Text: Ren Zeping's team.
Summary:
In 2024, boosting the confidence of private enterprises will become the top priority of the economy. In July 2023, the Communist Party of China issued the "Opinions on Promoting the Development and Growth of the Private Economy", and in early 2024, the relevant departments said that they would accelerate the formulation of the Private Economy Promotion LawAll of them show that the state attaches great importance to the private economy. The private economy has contributed to "56789" and is the source of the vitality of the market economy. This is the second year that we have released the list (see the Top 100 Private Enterprises in China 2023 for the first report), and we strive to show the comprehensive strength, industry pattern, and regional changes of the top 100 private enterprises based on the operating income of enterprisesIt provides a reference for more extensive support for the development of private enterprises and the enhancement of entrepreneurs' confidence.
After the reshuffle in 2022-2023, the ranking of the top 100 private enterprises has seven characteristics:
The threshold for the top 100 finalists has been raised. In 2024, the revenue threshold of the top 100 private enterprises on the list will be 88.5 billion yuan, an increase of 9.4 billion yuan from the previous year's list, and the revenue thresholds of the top 10, top 30 and top 50 will be 420 billion yuan, 212.5 billion yuan and 151.4 billion yuan respectively, an increase of 10 billion yuan, 22.1 billion yuan and 14.5 billion yuan respectively from the previous year. From the perspective of income range, the number of private enterprises with a revenue scale of 1000-200 billion yuan increased by 9 from the previous year to 58, which is the backbone.
The pattern of the top 10 is stable, and the ranking has changed slightly, with JD.com, Alibaba, and Huawei ranking in the top three, and Douyin improving by 4 places. JD.com's revenue exceeded one trillion yuan, firmly occupying the first place, and Ali ranked second, the same as the previous year. Huawei and Hengli exchanged positions and ranked among the top three. ByteDance changed its name to Douyin Group, ranking fifth, up four places from the previous year. Zhejiang Rongsheng and Shandong Weiqiao, both of which have improved in the traditional manufacturing industry, have increased by 2 places compared with the previous year. From the perspective of industries, Internet companies occupy 4 seats, information technology industries occupy 2 seats, traditional manufacturing industries account for 3 seats, and real estate accounts for 1 seat.
Nearly one-third of the enterprises have been reshuffled, and new energy enterprises have made significant progress. There are 31 companies that have improved in the rankings, of which 6 companies have improved their rankings faster (ranking has increased by more than 20 places or revenue has increased by more than 50%), namely Tongwei Group, CATL, LONGi Green Energy, Muyuan Industrial, Pinduoduo, and BYD, focusing on the new energy field. There are 12 private enterprises that have advanced 5-20 places compared with the previous year, and 14 private enterprises have increased slightly compared with the previous year.
, 16 companies have been included and unlisted, reflecting the industry reshuffle and economic transformation. Among the new enterprises, private enterprises in Shandong and Zhejiang are the majority, and the revenue of traditional manufacturing industry is mainly concentrated in the range of 1000-200 billion yuan. The geographical distribution of the companies on the list is relatively scattered, and the industry distribution is mainly concentrated in manufacturing (5), wholesale and retail (4), and real estate (2).
, the top 100 industry shuffle:The proportion of real estate enterprises has declined, and the proportion of manufacturing has increased. The manufacturing industry accounts for more than 60% of the top 100, and traditional industries contribute more to GDP. Among the top 100 private enterprises, manufacturing enterprises accounted for 63%, an increase of 10 percentage points over last year, the number of real estate enterprises in the top 100 decreased from 5 to 4, and the number of private enterprises in wholesale and retail trade was 13, a decrease of 4 from the previous year, mainly affected by the epidemic.
