A staff member (right) hands over a stack of renminbi banknotes to a customer at an Industrial and Commercial Bank of China branch in Beijing, on Aug 30, 2019. (Photo/Xinhua)
Business magazine Fortune released its latest Top 500 Chinese companies based on these listed companies' performances and achievements last year.
According to the magazine, the total revenue of the top 500 hit 53 trillion yuan ($7.68 trillion) this year, increasing 5 percent from a year earlier, and net profits reached 4.3 trillion yuan, up 2 percent year-on-year.
The threshold to enter the top 500 closed to 17.4 billion yuan this year, down 2.3 percent year-on-year, which was caused by the COVID-19 pandemic last year.
The 10 most profitable companies on the list are Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China, Tencent, Alibaba, Ping An Insurance, China Mobile, China Merchants Bank and Bank of Communications, with total net profits reaching 1.74 trillion yuan.
The real estate industry remains the largest sector, with 56 companies taking positions on the list this year. Total revenue reached 5.3 trillion yuan and grew 13.5 percent year-on-year.
The COVID-19 pandemic has led to differentiated growth among the top 500, with the revenue of the online internet service industry increasing 19 percent year-on-year, while revenue in the transportation, logistics, storage, ports, and textile and clothing industries was significantly impacted. Moreover, the electronics and electronic components industries, computers, communications and communications equipment showed steady growth.
Significantly, as typical examples of digital economy in China, the rankings of JD.com, Alibaba and Meituan have improved this year, and online real estate agency Beike Zhaofang debuted.
Tech companies, especially internet companies, have entered the industrial internet era from the consumer internet era, which is reshaping the traditional industries' processes, including production, sales and circulation, Fortune said.
Now, let's take a look at the top 10 Chinese companies on the list.
No 10 China Construction Bank
Revenue: 755.86 billion yuan
Profits: 271 billion yuan
No 9 China Mobile
Revenue: 768 billion yuan
Profits: 107.84 billion yuan
No 8 China Life Insurance
Revenue: 824.96 billion yuan
Profits: 50.27 billion yuan
No 7 Industrial and Commercial Bank of China
Revenue: 882.67 billion yuan
Profits: 315.91 billion yuan
No 6 China Railway Construction Corporation
Revenue: 910.32 billion yuan
Profits: 22.39 billion yuan
No 5 China Railway Group
Revenue: 974.75 billion yuan
Profits: 25.19 billion yuan
No 4 Ping An Insurance
Revenue: 1.2 trillion yuan
Profits: 143 billion yuan
No 3 China State Construction Engineering Corporation
Revenue: 1.6 trillion yuan
Profits: 44.94 billion yuan
No 2 China National Petroleum Corp (PetroChina)
Revenue: 1.9 trillion yuan
Profits: 19 billion yuan
No 1 China Petrochemical Corp (Sinopec)
Revenue: 2.1 trillion yuan
Profits: 32.92 billion yuan