Author Yan Yuqiao

In the environment of fluctuating demand and intensified competition, the continuous growth of revenue for three years is becoming an important window to observe the resilience of enterprises and the driving force of the industry.

Revenue is a fundamental indicator for measuring the expansion of a company's scale, market share, and operational resilience. It is also a prerequisite for a company to continue investing in research and development, stabilize its workforce, and fulfill its social responsibilities. Higher operating revenue usually means stronger market coverage, more stable customer relationships, and more efficient supply chain organization capabilities. Only by maintaining sustained revenue growth can a company provide stable career development opportunities for its employees, create more cooperation opportunities for upstream and downstream partners, and contribute more sustainable tax revenue and employment.

Currently, the selection process for seeking "respected" enterprises in 2026, sponsored by the Economic Observer, is underway. According to the statistical analysis of the "Comprehensive Value Evaluation System for Chinese Listed Companies", from 2023 to 2025, there are 1373 A-share companies with continuous growth in operating revenue for three years, accounting for more than 20% of the total number of listed companies.

From the perspective of industry distribution, the electronics industry ranks first with 186 companies, accounting for 13.5%; 163 companies in the automotive industry, accounting for 11.9%; 152 companies in the mechanical equipment industry, accounting for 11.1%; 112 companies in the power equipment industry, accounting for 8.2%; 111 companies in the pharmaceutical and biological industry, accounting for 8.1%; There are 98 companies in the basic chemical industry, accounting for 7.1%. Enterprises with continuous revenue growth are mainly concentrated in advanced manufacturing, new energy, pharmaceutical innovation, and digital economy related fields.

The 2025 Top 100 Revenue List (see figure below) shows that the total revenue of the top 100 companies is about 1.388 trillion yuan, with a threshold of 38.225 billion yuan and an average revenue of 138.784 billion yuan; The total revenue of the top ten companies is about 5.69 trillion yuan, accounting for more than 40% of the top 100, and the total revenue of the top fifty companies is about 11.41 trillion yuan, accounting for over 80%. From an industry perspective, there are 12 companies tied for first place in the automotive and non-ferrous metal industries, 8 companies in the pharmaceutical and biological, transportation, and power equipment industries, and 6 companies in the communication, banking, and basic chemical industries. From a regional perspective, there are 20 in Beijing, 11 in Zhejiang, 10 in Jiangsu, 8 in Guangdong, and 7 each in Shanghai and Shandong, accounting for over 60% of the total. The characteristic of "central enterprise headquarters+strong manufacturing province" is prominent.

The top ten companies in terms of revenue scale are China Mobile (600941. SH), BYD (002594. SZ), Bank of China (601988. SH), China Power Construction (601669. SH), China Telecom (601728. SH), Midea Group (000333. SZ), China Energy Construction (601868. SH), China Unicom (600050. SH), Postal Savings Bank of China (601658. SH), and Zijin Mining (601899. SH).

From the growth paths of these ten companies, the three main lines are particularly clear: AI+computing power, new energy and globalization, and digitization and industrial upgrading.

AI+computing power: from "communication pipeline" to "management token"

China Mobile: AI+computing power becomes a new engine for growth

China Mobile's operating revenue will be 1009.309 billion yuan in 2023, 10407.59 billion yuan in 2024, and 1050.187 billion yuan in 2025, steadily increasing for three consecutive years. In the past three years, the company has anchored its vision of becoming a "world-class technology service enterprise", deepened the implementation of the "Artificial Intelligence+" action, upgraded the Nine Day Basic Model 3.0, launched over 100 AI+products and application solutions, and achieved a growth rate of 279% in intelligent computing service revenue, with computing power service revenue of nearly 90 billion yuan. "AI+computing power" has become a new engine for business growth.

China Telecom: Upgrading its Business Model from "Selling Bandwidth" to "Managing Tokens"

China Telecom's operating revenue will be 507.843 billion yuan in 2023, 523.569 billion yuan in 2024, and 523.925 billion yuan in 2025, with continuous growth for three years. In the past three years, the company has accelerated the strategic upgrade from "cloud to digital transformation" to "cloud to digital transformation to intelligent benefits", building an intelligent cloud system that integrates "computing power, platform, data, model, and application", with the goal of building a leading AI service provider and token services as the main business line. The total scale of self owned and connected intelligent computing has reached 91EFLOPS, and 15 hundred megawatt level hub nodes AIDC parks have been built, achieving continuous upgrading of the business model from "selling bandwidth" to "selling computing power" and then to "operating tokens".

China Unicom: Promoting the Innovation of Networks, Technologies, and Services

China Unicom's operating revenue will be 372.597 billion yuan in 2023, 389.589 billion yuan in 2024, and 392.223 billion yuan in 2025, with continuous growth for three years. For the past three years, the company has been committed to building a new type of infrastructure that is high-speed ubiquitous, integrated with computing networks, and green and low-carbon, always focusing on the two main businesses of networked communication and computing network intelligence. The proportion of revenue from strategic emerging industries exceeds 86%, the proportion of revenue from computing power business exceeds 15%, and the year-on-year growth of artificial intelligence revenue exceeds 140%. The scale of intelligent computing has reached 45 EFLOPS, promoting the evolution of the network from a "communication pipeline" to an "AI ecosystem".

