万科企业股份有限公司 第十一届监事会第九次会议决议公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：〈万〉2025-053 本公司及监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（以下简称"公司"）第十一届监事会第九次会议的 通知于2025年4月16日以电子邮件的方式书面送达各位监事。本次会议于2025年 4月29日在深圳举行，会议应到监事3名，亲自出席监事3名，监事会主席解冻主 持会议。会议的召开符合有关法规和《公司章程》的规定。 一、审议事项 本次会议分别以3票同意、0票反对、0票弃权审议通过以下议案： 1、2025年第一季度报告及财务报表 2、关于选聘2025年度会计师事务所的议案 其中，议案2尚需提交股东大会审议。 特此公告。 万科企业股份有限公司 监事会 二〇二五年四月二十九日 二、审核意见 经审核，监事会认为董事会编制和审议《公司2025年第一季度报告》的程序 符合法律、行政法规及中国证券监督管理委员会的规定，报告内容真实、准确、 完整地反映了上市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大 ...

万科企业股份有限公司 第二十届董事会第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〉2025-052 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、董事会会议召开情况 万科企业股份有限公司（以下简称"公司"）第二十届董事会第十六次会议 （以下简称"本次会议"）的通知于2025年4月15日以电子邮件的方式书面送达 各位董事。本次会议于2025年4月29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10名，亲自及授权出席董事10名，其中黄力平董事因公务原因未能 亲自出席本次会议，授权辛杰董事代为出席会议并行使表决权；林明彦独立董事 因公务原因未能亲自出席本次会议，授权廖子彬独立董事代为出席会议并行使表 决权。董事会主席辛杰主持会议，公司全体监事、部分高级管理人员列席了会议。 本次会议的召开符合有关法规及《公司章程》的规定。 二、董事会会议审议情况 （一）审议通过《2025年第一季度报告及财务报表》 详见公司同日在巨潮资讯网（www.cninfo.com.cn）登载的《2025 年第一季度 报告 ...

Group 1 - Vanke reported a revenue of nearly 38 billion and sales of nearly 35 billion in Q1, achieving a repayment rate of over 100% and delivering over 10,000 high-quality homes [2] - The major shareholder, Shenzhen Metro Group, plans to provide a loan of 3.3 billion at a rate of 2.34%, significantly lower than the national interbank lending rate, to support Vanke in repaying public debts [2] - Vanke's comprehensive residential product model has gained recognition, with projects like "Ideal Land" in Shanghai achieving top sales in both amount and area [3][4] Group 2 - Vanke's new projects have seen strong sales across multiple cities, with notable performance in Shanghai, Hangzhou, Tianjin, and Dongguan, achieving high sales rates [4] - The long-term rental apartment business remains industry-leading in scale and efficiency, with significant growth in annual revenue for property management services [4] - Vanke is embracing AI technology, having obtained nearly 300 national patents and innovating in project management and construction efficiency, which is expected to enhance market competitiveness [5]

Core Viewpoint - Vanke is actively implementing a comprehensive plan for reform and integration development, supported by its major shareholder, Shenzhen Metro Group, achieving significant financial results in Q1 2023. Group 1: Financial Performance - Vanke reported nearly 38 billion in revenue and approximately 35 billion in sales for Q1 2023, with a repayment rate exceeding 100% and over 10,000 high-quality housing deliveries [1] - The company completed a bulk transaction worth 3.8 billion and revitalized cash flow exceeding 4 billion [1] Group 2: Long-term Rental Apartment Business - Vanke's long-term rental apartment brand, "Boyu," signed a cooperation framework agreement with Shenzhen Metro Group to enhance integration in the housing rental sector [1] - The long-term rental business has become a leading player in the rental housing market, managing over 260,000 units and maintaining a rental rate of nearly 95% [2] - The business has received recognition from over 5,700 corporate clients, including major companies like Tencent and BYD [2] Group 3: Innovation and Market Recognition - Vanke's comprehensive residential product innovation has been recognized, with the "Ideal Flower Land" project achieving the highest sales in Guangzhou's main urban area [3] - The property management segment saw an annual revenue growth of over 50% and introduced an elastic pricing service model [3] - Vanke has obtained nearly 300 national patents and has been recognized with the highest national award in building technology, the "Huaxia Award" [3]