Geographical distribution of the top 100: Zhejiang, Guangdong, Jiangsu, and Beijing have the highest number of private enterprises. The distribution of the Yangtze River Delta, Beijing-Tianjin-Hebei and Pearl River Delta is 36, 21 and 14, and the number of top 100 private enterprises in Zhejiang Province, Guangdong Province, Jiangsu Province and Beijing City is 20, 14, 10 and 10 respectively, which is in line with the general trend of Chinese population and industry continuing to gather in metropolitan areas.
, the capitalization of the top 100 private enterprises:In the 2024 list, 82% of private enterprises are related to the capital market, a slight decrease of 2 percentage points from the previous year. 38 of the top 100 private enterprises are listed companies, and 57 enterprises or their subsidiaries are the main body of bond issuance, and the capitalization of the capital market continues to advance.
To boost the confidence of private enterprises, the key is to do a good job in the division of labor with the market. **Provide transparent and fair rule of law rules, property rights protection, good business environment, perfect infrastructure construction and services, etc., and leave competitive areas such as production and innovation to the market. The first is to optimize the business environment, serve market players, respect and protect property rights, and encourage healthy competition in the market. The second is to improve the multi-level capital market, promote the reduction of financing costs in the real economy, and solve the problem of difficult and expensive financing for enterprises. The third is to guide positive propaganda, reduce excessive local intervention in micro subjects, and prevent synthetic fallacy. Fourth, boost consumption and stabilize income expectations. Fifth, grasp the lifeblood of the digital economy and increase support for the new generation of information technology, new energy vehicles, lithium batteries, energy storage, autonomous driving, artificial intelligence and other industries. Sixth, support the reasonable financing needs of private real estate enterprises, and effectively prevent and resolve the risks of high-quality real estate enterprises. Seventh, support and guide the standardized, healthy and sustainable development of the platform economy, and boost the confidence of private enterprises. If private enterprises are confident, the economy will be vibrant, employment will be guaranteed, and there will be taxes. Only when thousands of horses gallop can Vientiane be renewed! Table of Contents
1 Panorama of private enterprise rankings2 Portrait of the top 100 private enterprises: the threshold has been raised, and the head pattern is stable
3 Growth Pioneer List: 31 companies have improved in ranking, and new energy private enterprises have made significant progress4 New list: 16 private enterprises are reshuffled5 Inspiration and AdviceBody
China's economy has entered a new stage of high-quality development, and scientific and technological innovation and industrial upgrading require the private economy to play a major role. If private enterprises are confident, the economy will be vibrant, employment will be guaranteed, and there will be taxes. Only when thousands of horses gallop can Vientiane be renewed! This report is released for the second year, focusing on the research of the top 100 private enterprises, comprehensively measuring their contribution in terms of operating income and innovation investment, and outlining the panorama of private enterprise rankings. By analyzing the status quo of the top 100 private enterprises, vertical changes, and rankings in subdivided fields, we will deepen the research on the private economy. 1 Panorama of private enterprise rankingsAt present, the research on the ranking of private enterprises mainly starts from two indicators: operating income and valuation. The revenue ranking method is to obtain the data of private enterprises with the help of research, and the total operating income is used as the basis for ranking. Representative achievements include the annual top 500 list released by the Federation of Industry and Commerce, China Enterprise Association, and Fortune. This method is self-declared by enterprises from the bottom up, with high granularity, but it will omit enterprises that have not participated in the survey, and it is difficult for some enterprises to obtain cross-verification of their declaration data. The valuation ranking method ranks companies according to their market capitalization or valuation. Representative achievements include the "Hurun China Top 500", and the valuation of non-listed companies is estimated with reference to listed companies in the same industry or according to the latest round of financing. This method is more objective, but it does not cover all non-listed companies in traditional industries. This paper takes operating income as the main basis for the ranking of private enterprises, and strives to be comprehensive, objective and complete. We compare the lists of the Federation of Industry and Commerce, China Enterprise Association, Fortune, Hurun and other lists, and combine the Chinese private enterprises listed and issued bonds in China and overseas to calculate the operating income of private enterprises in 2022. 