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Overseas income as a percentage of total revenue for companies listed in mainland China hit an all-time high of nearly 17% last year, during a period when domestic market growth has notably decelerated. The combined overseas revenue for these businesses approached 12.4 trillion yuan (approximately $1.8 trillion) during the 12 months ending December 31, marking the first time it has exceeded 12 trillion yuan. This data was released recently by a financial information provider affiliated with Securities Times.
Overall, the total revenue for these companies saw growth of less than 2% compared to the previous year, highlighting the increasing importance of international markets as a primary source of expansion. Two decades ago, foreign income constituted only 3% to 4% of total revenue, but by 2024, it had grown to account for 15%, according to a UBS Securities research chief speaking at a recent conference in Shanghai.
This upward trend is partly driven by China’s long-standing policies encouraging companies to expand globally, as well as the “China Plus One” strategy, which promotes diversifying manufacturing operations beyond China to at least one other country. A report from Julius Baer highlighted that international markets tend to be less saturated, allowing Chinese firms to achieve higher profit margins compared to their domestic counterparts.
Industrially, the electronics sector continues to dominate overseas revenue, surpassing 2 trillion yuan (around $293.5 billion) for the first time in 2025 and accounting for nearly 48% of total revenue, according to the recent data. Other sectors such as petroleum, petrochemicals, automotive, and transportation each reported overseas earnings exceeding 1 trillion yuan. Industries including auto manufacturing, machinery, light manufacturing, and electrical equipment also reached new heights in foreign income contributions.
Last year, 22 publicly listed companies reported overseas revenues exceeding 100 billion yuan ($14.6 billion). Leading this list was China National Petroleum Corporation with over 970.2 billion yuan, followed by Foxconn Industrial Internet with 396.4 billion yuan. Automaker BYD’s international income moved past 300 billion yuan for the first time, and Zijin Mining entered the top five with nearly 198.7 billion yuan. Zijin also achieved its first-ever net profit exceeding 50 billion yuan ($7.3 billion).
Several companies experienced remarkable growth in foreign markets. Xiamen Xiangyu’s overseas revenue exceeded 100 billion yuan for the first time, up more than 150% year-over-year, aided by the launch of 11 new subsidiaries in countries like South Africa and Brazil. Huaqin Technology saw its international income grow over 60%, benefiting from expanding global manufacturing and increased penetration into AI-powered smart devices. Foxconn Industrial Internet also reported more than a 50% rise, driven by soaring demand for AI computing power.
In terms of the proportion of revenue derived from foreign markets, Hybio Pharmaceutical reported a contribution of nearly 62%, more than 4.5 times higher than three years prior, largely due to rapid growth in its overseas glucagon-like peptide-1 pharmaceuticals. Dajin Heavy Industry saw its international earnings contribution surpass 74%, more than tripling over three years, thanks to securing major offshore wind farm contracts in Europe last year.
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