The 2025 Sichuan Top 100 Enterprises List was recently released by the Sichuan Enterprise Confederation and the Sichuan Enterprise Directors Association.

Currently, the number of enterprises in Sichuan has exceeded 2.9 million. Being ranked among the top 100 truly means standing out from the crowd—these companies form the fundamental pillars supporting the province's economy. While the Top 100 list is primarily based on voluntary corporate submissions, it nonetheless offers valuable insights into emerging trends and patterns.

The revenue threshold for qualifying for Sichuan's Top 100 Enterprises list was 3.954 billion yuan in 2020, rose to 5.356 billion yuan in 2021, and reached 8.240 billion yuan in 2025. Over the past five years, the entry threshold for Sichuan's Top 100 Enterprises has risen by nearly three billion yuan. Beyond this financial benchmark, what major shifts have occurred among the leading enterprises? Which companies are now at the forefront? And what broader trends do these changes reflect?

Leading Enterprises Expand:

100-Billion-Yuan Club Doubling in Size from Four to Eight

First, consider Sichuan's corporate leaders: Over the past five years, the number of 100-billion-yuan enterprises in the province has doubled, from four in 2021 to eight in 2025. These top-tier companies are Tongwei Group Co., Ltd., Sichuan Wuliangye Group Co., Ltd., Sichuan Changhong Electronic Holding Group Co., Ltd., Sichuan Energy Development Group Co., Ltd., Qiya Group Co., Ltd., New Hope Liuhe Co., Ltd., Luzhou Laojiao Group Co., Ltd., and Sichuan Huashi Group Co., Ltd.

"Most of these companies are concentrated in energy, agriculture, and manufacturing, playing a critical role in securing employment and stabilizing industrial chains," said Cao Qilin, associate professor at the Business School of Sichuan University (SCU) and director of the Institute of Development and Competitiveness of Listed Companies at SCU. He noted that in 2025, these 100-billion-yuan enterprises accounted for 32.63 percent of total revenue, contributing the majority of growth amid a complex economic environment and increasingly serving as a "ballast" for Sichuan's economy.

Notably, Qiya Group made its debut on the list this year, directly entering the 100-billion-yuan club and ranking fifth on the list—a remarkable "dark horse" achievement. The company has built its foundation on "mining", maintaining a long-term focus on the non-ferrous metals industry with operations spanning Sichuan, Xinjiang, Guizhou, Yunnan, and multiple other provinces and regions.

Alongside new entrants, the list also features consistent top performers. Over the past five years, New Hope, Tongwei Group, Yibin Wuliangye, Sichuan Changhong, Huashi Group, and Tranvic Group have all maintained their positions within the top ten.

However, this year saw a change at the top, with Tongwei Group claiming the number one spot for the first time.

This shift resulted from a combination of factors. On one hand, the New Hope Group—which had long held the top position among Sichuan enterprises—participated in this year's ranking through its subsidiary, New Hope Liuhe Co., Ltd., securing the sixth place. Shudao Investment Group Co., Ltd.—which had consistently held the second position on the Top 100 list—has not submitted an application for two consecutive years since 2024, with its subsidiaries participating instead.

On the other hand, Tongwei Group's consistent performance growth also contributed to the change. In 2021, the company ranked fifth on the list with revenue below 100 billion yuan, but in 2025, its revenue had surpassed 240 billion yuan. This achievement stems from both the prosperity of the solar industry worldwide over the past five years and the company's long-term dedication to this sector.

The Emerging Middle Tier:

New Faces in Emerging Industries

On the list, enterprises with revenues exceeding 10 billion yuan but under 100 billion yuan account for over 70 percent of the total, forming the essential backbone. Tracking the evolving composition of 10-billion-yuan enterprises offers a clearer reflection of industry rises and declines over the past five years.

Consider the sectoral shifts: A comparison of the lists in the recent two years shows that, relative to 2024, over ten companies joined the 10-billion-yuan enterprise tier in 2025, primarily from industries such as new energy, smart manufacturing, transportation, and finance.

For instance, Yibin MAGIC Communication Technology Co., Ltd., which made its debut at 46th place in 2025, produces a range of smart terminal products, including smartphones, POS machines, facial payment devices, and wearables. It is the first enterprise in Yibin's smart terminal industry to achieve 10-billion-yuan status.

Buoyed by the growth of the photovoltaic industry, Sichuan Gokin Solar Technology Co., Ltd. made its debut on the list this year, ranking 72nd. The company focuses on green photovoltaic energy, supplying photovoltaic products and solutions to the global market, with its revenue reaching 12.1 billion yuan in 2024.

Compared to the 2021 and 2022 rankings, the lists of the past three years have featured a greater number of new players from emerging industries such as new energy, new materials, and artificial intelligence.

For example, Mianyang BOE Optoelectronics Technology Co., Ltd. first entered the list in 2023 and has maintained its position since. As a leading enterprise in Sichuan's new display industry, it attributes its steady growth to both its own technological innovation and the supportive industrial ecosystem and cluster effects in the region. In recent years, Sichuan has vigorously developed its new display industry. In 2024, the province accounted for nearly 50 percent of the global market share for high-end flexible screens.

