Sinopec Group leads 2024 Top 500 Chinese Manufacturers List

Chinese petroleum giant has been ranked first in the Top 500 Chinese Manufacturing Enterprises List 2024 released in Hefei Saturday

Hefei (China): Chinese petroleum giant has ranked first in the Top 500 Chinese Manufacturing Enterprises List 2024 released at the World Manufacturing Convention (WMC) in Hefei Saturday.

Sinopec or China Petroleum and Chemical Corporation, is a Chinese oil and gas enterprise based in Beijing. It is listed in Hong Kong and also trades in Shanghai.

China’s Top 10 Manufacturers

Sinopec is followed by China Baowu Steel Group Corporation Limited, Sinochem Group, China Minmetals Corporation, Hengli Group, SAIC Motor Corporation Limited, Huawei, FAW Group, Zhejiang Rongsheng Holding Group, and BYD, making up the top 10.

The threshold for inclusion in the 2024 list has risen to 17.062 billion yuan, marking a 512 million yuan increase from the prior year. Collectively, these companies have reported a total operating revenue of 52.01 trillion yuan, up 1.86% year-on-year, according to World Manufacturing Convention.

"Innovation continues to be a key driver, with the Top 500 investing 1.23 trillion yuan in research and development (R&D), a 12.51% increase over the previous year. R&D intensity stands at 2.37%, up 0.04 percentage points from a year before", it said.

Number of Patents

These companies also hold 1.4937 million valid patents, including 717,300 invention patents, representing a 3.85% and 11.35% increase, respectively.

"The proportion of invention patents has risen to 48.02%, up 3.24 percentage points from the previous year", the convention said.

Overseas Expansion

Overseas expansion is also on a steady trajectory, with the Top 500 reporting foreign assets totaling 7.29 trillion yuan, up 5.81% from the previous year, and overseas operating revenues of 7.13 trillion yuan.

Geographically, Zhejiang, Shandong, Jiangsu, Guangdong, and Hebei boast the highest number of companies among the Top 500.

14 companies from Anhui, including Chery Holding, Tongling Nonferrous Metals Group, Conch Group, Sungrow, Anhui Truchum Advanced Materials & Technology, JAC Group, Gotion High-tech, Shanying International, Honglu Steel Structure, Tiankang Group, Zhongding Group, Gujing Group, Tongling Chemical Industry Group, and Tongling Jingda Special Magnet Wire, have secured a place on the list.

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