On 30 march, the united states of america (601828. Sh, 01528. Hk) published the 2025 annual report. During the reporting period, the company earned $6,582 million. As a result of downward pressure in the real estate sector, the united states of america made a significant valuation adjustment to the fair value of invested real estate in a prudent manner, resulting in a loss of $23,722 million in net profits attributable to shareholders in listed companies during the year。
On 30 march, the united states of america (601828. Sh, 01528. Hk) published the 2025 annual report. During the reporting period, the company earned $6,582 million. As a result of downward pressure in the real estate sector, the united states of america made a significant valuation adjustment to the fair value of invested real estate in a prudent manner, resulting in a loss of $23,722 million in net profits attributable to shareholders in listed companies during the year。
The new five-year strategy led to a significant improvement in the quality of the company's operations with the depth of its ability to take ownership and build shares. The annual report shows net operating cash flows of $816 million throughout the year, a significant increase of 277. 34 per cent from $216 million in 2024; and a 2 percentage point increase to 61. 9 per cent in the gross gross domestic product of the core business board。
Build full capacity and maintain a stable base of operations
According to the annual report, the master of the united states and kaylon has been remarkably stable. As at 31 december 2025, the average rent rate for 74 self-employed and 218 commissions under the corporate umbrella had increased from 2024. Of these, the average rental rate at the own mall increased by 2 percentage points to 85. 0 per cent。
The group's mature experience in managing national finances has helped to achieve full-scale efficiency gains. In 2025, business costs, sales costs and management costs decreased by 18. 95 per cent, 18. 59 per cent and 24. 22 per cent, respectively, exceeding the decline in operating income and resulting in substantial improvements in operating efficiency. The financing advantages arising from the shareholders ' background have also been gradually realized, with the us-caloon consolidated finance cost rate optimizing from 5. 1 per cent last year to 4. 4 per cent, and leading to interest costs falling from $2,531 million to $2,160 million. At the end of 2025, the combined scale of united states notes payable and accounts payable decreased by 43. 79 per cent from the end of the previous year, and historical obligations were steadily cleared。
During the reporting period, synergies between the two operations accelerated. The united states of america, in partnership with the united states of america and the united states of america, has continued to advance the 3+star ecology, the human race and so on. In 2025, the united states electric museum operated 1. 405 million square metres, increasing its size to 10. 1 per cent; the area of automobile operations doubled from 160,000 square metres to 320,000 square metres, covering 46 cities throughout the country。
At the same time, the build-up of the shares has brought new access to the united states of america. On the one hand, the company has managed to leapfrog the brand image by combining international-level events such as the diamond league and the simon marathon, while on the other hand, the united states of america has extended its marketing tentacles to 76 buildings in 20 cities, expanding cumulatively over 14,000 groups of customers, leading directly to a conversion of about $150 million, creating a “land + home” traffic closed ring。
In addition, the first deep-seated commercial project of the two sides opened on 20 december 2025. The project's positioning of “southern vibrancy homes” breaks traditional home-based commercial boundaries and introduces multi-high frequency consumption practices such as sports outdoors, parent-child entertainment, specialty catering, etc., resulting in the upgrading of stock assets and the efficient release of commercial values。
Investment property valuation adjustments to secure asset quality
Based on a cautious judgement of macro-level environmental and industry trends, the united states of america undertook an overall revaluation of the fair value of invested real estate under the flag based on accounting standards. This initiative resulted in a loss of approximately $23,442 million in fair value changes on the books, which was the central cause of the company's significant loss in 2025. On the other hand, the valuation adjusted the quality of the company's assets to make their book value more relevant to current market realities。
While promoting the return of asset valuation to legitimate commercial value, the united states and kaylon have also taken the initiative at the operational level. Faced with the real challenges of shrinking demand in the industry and the difficulty of running businesses, companies have made every effort to safeguard the living space of businesses and to maintain the stability of their home-based industrial chains through firm support initiatives such as rent relief. This, while putting some pressure on the income side in the short term, has also solidified the business community and laid the foundation for continued improvement。
New five-year strategic launch to anchor high-quality development
In december 2025, the cvm issued a circular on the promotion of high-quality development in the real estate investment trust (reits) market, which included commercial real estate in the pilot scope and helped to broaden the diversified financing channels in the enabling industry. With effect from 1 january 2026, the interest rate on spf loans has been reduced to 2. 6 per cent for first flat loans for more than five years and 3. 075 per cent for second flats, thus continuing to reduce the pressure on residents to purchase housing. In march 2026, shanghai announced the downward adjustment of the minimum down payment of commercial home-purchase loans to no less than 30 per cent and the lowering of the threshold for commercial property and investment. At the same time, consumer goods have continued to work at the national level in exchange for old and new policies, including subsidies for intelligent home-based products, and the release of demand for home-based consumption。
With continued policy escalation and the long-term emergence of markets themselves, the real estate sector is moving out of the lower cycle and the stabilization of the decline is emerging as a consensus. The csi report noted that, as supply contracted into its sixth year, the depth adjustment of the real estate market was expected to be nearing its end. The co-president of the cei group and chairman of the board of directors of pisw, zin zou zhu, from a six-dimensional analysis of dynamic supply and demand relations, stock holdings, and the range of home price adjustments, concluded that the real estate market was in the process of being identified at the bottom, sending a signal to halt the decline。
Standing at the key point of the industry's fall back, the new five-year strategy for the united states of america was set on course. The company anchors high-quality development with the positioning of “new business operators and home-based industry ecological service providers”. On the one hand, it will focus on the upgrading of the home-based industry to build a second growth curve through continuous upgrading of content and operational capabilities, deepening the value of home-based business space and strengthening the competitiveness of the business; and, on the other hand, companies continue to expand the service boundary, upstream the enabling industrial chain, covering core subjects such as brand-based factories。
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