SHENYANG - China on Thursday unveiled the latest rankings of its 500 largest private enterprises, with JD, the e-commerce giant, claiming the top spot, reflecting the robust growth of the country's private sector.

The list, compiled by the All-China Federation of Industry and Commerce (ACFIC), was released at the 2025 China Top 500 Private Enterprises Summit in Shenyang, capital of Northeast Liaoning province.

JD, Alibaba (China) and Hengli Group retained the top three positions on the list for the fourth consecutive year.

This is the 27th survey of large-scale private enterprises organized by the ACFIC. A total of 6,379 enterprises with an operating revenue exceeding 1 billion yuan (about $140.72 million) each in 2024 participated in the survey this year. The ACFIC has released the top 500 list according to their operating revenues.

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According to the survey, the entry threshold in terms of operating revenue for China's top 500 private enterprises rose to around 27 billion yuan in 2024, with their total operating revenue reaching 43.05 trillion yuan, reflecting continued growth in overall scale.

Among them, JD reported annual revenue of approximately 1.16 trillion yuan, becoming the first private company in China to surpass the trillion-yuan mark.

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The operational efficiency of the top 500 enterprises has continued to improve, with 361 companies reporting year-on-year revenue growth last year. Their combined net profit reached 1.8 trillion yuan, averaging about 3.6 billion yuan per company, a 6.48 percent increase from the previous year.

The top 500 private firms invested a total of 1.13 trillion yuan in R&D expenditures, employed over 1.15 million R&D personnel, and collectively held 721,600 valid patents, up 8.23 percent year-on-year.

A total of 64.2 percent of these enterprises have formulated strategic plans for digital transformation, while 83 percent are advancing green and low-carbon transition initiatives. Additionally, 309 companies have made investments in 627 strategic emerging industry projects, covering key sectors including new materials, new energy, next-generation information technology, high-end equipment manufacturing, new energy vehicles, and energy conservation and environmental protection.

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Meanwhile, listed private companies have played an increasingly important role in tax revenue and job creation, with their broader social impact becoming ever more significant. Together, they paid a total of 1.27 trillion yuan in taxes, with 240 companies contributing over 1 billion yuan each, accounting for 48 percent of the top 500. In terms of employment, they provided more than 11 million jobs, and 240 enterprises each employed over 10,000 people, also representing 48 percent of the total.

The top 500 private firms have also exhibited remarkable resilience in their overseas operations. Their total exports amounted to 1.77 trillion yuan, a year-on-year increase of 5.17 percent, while overseas revenues totaled 3.19 trillion yuan, up 14.74 percent from the previous year.