The Fortune 500 list has long been regarded as an important indicator of a company's strength, but does this criterion really reflect a company's commercial value? Let's delve into this issue.

First of all, we need to recognize that relying solely on income indicators to assess a company's strength has obvious shortcomings. Taking Walmart, which has topped the list for 12 consecutive years, as an example, this reflects more of its vast sales network and market share rather than its actual profitability. Similarly, JD's ability to make it onto the list is mainly due to its high-revenue e-commerce model.

In fact, the recognition of income and its magnitude is closely related to the business model of the enterprise. The retail industry for daily necessities, such as Walmart, Amazon, and JD.com, naturally has a huge revenue scale, but profit margins are often relatively low. It's like a real estate agent who might boast about handling transactions worth hundreds of millions, but the net commission that can actually be pocketed is the key measure of the success of their business.

Let's take a look at the top ten of the Fortune Global 500 in 2025:
1. Walmart (United States)
2. Amazon (United States)
3. State Grid (China)
4. Saudi Aramco (Saudi Arabia)
5. China National Petroleum Corporation (China)
6. Sinopec (China)
7. UnitedHealth Group (USA)
8. Apple (United States)
9. CVS Health (United States)
10. Berkshire Hathaway (USA)

This list reflects the revenue strength of large enterprises globally, but it does not necessarily represent their performance in areas such as innovation, sustainability, or social contribution. It is worth noting the strong performance of Chinese companies on the list, especially the high rankings of state-owned energy giants.

However, we should not place excessive faith in these numbers. The true value of a company is not only reflected in its revenue, but should also take into account factors such as its profitability, innovation capabilities, and sense of social responsibility. In the future, we may need a more comprehensive and forward-looking corporate evaluation system to accurately reflect a company's overall strength and long-term development potential.

For investors and business analysts, gaining a deep understanding of a company's business model, profit structure, and growth potential is more meaningful than simply focusing on revenue rankings. After all, truly successful companies are not just champions in sales, but should also be entities that can continuously create value for shareholders and contribute to society.