Core Viewpoint - Vanke reported strong financial performance in Q1, with significant revenue and sales growth, alongside successful project deliveries and strategic partnerships [1] Financial Performance - The company achieved nearly 38 billion in revenue and approximately 35 billion in sales during the first quarter [1] - The repayment rate exceeded 100%, indicating strong cash flow management [1] - Over 10,000 high-quality housing units were delivered in Q1, and all public debts were repaid on schedule [1] - A large transaction of 3.8 billion was completed, enhancing cash flow by over 4 billion [1] Sales and Market Performance - Vanke's new generation of comprehensive residential products saw strong sales across multiple cities, with the "Ideal Flower Land" becoming the sales champion in Guangzhou's main urban area [1] - The project turnover rate exceeded 80% in cities like Shanghai, Tianjin, and Hangzhou [1] Business Segments - The long-term rental business leads the industry in scale, efficiency, and insurance volume [1] - A strategic partnership was established with Shenzhen Metro Real Estate to explore integrated development [1] - Vanke Property's new stock project annual revenue growth exceeded 50% [1] - The commercial light-asset operation service has gained recognition from notable institutions such as GIC and Blackstone [1] - The logistics business boasts industry-leading rental rates, with cold chain revenue experiencing double-digit growth [1] Innovation and Technology - The company has consistently focused on independent innovation, accumulating nearly 300 technology patents to date [1]

万科A：一季度净亏损62.46亿元，上年同期亏损3.6亿元。深铁集团向公司提供33亿元借款。拟出售A股 库存股，占目前公司总股本（含回购的股份数）的0.61%。本次出售A股库存股后，公司将收回资金， 有利于补充公司的流动资金。 ...

Financial Performance - Revenue for Q1 2025 was RMB 37,994,650, a decrease of 38.31% compared to RMB 61,594,149 in Q1 2024[6] - Net profit attributable to shareholders was a loss of RMB 6,246,209, representing a decline of 1,625.63% from a loss of RMB 361,968 in the same period last year[6] - Basic and diluted earnings per share were both RMB (0.5268), a decrease of 1,625.63% from RMB (0.0305) in the previous year[6] - The company reported a net loss attributable to shareholders of RMB 6.25 billion[20] - The operating loss for the period was RMB 884.1 million, compared to an operating profit of RMB 4.658 billion in the previous year[35] - The total comprehensive loss for the period was RMB 8.016 billion, compared to a comprehensive income of RMB 280.37 million in the same period last year[37] Cash Flow and Assets - Cash flow from operating activities was a net outflow of RMB 5,792,569, an improvement of 38.52% compared to RMB 9,421,419 in Q1 2024[6] - As of the end of the reporting period, the company held cash and cash equivalents of RMB 75.50 billion, with total interest-bearing liabilities of RMB 365.87 billion, resulting in a debt-to-asset ratio of 73.5%[21] - Cash and cash equivalents decreased to RMB 71.122 billion from RMB 84.009 billion at the beginning of the year[40] Assets and Equity - Total assets decreased by 3.28% to RMB 1,244,039,386 from RMB 1,286,259,860 as of December 31, 2024[7] - Equity attributable to shareholders decreased by 2.93% to RMB 196,728,879 from RMB 202,666,488[7] - Other current assets decreased by 90.44% to RMB 16,897 from RMB 176,748, primarily due to the disposal of trading financial assets[9] Revenue Breakdown - Revenue from real estate development business contributed RMB 22.80 billion, down 51.1% year-on-year, while operating service business revenue increased by 12.1% to RMB 12.27 billion[20] - The group achieved a contracted sales area of 2.54 million square meters and a contracted sales amount of 34.92 billion yuan, representing year-on-year declines of 35.1% and 39.8% respectively[22] - The company achieved a total revenue of RMB 37.99 billion in the reporting period, a year-on-year decrease of 38.3%[20] Operational Highlights - The company delivered 10,400 housing units in the first quarter, achieving a sales amount of RMB 34.92 billion with a collection rate exceeding 100%[17] - The group completed a total of 44 projects, delivering 10,400 units, with 41% of projects allowing immediate delivery and a 96% online signing delivery rate[22] - The Shanghai Siji Yinxiu project had a sales rate of 84%, while the Hangzhou Yun Yao Zhi Cheng project achieved a 100% sales rate upon launch[23] Cost and Financing - Financing costs increased by 64.97% to RMB (2,081,743) due to a decrease in capitalized interest rates[9] - The company’s financing costs increased to RMB 2.082 billion from RMB 1.262 billion year-on-year[35] - The company actively implemented a comprehensive plan to promote reform and development, securing new financing and refinancing of RMB 13.9 billion in the first quarter[17] Strategic Initiatives - The company plans to maintain a cautious approach towards future investments and market expansion, emphasizing risk awareness among investors[8] - The company launched an AI drawing model applied in 455 projects, enhancing design efficiency and project analysis[19] - The company is developing a low-carbon community project in Shanghai, expected to reduce carbon emissions by 43.2% compared to national standards[18] Business Segments Performance - Property management services saw a 24.9% year-on-year increase in contract revenue to 780 million yuan, with new acquisitions contributing 60 million yuan[25] - The rental housing business generated 884 million yuan in revenue, a 6% year-on-year increase, with an occupancy rate of 93.9%[26] - The commercial development and operation business achieved revenue of 1.937 billion yuan, with an overall leasing rate of 92.1%[28] - The logistics and warehousing business achieved revenue of RMB 1 billion in Q1, a year-on-year increase of 3.3%[30] - High-standard warehouse revenue was RMB 500 million, a year-on-year decrease of 6.6%, while cold chain revenue was RMB 500 million, a year-on-year increase of 15.6%[30] Market Trends - The average premium rate for residential land transactions was 15.3%, an increase of 9.3 percentage points compared to the same period last year[15] - The group’s commercial traffic increased by 6.9% year-on-year, with sales rising by 5.8%[28] - The underlying asset of the CICC REIT maintained a leasing rate of 98.1% and a rent collection rate of 99.8%[29]

