| 317 | Canadian Solar Limited | 7,613.6 |
| 318 | Nanjing Pharmaceutical Co., Ltd | 7,570.0 |
| 319 | Chongqing Zhifei Biological Products Co., Ltd | 7,475.1 |
| 320 | Beijing BlueFocus Data Technology Co., Ltd | 7,432.5 |
| 321 | MTR Corporation Limited | 7,278.4 |
| 322 | The Hong Kong and China Gas Company Limited | 7,277.0 |
| 323 | Shanghai Rural Commercial Bank Co., Ltd | 7,244.5 |
| 324 | Beijing Guolian Video Information Technology Co., Ltd | 7,159.7 |
| 325 | Daming International Holdings Limited | 7,142.1 |
| 326 | Goldwind Science and Technology Co., Ltd | 7,127.5 |
| 327 | Ronghui International Group Co., Ltd | 7,073.4 |
| 328 | Tianmao Industrial Group Co., Ltd | 7,020.4 |
| 329 | Huizhou EVE Lithium Energy Co., Ltd | 6,891.1 |
| 330 | Fujian Sangang Minguang Co., Ltd | 6,772.1 |
| 331 | Kingfa Technology Co., Ltd | 6,772.0 |
| 332 | Sunwoda Electronics Co., Ltd | 6,761.0 |
| 333 | Beijing Capital Development Co., Ltd | 6,746.9 |
| 334 | Logan Group Co., Ltd | 6,662.7 |
| 335 | Zoomlion Co., Ltd | 6,649.8 |
| 336 | Sino-Ocean Group Holdings Limited | 6,562.7 |
| 337 | Anhui Chujiang Science and Technology New Materials Co., Ltd | 6,541.9 |
| 338 | China Oriental Group Holdings Limited | 6,534.6 |
| 339 | China Sunrise Group Co., Ltd | 6,507.2 |
| 340 | Changsha Bank Co., Ltd | 6,448.1 |
| 341 | China Railway Materials Co., Ltd | 6,366.2 |
| 342 | Jiangsu Zhongtian Technology Co., Ltd | 6,365.9 |
| 343 | Anhui Jianghuai Automobile Group Co., Ltd | 6,359.0 |
| 344 | Yunda Holdings Co., Ltd | 6,354.2 |
| 345 | China Galaxy Securities Co., Ltd | 6,351.3 |
| 346 | China Daye Nonferrous Metals Mining Co., Ltd | 6,326.2 |
| 347 | Semiconductor Manufacturing International Corporation (SMIC). | 6,321.6 |
| 348 | Shenzhen Tianxing Cloud Supply Chain Co., Ltd | 6,318.5 |
| 349 | Guangdong Guangdong Holding Group Co., Ltd | 6,318.3 |
| 350 | Chongqing Construction Engineering Group Co., Ltd | 6,315.7 |
| 351 | Trip.com Group Limited | 6,287.4 |
| 352 | Ronshine China Holdings Limited | 6,255.7 |
| 353 | China Power International Development Limited | 6,252.4 |
| 354 | Baosheng Technology Innovation Co., Ltd | 6,186.9 |
| 355 | AECC Power Co., Ltd | 6,177.8 |
| 356 | Guotai Junan Securities Co., Ltd | 6,145.5 |
| 357 | Yanlord Land Group Limited | 6,130.0 |
| 358 | Agile Group Holdings Limited | 6,118.0 |
| 359 | Bank of Chengdu Co., Ltd | 6,116.6 |
| 360 | Xinxing Pipe Co., Ltd | 6,109.9 |
| 361 | Western Mining Co., Ltd | 6,038.6 |
| 362 | Cheung Kong Holdings Limited | 6,034.4 |
| 363 | Nongfu Spring Co., Ltd | 6,027.1 |
| 364 | Country Garden Services Holdings Limited | 6,019.3 |
| 365 | Yunnan Tin Industry Co., Ltd | 5,983.6 |
| 366 | Anyang Iron & Steel Co., Ltd | 5,954.2 |
| 367 | Haidilao International Holdings Limited | 5,855.7 |
| 368 | Hunan Yuneng New Energy Battery Materials Co., Ltd | 5,842.1 |
| 369 | Shanghai Huayi Group Co., Ltd | 5,837.8 |
| 370 | Zhejiang Agricultural Group Co., Ltd | 5,783.3 |
| 371 | Shentong Express Co., Ltd | 5,780.8 |
| 372 | Beijing-Shanghai High-speed Railway Co., Ltd | 5,746.8 |
