On August 28, the All-China Federation of Industry and Commerce (ACFIC) released the2025 China Top 500 Private Enterprises list along with the "2025 China Top 500 Private Enterprises Survey and Analysis Report" (hereinafter referred to as "the Report").

JD.com, Alibaba (China), Hengli Group, Huawei, and BYD ranked among the top five on the list. Among the top 10, three enterprises are headquartered in Guangdong, including Huawei, BYD, and Tencent.

This year's entry threshold for the top 500 private enterprises rose to 27.023 billion yuan. According to the Report, the combined revenue of the top 500 private enterprises reached 43.05 trillionyuan, among which 105 companies reported revenues exceeding 100 billion yuan and 11 surpassing 500 billion yuan.Additionally, 29 of these private enterprises were also included in this year's Fortune Global 500 list.

Guangdong accounted for 51 of the top 500 private enterprises, positioning the province among the national leaders in terms of quantity.

Among the Guangdong private enterprises on the list, 12 are 100-billion-yuan-level companies, including Huawei, BYD, Tencent, Midea, SF Express, Gree Electric Appliances, TCL Technology, TCL Industries, Digital China, Haid Group, Vipshop, and Wens Foodstuff Group.

Over the past year, private enterprises overall saw simultaneous growth in R&D expenditure and intensity. The top 500 enterprises collectively held 721,600 valid patents, an 8.23% increase year-on-year. Notably, valid patents in China increased by 12.42%.

Source: PEARL
Editor: Lyu Yun