50% OF THE 70 US S&P 500 COMPANIES THAT REPORT THEIR CHINA EARNINGS SEPARATELY, REGARD CHINA AS THEIR SECOND LARGEST SOURCE OF REVENUES IN THE WORLD, UP 9%

THE TOTAL CHINA REVENUE OF THESE 70 U.S. COMPANIES WAS US$310BN, A YEAR-ON-YEAR INCREASE OF 3%, FOR THE FISCAL YEAR 2024.

SEMICONDUCTORS HAD A GOOD YEAR, WITH REVENUES UP 18.3% ON AVERAGE, WHILST HEALTHCARE HAD A DIFFICULT YEAR, DOWN 10.5%

8 US COMPANIES, UP 1, HAD CHINA REVENUES OF MORE THAN US$10BN, LED BY APPLE WITH US$67BN OF CHINA REVENUES.

(3 November 2025, Shanghai) The Hurun Research Institute today released the 2025 U.S. Enterprises in China Report. This report aims to track the performance of U.S. companies in the China market and assess the importance and changing trends of the China market to U.S. companies. This is the second year of the report.

This is a brief summary of the original Chinese-language report.

Foreign-funded enterprises are important participants in Chinese modernization. When Chinese President Xi Jinping met with representatives of the international business community in March 2025, he pointed out: To date, foreign investment in China spans 20 industrial categories and 115 major sectors, and nearly 1.24 million foreign-invested enterprises had been established in China, with paid-in foreign capital reaching nearly US$3tn.  Foreign-funded enterprises play a vital role in the development of China.  Foreign-funded enterprises have contributed 1/3 of China's imports and exports, 1/4 of industrial added value, and 1/7 of tax revenue, creating more than 30 million jobs.

According to data from the MOFCOM, in the 46 years since the establishment of diplomatic relations between China and the U.S., the bilateral trade volume has increased from US$2.5bn in 1979 to US$688.3bn in 2024, 275 times that of when China established diplomatic relations in 1979, and more than 8 times that of when China joined the WTO in 2001.

Chairman and Chief Researcher of Hurun, Rupert Hoogewerf, said:

“The core purpose of this report is to assess the importance and changing trends of the China market to U.S. companies. We used data from those 70 US companies from the S&P 500 that disclose their China revenues. After analysis, we found that the China market is more important to these companies than many people imagine. For 50% of them, up 9%, China is their second largest market, making up 12% of their global revenues.”

“As of the end of 2024, the total market value of these 70 U.S. companies was US$15.6tn. If one were to extrapolate this to their market caps, then 12% of their total market cap of US$15.6tn is US$1.9tn, an increase of US$0.5tn over the previous year. I hope our report can help more people understand the importance of the China market to US companies.”

“These 70 U.S. companies had total revenues of US$310bn in China, up 3% year-on-year. Semiconductors had a strong year, with revenue in China up 18.3%, with Nvidia up nearly 70% and Qualcomm up 15%. Not all are growing.  Apple and Tesla both saw sales down, in the face of domestic competition.”

Core findings:

China has contributed revenues of US$310bn and is the second largest market for half of the 70 US companies

The total revenue of these 70 companies in 2024 was US$2.6tn, up 2.8%, and equivalent to 9% of the US GDP.

The China revenue of these 70 US companies was US$310bn, up 3%, exceeding the trade deficit for the same period.

30 companies saw their China revenues grow, compared with 23 last year.

The China market made up 12% of the global revenues of these 70 US companies. 50% of their corporate annual reports show that China is their second largest market.

Apple's revenue in China was still the highest, despite being down 7.8%. Others like P&G saw their revenue in China down 20%. Nvidia grew by 66% year-on-year; Qualcomm grew by 15% year-on-year.

Information technology had a good year, while healthcare has the most obvious year-on-year decline

US semiconductors from the 70 companies in the Hurun sample recovered well, up 18.3%, compared with a 10% decline in the previous year. The most obvious decline was in the healthcare industry, down 10.5% year-on-year, related to market demand and policy adjustments.

U.S. companies growing with China

US companies are deeply integrated into the China market. For example, Nvidia has cooperated with IM and Momenta to integrate their next-generation processors to develop intelligent driving mass production solutions with autonomous driving functions. Qualcomm has partnered with the likes of Xiaomi and Honor to help launch more than 20 flagship smartphones equipped with Qualcomm Snapdragon 8 Extreme Edition. Eli Lily invested CNY1.5bn to expand its Suzhou production base and launched the Lilly Beijing Innovation Incubator to accelerate local innovation incubation.

Concerns about the China market

From their annual reports, the main challenges these 70 US companies face in the China market include: “US-China Trade Tensions”, “intensified competition from independent innovation by local China companies” and “regulatory compliance risks”. Applied Materials, Broadcom, Arbors, Intel, Micron Technology, Jabil, Tesla, etc. have all described in their annual reports that the above challenges will have an impact on companies 'operations in the China market.

Methodology

Hurun Research chose the 70 US companies from the S&P 500 Index that report their China revenues separately in their annual reports. Hurun Research then reviewed their 2024 financial reports, management comments and analysis of their China business, as well as their Form 10-K filings.

The other US companies from the S&P 500 were not included in the Hurun sample, since their only disclosed revenue data in the Asia-Pacific region, North America, Latin America, Europe, or the world.

The 70 companies represent industry leaders from key industries. Their performance in the Chinese market, as well as their views on and strategies for coping with US-China trade frictions, are representative.

This report builds on data from the Hurun Global 1000 2024.

The objective is to explore the achievements, developments, actions and thinking of leading US companies in China, and provide reference for the business development of American companies and investors in China.

The full report can be found at www.hurun.net. For media enquiries please contact our public relations team whose contact details can be found at the end of this report. This is a brief summary setting out the highlights of the original report in Chinese.  For the complete report, see the Chinese version.

About Hurun Inc.

Promoting Entrepreneurship Through Lists and Research

Oxford, Shanghai, Mumbai

Established in the United Kingdom in 1999, Hurun is a research and media group, promoting entrepreneurship through its lists and research. Widely regarded as an opinion-leader in the world of business, Hurun generated 8 billion views on the Hurun brand in 2024, mainly in China and India, and recently expanding to the UK, US, Canada and Australia.

Best-known for the Hurun Rich List series, telling the stories of the world’s successful entrepreneurs in China, India and the world, Hurun’s other key series focus on young businesses and entrepreneurs, through the Hurun Unicorns Index, two Hurun Future Unicorns indices, the Hurun U^th series and the Hurun Pioneers series.

Hurun has grown to become the world’s largest list compiler for start-ups, ranking over 3000 start-ups across the world through its annual Hurun Global Unicorns Index (startups with a valuation of US$1bn+), and two Hurun Future Unicorn Indexes: Gazelles, most likely to ‘go unicorn’ within three years, and Cheetahs, most likely to ‘go unicorn’ within five years.

The Hurun Pioneering Young Startups and Entrepreneurs series focuses on startups set up within the last ten years and founders aged 45 or under.

The Hurun U^th series includes the Under40s, Under35s, Under30s and Under25s awards, representing the cream of each generation of young entrepreneurs who have founded businesses with a social impact and worth US$100m, US$50m, US$10m and US$1m respectively.

Other lists include the Hurun 500 series, ranking the most valuable companies in the world, China and India, the Hurun Global High Schools List, ranking the world’s best independent high schools, the Hurun Philanthropy List, ranking the biggest philanthropists and the Hurun Art List, ranking the world’s most successful artists alive today.

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Porsha Pan

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