1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating. 2. Core Viewpoints of the Report According to Wind data, among the bonds traded at a discount, '25 Henan Road and Bridge MTN002' had a relatively large deviation in valuation price. Among the bonds with rising net prices, '21 Vanke 02' had a leading deviation in valuation price. Among the secondary perpetual bonds with rising net prices, '23 Dalian Bank Perpetual Bond 01' had a relatively large deviation in valuation price. Among the commercial financial bonds with rising net prices, '25 China Zheshang Bank Small and Micro Enterprise Bond 01BC' had a leading deviation in valuation price. Among the bonds with a trading yield higher than 10%, real estate bonds ranked at the top. The changes in credit bond valuation yields were mainly distributed in the (0,5] range. The trading terms of non - financial credit bonds were mainly distributed between 2 and 3 years, with the 2 - 3 year - term varieties having the highest proportion of discount trading. The trading terms of secondary perpetual bonds were mainly distributed between 4 and 5 years, with the varieties within 1 year having the highest proportion of discount trading. By industry, the bonds in the pharmaceutical and biological industry had the largest average deviation in valuation price [2]. 3. Summary by Relevant Catalogs 3.1 Discounted Bond Trading - The report tracked the trading of significantly discounted bonds, including details such as the bond name, remaining term, valuation price deviation, valuation net price, valuation yield deviation, valuation yield, previous day's valuation yield, implied rating, issuer rating, industry, and trading volume. For example, '25 Henan Road and Bridge MTN002' had a remaining term of 2.89 years, a valuation price deviation of - 0.27%, a valuation net price of 99.74 yuan, and a trading volume of 39.52 million yuan [4]. 3.2 Bonds with Rising Net Prices - The report tracked the trading of bonds with significant positive deviations in net prices, including details such as the bond name, remaining term, valuation price deviation, valuation net price, valuation yield deviation, valuation yield, previous day's valuation yield, implied rating, issuer rating, industry, and trading volume. For example, '21 Vanke 02' had a remaining term of 0.79 years, a valuation price deviation of 1.11%, a valuation net price of 90.78 yuan, and a trading volume of 9.01 million yuan [5]. 3.3 Secondary Perpetual Bond Trading - The report tracked the trading of secondary perpetual bonds, including details such as the bond name, remaining term, valuation price deviation, valuation net price, valuation yield deviation, valuation yield, previous day's valuation yield, implied rating, issuer rating, bank category, and trading volume. For example, '23 Dalian Bank Perpetual Bond 01' had a remaining term of 2.78 years, a valuation price deviation of 0.11%, a valuation net price of 104.40 yuan, and a trading volume of 198.16 million yuan [6]. 3.4 Commercial Financial Bond Trading - The report tracked the trading of commercial financial bonds, including details such as the bond name, remaining term, valuation price deviation, valuation net price, valuation yield deviation, valuation yield, previous day's valuation yield, implied rating, issuer rating, bank category, and trading volume. For example, '25 China Zheshang Bank Small and Micro Enterprise Bond 01BC' had a remaining term of 2.99 years, a valuation price deviation of 0.01%, a valuation net price of 100.01 yuan, and a trading volume of 1.75021 billion yuan [7]. 3.5 Bonds with a Trading Yield Higher than 10% - The report tracked the trading of high - yield bonds, including details such as the bond name, remaining term, valuation price deviation, valuation net price, valuation yield deviation, valuation yield, previous day's valuation yield, implied rating, issuer rating, industry, and trading volume. For example, '21 Vanke 02' had a remaining term of 0.79 years, a valuation price deviation of 1.11%, a valuation net price of 90.78 yuan, a valuation yield of 17.14%, and a trading volume of 9.01 million yuan [8]. 3.6 Distribution of Credit Bond Valuation Deviations The changes in credit bond valuation yields were mainly distributed in the (0,5] range [2]. 3.7 Distribution of Non - financial Credit Bond Trading Terms The trading terms of non - financial credit bonds were mainly distributed between 2 and 3 years, with the 2 - 3 year - term varieties having the highest proportion of discount trading [2]. 3.8 Distribution of Secondary Perpetual Bond Trading Terms The trading terms of secondary perpetual bonds were mainly distributed between 4 and 5 years, with the varieties within 1 year having the highest proportion of discount trading [2]. 3.9 Distribution of Discounted Trading Proportions and Trading Volumes by Industry By industry, the bonds in the pharmaceutical and biological industry had the largest average deviation in valuation price [2].

