Core Insights - The real estate industry is entering a new development stage, with a dual rental and purchase model becoming an inevitable trend, and Vanke is leading the way in this transition [1] Financial Performance - In the third quarter, Vanke achieved a revenue of 161.39 billion and a sales income of 100.46 billion, with over 74,000 high-quality deliveries [1] - The operating service business generated an income of 43.57 billion in the first three quarters, maintaining industry-leading efficiency [1] Long-term Rental Business - Vanke's long-term rental apartment business maintains the largest scale and efficiency in the industry, with over 200,000 units opened and more than 133,000 units included in guaranteed rental housing [1][2] - The company has pioneered an integrated development model of "production, construction, and operation" in the industry [2] Sustainable Business Model - Vanke has explored a sustainable business development model through "stock activation + service value addition + capital closure," addressing industry pain points [1] - Innovative paths such as "selling to renting" and "non-residential to guaranteed housing" have been implemented to revitalize urban stock resources [1] Customer-Centric Approach - Vanke's rental service has introduced "six service commitments" focusing on genuine listings, transparent fees, 24-hour online response, and emergency repairs, enhancing tenant rights [2] - The "long-short rental combination" model maximizes rental rates and diversifies revenue through flexible leasing periods [2] Strategic Partnerships - Vanke has signed a cooperation framework agreement with Shenzhen Metro Group to enhance its rental operations, leveraging both parties' strengths [3] - The partnership aims to promote the development of Vanke's long-term rental business while ensuring a positive asset cycle for Shenzhen Metro [3] Industry Recognition - Vanke's long-term rental brand, "Bohui," has been recognized as a leading brand in housing rental and community rental by a third-party report [3]

Core Viewpoint - Vanke has demonstrated resilience in the face of challenges, achieving significant revenue and sales figures in the third quarter, while leading the long-term rental apartment sector with innovative business models and strong operational efficiency [1][2]. Group 1: Financial Performance - In the first three quarters, Vanke reported revenue of 161.39 billion and sales income of 100.46 billion, with over 74,000 high-quality deliveries [1]. - The operating service business generated revenue of 43.57 billion, maintaining a leading position in the industry [1]. Group 2: Long-term Rental Business - Vanke's long-term rental apartment business maintains the largest scale and efficiency in the industry, achieving a breakthrough in the integrated development model of "production, construction, and operation" [2]. - The company has activated urban stock resources through innovative paths such as "selling to renting" and "non-residential to guaranteed housing," enhancing operational efficiency with a standardized service system [1][2]. Group 3: Customer-Centric Approach - Vanke has introduced "six service commitments" nationwide, focusing on genuine listings, transparent fees, 24-hour online response, and emergency repairs, which have been widely recognized by tenants [2]. - The company has also opened short-term rental services for corporate clients and tenants, achieving over 500,000 nights booked, maximizing rental rates through space reuse and flexible leasing [2]. Group 4: Strategic Partnerships - Vanke has signed a cooperation framework agreement with Shenzhen Metro Group to enhance its rental operations, leveraging both parties' strengths in project assets and brand influence [3]. - Vanke's long-term rental brand, "Boya," has been recognized as a leading brand in the housing rental sector according to a third-party report [3].

值得一提的是，万科与深铁合作的全球首例"机器人自主搭乘地铁为商家配送货"的试点，目前已完成二 阶段试跑测试与硬件升级改良工作，将于四季度逐批量产交付上线。过去，地铁商铺一直存在配送货难 题，门店货物配送只能通过地面交通送至地铁站，不仅地面停车难，而且从地面运输到店内的过程，常 常遇上地铁早高峰，导致送货的时间、人力成本都较高。万科与深铁合作，通过万科旗下万纬物流集成 研发的机器人，利用地铁的空闲时间段满载补给商品，自行搭乘地铁，自主规划最优搭乘线路，为地铁 站内的商家配送货，能够显著提升配送效率，将科技有效应用于民生。 目前，轨道物流与机器人配送项目已完成第二阶段的试跑测试，同时，根据测试结果启动了硬件改良与 升级工作。根据计划，项目将于今年第四季度逐步完成40台量产机器人的批量生产与交付，并在深圳地 铁的25个关键站点开展试运行。除继续服务7-Eleven地铁门店外，项目还将积极推进与餐饮、茶饮等品 牌合作进行地铁配送业务的开展。 响应科技创新推动产业创新，万科全力运用科技赋能产品与服务。10月30日，万科发布三季报，尽管面 临诸多挑战和压力，在各方支持和自身努力下，前三季度实现营收1613.9亿，高质量交 ...