| 373 | Huadong Pharmaceutical Co., Ltd | 5,738.5 |
| 374 | Shenzhen Energy Group Co., Ltd | 5,721.6 |
| 375 | Tianqi Lithium Co., Ltd | 5,713.7 |
| 376 | Chaowei Power Holdings Limited | 5,703.3 |
| 377 | Wuxi WuXi AppTec New Drug Development Co., Ltd | 5,698.5 |
| 378 | Ruimaotong Supply Chain Management Co., Ltd | 5,663.7 |
| 379 | Yongjin Technology Group Co., Ltd | 5,632.5 |
| 380 | Shandong Sun Paper Co., Ltd | 5,586.0 |
| 381 | Gansu Jiugang Group Hongxing Iron and Steel Co., Ltd | 5,573.0 |
| 382 | Xiamen Tungsten Industry Co., Ltd | 5,565.3 |
| 383 | Wuxi Taiji Industrial Co., Ltd | 5,562.3 |
| 384 | Chongqing Iron & Steel Co., Ltd | 5,554.0 |
| 385 | Yunnan Baiyao Group Co., Ltd | 5,524.8 |
| 386 | China Pharmaceutical and Health Industry Co., Ltd | 5,484.3 |
| 387 | Zhenro Real Estate Group Co., Ltd | 5,477.3 |
| 388 | ZTO Express (Cayman) Limited | 5,427.0 |
| 389 | Beijing International Human Capital Group Co., Ltd | 5,411.9 |
| 390 | Hainan Natural Rubber Industry Group Co., Ltd | 5,323.7 |
| 391 | Henan Shenhuo Coal and Power Co., Ltd | 5,314.9 |
| 392 | Shanghai International Port (Group) Co., Ltd | 5,304.5 |
| 393 | Jiangsu Guoguo Thailand International Group Co., Ltd | 5,252.9 |
| 394 | Xinjiang Zhongtai Chemical Co., Ltd | 5,243.3 |
| 395 | China Railway Communication and Signal Co., Ltd | 5,238.9 |
| 396 | E Bulk Holdings Limited | 5,184.2 |
| 397 | Huatai Securities Co., Ltd | 5,166.9 |
| 398 | Zhengzhou Coal Mining Machinery Group Co., Ltd | 5,145.1 |
| 399 | Shenzhen Neptunus Bioengineering Co., Ltd | 5,144.5 |
| 400 | Guangzhou R&F Properties Co., Ltd | 5,119.1 |
| 401 | Hefeng Food Co., Ltd | 5,081.1 |
| 402 | Kingboard Group Limited | 5,072.6 |
| 403 | China Fortune Foundation Co., Ltd | 5,072.1 |
| 404 | Cialis Group Co., Ltd | 5,063.0 |
| 405 | China International Capital Corporation Limited | 5,007.1 |
| 406 | Risen Energy Co., Ltd | 4,990.2 |
| 407 | Handan Zhengda Pipe Group Co., Ltd | 4,978.2 |
| 408 | Shenzhen Mindray Biomedical Electronics Co., Ltd | 4,934.4 |
| 409 | Yadea Group Holdings Limited | 4,910.5 |
| 410 | Jiangsu Guoxin Co., Ltd | 4,883.6 |
| 411 | CNGR New Materials Co., Ltd | 4,841.4 |
| 412 | Lufax Holdings Limited | 4,838.9 |
| 413 | Jinhui Holdings (Group) Co., Ltd | 4,837.9 |
| 414 | Guangdong Lingyi Intelligent Manufacturing Co., Ltd | 4,820.3 |
| 415 | Tsingtao Brewery Co., Ltd | 4,793.8 |
| 416 | Huaxin Cement Co., Ltd | 4,768.5 |
| 417 | Bohai Leasing Co., Ltd | 4,756.9 |
| 418 | CWT International Limited | 4,755.0 |
| 419 | Suzhou Dongshan Precision Manufacturing Co., Ltd | 4,753.5 |
| 420 | Orient International Venture Co., Ltd | 4,752.9 |
| 421 | Transfar Zhilian Co., Ltd | 4,751.6 |
| 422 | China North Rare Earth (Group) High-tech Co., Ltd | 4,731.7 |
| 423 | Hebei Construction Group Co., Ltd | 4,731.2 |
| 424 | Beijing Dabeinong Science and Technology Group Co., Ltd | 4,716.7 |
| 425 | Jiangling Motors Co., Ltd | 4,685.2 |
| 426 | Fuyao Glass Industry Group Co., Ltd | 4,684.3 |
| 427 | Jiangsu Yanghe Distillery Co., Ltd | 4,679.4 |
