In 2023, the total assets of the top 500 private enterprises amounted to 49.85 trillion yuan, with an average of 99.694 billion yuan per company, marking a 7.64% increase compared to the previous year. A total of 30 companies from the top 500 private enterprises made it to this year's Fortune Global 500 list.

Private economy has long played an active role in stabilizing growth, promoting innovation, increasing employment, and improving people's livelihoods, and its development has always been a concern in the market.

On October 12th, the All-China Federation of Industry and Commerce (hereinafter referred to as "ACFIC") released the list of the top 500 private enterprises in China for 2024, along with related research and analysis reports. It is reported that this year, ACFIC organized the 26th research on large-scale private enterprises, with 9,642 enterprises with a revenue of more than 500 million yuan in 2023 participating, among which the top 500 enterprises in terms of revenue are the top 500 private enterprises in China for 2024.

Advertisement

The research results show that in the face of a complex and severe international environment and arduous domestic reform, development, and stability tasks, the top 500 private enterprises have earnestly implemented the new development concept, focused on their main business, refined their industries, strengthened independent innovation, and embarked on a path of high-quality development. Overall, they have shown a good trend of steady growth in business scale, improvement in overall benefits, continuous optimization of industrial structure, continuous enhancement of innovation capabilities, and active fulfillment of social responsibilities.

From the data, in 2023, the total operating income of the top 500 private enterprises was 41.91 trillion yuan, with an average of 83.822 billion yuan per company, a 5.22% increase compared to the previous year; the total assets were 49.85 trillion yuan, with an average of 99.694 billion yuan per company, a 7.64% increase compared to the previous year; the net profit after tax was 1.69 trillion yuan, with an average of 3.385 billion yuan per company, a 2.97% increase compared to the previous year. It is worth noting that a total of 30 companies from the top 500 private enterprises made it to this year's Fortune Global 500 list.

According to the top 500 list, JD.com, Alibaba (China) Co., Ltd., Hengli Group Co., Ltd., Huawei Investment & Holding Co., Ltd., Zhejiang Rongsheng Holding Group Co., Ltd., Tencent Holdings Limited, BYD Company Limited, Shengrong Holding Group Co., Ltd., Shandong Weiqiao Pioneering Group Co., Ltd., and Zhejiang Geely Holding Group Co., Ltd. are among the top ten.

Among them, in the fields of finance and financial technology, Taikang Insurance Group Co., Ltd. (ranked 20th), Ant Group Co., Ltd. (ranked 44th), China Minsheng Banking Corp., Ltd. (ranked 59th), Sunshine Insurance Group Co., Ltd. (ranked 132nd), Guohua Life Insurance Co., Ltd. (ranked 250th), and Shenzhen Qianhai WeBank Co., Ltd. (ranked 311th) are among the institutions on the list.

97 companies have revenues exceeding 100 billion, and 34 companies have net profits exceeding 10 billion.

According to the research report, among the top 500 private enterprises, there were 97 companies with operating income exceeding 100 billion yuan in 2023, an increase of 2 companies compared to the previous year; there were 9 companies with operating income exceeding 500 billion yuan, an increase of 1 company compared to the previous year.Upon further examination, 392 companies saw an increase in their operating income compared to the previous year, with 285 companies experiencing a growth rate exceeding 5%, and 182 companies with a growth rate over 10%. Among the 97 enterprises with operating income exceeding 100 billion yuan, 60 had a growth rate of over 5%, 40 had a growth rate over 10%, and 18 had a growth rate over 20%.

At the same time, there were 89 enterprises with assets exceeding 100 billion yuan, an increase of three from the previous year; 15 with assets over 500 billion yuan, an increase of four from the previous year. A total of 386 companies increased their assets compared to the previous year, with 270 companies experiencing a growth rate exceeding 5%, and 163 companies with a growth rate over 10%.

Overall, among the 47 industries represented by the top 500 private enterprises, 25 industries saw growth in both total operating income and total assets compared to the previous year, primarily in the manufacturing of electrical machinery and equipment, computer, communication, and other electronic equipment manufacturing, and software and information technology services.

In terms of operational efficiency, in 2023, the top 500 private enterprises achieved an after-tax net profit of 1.69 trillion yuan, averaging 3.385 billion yuan per company, a 2.97% increase from the previous year. There were 74 companies with after-tax net profits exceeding 5 billion yuan, 34 companies with profits over 10 billion yuan, and 15 companies with profits over 20 billion yuan. Among the top 500 private enterprises, 268 companies saw year-on-year growth in after-tax net profits, with 241 companies achieving growth rates higher than the average.

The industrial structure continues to optimize, with the manufacturing industry accounting for 66.40%.

