Haier Group was awarded the title of "China's Most Admired Company" for 2006.

Already one of the country's most famous brands, Haier Group was Tuesday awarded the title of "China's Most Admired Company" for 2006, based on the findings of a survey conducted by Fortune China and Hay Group.

This is the first time a Chinese company has been involved in compiling the list, which this year ranked Lenovo Group and Baosteel in second and third place.

"We conducted the survey to introduce the achievements of top Chinese companies to the world," said Chen Wei, general manager of Hay Group.

"It is also a good opportunity for Chinese companies to learn from domestic and world-famous companies," he added.

Haier Group, which was founded in 1984 and has headquarters in Qingdao, East China's Shandong Province, is now one of the world's leading domestic appliance manufacturers.

"Haier has succeeded because of its endless pursuit of innovation," said Zhang Ruimin, president of Haier Group.

Haier's earnings¹ totalled 150 billion yuan (US$18.75 billion) in 2005.

Hay Group, a global management consulting firm, worked with Fortune Magazine to conduct research to determine the world's most admired companies since 1997.

The study surveyed about 25,000 directors and executives from local eligible² companies, as well as financial analysts³, to identify the companies that enjoy the strongest reputations.

Among the 1,576 valid⁴ responses, the 25 companies which earned the highest scores were named on China's most admired companies all-star list.

There are no hotels on the top 25 list, although both Jinjiang Group and China Travel Service Group were included in the research.

The week-long study began on August 12. Eligible companies must have earned at least 5 billion yuan (US$625 million) in annual revenue in 2005.