| 428 | Haitong Securities Co., Ltd | 4,664.4 |
| 429 | Beijing Jingneng Electric Power Co., Ltd | 4,644.3 |
| 430 | PCCW Limited | 4,642.7 |
| 431 | Beijing Oriental Yuhong Waterproof Technology Co., Ltd | 4,636.5 |
| 432 | Jiangxi Ganfeng Lithium Group Co., Ltd | 4,635.0 |
| 433 | Hunan Boshen Industrial Group Co., Ltd | 4,615.5 |
| 434 | Zhejiang Dahua Technology Co., Ltd | 4,551.1 |
| 435 | Henan Yuguang Gold and Lead Co., Ltd | 4,540.8 |
| 436 | GF Securities Co., Ltd | 4,533.4 |
| 437 | Pengding Holdings (Shenzhen) Co., Ltd | 4,529.6 |
| 438 | Zhejiang Inter Group Co., Ltd | 4,527.6 |
| 439 | Shanxi Xinghuacun Fen Distillery Co., Ltd | 4,510.2 |
| 440 | iQIYI Co., Ltd | 4,502.3 |
| 441 | Sunny Optical Technology (Group) Co., Ltd | 4,475.3 |
| 442 | Gotion Hi-Tech Co., Ltd | 4,464.6 |
| 443 | Pingdingshan Tianan Coal Industry Co., Ltd | 4,458.3 |
| 444 | CSPC Pharmaceutical Group Co., Ltd | 4,442.6 |
| 445 | Bank of Guiyang Co., Ltd | 4,402.8 |
| 446 | Fiberhome Communication Technology Co., Ltd | 4,397.3 |
| 447 | Hopson Development Group Limited | 4,380.2 |
| 448 | Shenzhen Gas Group Co., Ltd | 4,368.9 |
| 449 | Bank of Chongqing Co., Ltd | 4,365.3 |
| 450 | China Lesso Group Holdings Limited | 4,360.4 |
| 451 | China Baoan Group Co., Ltd | 4,337.6 |
| 452 | Xpeng Motors Co., Ltd | 4,333.3 |
| 453 | Inner Mongolia Ordos Resources Co., Ltd | 4,316.0 |
| 454 | GEM Co., Ltd | 4,312.4 |
| 455 | Shanghai Bailian Group Co., Ltd | 4,311.1 |
| 456 | Shenzhen Inovance Technology Co., Ltd | 4,297.1 |
| 457 | Luzhou Laojiao Co., Ltd | 4,270.7 |
| 458 | Yongtai Energy Group Co., Ltd | 4,254.7 |
| 459 | Tiandi Technology Co., Ltd | 4,227.5 |
| 460 | Zhongan Online Property & Casualty Insurance Co., Ltd | 4,193.2 |
| 461 | Jiangsu Changdian Technology Co., Ltd | 4,189.9 |
| 462 | Shanghai Industrial Holdings Co., Ltd | 4,176.6 |
| 463 | Shanying International Holdings Co., Ltd | 4,143.6 |
| 464 | Harbin Electric Co., Ltd | 4,131.9 |
| 465 | Shenergy Company Limited | 4,116.5 |
| 466 | Ningxia Baofeng Energy Group Co., Ltd | 4,115.7 |
| 467 | Zhejiang Zhengkai Group Co., Ltd | 4,111.6 |
| 468 | Tianshan Aluminum Group Co., Ltd | 4,092.9 |
| 469 | Taobo International Holdings Limited | 4,087.1 |
| 470 | Shandong Nanshan Aluminum Co., Ltd | 4,074.4 |
| 471 | Lead Technology Group Limited | 4,038.3 |
| 472 | China Meidong Automobile Holdings Co., Ltd | 4,033.6 |
| 473 | Shanxi Huayang Group New Energy Co., Ltd | 4,028.4 |
| 474 | Guangzhou Pearl River Industrial Group | 3,972.9 |
| 475 | Hubei Xingfa Chemical Group Co., Ltd | 3,970.1 |
| 476 | Fufeng Group Co., Ltd | 3,956.2 |
| 477 | Anhui Wanneng Co., Ltd | 3,936.4 |
| 478 | Mingyang Smart Energy Group Co., Ltd | 3,935.3 |
| 479 | Meihua Biotechnology Group Co., Ltd | 3,921.4 |
| 480 | Li Ning Co., Ltd | 3,898.5 |
| 481 | China Aoyuan Group Co., Ltd | 3,889.3 |
| 482 | Guangxi Liugong Machinery Co., Ltd | 3,887.3 |
| 483 | Huaihe Energy (Group) Co., Ltd | 3,861.1 |
| 484 | Shandong Hualu Hengsheng Chemical Co., Ltd | 3,850.7 |
| 485 | Shanghai Longcheer Technology Co., Ltd | 3,840.1 |