5 companies have not been declared in the Federation of Industry and Commerce, but we have been included in the list of top 100 private enterprises, namely Huawei, ByteDance, Country Garden, WH Group *** Shuanghui), Kuaishou. Correspondingly, some mixed-ownership enterprises have been declared by the Federation of Industry and Commerce, but they are different from the private enterprises generally recognized by the market, and we have excluded them, such as Vanke, Gree, Minsheng Bank, etc.; Companies with more controversial business models in the market are also excluded from our statistics. When calculating revenue data, the public disclosure of annual report data of listed companies or bond issuers is preferred, and there are 43 such cases; If there is no public disclosure of annual report data, the data disclosed by the Federation of Industry and Commerce shall be preferred, and there are 50 such cases; According to the public information obtained from different channels, we learned that some manufacturing enterprises have close business contacts in the upstream and downstream of the industrial chain, and there is a large difference in revenue from financial reports and tax statistics, mainly concentrated in the chemical raw materials and chemical products manufacturing industry, ferrous metal smelting and rolling processing industry, in order to ensure the consistency of the comparison with the same industry, the unified use of the Federation of Industry and Commerce disclosure data, there are 7 such situations. *If you want to get the excel version of the top 100 list, please contact customer service
2 Portrait of the top 100 private enterprises: the threshold has been raised, and the head pattern is stable
The threshold for the top 100 has been raised, and the revenue threshold for the top 10, 30, 50 and 100 private enterprises has been raised. The threshold for the top 100 private enterprises in 2024 is 88.5 billion yuan, an increase of 9.4 billion yuan from the previous year's list. The revenue thresholds of the top 10, 30, 50 and 100 private enterprises were 420 billion yuan, 212.5 billion yuan, 151.4 billion yuan and 88.5 billion yuan respectively, an increase of 10 billion yuan, 22.1 billion yuan, 14.5 billion yuan and 9.4 billion yuan respectively over the previous year. The number of private enterprises with a revenue scale of 1000-200 billion yuan increased by 9 from the previous year to 58, with an average revenue of 1379700 million yuan, is becoming the backbone.
The pattern of the top 10 is stable, with slight changes in the ranking, JD.com, Alibaba, and Huawei are among the top three, and Douyin has made significant progress. JD.com's revenue exceeded one trillion yuan, firmly occupying the first place, and Ali ranked second, the same as the previous year. Huawei and Hengli exchanged positions and ranked among the top three. ByteDance changed its name to Douyin Group, ranking fifth, up four places from the previous year. Zhejiang Rongsheng and Shandong Weiqiao, both of which have improved in the traditional manufacturing industry, have increased by 2 places compared with the previous year. From the perspective of industries, Internet companies such as JD.com, Alibaba, Tencent, and Byte occupy 4 seats, Huawei, Lenovo information technology industry occupies 2 seats, Hengli, Rongsheng, Weiqiao traditional manufacturing industry occupies 3 seats, and real estate accounts for 1 seat. In terms of geography, eighty percent of the top 100 private enterprises are concentrated in the east, which is little changed from the previous year. In terms of regions, 84 of the top 100 private enterprises in 2022 are distributed in the eastern region, and the number of distribution in the Yangtze River Delta, Beijing-Tianjin-Hebei and Pearl River Delta is 36, 21 and 14. In terms of provinces, 53% of the enterprises are concentrated in Zhejiang, Guangdong, Beijing and Suzhou, and the number of top 100 private enterprises in Zhejiang Province, Guangdong Province, Jiangsu Province and Beijing is 20, 14, 10 and 10 respectively. In terms of cities, the top 100 private enterprises are mainly concentrated in Beijing, Shanghai, Guangzhou, Shenzhen and new first-tier cities. Metropolitan areas and cities play the role of growth poles of national economic and social development, and are the main platforms for promoting high-quality development and participating in international competition. The concentration of leading private enterprises in metropolitan urban agglomerations is in line with the general trend of Chinese population and industries continuing to gather in metropolitan areas. 