In the field of artificial intelligence, local enterprises are gradually gaining prominence. Sichuan Huakun Zhenyu Intelligent Technology Co., Ltd. first entered the list in 2024 at 90th place and has since risen to 70th position this year. Amid accelerated digital transformation, the company—a leader in domestic computing power—has doubled its annual revenue, reaching 12.6 billion yuan in 2024.

"As we can observe, in the wave of industrial transformation, many Sichuan enterprises are proactively exploring new tracks and breaking into emerging fields," noted a senior representative from the Sichuan Enterprise Confederation. "By establishing differentiated competitive advantages in niche sectors, they are not only securing their own growth space but also injecting fresh momentum into Sichuan's economic development."

Tracking Reshuffling Ranks of Corporations:

Exits Across Traditional and Emerging Sectors

Amid market fluctuations, some companies have experienced significant ranking volatility or even dropped off the list due to industry shifts.

For instance, Sichuan Languang Development Co., Ltd., which ranked 18th in 2021, has been absent from the list since 2022 after becoming mired in debt due to downturn pressures in the real estate sector. In addition to property developers, construction companies have also felt the impact of the real estate sector's adjustment. China West Construction Group Southwest Co., Ltd. secured a place on the list for three consecutive years from 2021 to 2023, ranking 90th, 85th, and 87th, respectively. However, it did not appear in the rankings for the years 2024 and 2025.

In recent years, the food and beverage industry has become increasingly competitive. Sichuan Blue Sword Beverage Group Co., Ltd. maintained its position on the list for four consecutive years from 2021 to 2024, ranking 92nd, 79th, 88th, and 97th, respectively. However, with its 2024 revenue of 6.869 billion yuan falling short of the 2025 entry threshold of 8.240 billion yuan, the company dropped off the ranking.

Sichuan Development Lomon Co., Ltd., a company in the phosphorus chemical industry, ranked 96th on the 2024 list with revenue of 8.178 billion yuan, but it does not meet the 2025 entry threshold.

Compared with traditional sectors, emerging industries experience much greater volatility; lithium companies, for instance, frequently appear and disappear from the list.

Chengdu B&M Science and Technology Co., Ltd., a lithium-ion battery material manufacturer, first entered the list at 71st place in 2022 and consistently climbed the rankings to reach 49th by 2024. However, impacted by industry overcapacity, its revenue declined to 7.996 billion yuan in 2024, resulting in its exit from the latest ranking.

Two other lithium industry players—Shenzhen Chengxin Lithium Group Co., Ltd. and Sichuan Yahua Industrial Group Co., Ltd.—made the list in 2023 and 2024, respectively. However, both dropped off the 2025 list as plunging lithium prices dragged down their revenues.

Regional Distribution:

Chengdu Firms Dominate the List

Geographically, the Top 100 enterprises are predominantly concentrated in Chengdu. From 2021 to 2025, the number of companies on the list from the Chengdu region stood at 70, 72, 64, 61, and 64, respectively. "The distribution of Sichuan's Top 100 Enterprises generally aligns with regional economic development levels, yet continues to show pronounced concentration and significant disparities," noted the senior representative from the Sichuan Enterprise Confederation.

Leveraging its strength as China (Mianyang) Science and Technology City, Mianyang increased its number of enterprises on the list from five in 2021 to nine in 2025. Meanwhile, Luzhou—capitalizing on distinctive industrial clusters such as baijiu and energy chemicals—doubled its presence, growing from three enterprises in 2021 to six in 2025.

However, growth in these specific areas has not yet altered the overall regional development landscape. "Chengdu's dominance in the ranking confirms its status as the province's primary 'pole and core' for growth, yet also highlights the challenge of regional imbalance," said Cao Qilin. He recommended promoting differentiated development strategies based on local resource advantages, such as Mianyang's focus on electronic information and Yibin's pursuit of green energy, advocating for "one city, one policy" to nurture local leaders and avoid homogeneous competition.

In terms of ownership structure, state-owned enterprises (SOEs) have maintained a dominant presence over the past five years, consistently comprising over 70 percent of the list. "Although only 25 private enterprises made this year's list, their combined revenue exceeded one trillion yuan, demonstrating strong market vitality and operational efficiency," said the senior representative from the Sichuan Enterprise Confederation.

"Sichuan's private sector is transitioning from a phase of rapid expansion to a new stage of high-quality development that must be driven by efficiency and innovation," said Cao Qilin. He proposed exploring the establishment of a "Positive List for Tiered and Classified Sichuan's State-Owned Enterprises" to clearly define the operational boundaries of local SOEs in specific functional and competitive sectors. In fully competitive sectors, state capital should, in principle, undergo orderly withdrawal, or at a minimum, cease new investments, thereby genuinely "creating space" for private capital to develop.