Core Viewpoint - The Hong Kong property stocks experienced a significant rally, with notable increases in share prices for several major developers [1] Group 1: Company Performance - Sunac China (01918.HK) saw its stock price rise by over 11% [1] - R&F Properties (02777.HK) increased by 7.6% [1] - Shimao Group (00813.HK) rose by more than 7% [1] - Vanke Enterprises (02202.HK) gained over 6% [1] - Country Garden (02007.HK) experienced an increase of more than 5% [1]

Investment Rating - The report indicates a stable investment outlook for the Chinese real estate industry, with signs of recovery in sales performance among the top 100 real estate companies in March 2025 [1][3]. Core Insights - In March 2025, new home sales stabilized with a slight year-on-year increase of 3%, attributed to increased supply and enhanced marketing efforts by real estate companies [1][10]. - The top 100 real estate companies achieved a sales turnover of 317.57 billion yuan in March, representing a month-on-month growth of 68.8% but a year-on-year decline of 11.4% [1][3]. - Cumulatively, the top 100 companies recorded a sales turnover of 733.3 billion yuan from January to March 2025, reflecting a year-on-year decrease of 5.9% [3]. Summary by Sections Sales Performance - The sales threshold for various tiers of the top 100 real estate companies has decreased, with the thresholds for the top 20 and top 30 companies dropping by 4.3% and 2% respectively, to 9 billion yuan and 5.34 billion yuan [9][12]. - The overall real estate market in China maintained a low operating level in the first quarter of 2025, continuing a trend of stabilization after previous declines [3][10]. Market Dynamics - The first-tier cities showed stronger resilience compared to second and third-tier cities, with first-tier cities experiencing nearly double month-on-month growth and an 8% year-on-year increase in March [10][11]. - The report anticipates that April will continue to be a peak sales month, with expectations of ongoing weak recovery in overall supply and demand [13]. Rankings and Data - The report includes a detailed ranking of the top 100 real estate companies based on their sales performance, with Poly Developments leading at 58.01 billion yuan for the first quarter [14][18]. - The full-caliber sales data indicates that Poly Developments achieved a total of 63 billion yuan in sales, while China Overseas Land & Investment and China Resources Land followed closely [18][21].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The overall delivery capacity of major real estate companies in China is expected to decrease in 2024 compared to 2023, with nearly 60% of companies experiencing a decline of over 30% in delivery scale, and a median decline of 38% [14] - The central government has increased loan support for "white list" projects to enhance delivery capabilities, with over 5 trillion yuan approved for loans, aiming to deliver 3.73 million housing units by the end of 2024 [13] - The focus of real estate companies is shifting from product design to quality delivery and customer experience, indicating a trend towards a more integrated delivery and service system [17][21] Summary by Sections Delivery Capacity Rankings - The report lists the top 30 real estate companies in China based on their delivery capacity for 2024, with Green City China, China Overseas Property, and China Resources Land leading the rankings [2] Delivery Scale and Performance - The delivery scale of major real estate companies is shrinking, with significant reductions in the number of units delivered compared to previous years, reflecting ongoing market challenges [14][15] - Specific companies such as Country Garden and Sunac China are highlighted for their delivery volumes, with Country Garden delivering approximately 380,000 units [15] Product and Service Integration - The report emphasizes the importance of integrating delivery with service, moving from merely delivering products to enhancing the overall living experience for residents [21][23] - Companies are increasingly focusing on creating community engagement and personalized services to improve customer satisfaction post-delivery [21] Quality of Delivery - The report identifies a trend towards enhancing the quality of both indoor and outdoor delivery, with a focus on functional upgrades and aesthetic improvements [19][20] - Projects that have previously won awards for their product quality are noted for their strong delivery performance, setting benchmarks for high-quality delivery in the industry [22][23]

