The textile and apparel sector claimed more seats on this year's list than many expected. What matters more than the count, however, is the positioning: chemical fiber and OEM players are climbing faster than most brand-focused apparel companies.
Structural Signals in the List
The All-China Federation of Industry and Commerce conducted its 28th large-scale private enterprise survey, covering 6,350 companies with 2025 revenue above 1 billion yuan, and selected the top 500 by revenue. JD.com, Alibaba, Hengli Group, Huawei and BYD took the top five spots. More than 30 textile and apparel-related companies made the cut, including 12 with apparel as their core business, spanning menswear, womenswear, sportswear, down jackets, innerwear and childrenswear.
The composition of those 12 is what deserves closer reading. Companies like Hengli and Xin Feng Ming, whose main business is chemical fiber and materials, now outrank most pure brand players by revenue. This suggests the profit pool is concentrating upstream: whoever controls capacity for chips, filament and functional fibers sits higher on the list. For downstream brands, bargaining power over raw materials is being redistributed.
Zhejiang's Seven Seats and the Keqiao Sample
Geographically, Zhejiang took seven of the apparel-focused seats, including Youngor, Xin Feng Ming, Peacebird, Semir, Shenzhou Knitting, Zhongzhe Holding and Boyang Holding. Jiangsu had three — Heilan, Bosideng and Yalu — while Fujian's Anta and Inner Mongolia's Erdos each took one. Zhejiang's edge lies not in a single segment but in the completeness of its chain, from brand operation to knitting OEM, from fabric supply to market channels.
Keqiao's performance is equally telling. Zhejiang Baoye Construction and Jinggong Holding entered the top 500 private enterprises, while Jinggong Holding, Tiansheng Holding, Libo Holding, Yongli Industrial and Keqiao Hengming Chemical Fiber made the top 500 private manufacturers, one more than last year. For a district known as a fabric distribution hub, more manufacturers on the list suggests the local industry is extending from selling cloth toward making materials.
That extension is driven by real pressure. Conventional fabrics are highly homogenized and price competition is fierce. If Keqiao companies remain in greige and dyeing, margins will keep shrinking. The entry of players like Hengming Chemical Fiber into the manufacturer top 500 shows regional capital is moving toward polyester and differentiated fibers, which carry higher barriers. For buyers, this means Keqiao may increasingly offer material solutions rather than just finished fabric.
Real Transmission Through the Chain
Treating the list as an honor has limited value. Treating it as a map of capacity and capital is far more informative. When chemical fiber companies rank high, the immediate consequence is that upstream players become less sensitive to price swings and more powerful in negotiations with downstream. If crude oil or PTA prices fluctuate in 2026, the cost pass-through cycle for brands could be longer than in the past.
The OEM side is shifting too. The continued presence of vertically integrated players like Shenzhou Knitting shows international brand orders are still concentrating among manufacturers with in-house fabric capability. Small and mid-sized contractors doing only stitching will find order acquisition harder. This is not a short-term phenomenon but the result of a long-term migration in order structure.
At the regional level, the division of labor among Zhejiang, Jiangsu and Fujian is hardening: Zhejiang is strong in materials and OEM, Jiangsu in down and menswear brands, Fujian in sportswear. For exporters, matching suppliers against this landscape is more efficient than blind price comparison.