Core Viewpoint - Vanke's leadership transition is marked by the resignation of Yu Liang, who has served the company for 36 years, and the appointment of Huang Liping as the new chairman, amidst significant financial challenges facing the company. Group 1: Leadership Changes - Yu Liang submitted his resignation due to retirement age, effective immediately upon delivery to the board, and will no longer hold any position within the company [2] - Huang Liping, who has been a board member since June 2021, will take over as chairman in October 2025, and is currently the deputy secretary of the Shenzhen Metro Group [1][2] Group 2: Financial Performance - Vanke reported a projected loss of 820 billion yuan for 2025, a 65.7% increase from the 494.78 billion yuan loss in 2024, setting a new record for losses among A-share real estate companies [5] - The company has faced increasing financial pressure, with significant support from its largest shareholder, Shenzhen Metro Group, providing 203.73 billion yuan in loans [5][6] Group 3: Historical Context - Vanke launched the "Ten-Year 100 Billion Plan" in 2004 and became the first Chinese real estate company to exceed 100 billion yuan in sales by 2010 [4] - The company has experienced significant challenges, including the "Baowan Battle" in 2015-2017, which led to a mixed-ownership reform to stabilize control [4] Group 4: Market Response - As of March 23, Vanke's stock price fell by 4.61% to 4.14 yuan per share, with a total market capitalization of approximately 461 billion yuan [6]

Group 1 - Vanke's dollar bonds maturing in 2027 experienced the largest decline in three months, with a drop of 3.5 cents per dollar [1] - The company's 3.975% bonds fell to 38.7 cents on the dollar [1]

Group 1 - Vanke A (000002) has undergone a business change, with Yu Liang stepping down as the legal representative and Huang Liping taking over [1] - Vanke Enterprise Co., Ltd. was established in May 1984, with a registered capital of approximately 10.995 billion RMB, and its business scope includes industrial investment, import and export business, and real estate development [1] - The company's shareholders include Shenzhen Metro Group Co., Ltd., HKSCC NOMINEES LIMITED, and Hong Kong Central Clearing Limited [1] Group 2 - In January of this year, Vanke announced that Yu Liang submitted a written resignation report to the board due to retirement age, resigning from his positions as director and executive vice president, and will no longer hold any position in Vanke after his resignation [1]

1. Report Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The long - and short - ends of the credit bond market are expected to "go their separate ways" and this situation may continue. Future long - term interest rates are unlikely to decline, while short - term interest rates are unlikely to rise. Credit bond short - ends are expected to continue to benefit, and although the spread protection is thin, it is also difficult to widen. In April, the support effect of wealth management's bond - allocation demand will soon appear. It is recommended to maintain the strategy of sinking the short - end of urban investment bonds and continue to earn the interest rate spread. Due to the redemption of fixed - income + products caused by the stock market adjustment, the selling pressure of secondary perpetual bonds has increased. Since no new secondary perpetual bonds have been issued this year, the impact of future concentrated supply needs to be prevented. Considering the performance of long - term interest rates, there are no obvious opportunities in the short term, and it is recommended to wait for the right - side layout [7][10]. 3. Summary According to Relevant Catalogs 3.1 Credit Bond Weekly Viewpoint - The Middle East situation last week significantly disturbed the equity market, and the bond market also fluctuated. In the first half, it took the opportunity to recover, and in the second half, it evolved into a situation of both stocks and bonds falling. In the future, inflation expectations and cross - quarter funding conditions should be mainly concerned. It is judged that long - term interest rates are difficult to decline and short - term interest rates are difficult to rise. Credit bond short - ends will continue to benefit, and it is recommended to maintain the short - end sinking strategy of urban investment bonds and continue to earn the interest rate spread. Secondary perpetual bonds face increased selling pressure, and there are no obvious short - term opportunities. It is recommended to wait for the right - side layout [7][10]. 3.2 Credit Bond Weekly Review 3.2.1 Negative Information Monitoring - There were no bond defaults or overdue events, no enterprises with their main body ratings or outlooks downgraded, and no bonds with their debt ratings downgraded from March 16th to March 22nd, 2026. However, on March 19th, S&P adjusted the rating outlook of China Jinmao Holdings Group Co., Ltd. from "stable" to "negative" and confirmed its "BBB -" long - term issuer credit rating. There were also several major negative events involving companies such as Sichuan Blu-ray Development Co., Ltd., Sunac Real Estate Group Co., Ltd., etc. [13][14]. 3.2.2 Primary Issuance - The primary issuance scale of credit bonds last week reached the highest value this year, with the repayment amount increasing simultaneously, and the net financing amount remained flat compared to the previous week. From March 16th to March 22nd, 2026, the primary issuance of credit bonds was 397.8 billion yuan, and the total repayment amount was 306.4 billion yuan, with a net inflow of 91.4 billion yuan. Four bonds were cancelled or postponed for issuance. The financing cost of high - grade bonds increased significantly, while that of medium - and low - grade bonds decreased. The average coupon rates of AAA and AA+ grades were 2.05% and 2.15% respectively, with a month - on - month increase of 12bp and a decrease of 7bp [15][16]. 3.2.3 Secondary Trading - The valuations of short - and medium - term credit bonds of all grades generally decreased by 2bp, while those of long - term bonds remained flat. The risk - free interest rates all decreased, resulting in the credit spreads of short - and medium - term bonds remaining flat or narrowing slightly and those of long - term bonds widening. The 3Y - 1Y term spreads of all grades remained flat, while the 5Y - 1Y term spreads widened comprehensively, especially the 5Y - 1Y spreads, which mostly widened by 2bp. The AA - AAA grade spreads remained flat or narrowed slightly, with the short - and medium - term spreads narrowing by 1 - 2bp except for the 5Y spread. The average credit spreads of urban investment bonds in each province narrowed by 1bp last week, with Inner Mongolia and Ningxia having a relatively large narrowing of 3bp. The spreads of industrial bonds in each industry remained flat or narrowed, similar to those of urban investment bonds. The weekly turnover rate increased by 0.23 percentage points to 1.97%. The issuers of bonds with a turnover rate in the top ten were mostly central and state - owned enterprises. The issuers of credit bonds with a discount of more than 10% in trading last week mainly involved Vanke. Among individual entities, the urban investment entities with the largest narrowing or widening of spreads were scattered, and among industrial entities, the top five entities with the largest widening of spreads were mostly real estate enterprises, including Rongqiao, Vanke, Greenland, and Xinyuan [18][20][25].

