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

Companies in China with the highest free cash flow

Free cash flow is operating cash flow minus capital expenditure: what is left once the company has paid to maintain and expand its asset base. We calculate it from two lines in the same filing, and a company is only ranked here if it reported both. 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 1–50 of 50 · Fiscal year 2025 · Data as of September 25, 2026

NetEase (NTES) tops the list with $7.1B in free cash flow for fiscal 2025, ahead of Futu Holdings ($5.2B) and JD.com ($1.6B). The top 10 together report $21.3B in free cash flow; the gap between #1 and #10 is ×9.10. 50 companies in China report free cash flow, 2.4% of the 2084-filer universe. The last place on the list, Huize Holding, comes in at $1.4M.

Free cash flow
#CompanyFree cash flowYoY15-year trend
1NetEaseNTESCNTechnology$7.1B+35.0%
2Futu HoldingsFUTUCNFinancials$5.2B+31.9%
3JD.comJDCNConsumer discretionary$1.6B−77.9%
4Qfin HoldingsQFINCNFinancials$1.6B+23.2%
5Up FintechTIGRCNFinancials$1.3B+58.7%
6H WorldHTHTCNConsumer discretionary$1.0B+$3.9M
7ZTO Express (Cayman)ZTOCNIndustrials$966M+13.3%
8BilibiliBILICNTechnology$949M+24.8%
9Vipshop HoldingsVIPSCNConsumer discretionary$782M−10.9%
10New Oriental Education & TechnologyEDUCNConsumer discretionary$780M+19.2%
11Full Truck AllianceYMMCNTechnology$643M+62.1%
12KanzhunBZCNTechnology$634M+72.2%
13Tal EducationTALCNConsumer discretionary$508M+77.6%
14Luckin CoffeeLKNCYCNConsumer discretionary$495M+87.4%
15WeiboWBCNTechnology$477M−17.5%
16Lexinfintech HoldingsLXCNFinancials$466M+308.0%
17Atour LifestyleATATCNConsumer discretionary$273M+19.2%
18Finvolution GroupFINVCNFinancials$255M−35.0%
19X FinancialXYFCNFinancials$207M−0.0%
20Chagee HoldingsCHACNConsumer discretionary$175M—
21RLX TechnologyRLXCNConsumer staples$141M+22.0%
22Noah HoldingsNOAHCNFinancials$120M+188.2%
23Himax TechnologiesHIMXCNTechnology$120M+16.5%
24AutohomeATHMCNTechnology$110M−34.7%
25Hello GroupMOMOCNTechnology$98.8M−46.8%
26Yiren DigitalYRDCNFinancials$96.9M−50.0%
27Jiayin GroupJFINCNFinancials$89.0M−5.4%
28China Automotive SystemsCAASCNConsumer discretionary$74.4M+$108M
29TuyaTUYACNTechnology$73.9M−3.0%
30Dingdong (Cayman)DDLCNConsumer discretionary$51.2M−55.1%
31BaozunBZUNCNConsumer discretionary$44.9M+$49.1M
32Gaotu TecheduGOTUCNConsumer discretionary$35.3M+222.6%
33WaterdropWDHCNFinancials$30.6M+2.2%
34XunleiXNETCNTechnology$27.1M+18.2%
35Here GroupHERECNConsumer discretionary$25.2M−34.3%
36Niu TechnologiesNIUCNConsumer discretionary$25.1M+$34.3M
37Sunlands TechnologySTGCNConsumer discretionary$21.0M−21.6%
38Cheer HoldingCHRCNTechnology$17.9M−45.8%
39111YICNHealthcare$16.4M−51.7%
40Viomi TechnologyVIOTCNConsumer discretionary$16.2M−82.8%
41Jianpu TechnologyAIJTYCNTechnology$15.1M+51.5%
42BingexFLXCNIndustrials$14.1M+9,720.8%
43Scienjoy HoldingSJCNTechnology$10.0M+7.4%
44YoudaoDAOCNConsumer discretionary$4.2M+$15.2M
45Cbak Energy TechnologyCBATCNTechnology$3.9M−82.7%
46Greentree HospitalityGHGCNConsumer discretionary$2.9M−92.9%
47Iczoom GroupIZMCNConsumer discretionary$2.7M+36.7%
48Youlife GroupYOULCNConsumer discretionary$1.7M—
49IqiyiIQCNCommunication services$1.4M−99.5%
50Huize HoldingHUIZCNFinancials$1.4M+$4.6M

All figures from SEC filings · FY2025 · 50

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

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@misc{companiesranked-en-companies-with-the-highest-free-cash-flow-in-china-2026,
  author       = {{CompaniesRanked}},
  title        = {{Companies in China with the highest free cash flow}},
  year         = {2026},
  howpublished = {\url{https://companiesranked.com/en/companies-with-the-highest-free-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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