Hurun Research Institute released the "2025 Hurun China 500" list on February 5th. TSMC saw its value increase by 3.5 trillion yuan, reclaiming its position as China's most valuable private enterprise with a total valuation of 10.5 trillion yuan. Tencent's value grew by 1.9 trillion yuan, firmly holding second place with 5.3 trillion yuan. ByteDance's value increased by 1.8 trillion yuan, maintaining its third-place ranking with 3.4 trillion yuan. Xiaomi entered the top ten, with its value surging by 357 billion yuan to secure the eighth position with 1 trillion yuan. Meituan exited the top ten, landing at 17th place.

Value creation is concentrating towards leading enterprises. The combined value of the top ten companies on this year's list accounts for 38% of the entire list's total value (a 4 percentage point increase from last year), reaching 29 trillion yuan, which is a 10 trillion yuan increase compared to the total value of last year's top ten.

In terms of geographical distribution, Shenzhen hosts the highest number of headquarters for listed companies, with a total of four; Beijing follows with two.

A total of 386 listed companies experienced an increase in value compared to the previous year, including 95 new entrants. Companies with significant growth were primarily from the industrial products, semiconductor, and life sciences sectors.

In terms of the absolute amount of value increase over the past year, TSMC recorded the largest growth, with its value rising by 3.5 trillion yuan, mainly driven by strong artificial intelligence demand, advanced process technology, and a solid market position. Tencent followed, with a value increase of 1.9 trillion yuan, largely due to outstanding performance in its three main business segments: gaming, advertising, and fintech, which boosted the company's overall results. ByteDance ranked third, with a value growth of 1.8 trillion yuan, benefiting from progress in its AI business driving continuous valuation increases.

Alibaba's value increased by 1.2 trillion yuan, primarily because its strategic investments in artificial intelligence and cloud computing achieved rapid growth, coupled with a stabilization and recovery in its traditional e-commerce foundation.

Contemporary Amperex Technology Co. Limited (CATL) saw its value grow by 690 billion yuan, mainly得益于 the sustained growth in demand from the new energy vehicle market. In May 2025, CATL conducted a secondary listing on the Hong Kong Stock Exchange, raising over 32.5 billion yuan, making it the largest IPO on the Hong Kong stock market in 2025.

Cambricon, often referred to as "China's Nvidia," experienced a value increase of 370 billion yuan, primarily得益于 explosive performance growth driven by AI computing demand and market expectations for domestic AI chips.

Xiaomi's value grew by 357 billion yuan, mainly得益于 the explosive growth of its automotive business and a profitability leap brought by breakthroughs in its high-end smartphone segment.

Zhongji Innolight, headquartered in Yantai, saw its value increase by 356 billion yuan. As a leading global supplier of data center optical modules, it benefited from growing market demand, leading to higher volumes and prices for its high-end products and continuous improvement in profitability.

Delta Electronics' value grew by 306 billion yuan, primarily because AI server power supplies became a core growth driver, enhancing its profitability.

NetEase's value increased by 238 billion yuan,得益于 rapid growth in its gaming business driven by both domestic and international markets, along with performance and profits consistently exceeding expectations.

In terms of the percentage increase in value, the companies with the largest gains were Shenghong Technology, Lao Pu Gold, and Eoptolink.

Shenghong Technology, headquartered in Huizhou, saw its value increase more than fivefold. As a printed circuit board supplier, Shenghong Technology has deep ties with leading clients like Nvidia, and combined with the release of global production capacity and better-than-expected performance, multiple core advantages jointly propelled its value significantly higher.

Lao Pu Gold's value grew more than twofold, as rising gold prices stimulated both consumer and investment demand for gold. Lao Pu Gold has established itself as a Chinese luxury gold brand, becoming a benchmark enterprise in the industry.

Eoptolink, a communications equipment company based in Chengdu, saw its value increase over twofold, primarily due to its geometric performance growth. Longsys, a semiconductor company headquartered in Shenzhen, also saw its value grow over twofold, benefiting from the红利 of exploding AI storage demand and significant achievements in its technological research and development. Taiwan Union Technology, based in Taoyuan, Taiwan, also experienced value growth exceeding twofold, mainly得益于 a surge in demand for high-end copper-clad laminates and its consistently better-than-expected performance growth.

DJI, headquartered in Shenzhen, doubled its value, primarily attributed to its solid position in the consumer drone market, sustained growth in overseas markets, and the expansion of application scenarios driven by policy红利 for the low-altitude economy. Pop Mart's value increased nearly twofold, with its core competitiveness lying in unique IP stories and successful brand operations, in addition to outstanding performance in overseas markets driving overall growth.

China Hongqiao, headquartered in Binzhou, Shandong, saw its value increase nearly twofold,得益于 an upward cycle in the aluminum industry leading to explosive performance growth.

The value of 102 companies declined compared to the previous year.

In terms of the absolute amount of value decrease over the past year, Meituan experienced the largest drop, with its value falling by 394 billion yuan, mainly because a subsidy war in food delivery squeezed core profits, turning performance from profit to loss. Shein followed, with a value decrease of 95 billion yuan, primarily due to impacts from overseas market policies, intensified industry competition, and a decline in its own profitability. Mindray ranked third, dropping by 76 billion yuan, owing to its performance decline in the first three quarters of 2025, setbacks in core businesses, and dual impacts from industry policies and changes in hospital business models.

JD.com's value decreased by 48 billion yuan, due to weak growth in its core e-commerce business and losses in new ventures like food delivery and ride-hailing.

Foshan Haitian Flavouring & Food Company's value fell by 33 billion yuan, mainly because of intensified industry competition and cost increases squeezing profits.

Great Wall Motor's value dropped by 33 billion yuan, attributed to delays in its new energy transformation, intensified industry competition, and declining profitability.

E Ink Holdings' value decreased by 27.5 billion yuan, related to short-term pressures from capacity expansion and R&D investments.