At the industry level, the proportion of real estate enterprises declined, while the proportion of manufacturing enterprises increased. Industries with a high contribution to GDP are prone to leading private enterprises, and the cumulative year-on-year contribution of traditional industries to GDP in 2022 will be as high as 30%.Among the top 100 private enterprises in 2022, manufacturing enterprises accounted for 63%, an increase of 10 percentage points from last year. Affected by the inflection point of population growth and the liquidity crisis of real estate enterprises, the contribution of real estate to GDP decreased from 3% in 2021 to -8 in 202289%, and the number of companies in the top 100 dropped from 5 to 4. The contribution of wholesale and retail trade to GDP increased from 123% to 81%, the number of companies in the industry entering the top 100 list was 13, a decrease of 4 from the previous year. Since the implementation of the 14th Five-Year Plan, new infrastructure has gradually become an important starting point for high-quality development, with the development of a new generation of information technology, artificial intelligence, and data centers, and the contribution of information transmission, software, and information technology services to GDP increased by 8% in 20222 percentage points to 16%, and 8 companies in related industries entered the top 100 list.
The degree of capitalization decreased slightly. In the top 100 list, 82% of the enterprises are related to the capital market, a decrease of 2 percentage points from the previous year. Among them, 38 are listed companies, and 57 enterprises or subsidiaries are the main issuers of bonds. 18 companies were completely isolated from the capital market, with no listing and bond issuance records, a decrease of 2 from the previous year. The Politburo meeting and the first financial work conference all advocated "activating the capital market and vigorously boosting investor confidence", and direct financing as a benign alternative to credit has attracted high policy attention. The financing threshold for high-quality enterprises represented by the private economy has been lowered, boosting the confidence of private entrepreneurs, and more and more outstanding enterprises will expand the capital market in the future.
3 Growth Pioneer List: 31 companies have improved in ranking, and new energy private enterprises have made significant progress
Judging from the ranking changes, there are a total of 31 companies that have improved in the rankings. There are 5 companies that have improved by more than 20 places compared with the previous year, namely Tongwei Group***44), CATL New Energy Technology Co., Ltd.***40), LONGi Green Energy Technology Co., Ltd.***31), Muyuan Industrial Group***28), Shanghai Xunmeng Information Technology ***Pinduoduo) (+22). There are 12 private enterprises that have advanced 5-20 places compared with the previous year, and 14 private enterprises have increased slightly compared with the previous year.
Judging from the revenue increase,CATL (+152%), Tongwei (+98%), BYD (+96%), LONGi Green Energy (+59%), and Muyuan Industrial (+52%) rose by more than 50%. There are 12 companies with an increase of 20%-50%, concentrated in the field of new energy. There are 14 companies with an increase of less than 20%.
Geographical distribution,Growth pioneers are concentrated in the eastern region, which is consistent with the distribution of the top 100 private enterprises. In terms of industry distribution, there are 23 traditional manufacturing enterprises, accounting for 74%, and they are evenly distributed in subdivisions such as electrical machinery manufacturing, chemical raw materials, ferrous metal smelting, and non-ferrous metal smelting.
As the world's leading new energy innovation and technology company, CATL's revenue in 2022 reached 32859.4 billion yuan, a year-on-year increase of 152%. The growth is mainly due to the rapid growth rate of the new energy industry at home and abroad, the continuous growth of the power battery and energy storage industry market, and the clear trend of transformation to clean energy under the "double carbon" goal. In addition, the successive implementation of new technologies and new products has accelerated CATL's overseas market expansion, further deepened customer partnerships, and achieved rapid growth in production and sales.