Group 1 - The top three companies with the highest short positions are WuXi AppTec (02359), Ganfeng Lithium (01772), and Vanke Enterprises (02202), with short ratios of 15.63%, 14.23%, and 13.24% respectively [1][2] - The company with the largest increase in short positions is China Ruifeng (00136), which saw an increase of 2.52%, followed by Vanke Enterprises (02202) with an increase of 1.49%, and Rongchang Biologics (09995) with an increase of 1.18% [1][2] - The companies with the largest decrease in short positions include Zai Ding Pharmaceuticals (09688) with a decrease of 1.31%, Midea Group (00300) with a decrease of 0.80%, and Kanglong Chemical (03759) with a decrease of 0.76% [1][3] Group 2 - The latest short position data shows that the short ratio for WuXi AppTec decreased from 6168.69 million shares to 6050.95 million shares, while Ganfeng Lithium decreased from 5893.42 million shares to 5743.15 million shares [2] - The short ratio for Vanke Enterprises increased from 259 million shares to 292 million shares, indicating a growing bearish sentiment [2] - Other notable companies with significant changes in short positions include ZTE Corporation (00763) and Brilliance China Automotive (01114), with short ratios of 12.54% and 12.18% respectively [2]

Core Insights - The Kunming real estate market experienced a decline in transaction volume but an increase in prices, driven by the sales of upgraded residential products with zero public area [1][3] - The first fourth-generation residential project, Yicheng·Danxia Cuiyu, launched with an average transaction price exceeding 20,000 yuan per square meter [1][10] - The latest LPR remained unchanged, with the one-year LPR at 3.1% and the five-year LPR at 3.6% [15] Market Performance - Last week, Kunming's real estate market saw a total supply of 13,100 square meters, a 17% decrease week-on-week, while transactions reached 51,900 square meters, a slight 3% decline [1] - The average transaction price was approximately 13,341 yuan per square meter, reflecting a 4% increase compared to the previous week [1] - The top-selling fourth-generation residential project, Bangtai·Guanyun, achieved a sales amount of about 78 million yuan, with an average transaction price of approximately 18,892 yuan per square meter [3] Project Launches - The Yicheng·Danxia Cuiyu project sold 190 high-rise units with a total sales of 350 million yuan during its initial launch, achieving a take-up rate of about 24% [5][10] - The project emphasizes zero public area and features a fully intelligent community, integrating advanced technology with high-quality residential offerings [12] - Another project, Zhuoyue Dianchi Qingcui A3, launched 126 units with a take-up rate of approximately 41% and an average transaction price between 10,500 and 12,000 yuan per square meter [13] Land Transactions - Only one commercial land parcel was sold last week, measuring approximately 23.43 acres, acquired by Kunming Rail Transit Group for 86.22 million yuan, with a floor price of about 3,450 yuan per square meter [5] Policy Updates - The new housing purchase subsidy policy was implemented across five districts in Kunming, allowing for refunds up to 30,000 yuan [15]

Group 1 - The stock prices of several real estate companies have declined significantly, with Jin Hui Holdings (09993.HK) down by 6.87%, Vanke Enterprises (02202.HK) down by 3.85%, Greentown China (03900.HK) down by 3.28%, and China Resources Land (01109.HK) down by 3.14% [1]