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The top 100 companies in Shanghai experienced a notable increase in net profits last year, despite a slight decline in revenue. Many firms from emerging sectors and private enterprises made the list, showcasing their robust growth and vital role in driving the city’s economic transformation and upgrade.
Total profits for these companies rose by 25%, reaching CNY665.6 billion (about USD93.6 billion) in 2024, while their revenues dipped slightly by 0.4%, totaling CNY10.03 trillion (roughly USD1.41 trillion). The revenue cutoff for making the list increased to CNY10.73 billion from CNY10.49 billion (USD1.51 billion from USD1.47 billion).
Traditional sectors such as manufacturing and infrastructure still dominate the top ten rankings. Leading the list was Baowu Steel Group with revenues 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. Internet giants Pinduoduo and Meituan debuted at seventh and ninth places, generating revenues of CNY393.8 billion and CNY337.6 billion, respectively. Pudong Development Bank secured eighth position, and Sushang Construction Group held the tenth spot.
“The list serves as a mirror of Shanghai’s economic health, illustrating the city’s overall prosperity,” said a top industry official.
Forty-seven technology firms made it onto the list, with Pinduoduo, Meituan, and Trip.com standing out with impressive performances. Many companies also hail from key areas within Shanghai’s leading industries, such as Semiconductor Manufacturing International in the integrated circuit sector, Shanghai Pharmaceuticals Holding in biopharmaceuticals, as well as several emerging fields including robotics and embodied intelligence.
Firms specializing in traditional industries like metallurgy and automobile manufacturing saw declines, indicating that Shanghai is actively advancing its industrial transformation and upgrading. The city is expected to continue leading in this new wave of industrial evolution.
For private companies in the top 100, total profits soared 70%, reaching CNY224.6 billion, with revenues hitting a record high of CNY3.3 trillion (approximately USD464 billion). Additionally, the combined profits of top firms in emerging sectors jumped 72%, totaling CNY195.37 billion, amid record revenues of CNY2.2 trillion.
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