As a leading old factory in the photovoltaic new energy industry, Tongwei's revenue in 2022 will reach 21488.2 billion yuan, a year-on-year increase of 98%. Tongwei has upstream polysilicon, midstream photovoltaic cells and high-efficiency modules, and downstream photovoltaic power plant construction and operation, and its high-purity crystalline silicon output, solar cell shipments, and module shipments are all at the forefront of the industry. Its growth is mainly due to the rebound of the photovoltaic industry, the bottom range of polysilicon materials, the industry-leading cost of enterprises, the leading battery technology, and the integrated production capacity layout.
BYD is a comprehensive electric technology provider with new energy vehicles as the main body of business, with revenue of 4240 in 20226.1 billion yuan, a year-on-year increase of 96%. Since 2020, BYD's revenue has ushered in explosive growth, with an average revenue growth rate of 49 in the past three years17%。Automobiles are the core business, with 186 in 2022With a sales volume of 90,000 yuan, it became the first domestic brand with annual sales of new energy vehicles exceeding one million, and the market share of new energy vehicles reached 27%, a year-on-year increase of 10%; The second pillar of revenue is the mobile phone device and assembly business, with an average growth rate of 22 in the past three years8%, the share has increased steadily.
As a leading enterprise in the photovoltaic industry, LONGi's revenue in 2022 reached 12899.8 billion yuan, a year-on-year increase of 59%. In 2022, LONGi Green Energy continued to improve the yield and conversion efficiency of mass production, and a number of cell conversion efficiency also set new world records. Due to the high degree of integration, whether it is upstream polysilicon, silicon wafer, equipment enterprises, or midstream cells, modules, and downstream power station construction, the cost is more low, and the growth momentum is huge.
As a leading breeding enterprise, Muyuan Industry's revenue will reach 1263 in 20226.8 billion yuan, a year-on-year increase of 52%. Muyuan has achieved annual profit for nine consecutive years since its listing in 2014, and the company's revenue has exceeded 100 billion yuan for the first time. The whole industrial chain model of self-breeding and self-rearing has effectively controlled costs, solved food safety problems, and still showed cost advantages and achieved growth in the industry's largest decline to below the cost line. In addition, Muyuan's financing channels have been continuously enriched, and the linkage of the industrial chain has been continuously enhanced, which has also contributed to growth. 
4 New list: 16 private enterprises are reshuffled
There are 16 new enterprises, mainly distributed in the range of 1000-200 billion yuan, and most of them are private enterprises in Zhejiang and Shandong. There are a total of 16 new companies. From the perspective of industries, they are mainly concentrated in the traditional manufacturing industry, including the ferrous metal smelting and rolling processing industry (4 companies) and the electrical equipment and equipment manufacturing industry (4 companies). From the perspective of provinces, they are mainly concentrated in Zhejiang Province (5) and Shandong Province (4). Xinfa Group and South Hebei Iron and Steel Group are among the top 50. The revenue of 12 companies is in the range of 1000-200 billion yuan.
The distribution of unsuccessful companies is relatively scattered. Some companies were on the list last year but failed this year, with 3 in Jiangsu Province, 2 in Beijing, and no more than 1 in other provinces. In terms of industry distribution, it is mainly concentrated in manufacturing (5), wholesale and retail (4), and real estate (2), which corresponds to the industry distribution of enterprises with a large decline.
5 Inspiration and Advice
Boosting the private economy is the key to driving employment, promoting innovation and promoting high-quality development. Only when the private economy is confident, energetic, and willing to invest will it stimulate the economy and drive employment. If confidence in the private economy is low and the willingness to invest declines, it will lead to economic downturn and unemployment. The 20th National Congress of the Communist Party of China and the first economic work conference have adhered to the "two unwavering", guided financial institutions to establish the concept of "equal treatment", continued to strengthen financial services for private enterprises, and supported the private economy 31 and 25 policies frequently. To boost market confidence, we should provide support from various aspects such as improving the business environment and improving our own operations.
