Government News
Shanghai's Top 100 Firms Grew Profits Despite Revenues Falling in 2024 2025-09-25
The top 100 companies in Shanghai posted a jump in net profits last year despite reporting a slight drop in revenues, with many firms from emerging industries and private enterprises making the list, highlighting their strong growth momentum and important role in transforming and upgrading the city's economy.
Combined profits at the 100 firms surged 25 percent to CNY665.6 billion (USD93.6 billion) in 2024 from the previous year, while their revenues fell 0.4 percent to CNY10.03 trillion (USD1.41 trillion), according to a list jointly released by the Shanghai Enterprise Confederation, the Shanghai Entrepreneurs Association, the Shanghai Federation of Economic Organization, and Jiefang Daily yesterday. The list's revenue threshold rose to CNY10.73 billion from CNY10.49 billion (USD1.51 billion from USD1.47 billion).
Traditional manufacturing and infrastructure enterprises still dominate the top 10, with Baowu Steel Group ranking first with revenue of CNY900.2 billion, followed by SAIC Motor with CNY627.6 billion. Construction Eighth Engineering Division, China COSCO Shipping, Bank of Communications, and China Pacific Insurance ranked third through sixth, while internet giants Pinduoduo and Meituan debuted at seventh and ninth with revenues of CNY393.8 billion and CNY337.6 billion, respectively. Pudong Development Bank took the eighth spot and Sushang Construction Group the tenth.
"The list has become a barometer of Shanghai's economic development, reflecting the overall economic prosperity," said Zhao Guangjun, vice president and secretary-general of the Shanghai Enterprise Confederation.
Forty-seven information technology firms made the top 100, with Pinduoduo, Meituan, and Trip.Com, performing particularly well. In addition, many companies came from key areas in Shanghai's three leading industries, including Semiconductor Manufacturing International from the integrated circuit field, Shanghai Pharmaceuticals Holding from the biopharmaceutical field, and several from cutting-edge fields such as robotics and embodied intelligence.
The performance of firms focused on black metallurgy and traditional carmaking declined, showing that Shanghai is accelerating its industrial transformation and upgrading. The city is expected to maintain its leading position in the new round of industrial transformation.
Regarding the top 100 private companies, their combined profits soared 70 percent to CNY224.6 billion, while revenues rose 9.3 percent to a record high CNY3.3 trillion (USD464 billion).
In addition, the combined profits of the top 100 firms from emerging industries surged 72 percent to CNY195.37 billion on record high revenues of CNY2.2 trillion.
Source: Yicai Global
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