"Fortune" Fortune Global 500 Announced, How are Sichuan Enterprises Made?

Sichuan News reporter Shi Xiaolu

On August 5, the 2024 Fortune Global 500 list was released. This year, a total of 3 Sichuan enterprises are on the list, according to the ranking: New Hope Holding Group Co., Ltd., Shudao Investment Group Co., Ltd., and Tongwei Group Co., Ltd.

Compared with last year, this year, some companies "left the scene", and there were also "dark horses" debuted. What are the companies that continue to "dominate the list" doing right? What new signals are hidden in the replacement of the old and the new?

The growth password of "dominating the list" Sichuan enterprises

Compared with last year, the number of Sichuan enterprises on the list this year has decreased by 1. However, there are also companies that have shown resilience in their development.

In 2021, New Hope was on the list for the first time, and this year it is the fourth time on the list, ranking 378th; Shudao Group is on the list for the third time this year, ranking 436th; Tongwei Group made the list for the first time in 2023 and ranked 467th this year, still the only PV company in the world to make the list.

It is not difficult to find that adhering to scientific and technological innovation and accelerating the development of new quality productivity are the common "engines" that drive enterprises to continue to move forward.

In recent years, the livestock breeding industry has experienced difficulties such as the "strongest" pig cycle in history and the African swine fever epidemic, and has been under pressure for nearly three years. In response to the difficult problems in the industry, New Hope has taken biological breeding, intelligent key equipment and full-scene business digitalization as breakthrough points, and has carried out a series of key research projects such as duck "chips", pig "chips", and biological fermented feed. At present, New Hope has launched 15 digital projects of the "Lighthouse Project", covering the promotion and application of smart pig breeding, food traceability, cold chain logistics and other fields, which has effectively improved organizational efficiency and production efficiency.

The photovoltaic industry has also entered a period of adjustment. Since last year, Tongwei has continued to optimize and upgrade existing technologies and actively deploy new technology fields. At present, the "Yongxiang method" high-purity crystalline silicon production technology has been applied to the eighth generation, and the R&D reserve has reached the ninth generation, and the purity of the key impurity elements of the product has reached 11 9. In the cell sector, while focusing on the promotion and application of TOPCon technology (an advanced N-type silicon wafer cell technology), it has also made in-depth layout in cutting-edge technologies such as HJT (heterojunction technology) and perovskite/silicon tandem cells, and built the first GW-level HJT production line in mainland China...... This injects confidence into the company's response to industry changes.

As the main force and vanguard of the construction of a strong transportation province in Sichuan, Shudao Group is developing from a function-oriented to a functional and competitive one, and from a state-owned investment platform to a comprehensive industrial group......

Global layout is another "magic weapon" for enterprise growth. With the fierce competition in the domestic photovoltaic market, the overseas market has become a "new blue ocean". In the first half of this year alone, Tongwei modules have appeared at international energy exhibitions in France, Spain, Japan, etc., and have signed agreements with partners such as Memodo, Acwa Power, and AMEA Power, continuing to expand the global "circle of friends".

Keeping up with the pace of national strategy is another major secret to the long-term prosperity of enterprises. In recent years, a series of major national opportunities such as the development of the western region in the new era and the construction of the Chengdu-Chongqing Economic Circle have been superimposed in Sichuan, and the total investment in highway and waterway transportation construction in Sichuan in 2023 ranks first in the country.

As the country's largest clean energy production base and a national clean energy demonstration province, Sichuan has vigorously promoted the development of green and low-carbon advantageous industries, which has also opened up huge space for the development of Tongwei and other enterprises.

There is a new trend of development hidden in the "new face".

This year's Fortune Global 500 list (minimum sales revenue) has increased from $30.9 billion last year to $32.1 billion. A total of 133 Chinese companies made the list, nine fewer than last year, and three Chinese companies made the list for the first time: Chery Holding Group Co., Ltd., Hangzhou Industrial Investment Group Co., Ltd. and Pinduoduo Holding Co., Ltd.

Chery, which made the list for the first time, ranked 385th on the list with a revenue of $39.1 billion. Why does Chery stand out from the encirclement?

Behind the high growth is inseparable from independent innovation and global layout. For more than 20 years, the company has made an all-round layout in fuel vehicles, new energy, intelligent networking, autonomous driving and other tracks. Chery is also one of the earliest Chinese auto brands to go abroad, since the first batch of 10 Fengyun cars were exported in 2001, it has opened a domestic and international dual market layout, and the company's business has gone to more than 80 countries and regions around the world, ranking first in the export of Chinese brand passenger cars for 21 consecutive years. In 2023, one out of every three passenger cars exported overseas in China will come from Chery.

Pinduoduo, another "new face" on the list, has a similar development trajectory - its total revenue and profit will increase by more than 80% in 2023, ranking 442nd on the list with $34.98 billion in revenue this year.

Industry insiders believe that Pinduoduo's high growth in revenue and net profit is closely related to factors such as its own precise positioning, differentiated competition, and deep cultivation of the sinking market. In addition to the domestic market, Pinduoduo is also accelerating its global market layout, and at present, Pinduoduo's cross-border e-commerce platform Temu has become the second growth curve.

Chery and Pinduoduo's automotive and Internet industries, respectively, are the two major areas in which Chinese companies are rapidly emerging.

Fortune pointed out that among the 15 industries in which Chinese companies are on the list, the development of the auto and parts industry is more prominent. This year, a total of 10 Chinese auto and auto parts companies have entered the Fortune Global 500.

Except for Chery, which made the list for the first time, most of the other nine companies rose year-on-year. In 2023, BYD will be the Chinese company with the largest improvement in its ranking due to its new energy technology advantages, and its revenue this year will increase from US$63 billion last year to US$85.1 billion, up 69 places from the previous year.

After CATL made the list for the first time last year, its revenue this year increased from US$48.8 billion to US$56.6 billion; Geely's revenue rose 40 places, from $60.4 billion to $70.4 billion.

In addition, the ranking of large companies in the Internet sector has risen overall. Among the five giants, in addition to Alibaba, which fell by two places, JD.com, Tencent and Meituan all improved their rankings. Benefiting from the recovery of China's internet industry, Meituan became the Chinese company with the most improvement in the list, jumping 83 places to 384th. JD.com, ranked 47th, entered the top 50 for the first time, replacing Ping An as the largest private company in Chinese mainland.