On August 28, the All-China Federation of Industry and Commerce released the "2025 China's Top 500 Private Enterprises" list. Despite higher entry thresholds this year, Nanjing still secured 8 companies on the list, representing a year-over-year increase of 3 companies. Additionally, 3 Nanjing enterprises made the "2025 China's Top 500 Manufacturing Private Enterprises" list, while 4 local companies entered the "2025 China's Top 100 Service Private Enterprises" ranking, with both categories showing growth compared to the previous year. Exploring these companies' success formula reveals the strong pulse and deep foundation of Nanjing's private economy.

**Rising Thresholds, Strong Expansion of "Nanjing Contingent"**

The Nanjing enterprises that made this year's three major lists demonstrate overall operational stability and continuous innovation. The revenue threshold for China's Top 500 Private Enterprises increased to 27.023 billion yuan this year, while the manufacturing sector threshold reached 15.701 billion yuan, and the service sector threshold stood at 30.775 billion yuan.

Nanjing has 8 private enterprises on the "2025 China's Top 500 Private Enterprises" list, up 3 from last year. These companies are: Jiangsu Manyun Software Technology Co., Ltd., Hongyang Group Co., Ltd., HUITONGDA NET Co., Ltd., Suning.com Group Co., Ltd., Red Sun Group Co., Ltd., Nanjing Golden Eagle International Group Co., Ltd., Jiangsu Yingtai Supply Chain Group Co., Ltd., and Nanjing Xinhuahai Technology Industry Group Co., Ltd.

Furthermore, 3 enterprises made the "2025 China's Top 500 Manufacturing Private Enterprises" list, up 1 from last year: Red Sun Group Co., Ltd., Nanjing Gold Foil Holding Group Co., Ltd., and Nanjing High-Speed Gear Manufacturing Co., Ltd. Four companies entered the "2025 China's Top 100 Service Private Enterprises" ranking, also up 1 from last year: Jiangsu Manyun Software Technology Co., Ltd., Hongyang Group Co., Ltd., HUITONGDA NET Co., Ltd., and Suning.com Group Co., Ltd.

According to statistics, in 2024, the 10 enterprises on these lists achieved total operating revenue of 413.773 billion yuan, with 4 companies exceeding 50 billion yuan in revenue. Total tax contributions reached 12.511 billion yuan, with 4 companies paying over 1 billion yuan in taxes. These enterprises employed a total of 49,400 people, with 6 companies having over 3,000 employees.

While continuously expanding in scale, these enterprises are also increasing R&D investment and optimizing talent structures, injecting lasting momentum for high-quality development. Total R&D investment reached 1.55 billion yuan, with 3,287 R&D personnel and 922 valid domestic invention patents.

From an industry distribution perspective, the listed enterprises span software and information technology, intelligent manufacturing, modern services, commerce and circulation, and other sectors, fully demonstrating the diverse structure and vibrant business formats of Nanjing's private economy.

**Digital Empowerment of Real Economy, Pioneering New Commercial Routes**

At the Yu Zeng Home Appliances store in Jiangning District, Nanjing, store manager Wu Yuzeng opens the "Qiancheng AI Super Store Manager" app, where AI assists with the entire process from procurement to sales. The "Design Assistant" quickly generates product banners, the "Promotion Activity Assistant" creates promotional mini-program activities, and the "Purchasing Assistant" handles intelligent product selection and procurement.

Wu Yuzeng explains that the store has been operating for 18 years. Previously, the biggest headache for rural stores was procurement channels. Since becoming a HUITONGDA NET member store 13 years ago, they can not only obtain quality products at good prices but also focus on providing excellent service. "Now with this 'AI manager,' it's even smarter and more capable!"

Since 2025, HUITONGDA NET has continued to invest heavily in smart supply chain and AI+ strategies. Its self-developed "Qiancheng Cloud AI" intelligent large model now covers tens of thousands of rural member stores and hundreds of upstream factories. Through the deployment of over 24 Agent intelligent entities, it provides AI wings for the entire chain and process of urban-rural circulation commerce.

