The latest rankings for the top 500 Chinese companies was revealed on Sept 1, with the dairy giant Inner Mongolia Yili Industrial Group Co Ltd appearing high on the list thanks to its rapid growth.

The list, published by China Enterprise Confederation (CEC) and China Enterprise Directors Association, examines the sales revenues and business scale of Chinese firms. It revealed that the top 500 companies generated combined revenues of 71.17 trillion yuan ($10.44 trillion) in 2017, up 11.2 percent from one year earlier.

Last year, Yili achieved sales of 68.06 billion yuan, expanding 12.29 percent year on year. Its net profits reached 6 billion yuan, increasing 17.7 percent over the previous year. In 2017, it accounted for 20.5 percent of the market share, according to its earnings report.

The group also reported robust growth in revenues during the first six months of the year, posting a 19.26 percent year-on-year increase.

Yili’s healthy balance sheet is likely down to its relentless pursuit of innovation in production technology, quality control, and supply chain management.

To be listed as one of China's top 500 companies last year, an enterprise needed revenues exceeding 15.68 billion yuan.

The 2018 list revealed that the country's major companies have continued to push innovation and industrial upgrades over the past year and made progress in boosting competitiveness, improving efficiency, and expanding business, said Wang Zhongyu, head of the CEC.