Deloitte China on Friday announced 50 winners of the 2022 China's Best Managed Companies awards program, with their annual average revenue hitting 37.1 billion yuan ($5.5 billion) and growth rate reaching 21 percent despite COVID-19 challenges.

BMC is co-launched by Deloitte, Bank of Singapore, HKUST Business School and Harvard Business Review. The global BMC program has a history of 27 years with a purpose to find companies with systematic and excellent management capabilities.

Among those awarded this year, 40 companies have stayed on the list for two to four consecutive years and 10 are new comers. Four companies have seen their revenue surpass 100 billion yuan and four others saw revenue range from 50 billion yuan to 100 billion yuan.

A total of 21 awarded companies are in the manufacturing sector and 11 companies are categorized in the industry of consumption goods manufacturing, retail and restaurants. The rest are in areas of information and technology, healthcare, real estate, and education.

"The 2022 Best Managed winners have demonstrated strong business performance as well as brand values. Despite those companies having faced multiple challenges like COVID-19, they exemplified the resilience and ability to rapidly recover from the pandemic and adapt to new situations," said Frank Xu, managing partner of Deloitte Private China.

"Those awarded companies had a few characteristics in common. At the strategic level, they had adaptable and forward-looking strategic management systems and they strived to create core products or services with innovative technologies," Xu said.

"At the capability level, they focused on the improvement of organizational management capabilities and digital transformation capabilities, with particular emphasis on building risk management capabilities. At the commitment level, they paid attention to talent cultivation, had a long-term sense of mission and adhered to company culture and value."

"At the financial level, they have stable financial strategies, good cash reserves and cost control capabilities. They also demonstrated strong resilience and shouldered corporate social responsibilities facing challenges brought by COVID-19," he said.

Zhao Jian, BMC managing partner, said unique core values, strategic goals, ability to integrate values with a focus on customers, precise regulations and excellent operations are the key points to businesses' sustainable development.

"Nearly 70 percent of companies surveyed by our team considered realization of unique company values, correct choice on development strategies and closed loop operation as keys to their companies' core competitiveness," Zhao said.