HUITONGDA NET, which has been on the "China's Top 500 Private Enterprises" and "China's Top 100 Service Private Enterprises" lists for seven consecutive years, is just one example of how Nanjing's leading private enterprises use digital means to empower the real economy.

Nanjing High-Speed Gear Manufacturing Co., Ltd. deeply integrates gearboxes with digital technology, creating the GearSight gearbox health monitoring and diagnosis IoT cloud platform and completing remote diagnosis center construction.

This year, Suning.com has accelerated the deployment of Suning Max in core urban commercial districts and collaborated with brand manufacturers to create new product launch venues and smart home appliance experience zones. During the "818 period," a batch of "new, unique, smart, and special" products were highly sought after by consumers.

Jiangsu Manyun Software Technology Co., Ltd. introduces big data, cloud computing, and artificial intelligence technologies into the logistics industry, creating a comprehensive logistics service platform that integrates "people, vehicles, goods, routes, and warehouses" in a one-stop, full-chain approach.

**Seeking Change in Consistency, "Post-90s" Companies Still at the Forefront**

This marks the ninth consecutive year that Nanjing Gold Foil Holding Group Co., Ltd. has made the "China's Top 500 Manufacturing Private Enterprises" list. From its origins as Jiangning Gold Foil Factory established in 1955 to its development into a diversified industrial group spanning multiple regions, industries, and fields, the company's 70-year journey reflects both persistence and renewal.

Two papers sandwiching gold, with dual hammers falling 25,000 times, creates gold foil as thin as cicada wings. Running a business is like refining gold - while the company's industries are diverse, the main thread remains clear: "adhering to real industry." Products can innovate, but the philosophy remains consistent: "the products and services provided must be livelihood-oriented, distinctive, and self-sustaining."

In recent years, through continuous technological and design breakthroughs, the company has launched numerous ingeniously crafted gold foil cultural and creative products, as well as modern gold foil handicrafts that combine cultural content, collectible value, and interactive fun, better integrating the brand into young people's daily lives. Simultaneously, the company actively explores international markets, establishing distributor networks in Southeast Asia, Japan, the Middle East, and Europe, bringing gold foil craftsmanship from Jinling to the international stage.

Analyzing this year's Top 500 Private Enterprises list, many "post-90s" companies that have weathered 30 years of cultivation now stand at the forefront of a new wave of development.

Since its establishment in 1992, Nanjing Golden Eagle International Group has expanded its business portfolio to cover real estate development, commerce and circulation, hotel operations, and property services, gradually forming an industrial development pattern with two major platforms: high-end comprehensive real estate development and large-scale lifestyle centers working in synergy.

Similarly starting in the 1990s, Hongyang Group began with the Jiangbei building materials market and has constructed a modern enterprise system integrating commercial operations, real estate development, and property services in a full-chain approach.

Currently, Xinhuahai involves multiple fields including national chain commercial complexes, IT technology industry, IoT intelligent application development, and real estate development, demonstrating continuous business innovation and cross-industry integration capabilities.

Although these enterprises have different industry backgrounds and starting points, they all demonstrate the same development path: based on continuous deep cultivation of their main businesses, they construct new industrial ecosystems with diversified complementarity and coordinated development through resource integration, business expansion, and market development.

With the compilation of the "Nanjing Private Economy High-Quality Development 2025 Work Points" and the issuance of "Notice on Implementing Several Work Measures to Promote the Development of Private Enterprises in Our City," Nanjing has been deeply implementing the Private Economy Promotion Law this year, sending strong signals for promoting high-quality development of the private economy.

It can be foreseen that as Nanjing's private economy innovation wave continues to surge, this city will nurture more outstanding private enterprises, forming a dynamic situation where leading companies set the pace and emerging forces rise, injecting continuous vitality and resilience into economic development.