Core Insights - The report indicates that the real estate market remains robust, with stabilization expected in core cities [1] - The overall market is experiencing a significant pullback, but strong fundamental expectations are anticipated to gradually form over the next month [5] Policy Overview - The central bank has maintained the Loan Prime Rate (LPR) unchanged, while local governments are optimizing housing fund policies, such as increasing withdrawal limits and introducing home purchase subsidies in cities like Shenyang and Shenzhen [5][16] - Local policies include adjustments to housing fund management, with Inner Mongolia raising the rental withdrawal limit to a maximum of 21,000 yuan and Shenzhen allowing flexible employment individuals to participate in the housing fund [17][19] Transaction Performance - New home transaction volume in 49 cities reached 350.85 million square meters, showing a week-on-week increase of 20.2%, but a year-on-year decline of 14.1% [21][22] - The second-hand housing market also saw a week-on-week increase in transaction volume, with a notable rise in the number of transactions in 78 cities [5][21] Market Sentiment - The new home supply decreased by 22% week-on-week, while the transaction volume exceeded the new supply, indicating a potential improvement in market conditions [5] - The average price of second-hand homes remained stable at 10,176 yuan per square meter, suggesting a strong price trend in the near term [5] Land Market Performance - Land supply increased, with a total of 215 billion yuan in land sales across 300 cities, reflecting a month-on-month increase of 2.0% but a year-on-year decline of 35% [5][21] - The land supply area reached 7.2 million square meters, with a transaction conversion rate of 64% [5] Company Valuation and Financial Analysis - Major companies in the real estate sector, such as Vanke A and China Overseas Development, maintain a "Buy" rating with reasonable values set at 7.64 yuan and 16.02 yuan per share, respectively [6] - The report highlights the financial metrics of various companies, including EPS, PE ratios, and ROE, indicating a diverse range of valuations across the sector [6]

Core Insights - The report indicates that the real estate market remains robust, with stabilization expected in core cities [1] - The industry rating is maintained at "Buy" [2] Policy Overview - The central bank has kept the Loan Prime Rate (LPR) unchanged, while local governments are optimizing housing fund policies, including subsidies for home purchases in cities like Shaoxing [6][17] - Local policies include increased housing fund withdrawal limits and adjustments to down payment ratios for commercial properties [19][21] Transaction Performance - New home transaction volume in 49 cities reached 350.85 million square meters, a week-on-week increase of 20.2%, but a year-on-year decrease of 14.1% [22][23] - Second-hand home transactions have shown a week-on-week increase of 2.3%, marking five consecutive weeks of growth [22] Market Sentiment - The new home supply has decreased by 22% week-on-week, while the transaction volume has exceeded the new supply, indicating improved absorption rates [6] - The average price of second-hand homes is stable at 10,176 yuan per square meter, with expectations for positive price trends in the coming month [6] Land Market Performance - Land supply has increased, with transaction revenue from residential land in 300 cities reaching 21.5 billion yuan, a month-on-month increase of 2.0% [6] - The land transaction area was 7.2 million square meters, with a weekly transaction conversion rate of 64% [6] Company Valuation and Financial Analysis - Major companies in the sector, such as Vanke A and China Overseas Development, maintain a "Buy" rating with reasonable values set at 7.64 yuan and 16.02 yuan per share, respectively [7] - The report highlights the financial metrics of various companies, including EPS and PE ratios, indicating potential investment opportunities [7] C-REITs Market Overview - The C-REITs sector saw a slight decline in the comprehensive return index by 0.06%, with 39 out of 78 REITs experiencing gains [6]