First, optimize the business environment, strengthen the protection of intellectual property rights, and encourage healthy competition in the market. In the practice of resolutely implementing the guiding principles for building a high-level socialist market economic system, we should continue to break down market access barriers, fully implement the fair competition policy system, and improve the social credit incentive and restraint mechanism and market-oriented reorganization mechanism. ** and professional departments need to improve intellectual property standards, strengthen the corresponding legal education on intellectual property protection, enhance the legal awareness of enterprises, improve the concept of the legal system, and reduce the cost of rights protection of private enterprises.
Second, create a healthy pro-Qing political and business relationship, guide positive publicity, and reassure entrepreneurs. Correctly understand the role played by capital as a factor of production, maintain policy stability, and fully affirm the important contribution of the private economy in stimulating employment, promoting innovation, and stimulating market vitality. Reduce the excessive intervention of local ** on microscopic subjects and prevent the fallacy of synthesis. When private enterprises encounter difficulties, leading cadres should take active action and serve in the front, and refrain from abusing power for personal gain or trading power for money. Private entrepreneurs should take the initiative to communicate more with party committees and departments at all levels, and at the same time run enterprises in accordance with discipline and law, and operate in an open and honest manner.
Third, support private enterprise funds and promote private investment. The 724 Politburo meeting mentioned that "give full play to the role of aggregate and structural monetary policy tools, and vigorously support scientific and technological innovation, the real economy and the development of small, medium and micro enterprises". Through RRR cuts, re-lending, re-discounting, and direct access to policy tools for the real economy, financial resources will be effectively flowed to private enterprises. Support will be provided to small and micro enterprises and individual industrial and commercial households in terms of tax incentives, tax refund duration, credit for private enterprises, and extension of the term of inclusive small and micro loan support tools. Improve the multi-level capital market, further promote the reform of the registration system, increase the proportion of direct financing, and increase support for small and medium-sized enterprises, manufacturing and other key areas.
Fourth, grasp the lifeblood of the digital economy, and increase support for credit, bond and equity financing in industries such as next-generation information technology, new energy vehicles, lithium batteries, energy storage, autonomous driving, and artificial intelligence. The first is to take scientific and technological innovation as the focus of credit support, and use aggregate and structural monetary policy tools to promote the continuous and high growth rate of loans to science and technology enterprises. The second is to enhance the bond market's ability to support scientific and technological innovation by expanding the scale of bond issuance by science and technology enterprises, promoting the construction of the high-yield bond market, enriching science and technology innovation bond products, and optimizing the financing environment for science and technology enterprises to issue bonds. The third is to focus on equity investment and guide venture capital institutions to increase early investment and small investment. Give full play to the leading role of the Beijing Stock Exchange and guide more private equity and venture capital** to inject capital into innovative enterprises.
Fifth, three measures in the future can save real estate: the establishment of a housing bank, the complete cancellation of purchase restrictions, and the reduction of interest rates and reserve requirements. Real estate is the first pillar industry, and if real estate is stable, the economy will be stable, employment will be stable, and finance will be stable. The first is to set up a housing bank to acquire land and commercial housing inventory from developers for rental housing and affordable housing; the second is to completely cancel the purchase restrictions; The third is to reduce the interest rate on the stock of housing loans for second homes, reduce the burden of interest expenses on residents, and then reduce the cost of debt for banks through RRR cuts.
Sixth, support and guide the standardized, healthy and sustainable development of the platform economy, and boost the confidence of private enterprises. The "31 Articles" to promote the development and growth of the private economy put forward to "guide the development of the platform economy in the direction of openness, innovation and empowerment, make up for the shortcomings and weaknesses of development, support platform enterprises to show their skills in creating jobs, expanding consumption and international competition, and promote the standardized, healthy and sustainable development of the platform economy". On July 7, 2023, the People's Bank of China, the China Securities Regulatory Commission and the State Financial Supervision and Administration Bureau jointly announced that "the focus of the financial management department will be shifted from promoting the centralized rectification of the financial business of platform enterprises to normalized supervision". It marks the end of the special rectification of the platform economy.