The most profitable company in China has been announced! Top 10 | China | Released
On July 25th, 2023, the Fortune China 500 list was officially released. State Grid Corporation of China ranked first with a revenue of $530 billion, while PetroChina and Sinopec ranked second and third respectively.
In terms of profitability, ICBC ranked first with a net profit of 53.589 billion US dollars, followed by China Construction Bank and Agricultural Bank of China in second and third place, while TSMC and Tencent ranked fifth and sixth.
State Grid of China ranks first with a revenue of 530 billion US dollars
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In terms of revenue, the total revenue of Chinese companies listed on the Fortune China 500 in 2023 reached $15 trillion in 2022.
Among them, State Grid of China ranked first with a revenue of 530 billion US dollars, while PetroChina and Sinopec ranked second and third respectively, with China State Construction Corporation in fourth place. Hon Hai Precision, Apple's largest OEM company, ranked fifth, the highest ranked company in Taiwan, China, and Ping An Insurance of China ranked ninth.
The two leading companies in the new energy sector have seen significant revenue growth compared to the previous year. Ningde Times achieved a revenue of 48.8 billion US dollars, an increase of 141% compared to the previous year. BYD's revenue increased by 92% to $63 billion, and its net profit attributable to shareholders increased more than four times year-on-year to $2.4 billion.
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These two new energy companies are also representatives of the internationalization of Chinese enterprises.
There are a total of 56 companies listed in the metal products industry, making it the industry with the highest number of companies on the list in 2023, with a total revenue of $1.4 trillion.
The most profitable company in China
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In terms of profitability, ICBC ranked first with a net profit of 53.589 billion US dollars.
Among the top ten most profitable companies on the list, in addition to five commercial banks and PetroChina, CNOOC, and China Mobile, two private enterprises also entered the top ten. Among them, TSMC ranked fifth on the profit list with a net profit of 33.3 billion US dollars, while Tencent's net profit decreased by 19% compared to last year, but still ranked sixth with a net profit of over 27.9 billion US dollars. These ten companies had a total profit of approximately $308.7 billion in 2022, accounting for approximately 43% of the total profits of the listed companies. As shown in the following figure:
In addition, a total of 64 companies on the Fortune China 500 did not make a profit. Among the top ten companies in the loss list, there are three airlines and four real estate companies.
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In terms of net profit margin, among the top five companies, three are companies in the lithium battery industry chain, namely Tianqi Lithium, Qinghai Salt Lake Industry, and Ganfeng Lithium Group. Among them, Tianqi Lithium has a net profit margin of up to 59%, ranking second on the profit margin list. Ranked first on the profit margin list is Jiuan Medical, which has a profit margin of over 60% due to strong sales of nucleic acid testing reagents in 2022. Evergreen Shipping in Taiwan, China, China, ranks third with a profit margin of 53%.