| 486 | Shanghai Aiko New Energy Co., Ltd | 3,838.0 |
| 487 | Donghua Energy Co., Ltd | 3,831.4 |
| 488 | Yutong Bus Co., Ltd | 3,819.9 |
| 489 | China Innovation Aviation Technology Group Co., Ltd | 3,814.8 |
| 490 | Shenzhen Tianjian (Group) Co., Ltd | 3,813.9 |
| 491 | Tang Renshen Group Co., Ltd | 3,806.8 |
| 492 | Bank of Zhengzhou Co., Ltd | 3,796.6 |
| 493 | Longbai Group Co., Ltd | 3,784.9 |
| 494 | Melco International Development Company Limited | 3,772.1 |
| 495 | CDB Financial Leasing Co., Ltd | 3,765.3 |
| 496 | Shandong Chenming Paper Group Co., Ltd | 3,758.7 |
| 497 | Hesheng Silicon Industry Co., Ltd | 3,755.2 |
| 498 | Jiangxi JOVO Energy Co., Ltd | 3,752.7 |
| 499 | China Three Gorges New Energy (Group) Co., Ltd | 3,741.3 |
| 500 | Bright Dairy Co., Ltd | 3,741.3 |
Ranking method
The methodology of this list is consistent with that of the Fortune Global 500. The rankings rank companies by their gross operating income for the fiscal year ending no later than March 31, 2024. All companies on the list are required to publish their financial data and report some or all of the figures to government agencies. Figures are based on the report, and comparisons are made against the previous year's figures as originally reported. Fortune magazine does not re-determine the prior year's figures as a result of changes in accounting standards. Operating income
The operating income figure includes revenue from consolidated subsidiaries and reported income from discontinued operations, but is not included in sales tax. The operating income of a bank is the sum of gross interest income and non-interest gross income. Operating income of insurance companies is included in premiums, pension income, investment income, realized capital gains or losses, and other gains, but not in deposits. profit
Profit is after-tax profit and deducts abnormal credit sales or abnormal expenses on the income statement, the cumulative effect of changes in accounting standards, and the interests of non-controlling shareholders (i.e. minority shareholders), but does not deduct preferential dividends. Numbers in parentheses indicate losses. The profit fell by more than 100%, indicating that the company changed from a profit in 2022 to a loss in 2023. Since the tax bases are not comparable, this table only shows the profits of joint stock cooperatives and partnerships, and does not compare them with the profits of other companies on the list. The profits of mutual insurance companies are calculated in accordance with statutory accounting standards. Operating income and profit of non-United States companies are converted into U.S. dollars at the average exchange rate for each company's fiscal year (fiscal year ending December 31, 2023 unless noted). balance sheet
The assets listed in the list are the figures at the end of each company's financial year. Figures published by non-United States companies are converted into U.S. dollars at the exchange rate at the end of each company's fiscal year.
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