AsianFin -- Chinese online retail and logistics powerhouse JD.Com has cracked the top 10 in the annual ranking of the country’s leading 500 enterprises by revenue, marking a milestone as the only private company to enter this elite group.

In the 2025 China Top 500 Enterprises list, JD.Com climbed two spots to 10th place, reporting revenue of 1.16 trillion yuan (US$163 billion) for the previous year, according to the China Enterprise Confederation and the China Enterprise Directors Association, which jointly compile the rankings.

The remainder of the top 10 is dominated by state-owned giants, reflecting the continued prominence of China’s public sector in key industries. State Grid retained the top spot with revenue of 3.95 trillion yuan (US$556 billion), followed by oil majors China National Petroleum and China Petroleum and Chemical. China State Construction Engineeringcame in fourth, while China Railway Engineering ranked ninth. Meanwhile, the nation’s four largest commercial banks filled the fifth to eighth positions.