Shanxi releases top 100 companies list
The Shanxi Enterprises Association and the Shanxi Entrepreneurs Association released their list of top 100 Shanxi companies in 2019 on Nov 8, according to officials.
The top 100 list picks the leading companies looking at comprehensive strength, the manufacturing industry and the services industry.
The list shows a trend towards total asset growth, rising operating incomes and a substantial increase in corporate net profit in 2019.
The total assets of the top 100 enterprises of Shanxi hit 3.8 trillion yuan ($543.4 billion), an increase of 19.47 percent over the previous year, officials said.
The total operating revenue of all companies in the list was 1,870.85 billion yuan, up 20.29 percent, with seven enterprises having operating revenue of over 100 billion yuan. The total net profit was 62.59 billion yuan, an increase of 97.38 percent year-on-year.
Looking at their distribution, Taiyuan, Changzhi and Jinzhong cities were home to more than half of the top 100 enterprises, underscoring the regional economic competitiveness of the three cities.
The report found the secondary sector of the economy -- featuring large-scale energy and heavy chemicals enterprises -- is still the core of Shanxi's economy.
The development of services industry in Shanxi has been improved in terms of scale, structure, competitiveness and degree of specialization, according to the list.
Lu'An Group ranked first on the list with operating revenue of 177.54 billion yuan, followed by Shanxi Coking Coal Group with 176.57 billion yuan and Datong Coal Mine Group with 176.51 billion yuan. Nine companies on the list were also among the top 500 Chinese companies in 2019.
First released in 2004, the annual list by the two associations working with Shanxi University of Finance and Economy, aims to deeply analyze the development track and trend of Shanxi's companies.
The organizers said it also evaluates the comprehensive competitiveness of enterprises in the province, explores the characteristics of their development, promotes the high-quality development of groups and provides other information about their development.