Over 70 Chemical Companies Make the Top 500! 26 from Shandong

The All-China Federation of Industry and Commerce released the "2025 Top 500 Chinese Private Enterprises" list and analysis report in Shenyang. JD Group, Alibaba (China) Co., Ltd., and Hengli Group Co., Ltd. ranked among the top three. It is reported that this year marks the 27th large-scale survey of private enterprises conducted by the Federation. A total of 6,379 enterprises with an operating income of over 1 billion yuan in 2024 participated in the survey, and the top 500 in terms of operating income were selected as the "2025 Top 500 Chinese Private Enterprises."

The threshold for the 500 largest private enterprises this year has increased to 27.023 billion yuan, with a total operating income reaching 43.05 trillion yuan and a combined net profit of 1.80 trillion yuan. Manufacturing enterprises account for 66.40%, with chemical companies playing a significant role among them.

In the 2025 list of China's Top 500 Private Enterprises, the number of petroleum and chemical companies accounts for more than 10% of the list, with over 70 companies making the list, and 18 chemical companies entering the top 100. Among them, there are 18 companies with a revenue exceeding 100 billion yuan in 2024, an increase of 6 companies compared to the previous year; there are 21 companies with revenues between 50 billion and 100 billion yuan.

In terms of provinces, Shandong has 26 chemical companies on the list, Zhejiang has 15, while Jiangsu and Fujian have 10 and 6, respectively.

Top 500 Chinese Private Enterprises（Petroleum and chemical industry）

From the strategic layout of leading chemical companies, we can observe the development trend of the chemical industry: transitioning towards refinement, integration, and high-end orientation. New chemical materials and high-end fine chemicals have become the investment focus of these enterprises.

Relying on the Dalian Changxing Island 20 million-ton refining and chemical integration project, the transformation from a fuel-type refinery to a chemical-type refinery is realized. The main products of Hengli Petrochemical include PTA (Purified Terephthalic Acid), PX (Paraxylene), PP (Polypropylene), and PE (Polyethylene). Using crude oil as raw material, primary products such as naphtha and kerosene are produced through atmospheric and vacuum distillation units and kerosene hydrogenation refining units. Naphtha is further processed to produce important chemical raw materials like PX and PTA. Kanghui New Material is focusing on lithium battery separators (Nantong and Yingkou bases) and high-end polyester films (Suzhou base), with products applied in photovoltaic, electronics, and automotive fields. Hengli Group's biobased fiber layout centers on the industrialization of biodegradable polyester materials, combining patented technology of biobased modified polyester fibers, and is gradually constructing a green industrial chain from raw materials to end products.

The 40 million tons/year PX and PTA project ranks among the top in the industry, promoting the full integration of the "refining-chemical-new materials" chain. Yongsheng Technology, a subsidiary, has successfully put into operation its 250,000-ton functional polyester film expansion project, bringing the company's annual polyester film production capacity to 430,000 tons, ranking among the top four domestically. Shengyuan Phase II 500,000 tons. The differentiated fiber project mainly produces flame-retardant, functional, and dye-free fiber products, and is also actively advancing in the process. The company's disclosed projects under construction include high-performance resin projects, high-end new material projects, and the Jintang new material project, all of which are steadily progressing. The company's matrix of differentiated, high-end, and green products continues to expand.

Hengyi Petrochemical has established an annual refining capacity of 8 million tons (Phase I of the Brunei refining project), an annual PTA capacity of 21.5 million tons through investment and holding, an annual polymerization capacity of 13.25 million tons through investment and holding, a PIA design capacity of 300,000 tons per year, and a caprolactam capacity of 400,000 tons per year through investment. By leveraging the vertical integration advantages of "refining-aromatics-polyester," the company achieves full value chain creation from crude oil processing to chemical fiber products, continuously strengthening its core competitiveness.

The project connecting the Qinzhou base in Guangxi with Brunei involves the construction of an integrated caprolactam-polyamide industrial chain, leveraging direct shipping routes to reduce logistics costs. The industrial chain project, with a total investment of 8.5 billion yuan, is set to break ground in May 2025, employing bio-based cyclohexanone technology, which reduces carbon emissions by 40% compared to traditional processes. It is planned to be put into operation in 2027, with an annual production of 200,000 tons of nylon 6 chips.

Mass production of bio-based PTT elastic fibers; R&D of HMF/FDCA platform compounds reserves future polyester upgrading technology; Antimony-free polyester fibers reduce heavy metal pollution.

Tongkun Co., through technical cooperation with Sinochem Guosheng, has achieved a significant breakthrough in the field of bio-based furan polyester (PEF) fibers. The PEF fiber synthesized with FDCA as the key monomer completed its pilot testing in 2023, with some products already applied in the clothing sector. PEF material, known for its high barrier properties, is regarded as a replacement for PET and has broad application prospects in packaging, textiles, and other fields. In 2025, the Jiangsu base will add a new production capacity of 300,000 tons/year of flame-retardant polyester filament, utilizing an AI visual inspection system. The product has an oxygen index of 32% and is used in the interior of new energy vehicles.

The business covers fields such as refining, storage, logistics and transportation, fine chemicals, and new material research and development. In Weifang, there are three distinctive parks: the Qingzhou Olefin Green Chemical Park, the Binhai Hongrun New Material Park, and the Binhai Hongrun Storage and Logistics Park. It has the largest intelligent unmanned polypropylene workshop in Asia, with an annual production capacity of 450,000 tons of high-end polypropylene new materials. The market share of para-xylene consistently ranks first in the country and is a core raw material for industries such as specialty nylon and green pesticides. The Qingzhou project, starting in January 2025, covers products such as n-butyric acid and lubricating acid, adopting solvent-free synthesis technology, which reduces VOC emissions by 90%, and is planned to be put into operation in 2026.

Wanda Holdings focuses on green and low-carbon technologies and high value-added products in its transformation within the petrochemical sector, achieving the upgrade of traditional industries through a closed-loop industrial chain and technological breakthroughs. Its 40 million cubic meters per year hydrogen energy project has been selected as a key green and low-carbon project in Shandong Province. The Hongfeng Chemical 5 million tons per year high-end chemical new material project is equipped with a supporting crude oil terminal and storage facilities. In May, its subsidiary Baotong Tire added an annual production capacity of 1 million low rolling resistance tires, using silane coupling agent technology, compatible with Tesla Model 3 and other models, and exported to the European market.

Transfar Group, a global functional chemical company, primarily focuses on the textile, paper, plastic, and construction industries. Recently, at the headquarters of PETRONAS, Transfar Group and its subsidiaries Transfar Zhilian and Zhejiang Xinan Chemical Industrial Group Co., Ltd. officially signed a strategic memorandum of understanding with the global energy giant PETRONAS. The parties will explore potential cooperation opportunities in building joint venture production facilities in Pengerang, Malaysia, to produce and sell polybutadiene rubber, serving the Southeast Asian region and global markets. They will also explore potential cooperation opportunities in jointly producing and marketing downstream silicone specialty products and solution facilities in China and the Southeast Asian region for the global market.