Towards the end of August, the All-China Federation of Industry and Commerce (ACFIC) released its top 500 “civilian-run enterprises” (民营企业) rankings for 2025. Out of the 6,379 companies that earned over 1 billion RMB (139.78 million USD) in 2024, 500 were selected and ranked by revenue. E-commerce giant JD.com ranked number 1 this year.
JD.com earned a whopping 1.16 trillion RMB (162.15 billion USD) in 2024, not only ranking number 1 on the list but also being the only company with revenue in the trillions. It was closely followed by e-commerce rival Alibaba at number 2, with an annual income of 981.77 billion RMB (137.23 billion USD). Hengli Group, a company that specialises in oil refining, petrochemicals, polyesters and textiles, ranked number 3 with 871.52 billion RMB (121.82 billion USD) in earnings. Tech company Huawei, automaker BYD and tech company Tencent rank 4, 5 and 6, respectively.
JD.com witnessed its fastest-growing Q1 in 3 years with 301.1 billion RMB (42.09 billion USD) in revenue for the quarter. This is likely due to its expansion into the “local life” sector, including food delivery and travel. It was recently reported to be the highest-grossing tech company according to Q1 2025 financial results. The China Chain Store & Franchise Association (CCFA) also ranked JD.com at the top of their “2025 China web retail” list, co-produced with Deloitte.
For context, ACFIC also listed the highest investments in R&D among the private sector, with Huawei, Tencent and Alibaba at the top. Tencent, with 59.2 billion RMB (8.28 billion USD) paid, contributed the most in taxes.
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