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2874 companies · fiscal year 2025 · SEC EDGAR · September 25, 2026

Companies in China with the highest operating cash flow

Operating cash flow is the cash the business itself produced over the year, before anything is spent on new assets or paid out to lenders and shareholders. It strips out the non-cash charges that separate profit from cash. Figures are for fiscal year 2025 and are read directly from each company's SEC filings; the source column on every row links to the document.

Ranks 1–58 of 58 · Fiscal year 2025 · Data as of September 25, 2026

NetEase (NTES) tops the list with $7.3B in operating cash flow for fiscal 2025, ahead of Futu Holdings ($5.2B) and JD.com ($2.7B). The top 10 together report $24.1B in operating cash flow; the gap between #1 and #10 is ×7.10. 58 companies in China report operating cash flow, 2.3% of the 2517-filer universe. The last place on the list, Youlife Group, comes in at $1.7M.

Operating cash flow
#CompanyOperating cash flowYoY15-year trend
1NetEaseNTESCNTechnology$7.3B+33.5%
2Futu HoldingsFUTUCNFinancials$5.2B+31.3%
3JD.comJDCNConsumer discretionary$2.7B−65.9%
4ZTO Express (Cayman)ZTOCNIndustrials$1.7B+9.3%
5Qfin HoldingsQFINCNFinancials$1.6B+23.8%
6Up FintechTIGRCNFinancials$1.3B+59.0%
7H WorldHTHTCNConsumer discretionary$1.2B+16.3%
8Vipshop HoldingsVIPSCNConsumer discretionary$1.1B−14.8%
9New Oriental Education & TechnologyEDUCNConsumer discretionary$1.0B+14.6%
10BilibiliBILICNTechnology$1.0B+24.0%
11Luckin CoffeeLKNCYCNConsumer discretionary$869M+50.0%
12Full Truck AllianceYMMCNTechnology$662M+62.6%
13KanzhunBZCNTechnology$651M+34.1%
14Tal EducationTALCNConsumer discretionary$601M+51.2%
15Kingsoft CloudKCCNTechnology$544M+531.3%
16WeiboWBCNTechnology$519M−18.8%
17Lexinfintech HoldingsLXCNFinancials$517M+248.9%
18NIONIOCNConsumer discretionary$428M+$1.5B
19Atour LifestyleATATCNConsumer discretionary$285M+20.5%
20Finvolution GroupFINVCNFinancials$267M−32.6%
21Chagee HoldingsCHACNConsumer discretionary$235M—
22X FinancialXYFCNFinancials$210M+0.6%
23Jiayin GroupJFINCNFinancials$180M−7.9%
24Hello GroupMOMOCNTechnology$169M−24.7%
25RLX TechnologyRLXCNConsumer staples$158M+34.9%
26Jinkosolar HoldingJKSCNTechnology$155M−93.3%
27Himax TechnologiesHIMXCNTechnology$140M+20.7%
28Noah HoldingsNOAHCNFinancials$140M+163.2%
29AutohomeATHMCNTechnology$127M−32.4%
30China Automotive SystemsCAASCNConsumer discretionary$112M+1,041.9%
31Yiren DigitalYRDCNFinancials$101M−48.4%
32TuyaTUYACNTechnology$81.0M+0.9%
33Dingdong (Cayman)DDLCNConsumer discretionary$76.6M−39.8%
34BaozunBZUNCNConsumer discretionary$60.1M+333.3%
35Gaotu TecheduGOTUCNConsumer discretionary$59.5M+68.3%
36Niu TechnologiesNIUCNConsumer discretionary$50.5M+605.2%
37Daqo New EnergyDQCNTechnology$49.7M+$485M
38Cbak Energy TechnologyCBATCNTechnology$48.6M+22.3%
39Greentree HospitalityGHGCNConsumer discretionary$40.2M−21.4%
40WaterdropWDHCNFinancials$34.9M−41.8%
41XunleiXNETCNTechnology$32.5M+4.9%
42Here GroupHERECNConsumer discretionary$25.7M−34.0%
43Viomi TechnologyVIOTCNConsumer discretionary$22.1M−77.5%
44Sunlands TechnologySTGCNConsumer discretionary$21.0M−21.6%
45Cheer HoldingCHRCNTechnology$17.9M−21.6%
46111YICNHealthcare$17.0M−52.7%
47Hesai GroupHSAICNIndustrials$16.7M+92.3%
48Shengfeng DevelopmentSFWLCNIndustrials$16.1M+7.3%
49IqiyiIQCNCommunication services$15.1M−94.8%
50Jianpu TechnologyAIJTYCNTechnology$15.1M+38.3%
51BingexFLXCNIndustrials$14.2M+4,620.3%
52Scienjoy HoldingSJCNTechnology$10.1M+7.1%
53YoudaoDAOCNConsumer discretionary$7.9M+$17.2M
54Lucas GCLGCLCNTechnology$5.1M+83.2%
55Iczoom GroupIZMCNConsumer discretionary$2.7M+31.9%
56Huize HoldingHUIZCNFinancials$2.6M+$5.1M
57Texxon HoldingNPTCNIndustrials$2.3M+$33.1M
58Youlife GroupYOULCNConsumer discretionary$1.7M—

All figures from SEC filings · FY2025 · 58

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{{cite web |title=Companies in China with the highest operating cash flow |url=https://companiesranked.com/en/companies-with-the-highest-operating-cash-flow-in-china |website=CompaniesRanked |date=2026-09-25 |language=en}}

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@misc{companiesranked-en-companies-with-the-highest-operating-cash-flow-in-china-2026,
  author       = {{CompaniesRanked}},
  title        = {{Companies in China with the highest operating cash flow}},
  year         = {2026},
  howpublished = {\url{https://companiesranked.com/en/companies-with-the-highest-operating-cash-flow-in-china}},
  note         = {Compiled from SEC EDGAR XBRL filings; data as of 2026-09-25},
  urldate      = {2026-09-25}
}

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