2026 Fortune China 500 released | State Grid tops, TSMC leads profit at $54.5B, Tencent most profitable internet firm
TL;DR
2026 Fortune China 500 rankings released. State Grid tops with $555.37B revenue; PetroChina and Sinopec take 2 and 3. JD ranks 9th, the only mainland private firm in the top 10. TSMC leads the profit chart with $54.49B net profit; Tencent posts $31.2B+ net profit, the most profitable internet company.
The 2026 Fortune China 500 was released on July 21. State Grid took the top spot with USD 555.37 billion in revenue; PetroChina and Sinopec came in second and third. JD.com climbed 2 spots to 9th, the only mainland private company in the top 10.
Scale — the 500 listed companies posted USD 14.26 trillion in 2025 total revenue, up ~0.3% YoY; net profit reached USD 794.9 billion, up ~5%. The revenue vs profit growth gap tells the story — "flat top-line, margin recovery." Aggregate revenue barely moved, but net margins expanded.
The profit top is where it gets real — TSMC leads the profit ranking with USD 54.49 billion in net profit, the single most profitable company on the list. Tencent, with over USD 31.2 billion in net profit, is the most profitable internet company, up ~16% YoY. It's the first time TSMC has taken the profit top of the China list — the semiconductor foundry moat quantified into hundred-billion-yuan territory.
JD squeezing into the top 10 as the only private company shows: energy, energy, resources, energy still make up the base of the Chinese revenue chart (the top 8 are all central SOEs / state banks); private firms only get in with a retail + supply chain vertical scaled to trillions.
TSMC's USD 54.5B net profit next to Tencent's USD 31.2B — that single juxtaposition is the cleanest x-ray of the 2026 Chinese economy: chips make more than QQ plus WeChat combined.
via Fortune China / Yicai Global
Scale — the 500 listed companies posted USD 14.26 trillion in 2025 total revenue, up ~0.3% YoY; net profit reached USD 794.9 billion, up ~5%. The revenue vs profit growth gap tells the story — "flat top-line, margin recovery." Aggregate revenue barely moved, but net margins expanded.
The profit top is where it gets real — TSMC leads the profit ranking with USD 54.49 billion in net profit, the single most profitable company on the list. Tencent, with over USD 31.2 billion in net profit, is the most profitable internet company, up ~16% YoY. It's the first time TSMC has taken the profit top of the China list — the semiconductor foundry moat quantified into hundred-billion-yuan territory.
JD squeezing into the top 10 as the only private company shows: energy, energy, resources, energy still make up the base of the Chinese revenue chart (the top 8 are all central SOEs / state banks); private firms only get in with a retail + supply chain vertical scaled to trillions.
TSMC's USD 54.5B net profit next to Tencent's USD 31.2B — that single juxtaposition is the cleanest x-ray of the 2026 Chinese economy: chips make more than QQ plus WeChat combined.
via Fortune China / Yicai Global