发行人赎回选择权的公告 万科企业股份有限公司关于行使"20 万科 04"公司债券 根据公司实际情况及当前的市场环境，公司决定行使"20 万科 04"发行人 赎回选择权，对赎回登记日登记在册的"20 万科 04"全部赎回。 特此公告。 万科企业股份有限公司 董事会 证券代码：000002、299903、149124 证券简称：万科 A、万科 H 代、20 万科 04 公告编号：〈万〉2025-042 | 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、 | | --- | | 误导性陈述或者重大遗漏负连带责任。 | 根据《万科企业股份有限公司 2020 年面向合格投资者公开发行公司债券（第 二期）募集说明书》（以下简称"《募集说明书》"）中有关万科企业股份有限公 司 2020 年面向合格投资者公开发行公司债券（第二期）（品种二）（以下简称 "20 万科 04"、"本期债券"）发行人赎回选择权的条款约定： 发行人有权决定在本期债券存续期的第 5 年末行使本期债券赎回选择权。发 行人将于本期债券第 5 个计息年度付息日前的第 30 个交易日，通过中国证监会 指定的上市公司信息披露媒体发布关于 ...

万科企业股份有限公司关于行使"20 万科 04"公司债券 发行人赎回选择权的第一次提示性公告 证券代码：000002、299903、149124 证券简称：万科 A、万科 H 代、20 万科 04 公告编号：〈万〉2025-043 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、 误导性陈述或者重大遗漏负连带责任。 重要提示： 7．摘牌日: 2025年5月19日。 一、"20万科04"公司债券的基本情况 1．发行主体：万科企业股份有限公司。 1．债券代码：149124。 2．债券简称：20万科04。 3．赎回登记日：2025年5月16日。 4．赎回资金到账日：2025年5月19日。 5．赎回价格：人民币103.45元/张（含当期利息，且当期利息含 税）。 6．债券赎回比例：100%。 2．债券名称：万科企业股份有限公司 2020 年面向合格投资者公 开发行公司债券（第二期）（品种二）。 3．债券简称：20 万科 04。 1 4．债券代码：149124。 5．债券余额：15 亿元。 6．债券期限：本期债券期限为 7 年期（附第 5 年末发行人赎回 选择权、发行人调整票面利率选择权和投资者 ...

万科企业股份有限公司 关于按照《香港上市规则》公布 2025 年 3 月证券变动月报表的公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：〈万〉2025-045 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。 根据《香港联合交易所有限公司证券上市规则》（简称"《香港上市规则》"）13.25B 条关于 披露股份发行人的证券变动月报表的要求，及《深圳证券交易所股票上市规则》11.2.1 条关于 境内外同步披露的要求，特披露万科企业股份有限公司在香港联合交易所有限公司披露易网站 （www.hkexnews.hk）刊登的《万科企业股份有限公司截至 2025 年 3 月 31 日的月报表》，供参 阅。 特此公告。 万科企业股份有限公司 董事会 二〇二五年四月一日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | -- ...

万科企业股份有限公司 公司2023年度股东大会审议通过了《关于提请股东大会授权公司及控股子 公司对外提供担保的议案》，同意在授权有效期内提供的新增担保总额须不超 过人民币1,500亿元，有效期为自2023年度股东大会决议之日起至2024年度股东 大会决议之日止。董事会在取得股东大会授权之同时，进一步转授权公司执行 副总裁对于单笔对外担保金额低于人民币125亿元进行决策。 本次担保事项在上述担保额度范围内，公司执行副总裁已在上述授权范围 内决策同意本次担保事项，具体情况如下： 一、被担保人基本情况 公司名称：Wkland Limited 成立日期：2012 年 4 月 27 日 1 注册地点：英属维尔京群岛 关于万科置业香港为公司全资子公司收购上海金桥 项目提供履约担保的公告 证券代码：000002、299903 证券简称：万科 A、万科H代 公告编号：〈万〉2025-044 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。 经履行内部审议决策，万科企业股份有限公司（以下简称"公司"或"万 科"）之间接全资子公司Wkland Limited（以下简称"买方"）拟与中银 ...

