Companies in China with the highest operating margin
Operating margin is operating income divided by revenue. Only companies with at least $1 billion in revenue are ranked here. 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.
Only companies with at least $1bn in revenue are ranked.
Futu Holdings (FUTU) tops the list with 61.6% in operating margin for fiscal 2025, ahead of Qfin Holdings (34.8%) and Full Truck Alliance (33.2%). Across the top 10, operating margin ranges from 61.6% down to 21.3%. 24 companies in China report operating margin, 1.6% of the 1486-filer universe. The last place on the list, JD.com, comes in at 0.2%.
| # | Company | Operating margin | YoY | 15-year trend |
|---|---|---|---|---|
| 1 | Futu HoldingsFUTUCNFinancials | 61.6% | +26.5% | |
| 2 | Qfin HoldingsQFINCNFinancials | 34.8% | −20.7% | |
| 3 | Full Truck AllianceYMMCNTechnology | 33.2% | +50.7% | |
| 4 | NetEaseNTESCNTechnology | 31.8% | +13.2% | |
| 5 | KanzhunBZCNTechnology | 29.8% | +86.9% | |
| 6 | H WorldHTHTCNConsumer discretionary | 26.9% | +23.7% | |
| 7 | WeiboWBCNTechnology | 26.5% | −6.1% | |
| 8 | Atour LifestyleATATCNConsumer discretionary | 23.6% | +5.3% | |
| 9 | Finvolution GroupFINVCNFinancials | 22.9% | +5.0% | |
| 10 | X FinancialXYFCNFinancials | 21.3% | −33.1% | |
| 11 | ZTO Express (Cayman)ZTOCNIndustrials | 21.3% | −19.8% | |
| 12 | Lexinfintech HoldingsLXCNFinancials | 15.8% | +65.6% | |
| 13 | Hello GroupMOMOCNTechnology | 13.1% | −10.0% | |
| 14 | New Oriental Education & TechnologyEDUCNConsumer discretionary | 11.4% | +30.0% | |
| 15 | Chagee HoldingsCHACNConsumer discretionary | 10.4% | — | |
| 16 | Luckin CoffeeLKNCYCNConsumer discretionary | 10.3% | +0.3% | |
| 17 | Tal EducationTALCNConsumer discretionary | 9.2% | +9.3 pp | |
| 18 | Vipshop HoldingsVIPSCNConsumer discretionary | 7.7% | −9.2% | |
| 19 | BilibiliBILICNTechnology | 3.7% | +8.7 pp | |
| 20 | Ke HoldingsBEKECNReal estate | 2.2% | −44.6% | |
| 21 | IqiyiIQCNCommunication services | 0.8% | −86.4% | |
| 22 | BaozunBZUNCNConsumer discretionary | 0.6% | +1.8 pp | |
| 23 | Dingdong (Cayman)DDLCNConsumer discretionary | 0.5% | −41.9% | |
| 24 | JD.comJDCNConsumer discretionary | 0.2% | −93.7% |
All figures from SEC filings · FY2025 · 24
see sources
- Futu Holdings 0001104659-26-043451 · Derived
- Qfin Holdings 0001104659-26-049501 · Derived
- Full Truck Alliance 0001193125-26-153778 · Derived
- NetEase 0001104659-26-043468 · Derived
- Kanzhun 0001104659-26-050959 · Derived
- H World 0001104659-26-048058 · Derived
- Weibo 0001104659-26-047217 · Derived
- Atour Lifestyle 0001104659-26-044551 · Derived
- Finvolution Group 0001493152-26-019597 · Derived
- X Financial 0001104659-26-052016 · Derived
- ZTO Express (Cayman) 0001104659-26-044613 · Derived
- Lexinfintech Holdings 0001193125-26-189256 · Derived
- Hello Group 0001193125-26-183444 · Derived
- New Oriental Education & Technology 0001193125-26-397192 · Derived
- Chagee Holdings 0001104659-26-050766 · Derived
- Luckin Coffee 0001104659-26-035712 · Derived
- Tal Education 0001104659-26-073410 · Derived
- Vipshop Holdings 0001104659-26-044015 · Derived
- Bilibili 0001193125-26-157842 · Derived
- Ke Holdings 0001104659-26-048109 · Derived
- Iqiyi 0001193125-26-107079 · Derived
- Baozun 0001104659-26-047177 · Derived
- Dingdong (Cayman) 0001193125-26-174971 · Derived
- JD.com 0001193125-26-157870 · Derived
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CompaniesRanked. (September 25, 2026). Companies in China with the highest operating margin. CompaniesRanked. https://companiesranked.com/en/companies-with-the-highest-operating-margin-in-chinaBibTeX
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author = {{CompaniesRanked}},
title = {{Companies in China with the highest operating margin}},
year = {2026},
howpublished = {\url{https://companiesranked.com/en/companies-with-the-highest-operating-margin-in-china}},
note = {Compiled from SEC EDGAR XBRL filings; data as of 2026-09-25},
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