the list of china's top 500 companies in 2024 was released. midea surpassed haier, and china zheshang bank and others were not on the list this year
2024-09-13
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according to the red star capital bureau on september 12, on september 11, the china enterprise confederation and the china entrepreneur association released the "2024 china top 500 enterprises". this year's entry threshold is 47.381 billion yuan, an increase of 383 million yuan from the previous year. the 500 companies achieved a total operating income of 110.07 trillion yuan, an increase of 1.58% from the previous year. among them, the number of companies with operating income exceeding 100 billion yuan is 253, accounting for more than 50%; 16 companies have operating income exceeding 1 trillion yuan.
red star capital bureau noted that, by industry, aviation, internet, automobile and parts companies have changed significantly compared to the previous year. taking the aviation industry as an example, with the continued recovery of the civil aviation industry this year, china southern airlines (600229.sh) and china eastern airlines (600115.sh) have both risen by more than 100 places, and air china (601111.sh) has risen by 245 places. in addition, many industries such as the internet and automobiles have also seen significant changes.
jd.com, alibaba and tencent rank top three in the internet industry
according to incomplete statistics from the red star capital bureau, among internet companies, jd.com (09618.hk), alibaba (china) co., ltd., and tencent holdings (00700.hk) ranked in the top three in the internet industry. meituan (03690.hk), baidu group (09888.hk), vipshop, and netease (09999.hk) all improved their rankings. the one with the largest improvement was beike (02423.hk), which rose by 62 places.
map: red star capital bureau
pinduoduo, didi and ant group ranked in the top 150 of the list, while suning.com and jiangsu manyun software technology co., ltd. (whose app is the digital freight platform "manbang") entered the top 400.
in 2023, pinduoduo's annual revenue was 247.6 billion yuan, a year-on-year increase of 90%.
in the second quarter of this year, didi's core platform transaction volume, including china's travel and international business, was 3.875 billion, with a net profit of 1.7 billion yuan. in june this year, foreign media reported that didi was preparing for an ipo in hong kong in 2025. didi responded that there was no timetable for the ipo yet.
in addition, according to interface news, based on alibaba’s financial report, ant group’s net profit in 2023 will total approximately 23.82 billion yuan.
as for suning.com (i.e. st yiguo, 002024.sz), its net profit attributable to shareholders of the listed company in the first half of the year was 15 million yuan, a year-on-year increase of 100.76%, turning losses into profits; the net profit attributable to shareholders of the listed company in the second quarter was 112 million yuan, a year-on-year increase of 106.10%, which is the first single-quarter profit in 12 quarters.
saic motor ranks first among automakers
from the perspective of the automakers on the list, three of them made it into the top 50. saic motor (600104.sh) ranked first with a revenue of 744.7 billion yuan, ranking 29th on the list, but it dropped three places compared to last year. except for saic motor, guangzhou automobile industry group co., ltd. and dongfeng motor group co., ltd., all other companies have improved their rankings. in addition, byd (002594.sz) surpassed guangzhou automobile industry group co., ltd., dongfeng motor group co., ltd. and beijing automotive group co., ltd., and catl (300750.sz) rose 18 places.
map: red star capital bureau
in the first half of this year, byd's revenue was 301.127 billion yuan, its net profit was 13.631 billion yuan, and its cumulative sales of new energy vehicles reached 1.613 million units. according to the data from the china association of automobile manufacturers, in the first half of 2024, byd won the domestic automobile sales championship and ranked first in global new energy vehicle sales.
according to sne research data, in the field of power batteries, catl has ranked first in the world for seven consecutive years, with a market share of 36.8% in 2023. as of june this year, catl has invested in 9 automakers. in the first half of this year, catl's net profit was 22.87 billion yuan, a year-on-year increase of 10.37%.
in addition, chery rose 76 places on the list, shaanxi automobile rose 90 places, and great wall motor (601633.sh) rose 32 places. unlike most of the listed automakers, shaanxi automobile's products are mainly heavy-duty off-road vehicles, heavy-duty trucks, large and medium-sized buses (chassis), medium and light trucks, heavy-duty axles, cummins engines, etc.
as the only leading domestic brand that is not listed in the market, chery's sales in 2023 will reach 1.881 million units, and its revenue will exceed 300 billion yuan for the first time, both of which will increase by more than 50% year-on-year. in 2023, chery exported 937,100 vehicles, a year-on-year increase of 101.1%.
