Ningbo firms make China's top 500 private enterprises lists

A worker uses upgraded machine. [Photo by Feng Xuan/cnnb.com.cn]

Ningbo's private sector has reached a new milestone, with 23 above-designated-size companies named to the 2025 China Top 500 Private Enterprises List — an all-time high for the city.

Leading the group are Youngor Group, Ningbo Jintian Investment Holding, and China-Base Ningbo Group, ranking 45th, 57th, and 64th, respectively, each reporting over 140 billion yuan ($19.62 billion) in revenue.

In addition, 25 above-designated-size firms in Ningbo were listed among the top 500 private manufacturing enterprises, and five above-designated-size firms made the top 100 private service enterprises list, matching last year's figures.

The 2025 Research Report on Above-Designated-Size Private Enterprises in Ningbo was also released.

The report finds that for the 490 companies surveyed, R&D spending rose to 33.86 billion yuan in 2024, with over 11,000 new patents authorized, 32 percent of which were invention patents.

Collectively, these firms generated 2.62 trillion yuan in revenue, 780 billion yuan in net assets, and 89.27 billion yuan in profits in 2024, all showing year-on-year growth. At the end of 2024, private enterprises accounted for 96.7 percent of Ningbo's market entities.

The city's emerging industries also performed well. The added value of above-designated-size manufacturing in artificial intelligence, high-end equipment, and strategic emerging industries recorded double-digit growth.