Key Points
- China’s A-share giants are reporting massive profits in 2024, with the banking sector leading the way.
- The Industrial and Commercial Bank of China (ICBC) (Gongshang Yinhang 工商银行) is the most profitable A-share company, earning roughly ¥1 billion RMB ($138.8 million USD) per day.
- The entire A-share banking sector generated a combined net profit of over ¥2.14 trillion RMB ($297.2 billion USD) in 2024.
- Finance dominates the top 10 most profitable list, but energy giants like PetroChina (Zhongguo Shiyou 中国石油) and CNOOC (Zhongguo Haiyou 中国海油) also posted over ¥100 billion RMB in profit.
- While large banks dominate, regional small and medium-sized banks are showing significant growth, with 11 reporting over 10% net profit increase.
China’s A-share market heavyweights are dropping their 2024 numbers, and the profits are eye-popping, especially in the banking sector.
Let’s break down the massive earnings shaping the landscape.
The annual report season for A-share listed companies is wrapping up.
As of late April 29th, 5,303 companies had shared their 2024 performance.
It’s a mixed bag, but the winners are winning big.
Over half, 2,997 companies, saw their operating revenue climb year-over-year.
And nearly half, 2,529 companies, boosted their net profit attributable to parent company shareholders compared to the previous year.
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Meet the Profit Kings: The Top 10 Earners
Getting into the elite top 10 wasn’t easy.
The *minimum* daily profit needed? Over ¥290 million RMB ($40.3 million USD). Yeah, per day.
These 10 companies *each* pulled in net profits over ¥100 billion RMB ($13.9 billion USD) for the year.
Here’s the leaderboard for 2024 highest net profit (attributable to parent company shareholders):
Top 10 Most Profitable A-Share Companies (2024)
Notice a pattern?
Finance dominates. Five are banks, two are insurance giants.
The top four spots? All banks.
ICBC (Gongshang Yinhang 工商银行) takes the crown, earning a staggering ¥365.863 billion RMB ($50.8 billion USD) last year.
That breaks down to roughly ¥999.6 million RMB ($138.8 million USD) every single day. Insane.
Interestingly, China Life Insurance (Zhongguo Renshou 中国人寿) showed the most explosive growth among the top ten, with net profit attributable to shareholders jumping over 108%.
Beyond Finance: The Non-Bank Profit Leaders
What if we filter out the financial institutions?
The list of profit powerhouses still looks impressive:
Top 10 Non-Financial A-Share Profit Leaders (2024)
Energy plays a massive role here.
The “three barrels of oil” – PetroChina (Zhongguo Shiyou 中国石油), CNOOC (Zhongguo Haiyou 中国海油), and Sinopec (Zhongguo Shihua 中国石化) – collectively banked ¥352.925 billion RMB ($49.0 billion USD) last year.
That’s an average of ¥964 million RMB ($133.9 million USD) daily profit between them.
PetroChina and CNOOC individually crossed the ¥100 billion RMB ($13.9 billion USD) net profit mark.
Sinopec (Zhongguo Shihua 中国石化) saw a slight dip but still posted a solid ¥50.313 billion RMB ($6.99 billion USD) profit.
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Banking: China’s Undisputed Profit Engine
Let’s zoom back in on the big picture: the banking sector is *the* most profitable industry on the A-share market. By a long shot.
Looking at the top 50 most profitable A-share companies? 20 of them are banks. That’s 40%.
Out of the 42 banks listed on the A-share market, 41 reported their 2024 results (only Bank of Xi’an (Xi’an Yinhang 西安银行) was pending at the time of data collection).
Their combined performance is staggering:
A-Share Banking Sector Performance Snapshot (2024)
Yes, that’s trillion with a ‘T’. The banking sector alone generated over two trillion RMB in net profit.
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High-Growth Banks: Regional Players Shine
While the giants dominate the absolute profit numbers, growth stories are emerging elsewhere.
11 banks reported net profit growth exceeding 10% year-over-year:
A-Share Banks with >10% Net Profit Growth (YoY, 2024)
It’s particularly noteworthy that many regional small and medium-sized banks demonstrated strong performance, indicating dynamism beyond the major state-owned players.
These massive A-share profits, especially from banks, paint a picture of where capital accumulates in China’s economy.
FAQs
Which Chinese company is the most profitable?
Based on the 2024 annual reports released by late April, Industrial and Commercial Bank of China (ICBC) (Gongshang Yinhang 工商银行) was the most profitable A-share listed company, earning ¥365.863 billion RMB ($50.8 billion USD) in net profit attributable to parent company shareholders, equivalent to nearly ¥1 billion RMB per day.
What is the most profitable sector in China’s A-share market?
The banking industry was the most profitable sector in 2024, collectively generating over ¥2.14 trillion RMB ($297.2 billion USD) in net profit attributable to parent company shareholders. They also accounted for 20 of the top 50 most profitable A-share companies.
How much do the top Chinese banks earn daily?
The top earner, ICBC (Gongshang Yinhang 工商银行), averaged approximately ¥999.6 million RMB ($138.8 million USD) per day in net profit. The minimum daily earning to enter the top 10 most profitable companies list was over ¥290 million RMB ($40.3 million USD).
Are non-financial Chinese companies also highly profitable?
Yes, several non-financial companies are extremely profitable. The top performers include energy giants like PetroChina (Zhongguo Shiyou 中国石油) and CNOOC (Zhongguo Haiyou 中国海油) (both exceeding ¥100 billion RMB profit), telecom leader China Mobile (Zhongguo Yidong 中国移动), luxury spirits maker Kweichow Moutai (Guizhou Maotai 贵州茅台), and EV battery maker CATL (Ningde Shidai 宁德时代).
Are smaller Chinese banks growing?
Yes, the data shows strong performance among some regional small and medium-sized banks. Eleven listed banks reported net profit growth of over 10% in 2024, including several regional and rural commercial banks like Bank of Qingdao, Bank of Hangzhou, and Changshu Rural Commercial Bank.
References
Sources:
- Original Source: 21st Century Business Herald (Ershiyi Shiji Jingji Baodao 21世纪经济报道)
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