Workers work on a power battery production line at a workshop of a battery production company in Hefei Economic and Technological Development Area in Hefei, east China's Anhui Province, July 29, 2022. Photo: Xinhua

Total business revenues of China's top 500 companies have exceeded 100 trillion yuan ($14.4 trillion) for the first time in fiscal year 2021, recording the largest annual increase in nearly 10 years, according to the latest report published on Tuesday.

The China Enterprise Confederation (CEC) and China Enterprise Directors Association (CEDA) on Tuesday published the list of China's top 500 companies in 2021, with the threshold for entry reaching 44.625 billion yuan in business revenue in fiscal 2021.

Total revenues of the top 500 companies in 2021 exceeded the 100-trillion-yuan mark for the first time, reaching 102.48 trillion yuan, up 14.08 percent from the previous year, the biggest increase in nearly a decade.

The total operating revenue of China's top 500 companies in 2021 made up 97.74 percent of that of US' top 500, while their assets accounted for 106.46 percent of US' top 500.

"The number of Chinese companies listed in the world's top 500 ranks first in the world, and global industry leaders are emerging. These achievements have greatly boosted our confidence in continuing to make our enterprises stronger, better and bigger," said an official of CEC on Tuesday.

As revealed by the list, 22 Chinese firms newly joined the "100-billion-yuan revenue club" in fiscal 2021, making the total number of club members to 244. Meanwhile, a total of 12 firms saw their operating revenues exceed the 1-trillion-yuan threshold, of which four are new members. 

In terms of profits, the most profitable firms in China are banks, Tencent, Huawei, China Mobile and Ping An Insurance.

Booth of Tencent Cloud at the China International Big Data Industry Expo 2021 in Guiyang, Southwest China's Guizhou Province on May 27, 2021 Photo: GT

The total net profit attributable to the parent companies of China's top 500 firms reached 4.46 trillion yuan, an increase of 9.63 percent year-on-year. The average revenue margin was 4.36 percent in fiscal 2021, down 0.17 percentage points from the previous year's top 500.

While profit margin fell slightly, top 500 companies' research and development  investment hit a new high in fiscal 2021, reaching 1.45 trillion yuan, 10.78 percent higher than the previous year. 

The industrial structure of China's top 500 companies has continued to change amid the steady economic recovery after the pandemic. 

Among China's top 500 companies in fiscal 2021, six more are added to noir metallurgy, four more to petrochemicals and coking, three more to industrial machinery and equipment manufacturing, three more to power and energy storage batteries, two in road transport and two more in logistics and supply chains.

Some industries are still facing significant challenges. The real estate industry was the most affected, with 48 listed enterprises, eight less than the previous year, which marks a significant decrease for two consecutive years.

The CEC and CEDA also revealed top 500 corporate lists, specifically for manufacturing enterprises, service companies and multinationals.

The offshore assets of China's top 100 multinationals exceeded 10 trillion yuan, according to the report.

Global Times