New Energy and Globalization: Dual Wheel Drive of Going Global and Resources

BYD: Leading the global transformation of new energy vehicles

BYD's operating revenue will be 602.315 billion yuan in 2023, 777.102 billion yuan in 2024, and 803.965 billion yuan in 2025, with continuous growth for three years. Over the past three years, the company has driven sales to record highs with industry-leading innovative technology, continuously improving brand power, rapidly developing overseas business, and cost control capabilities in the industrial chain. In 2025, the annual automobile export volume exceeded one million vehicles for the first time, with overseas sales reaching 1.05 million vehicles, a year-on-year increase of 145%, helping China's automobile industry lead the global transformation of new energy vehicles.

Zijin Mining: Accelerating the Formation of Gold Copper Lithium Three Wheel Drive Pattern

Zijin Mining's operating revenue will be 293.403 billion yuan in 2023, 303.64 billion yuan in 2024, and 349.079 billion yuan in 2025, with three consecutive years of growth. In the past three years, while the output of core minerals gold and copper continues to grow, the company has produced 25000 tons of equivalent lithium carbonate throughout the year. Three major projects, namely, Laguocuo Salt Lake in Xizang, 3Q Salt Lake in Argentina and Xiangyuan Hard Rock Lithium Mine in Hunan, have been completed and put into operation. The company plans to produce 120000 tons of equivalent lithium carbonate by 2026, with a target output of 270000 to 320000 tons by 2028, accelerating the formation of a gold copper lithium three wheel drive pattern.

China Energy Construction: Building a full chain industrial ecosystem

China Energy Engineering Corporation's operating revenue will be 406.032 billion yuan in 2023, 436.713 billion yuan in 2024, and 452.93 billion yuan in 2025, with continuous growth for three years. In the past three years, the company has accelerated its layout of energy storage and hydrogen energy, forming an industrial ecosystem covering the entire chain, and constructing a four in one development model of "planning consulting+engineering contracting+equipment manufacturing+investment and operation" for wind and solar new energy. There are more than 50 integrated hydrogen energy projects in the hydrogen energy business reserve, with a total investment of 39 new energy storage projects such as compressed air energy storage and electrochemical energy storage, and a new energy storage holding installed capacity of 1GW.

Digitization and industrial upgrading: holding onto the basic foundation and opening up new increments

Bank of China: Further Enhancing Global Service Capability

Bank of China's operating revenue will be 622.889 billion yuan in 2023, 630.09 billion yuan in 2024, and 658.31 billion yuan in 2025, with three consecutive years of growth. In the past three years, the company has leveraged its global network layout advantages, accelerated the pace of digital transformation, deeply promoted the "five major articles", and strengthened support for the development of new quality productivity tailored to local conditions.The company has formulated the "Artificial Intelligence+" construction plan, deployed more than 10 mainstream models such as DeepSeek and Qwen3, and built more than 400 intelligent assistants. The balance of technology loans has increased by 18.78%, and the balance of digital economy industry loans has exceeded 880 billion yuan.

China Power Construction: Accelerating the Deep Integration of Digitization and Industrial Innovation

China Power Construction Corporation's operating revenue in 2023 will be 608.439 billion yuan, in 2024 it will be 633.685 billion yuan, and in 2025 it will be 645.604 billion yuan, with three consecutive years of growth. Over the past three years, the company has continued to promote the transformation of traditional businesses, accelerate the integration of digitalization and industrial innovation, and deepen the four core businesses of "water, energy, city, and data". The total amount of newly signed contracts for the year was 1.333283 trillion yuan. The newly signed digital business contracts amount to nearly 50 billion yuan, with strategic emerging industries accounting for over 70% of new investments and revenue contributions exceeding 40%, becoming the "second growth curve" supporting the company's high-quality development.

Midea Group: Dare to Know the Future, Proactively Change

Midea Group's operating revenue in 2023 is 372.037 billion yuan, in 2024 it is 407.15 billion yuan, and in 2025 it is 456.452 billion yuan, with three consecutive years of growth. Over the past three years, the company has focused on "improving the efficiency of the entire value chain operation and upgrading structural growth", achieving a new historical high in performance. The company is transforming into an "AI+" global technology group, fully and deeply applying AI empowerment in four core business scenarios: smart home, smart manufacturing, smart office, and industry empowerment, by creating two major hubs: "home brain" and "factory brain". It plans to invest over 60 billion yuan in cutting-edge scientific research in the next three years.

Postal Savings Bank of China: Activating Growth Momentum through "Dual Parallel" Approach

Postal Savings Bank of China's operating revenue will be 342.507 billion yuan in 2023, 348.775 billion yuan in 2024, and 355.728 billion yuan in 2025, with three consecutive years of growth. Over the past three years, the company has successfully obtained a national capital injection of 130 billion yuan, effectively consolidating the capital foundation for serving the national economy and people's livelihood. We will steadfastly promote the "dual line parallel" strategy, consolidate the "first growth curve" of interest rate differentials, develop non interest rates as the "second growth curve" beyond the norm, vigorously cultivate the "five major growth points" of wealth management, payment settlement, investment banking, trading banking, and financial markets, and continue to play the role of state-owned banks in serving the real economy, supporting rural revitalization, and practicing inclusive finance.

The continuous growth of revenue for three years is not only an expansion of scale and numbers, but also a reflection of the company's ability to cross cycles, continuously invest in research and development, stabilize employment, and fulfill social responsibilities. From AI+computing power to new energy going global, from digital transformation to energy storage and hydrogen energy layout, these enterprises not only hold the basic foundation, but also open up new increments.

The list of respected enterprises for the year 2026 will be announced gradually. We look forward to more outstanding enterprises standing out and contributing more to the high-quality development of the Chinese economy, making respected enterprises a powerful driving force for leading the development of the times.