Fortune Chinese released today the 2024 Fortune China 500 ranking. The list shows that State Grid Co., Ltd. tops the list with revenue of US$545.9 billion. Sinopec and PetroChina rank second and third on the list respectively. China Construction Group ranks fourth. Industrial and Commercial Bank of China ranked fifth, rising one spot from last year.
As Ping An Insurance (Group) Co., Ltd. of China fell 5 places to 14th compared with last year, there are no mainland private companies in the top ten this year. Jingdong Group, ranked 13th, has become the highest-ranking mainland private enterprise.
In terms of profitability, among the ten most profitable companies on the list, Industrial and Commercial Bank of China ranks first.
In addition to five commercial banks and PetroChina, China Mobile and CNOOC, two private companies also entered the top ten in the profit list.
Among them, TSMC ranked fifth on the profit list with a net profit of US$27.35 billion. Tencent's net profit in 2023 dropped by about 39% year-on-year, but it still ranked eighth on the profit list with a net profit of more than US$16.2 billion.
The total profits of these ten companies last year were approximately US$284.7 billion, accounting for approximately 40% of the total profits of the companies on the list.
In terms of net profit margin, three of the top ten companies with the highest rankings are from the beverage industry, namely Kweichow Moutai, Luzhou Laojiao and Shanxi Fenjiu. Among them, Kweichow Moutai ranks first in the profit margin list with a profit margin of over 49%.
Due to the blessing of diversified businesses, the highest ranking in the beverage industry is Sichuan Yibin Wuliangye Group Co., Ltd., ranking 151st.
Ranking third on the profit margin list is TSMC, with a profit margin of over 39%.