The 2026 Rankings Are In
Fortune China published its 2026 China 500 list on July 21, ranking the country's largest companies by revenue for the 2025 fiscal year. The 500 companies collectively generated $14.26 trillion in revenue, approximately 73% of China's 2025 GDP of $19.63 trillion, with a total net profit of $7,949 billion, up about 5% year-on-year. The minimum revenue threshold to qualify was approximately $3.54 billion.
Top 10 by Revenue
| Rank | Company | Revenue (USD) |
|---|---|---|
| 1 | State Grid Corporation of China | $555.37 billion |
| 2 | China National Petroleum (CNPC) | — |
| 3 | Sinopec Group | — |
| 4 | China State Construction Engineering | — |
| 5 | Hon Hai Precision (Foxconn) | — |
| 6 | Industrial and Commercial Bank of China | — |
| 9 | JD.com (highest mainland private firm) | — |
State Grid's $555.37 billion in revenue translates to approximately 37.6 trillion yuan at current exchange rates, cementing its position as China's largest corporation by revenue for the year.
Private Sector Highlights
JD.com climbed two places to rank ninth overall and remained the highest-placed mainland private enterprise — ahead of all domestic technology and consumer互联网 platforms on the list. Pinduoduo (PDD) rose five spots to 65th, while Meituan advanced four places to 76th.
Profitability Leaders
HKEX led all companies with a net profit margin of 60.9%, followed by Ctrip at over 53% and Guizhou Moutai at fourth. Pop Mart — the trendy blind-box company whose LABUBU IP drove explosive growth — entered the list for the first time at tenth place with a net profit margin exceeding 34%.