公告编号：〈万〉2025-136 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。 万科企业股份有限公司 关于深铁集团向公司提供不超过 22 亿元借款暨关联交易的公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 1．经协商，万科企业股份有限公司（以下简称"公司"或"万科"）第一 大股东深圳市地铁集团有限公司（以下简称"深铁集团"或"出借人"）向公司 提供不超过22亿元借款（以下简称"股东借款"）。 2．截至目前，深铁集团持有公司27.18%股权，深铁集团构成公司的关联方。 根据《深圳证券交易所股票上市规则》等相关规定，本次关联交易事项构成公司 应披露的关联交易。 3．公司第二十届董事会第二十五次会议于2025年10月29日审议通过了《关 于深铁集团向公司提供不超过22亿元借款的议案》，关联董事黄力平、雷江松对 本次关联交易事项回避表决。本次关联交易事项已经公司第二十届董事会独立董 事专门会议第十四次会议审议通过。 4．本次关联交易事项不构成《上市公司重大资产重组管理办法》规定的重 大资产重组或重组上市，无需经过有关部门批准。 一、关联交易 ...

2025 年第三季度（简称"报告期"）公司共计提或因合并范围变动而增加 的各类减值准备合计 936,794.52 万元，转回或转销各类减值准备合计 170,826.37 万元。截至 2025 年 9 月 30 日，公司各项资产减值准备余额合计 5,391,489.13 万 元，较报告期初增加 765,968.15 万元。 万科企业股份有限公司 | 序号 | 科目 | 报告期计提减值 准备金额（万元） | 计提原因 | | --- | --- | --- | --- | | 1 | 存货跌价准备 | 919,259.74 | 存货按照成本与可变现净值孰低计量。当其 可变现净值低于成本时，提取存货跌价准备。 | | 2 | 信用损失准备 | 20,866.78 | 以预期信用损失为基础，按信用风险特征对 应收款项计提信用损失准备。 | | | 小计 | 940,126.52 | | | 3 | 合并范围变动 | -3,332.00 | 合并范围变动影响 | | | 合计 | 936,794.52 | | 关于计提和核销 2025 年第三季度减值准备的公告 证券代码：000002、299903 证券简称：万科 A、 ...

万科企业股份有限公司 详见公司同日在《证券时报》《中国证券报》《上海证券报》和《证券日报》 以及在巨潮资讯网（www.cninfo.com.cn）、香港联合交易所有限公司披露易网站 登载的《2025 年第三季度报告》。 表决结果：赞成 9 票，反对 0 票，弃权 0 票。 （二）审议通过《关于计提和核销 2025 年第三季度减值准备的议案》 第二十届董事会第二十六次会议决议公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：〈万〉2025-134 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。 一、会议召开情况 万科企业股份有限公司（以下简称"公司"或"万科"）第二十届董事会第 二十六次会议的通知于 2025 年 10 月 15 日以电子邮件的方式送达各位董事。会 议于 2025 年 10 月 30 日在深圳以现场和通讯会议相结合方式举行，会议应到董 事 9 名，亲自及委托出席董事 9 名，其中廖子彬独立董事和沈向洋独立董事以通 讯方式出席；张懿宸独立董事因公务原因未能亲自出席本次会议，授权沈向洋独 立董事代为出席会议并行使表决 ...

Core Viewpoint - The recent quarterly report from Vanke highlights its resilience and performance amidst challenges, showcasing strong revenue and sales figures, as well as a commitment to innovation and operational stability [2]. Group 1: Financial Performance - Vanke reported a revenue of 161.39 billion in the first three quarters, with a sales income of 100.46 billion [2]. - The company achieved high-quality delivery of over 74,000 units during the same period [2]. - During the recent "Golden Week" holiday, Vanke secured a subscription amount of 4.77 billion, achieving a target completion rate of 137% across 16 regional companies [2]. Group 2: Strategic Initiatives - Vanke completed a large transaction signing amounting to nearly 7 billion, with the ice and snow sector signing a deal with China Travel Group, which helped to recover 7.11 billion in existing resources [2]. - The operational service business generated an income of 43.57 billion, maintaining a leading position in industry efficiency [2]. - The company is focusing on technological innovation to drive industrial advancement and enhance product services [2].

