On 30 march, the united states of america (601828. Sh, 01528. Hk) issued its annual report for 2025. During the reporting period, companies achieved operating income of $6,582 million. As a result of downward pressure in the real estate sector, companies made valuation adjustments to the fair value of invested real estate, resulting in a loss of $23,722 million in net profits attributable to shareholders in listed companies。
In 2025, the company raised a large amount of the loss of fair value for investment real estate, mainly because management re-evaluated key parameters in the investment real estate valuation model, such as expectations for future rental growth, based on the precautionary principle, leading to a significant reduction in fair value. As at the end of december 2025, the company owned 74 self-employed businesses. The accounting adjustment does not affect cash outflows and the solvency of the company, nor does it alter the long-term value of the high-quality business assets held by the company。
The company's main business has demonstrated resilience and resilience. Financial data show that the net cash flow of companies operating throughout the year amounts to $816 million, 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 (GDP) ratio of core home-based business services. By the end of 2025, the rent rate had risen in 74 comptoirs and 218 comptoirs under the united states flag. Of this, the average rental rate at the own mall was 85. 0 per cent, an increase of 2. 0 percentage points over 2024。
In 2025, the core product of the united states of america was operationally effective. The high-end electrical strategy is advancing at full speed, with an electrical library operating at 1. 05 million square metres, increasing the share of rentable areas to 10. 1 per cent. The size of the new retail furniture category has increased by 51. 5 per cent over the same period, making it the fastest growing secondary category. The total area of the m+ high-end household design centre is 705,000 square metres, with over 150 million yuan sold throughout the year。
In business innovation, cross-border integration goes hand in hand with emerging tracks. During the reporting period, the united states-kaylon automobile business area doubled from 160,000 square metres to 320,000 square metres, covering 46 cities across the country. At the same time, the company has actively exploited the market gap and built the shanghai “mountain-mckeron silver-hale house” to seize the new course of home support。
In 2025, the national mall of the united states of america achieved a total of 1,029 million purchase orders for state sales, amounting to $9. 91 billion, which effectively boosted the business confidence of the businesses involved。
With the depth of the new five-year strategy to lead and build equity, the united states of america is continuing to promote overall improvement in the quality of its operations through deep cores and cross-border integration of emerging business。