in addition, great wall motor's revenue in 2023 was 173.212 billion yuan, a year-on-year increase of 26.12%; net profit was 7.022 billion yuan, a year-on-year decrease of 15.06%, and the increase in revenue did not increase profit. in terms of sales, great wall motor's sales in 2023 were about 1.23 million vehicles, a year-on-year increase of 15.85%, of which overseas sales increased significantly. in 2023, great wall motor's overseas sales were 314,000 vehicles, a year-on-year increase of 82.37%, a record high; overseas revenue was 53.114 billion yuan, a year-on-year increase of 101.53%.
this year, midea surpassed haier
among the home appliance companies on the list, compared with 2023, midea group (000333.sz, no. 73) surpassed haier (no. 74), and gree electric appliances (000651.sz) ranked 133. among the remaining 8 companies, except changhong holdings, the other 7 companies have achieved an improvement in their rankings, among which skyworth group (00751.hk) has improved the most, from no. 425 to no. 351.
map: red star capital bureau
in april this year, midea group submitted its application to the hong kong stock exchange for the second time and recently passed the listing hearing of the hong kong stock exchange's main board, and is expected to become another company to achieve "a+h" dual listing. according to the prospectus, in terms of sales volume, in 2023, midea will rank among the top three in the world in the fields of household air conditioners, washing machines, refrigerators, kitchen appliances and other home appliances, with market shares of 23.7%, 14.2%, 10.5% and 6.0% respectively. in the first half of this year, midea achieved operating income of 217.274 billion yuan, a year-on-year increase of 10.30%; net profit attributable to shareholders was 20.804 billion yuan, a year-on-year increase of 14.11%.
china zheshang bank was not included in the list this year
in terms of banks, four of the six state-owned banks ranked in the top 10, namely industrial and commercial bank of china (601398.sh, no. 5), china construction bank (601939.sh, no. 6), agricultural bank of china (601288.sh, no. 7), and bank of china (601988.sh, no. 9). among them, bank of china entered the top 10 for the first time in the past three years.
map: red star capital bureau
among the joint-stock banks, the rankings of china merchants bank (600036.sh), industrial bank (601166.sh), shanghai pudong development bank (600000.sh), and china minsheng bank (600016.sh) have not changed much. however, hua xia bank (600015.sh) and china zheshang bank (601916.sh) are not on the list this year. they ranked 157th and 222nd respectively last year. shenzhen qianhai weizhong bank is the only private bank selected in this year's list.
in the first half of this year, the credit impairment of zheshang bank was 14.927 billion yuan, accounting for 42.3% of its revenue. according to reports, this means that more than 40% of zheshang bank's revenue will be "swallowed up" by bad debts.
there are three city commercial banks, namely jiangsu bank (600919.sh, up 15 places), shanghai bank (601229.sh, down 1 place) and nanjing bank (601009.sh, up 16 places). there are also three rural commercial banks in the top 500, namely chongqing rural commercial bank (down 32 places), guangxi rural commercial bank (entered for the first time) and shanghai rural commercial bank (up 12 places).
in addition, there are 10 insurance companies on the list. compared with banking companies, the changes in insurance companies are relatively large. among them, new china life insurance dropped 209 places, and sunshine insurance (06963.hk) dropped 117 places. in addition, china taiping life insurance and guohua life insurance were shortlisted for the first time in the past three years.
map: red star capital bureau
according to the morning news, according to ifrs 17 - insurance contracts issued by the international accounting standards board, listed insurance companies must fully switch to the new standard in fiscal year 2023, while unlisted insurance companies can switch again in 2026. life insurance companies are affected much more than property insurance companies due to the high investment component in their premiums. under the new standard in 2023, new china life insurance's insurance service income has declined, with a negative growth of 15.5%.
as for sunshine insurance, although total premium income continued to grow, the growth rate slowed down and net profit declined. in 2023, sunshine insurance's total premium income was 118.91 billion yuan, a year-on-year increase of 9.3%; net profit attributable to parent company shareholders was 3.74 billion yuan, a year-on-year decrease of 16.8%.
red star news reporter yu yao, intern reporter zeng han
editor: deng lingyao
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