The leading role of the manufacturing industry in the national economy is further highlighted in the research report. The report indicates that the top 500 private enterprises are more focused on the real economy, with the number of manufacturing companies accounting for 66.40% of the top 500, a proportion that has increased for three consecutive years.

The total operating income of manufacturing companies in the top 500 private enterprises was 27.53 trillion yuan, an 8.31% increase from the previous year, accounting for 65.68% of the top 500; the total asset value was 22.86 trillion yuan, a 15.52% increase from the previous year, accounting for 45.86% of the top 500; the total after-tax net profit was 0.95 trillion yuan, essentially unchanged from the previous year, accounting for 55.99% of the top 500; the total tax payment was 0.85 trillion yuan, a 2.02% increase from the previous year, accounting for 65.66% of the top 500.

It is worth noting that digitalization and green transformation have become common choices for the majority of the top 500 private enterprises. Data shows that over 60% of companies have implemented digital transformation through the application of digital products and services, relying on professional digital service providers, and promoting intelligent manufacturing; 84.20% of companies have advanced green and low-carbon transformation by adopting green and low-carbon technologies and equipment, introducing and cultivating professional talents, and promoting green collaborative development of the industrial chain.

Furthermore, in response to the development opportunities brought by emerging technologies, the top 500 private enterprises actively adjust their industrial layout: 72.20% of companies are developing emerging industries and future industries through various means such as exploring new scenarios, deploying emerging tracks, and incubating new business models and models.

In addition, the top 500 private enterprises have also actively integrated into the global market. In 2023, the total export volume was 297.175 billion US dollars, a 7.53% increase from the previous year; the proportion of China's total export volume was 8.79%, an increase of 1.03 percentage points from the previous year, and the proportion has continued to increase for five consecutive years. At the same time, 206 companies have carried out overseas investments, a 9.57% increase from the previous year, with a relatively high number of overseas investment projects in the manufacturing of electrical machinery and equipment.Total R&D investment of 1.05 trillion yuan, with a total employment of 10.6575 million people

Innovation is an eternal theme for enterprises, and only through continuous innovation can private enterprises maintain a lasting and vigorous vitality.

The continuously enhanced innovation capability is one of the important development characteristics of the top 500 private enterprises. According to the research report, the total R&D expenditure reported by the actual enterprises among the top 500 private enterprises is 1.05 trillion yuan, with a total of 1.0238 million R&D personnel, and an average R&D expenditure intensity of 2.66%.

Among them, there are 159 enterprises with R&D expenses exceeding 1 billion yuan, 33 enterprises with expenses exceeding 5 billion yuan; 17 enterprises with expenses exceeding 10 billion yuan, involving 5 industries such as computer, communication and other electronic equipment manufacturing, internet and related services, and automotive manufacturing. There are 353 enterprises with R&D personnel accounting for more than 3% of the total number of employees, an increase of 27 compared to last year; 188 enterprises with more than 10%, an increase of 13 compared to last year.

At the same time, the top 500 private enterprises have 666,700 valid patents, a year-on-year increase of 9.39%; among them, the number of domestic valid patents increased by 8.86%, and the number of international valid patents increased by 13.61%. There are 29,900 international standards led or participated in, and 11,300 standards published on the "Enterprise Standard Information Public Service Platform". In addition, the number of high-tech enterprises, technology-based small and medium-sized enterprises, and national "little giant" enterprises owned by the top 500 private enterprises increased by 118, 52, and 87 respectively compared to last year.

It is worth mentioning that while promoting its own steady development, the top 500 private enterprises also actively fulfill social responsibilities. According to the research report, the total tax payment of the top 500 private enterprises reached 1.29 trillion yuan, a year-on-year increase of 3.11%. There are 244 enterprises with tax payments exceeding 1 billion yuan, accounting for 48.80% of the top 500; 63 enterprises with tax payments exceeding 5 billion yuan, accounting for 12.60% of the top 500.

At the same time, the total employment of the top 500 private enterprises is 10.6575 million, with an average of 21,300 people per household. There are 244 enterprises with employment exceeding 10,000 people, accounting for 48.80% of the top 500; 48 enterprises with employment exceeding 50,000 people, accounting for 9.60% of the top 500. Enterprises in the internet and related services industry have the most employment, reaching 1.2123 million people, accounting for 11.38% of the total employment of the top 500.

In addition, among the top 500 private enterprises, 67.00% of the enterprises participated in the "Ten Thousand Enterprises Help Ten Thousand Villages" action, helping to consolidate the achievements of poverty alleviation and rural revitalization; 85.80% of the enterprises participated in various forms of social donation activities. At the same time, the top 500 private enterprises are steadily advancing environmental, social, and corporate governance (ESG) work, with 47.20% of the enterprises having standardized disclosure of ESG information.