China releases top 30 cultural enterprises

The 2024 top 30 national cultural enterprises list was jointly released by Guangming Daily and Economic Daily on Thursday, with the top 30 national growing cultural enterprises also announced for the first time.

China Publishing Group Co Ltd, China Film Co Ltd, Beijing Kuaishou Technology Co Ltd, and Beijing iQiyi Technology Co Ltd are among the top 30 cultural enterprises, according to a Xinhua News Agency report.

By the end of 2023, total net assets of the top 30 were 517.3 billion yuan ($71.4 billion), and total main business income of the top 30 was 502.6 billion yuan in 2023.

It is worth noting that the total net profit of the top 30 increased 209 percent on a yearly basis to 44.5 billion yuan last year, indicating a significantly enhanced profitability.

The Huaxia Film Distribution Co Ltd, Migu Culture Technology Co Ltd, Shanghai Kuanyu Digital Technology Co Ltd, and Jiangsu Xinhua Daily Media Group Co Ltd are among the top 30 national growing cultural enterprises.

In 2023, the average growth rate of main business income of the growing top 30 was about 53 percent, with about 16 percent of average return on equity, which fully reflected the rapid development of new forms and models in the cultural field, and the good trend of continuous emergence of cultural and scientific innovation achievements.