China 500 List

Fortune China’s 2025 China 500 list reveals State Grid as the revenue leader at $548.4 billion, followed by PetroChina and Sinopec. ICBC is the most profitable. The top ten most profitable include TSMC, Tencent, Alibaba, and Ping An. Tencent’s net profit surged over 65% in 2024. These ten companies accounted for 41% of the total profits of all listed companies.