(Yicai Global) Dec. 20 -- China National Pharmaceutical Group, a major Covid-19 vaccine developer better known as Sinopharm, is China's most competitive company, according to a university-compiled annual ranking that also saw e-commerce titans Alibaba Group Holding and JD.Com drop out of the top 10.

Beijing-based Sinopharm surged to top of the list of 500 companies for the first time this year, up from 54th place last year, the rankings published by the Shanghai University of Finance and Economics showed yesterday.

The state-owned firm's profit and growth climbed over the past two years with a high return on assets and equity, Prof. Jiang Ruochen, director of SUFE’s research center on China’s top 500 businesses, told Yicai Global. Sinopharm launched China’s very first Covid-19 jab onto the market in late 2020, and many of its listed units had good operating results, she added.

The 500 companies ranked by SUFE are assessed by their financial performance, including revenue, profit, and growth.

Hangzhou-based Alibaba, which topped last year’s list, slid to 39th place this year, while its Beijing-based rival, JD.Com, came in at No. 327, down from fifth place. They descended the rankings because their profits shrank, Jiang said. Alibaba’s net profit last year was only a third of that in 2020 and JD.Com had a net loss of about CNY3.5 billion (USD501.1 million) last year.

Tech firms are developing new information technology services to boost their fortunes, but it takes time to turn a profit in a tight business environment, Jiang said. Still, some are more successful than others. Tencent Holdings, known for its video games and social media platform WeChat, came in second this year, one slot higher than last year.

The competitiveness index for the top 500 firms climbed to 97.96 this year, up from 96.69. China’s economic growth has been impacted by the increasingly complicated international situation and Covid-19 outbreaks, Jiang pointed out. But they are still growing steadily, proving their resilience in a downturn, she added.

Editors: Xu Wei, Emmi Laine, Xiao Yi