The 2025 list of China’s Top 500 Private Enterprises was officially released on Thursday at a press conference jointly organized by the All-China Federation of Industry and Commerce (ACFIC) and the Liaoning Provincial People’s Government. JD Group secured the top spot, followed by Alibaba (China) Co., Ltd. and Hengli Group Co., Ltd.
This year’s threshold for entry rose to RMB 27.023 billion, up RMB 711 million from last year, underscoring the growing strength of China’s private sector. Collectively, the Top 500 reported total revenue of RMB 43.05 trillion.
Shandong: 51 Companies on the List, Strong Growth Momentum
Shandong, a traditional powerhouse of private enterprise, saw 51 companies make the ranking this year—one more than in 2024—holding the third position nationwide in terms of representation. Together, these enterprises posted total revenue of RMB 4.131 trillion, up 6.68% year-on-year, marking the fifth consecutive year of growth.
Nine Shandong companies achieved revenues of over RMB 100 billion. Leading the pack, Weiqiao Pioneering Group reported RMB 558.53 billion in revenue, climbing RMB 38.3 billion from last year, and ranked 10th nationwide, retaining its crown as Shandong’s top private enterprise. Xinfa Group and Nanshan Group followed with revenues of RMB 302.89 billion and RMB 182.62 billion, placing them 20th and 38th nationally.
Other Shandong heavyweights such as Lihuayi Group, Dongming Petrochemical, Hongrun Petrochemical (Weifang), Wanda Holding Group, and Kingboard Holdings also entered the national top 100, each surpassing RMB 100 billion in revenue. Notably, Shouguang Luqing Petrochemical broke into Shandong’s provincial top 10 for the first time, with revenue reaching RMB 94.04 billion.
From a regional perspective, Dongying City led the province with 16 companies on the list, including Lihuayi Group (national rank 4) and Wanda Holding Group (rank 55). Binzhou contributed 7 companies, while Qingdao and Weifang each had 5.
New Entrants Highlight Emerging Industries
Six Shandong companies debuted on the 2025 list, among them Shandong Energy Chain Holdings, Dongying Yatong Petrochemical, Shandong Shenzhi Holdings, and Sailun Group, signaling the province’s continued industrial diversification.
Shandong’s innovation-driven growth was also evident: R&D spending by its top private enterprises reached RMB 54.49 billion, up 8.2% from last year. Their tax contributions surged 22.8% year-on-year to RMB 202.3 billion.
Private Economy: Shandong’s Growth Engine
Shandong’s private economy remains a pillar of its development. The province hosts nearly 14.5 million private business entities, accounting for 98.9% of all market players, contributing around 70% of tax revenue, over 80% of employment, and 61% of total investment. Nationally, one in every 13 private enterprises hails from Shandong.
In the first half of 2025, Shandong’s large-scale private industrial value-added rose 10.1%, outpacing the provincial average by 2.4 percentage points. Private enterprises also drove 76.1% of Shandong’s total imports and exports, up 7.7% year-on-year.
Innovation and Transformation
Traditional industries like petrochemicals, steel, and non-ferrous metals still dominate among Shandong’s top players, but emerging industries are rapidly advancing. For example, Goertek Inc., a global leader in precision components for smart devices and AR/VR equipment, reported revenue exceeding RMB 100.9 billion, ranking 102nd nationwide.
Meanwhile, companies such as Dongming Petrochemical are climbing the national ranks through technological breakthroughs. Its proprietary EPOE elastomer technology, developed with the University of Science and Technology of China, achieved industrial-scale application within two years, solving a key “bottleneck” in the domestic chemical industry.
National Perspective
Across China, the Top 500 private enterprises continue to expand their global footprint. This year, 29 firms entered the Fortune Global 500. The manufacturing sector remains dominant, with 72% of companies from secondary industries and 66.4% specifically in manufacturing. Strategic emerging industries—from new energy and advanced materials to AI-enabled equipment—are becoming focal points for investment.
Private enterprises also made significant social contributions: combined tax payments reached RMB 1.27 trillion, and they provided jobs for more than 11 million people, averaging 22,200 employees per company.
As Shandong continues to nurture its private sector through favorable policies and innovation incentives, the province’s enterprises are expected to strengthen their national standing. From traditional manufacturing giants to high-tech pioneers, Shandong’s private economy is proving to be both a stabilizing force and a dynamic driver of China’s high-quality growth.