Core Viewpoint - The company, Diou Water, is accepting non-cash asset settlements from 19 real estate companies, including Longfor Group and Vanke, to offset debts totaling 155 million yuan, with a total asset value of 161 million yuan being used for this purpose [1][2] Group 1: Debt Settlement Details - The company will accept completed and under-construction properties as debt repayment, with the total value of these properties amounting to 161 million yuan, including VAT [1] - The debt repayment will involve two methods: either through a written agreement for property registration or by selling the properties to repay the debt [1] - The company has confirmed that all debtors are clients of its ceramic and sanitary ware business and have no related party transactions with the company or its major stakeholders [1] Group 2: Asset Valuation and Financial Impact - An asset evaluation company has assessed the properties involved in the debt settlement, determining their value at 64.55 million yuan as of January 31, 2026 [2] - There is a discrepancy between the assessed value of the properties (64.55 million yuan) and the debt amount (94.52 million yuan), leading the company to consider this non-cash settlement as a prudent approach to mitigate accounts receivable risks [2] - The board of directors has approved this debt settlement strategy, which has been previously utilized, with a cumulative non-cash debt settlement amounting to approximately 783 million yuan from May 2024 to April 2025 [2]

Core Viewpoint - The performance report of Wanwu Cloud Space Technology Service Co., Ltd. for the year 2025 indicates a slight revenue growth but a significant decline in net profit, primarily due to bad debts and asset amortization related to associated developers [1][4]. Financial Performance - Wanwu Cloud achieved an operating revenue of 37.27 billion yuan, a year-on-year increase of 2.7%, with a core net profit of approximately 2.13 billion yuan, reflecting a minor increase of 0.8% [1][5]. - The net profit attributable to shareholders was 770 million yuan, showing a substantial decline [1][4]. - The company maintained a high dividend payout, with a total dividend of approximately 1.73 billion yuan for the year, resulting in a dividend yield of about 9.0% [4]. Revenue Breakdown - The revenue sources include residential services (20.93 billion yuan, +8.9%), non-residential services (10.67 billion yuan, +7.0%), BPAAS solutions (1.81 billion yuan, +13.5%), and residential-related asset services (1.91 billion yuan, +42.1%) [6][7]. - The gross margins for residential and non-residential services decreased by 0.7 and 0.4 percentage points, respectively [6]. Strategic Initiatives - Wanwu Cloud's core strategy focuses on "Butterfly City +, Enterprise Service +, Ecosystem +" and has completed the construction of 690 Butterfly Cities, covering about half of the managed projects [7]. - The company added 362 new residential service projects in 2025, with a year-on-year increase of 21.1% in newly signed annualized revenue [7]. Cost Management - The company reported a reduction in administrative expenses by nearly 200 million yuan, a decrease of approximately 10.1%, attributed to AI-driven operational restructuring [8]. - The implementation of over 1,400 AI agents and the use of the GC platform contributed to operational efficiency [8]. Industry Challenges - Wanwu Cloud faces challenges in property fee collection, with the average collection rate for property service companies dropping to 71% in 2025 [9]. - The company is also dealing with increasing vacancy rates due to unsold properties, which negatively impact revenue and profit margins [9]. - The impact of associated transactions on net profit is expected to continue into 2026, with a significant amount of receivables still outstanding [10]. Competitive Landscape - The competition among property service companies has intensified, with over 10 competitors bidding for each project [11]. - The number of registered property service companies is expected to decline rapidly due to increasing industry pressures [11].

Core Viewpoint - Vanke A announced that its subsidiary SCPG Holdings Co., Ltd. has partially repaid an 1.8 billion yuan loan from Industrial Bank Hong Kong Branch, with a current balance of 1.654 billion yuan [1] Group 1 - The original loan was due in March 2026, and the bank has agreed to extend the loan for an additional year [1] - The guarantee method remains unchanged, with a guarantee amount not exceeding 1.66 billion yuan [1] Group 2 - As of January 31, 2026, the company and its subsidiaries have a total external guarantee balance of 95.458 billion yuan, which will increase to 95.640 billion yuan after this guarantee [1] - This new guarantee will account for 47.19% of the net assets attributable to shareholders of the listed company as of the end of 2024 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內 容而引致的任何損失承擔任何責任。 CHINA VANKE CO., LTD.* 萬科企業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2202） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條作出。茲載列該公告如下，僅供參 閱。 萬科企業股份有限公司 董事會 中國，深圳，2026年3月20日 於本公告日期，本公司董事會成員包括：非執行董事黃力平先生、胡國斌先生及雷江松先生；執行 董事王蘊女士；以及獨立非執行董事廖子彬先生、林明彥先生、沈向洋博士及張懿宸先生。 * 僅供識別 万科企业股份有限公司 关于担保进展情况的公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：<万>2026-025 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性陈述或者重大 遗漏。 为满足经营需要，万科企业股份有限公司（以下简称"公司"或"万科"）之控 ...