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In the annual ranking of China's Top 500 Enterprises released by the China Enterprise Confederation and the China Enterprise Directors Association on Sept 15, 56 companies from Zhejiang province made the list, including four from Shaoxing.

This placed Zhejiang second nationwide, behind only Beijing, and marked a rise from fourth place in the 2024 report.

The 2025 ranking was based on operating revenues in 2024, with the entry threshold increasing to 47.96 billion yuan ($6.75 billion), up 579 million yuan from the previous year.

Shaoxing-based companies on the list include Hailiang Group, one of the world's largest producers of copper and copper alloy products; Sanhua Holding Group, a global leader in refrigeration and new energy vehicle thermal management; Zhejiang Zhongcheng Holding Group, a diversified industrial group; and Wolong Group, a leading global manufacturer of motors and drives.

Overall, the top 500 companies showed stronger profitability, continued industrial upgrading, and a more balanced economic structure. The average R&D intensity among ranked enterprises reached a record 1.95 percent in 2024.

Ant Group, based in Hangzhou, ranked among the top 10 companies in R&D intensity, while Geely Holding Group, also headquartered in Hangzhou, was among the top 10 in R&D spending, with an investment of 26.67 billion yuan.