坚决响应租购并举！智通财经APP获悉，10月30日，万科(02202)发布三季度报，尽管面临诸多挑战和压 力，在各方支持和自身努力下，前三季度实现营收1613.9亿，销售收入1004.6亿，高质量交付超7.4万 套，经营服务业务前三季度实现收入435.7亿，经营服务效益持续保持行业前列。其中，万科长租公寓 业务规模、效率、纳保量保持行业第一，运营管理超28万间，截至目前开业突破20万间，共计超13.3万 间房源纳入保障性租赁住房。更重要的是，泊寓还在业内率先实现了"产、建、运营一体化"发展模式突 破。 不仅在规模和效率上是行业"头号玩家"，万科长租还坚持以客户为中心，多维度提升租住品质。上半 年，万科泊寓在全国范围内推出"六大服务承诺"，聚焦真房源、费用透明、24小时在线响应及紧急维修 处理等核心租住保障，保障老租户权益的"续租价保"更是获得广泛认可。同时，泊寓针对企业客户商旅 和租户出游探亲开放短租服务，截至目前已累计入住超过50万间夜。一方面通过空间复用最大化保证出 租率，另一方面通过灵活变动租赁时间，获取多样性市场周期的收益最大化，"长短租结合"的模式使其 在激烈的市场竞争中闯出一条新路。 此外，万科在 ...

坚持在发展中化解风险，万科有了新消息。10月30日，万科发布三季报，尽管面临诸多挑战和压力，在 各方支持和自身努力下，前三季度实现营收1613.9亿，多地创新项目热销，销售收入1004.6亿，高质量 交付超7.4万套，完成大宗交易签约金额近70亿，冰雪板块已与中旅集团完成签约。此外，万科还通过 盘活存量资源回款71亿。经营服务业务方面，前三季度实现收入435.7亿，经营服务效益持续保持行业 前列。 行业分析人士指出，今年以来，在各方及大股东的支持下，万科在多重挑战下实现了生产经营稳定，殊 为不易。特别是，能够始终坚持在发展中化解风险，开发业务保障高质量交付，不断推动产品升级，资 源盘活优化产能结构；经营服务业务不断巩固所在领先地位；响应科技创新推动产业创新，运用科技提 升产品服务；坚持融合发展的经营思路，与深铁携手上线的全球首例"机器人自主搭乘地铁为商家配送 货"成功"出圈"，即将量产上线。 响应科技创新：科技全面助力业务，物流机器人将量产上线 算法与AI热潮下，房地产如何应用？万科用实践给出了答案。响应科技创新推动产业创新，万科全力 运用科技提升产品服务。在智能建造领域，万科首创的图纸大模型及相关产品已成为 ...

Core Insights - Vanke's long-term rental business has achieved a significant milestone by surpassing 200,000 opened units, maintaining its position as the industry leader [1] - The company reported a revenue of 161.39 billion and a sales income of 100.46 billion for the first three quarters, with over 74,000 high-quality deliveries [1] - Vanke's operational management has reached over 280,000 units, with more than 133,000 units included in the guaranteed rental housing program [1] Group 1 - Vanke's long-term rental apartments have achieved a breakthrough in the "production, construction, and operation integration" development model [2] - The company has launched six service commitments nationwide, focusing on core rental guarantees such as true housing sources and transparent fees [2] - Vanke's flexible rental model combines long-term and short-term rentals, maximizing occupancy rates and diversifying revenue streams [2] Group 2 - Vanke's competitive edge in the long-term rental apartment sector has been recognized by major shareholders and third-party institutions [3] - A cooperation framework agreement was signed with Shenzhen Metro Group to enhance the integration of housing rental development [3] - Vanke's rental brand has been awarded titles such as "2025 Leading Brand in Housing Rental" and "2025 Leading Brand in Community Rental" [3]