Financial Performance - Vanke reported a total revenue of RMB 200 billion for the fiscal year 2024, representing a 10% increase compared to the previous year[3]. - Vanke's net profit for 2024 was RMB 30 billion, which is a 5% decrease from the previous year[3]. - The company's revenue for 2024 was RMB 343.18 billion, a decrease of 26.32% compared to RMB 465.74 billion in 2023[25]. - The net profit attributable to shareholders for 2024 was a loss of RMB 49.48 billion, representing a decline of 506.81% from a profit of RMB 12.16 billion in 2023[25]. - The gross profit for 2024 was RMB 27.84 billion, down 58.72% from RMB 67.45 billion in 2023[25]. - The company reported a total revenue of RMB 343.2 billion for 2024, a decrease of 26.3% year-on-year[46]. - The net loss attributable to shareholders was RMB 49.5 billion, a significant decline of 506.8% compared to the previous year[46]. - The gross profit margin for the real estate development and related asset management business was 7.2%, down 7.4 percentage points from 2023[46]. Assets and Liabilities - Vanke's total assets reached RMB 500 billion, reflecting a growth of 15% year-on-year[3]. - The company's current assets decreased by 20.24% to RMB 917.51 billion compared to RMB 1,150.28 billion at the end of 2023[27]. - The net asset attributable to shareholders decreased by 19.19% to RMB 202.67 billion from RMB 250.78 billion in 2023[27]. - The company's debt-to-equity ratio stands at 60%, indicating a stable financial position[3]. - The net debt ratio increased to 80.6%, up 25.9 percentage points from the end of 2023, while the asset-liability ratio rose to 73.7%, an increase of 0.4 percentage points[104]. - Total interest-bearing debt reached RMB 361.3 billion, accounting for 28.1% of total assets, with 43.8% due within one year[105]. Market Strategy and Expansion - The company plans to expand its market presence by entering three new cities in 2025, aiming for a 20% increase in market share[3]. - The company has outlined a future outlook of achieving a revenue target of RMB 250 billion for 2025, representing a 25% growth[3]. - The company plans to focus on urbanization development, enhancing operational capabilities in diverse scenarios, and deepening participation in urban real estate revitalization[16]. - The company aims to strengthen integration with its major shareholder, utilizing resources for collaborative development in various sectors[16]. - The company is focusing on risk mitigation and sustainable development by leveraging resources from major shareholders to enhance operational management[38]. - The company plans to focus on five areas for future development: urban focus, business portfolio, model innovation, technological breakthroughs, and industrial collaboration[126]. Operational Efficiency and Challenges - The company faced significant challenges, including a substantial decline in sales and liquidity pressure, leading to large losses[12]. - The company has been recognized as one of the "Fortune Global 500," ranking 206th in 2024, marking its ninth consecutive year on the list[19]. - The company successfully repaid CNY 29.2 billion in domestic and international public bonds and asset-backed securities (ABS)[13]. - The company achieved a net cash flow from operating activities of RMB 3.80 billion, a slight decrease of 2.87% from RMB 3.91 billion in 2023[25]. - The company recorded a gross profit margin of 13.21% in property services, down 1.75 percentage points from the previous year[48]. Sustainability and Innovation - Over 60% of new projects incorporated renewable energy designs, reflecting the company's commitment to sustainable development[13]. - The company is investing RMB 5 billion in new technology development, focusing on AIoT solutions for smart property management[10]. - The company is leveraging technological innovation to enhance customer experience and product cost-effectiveness, particularly in the areas of AI and robotics[131]. - The company achieved a total area of over 335 million square meters meeting green building standards by the end of 2024, with an additional 6.997 million square meters added this year[71]. - The company has set nearly 50 sustainable development goals, focusing on carbon reduction, waste reduction, and energy usage, in line with TCFD guidelines[94]. Customer Engagement and Services - Vanke's total user base for its property services has grown to 10 million, an increase of 25% year-on-year[3]. - The company established five live-streaming sales training bases, conducting 108,000 live streams with 160 million views, effectively reducing marketing costs[53]. - The company’s long-term rental apartment brand, Vanke Boyu, maintains a customer satisfaction rate of over 95%, with a renewal rate of nearly 60% for existing customers[100]. - The property service segment, Wanwu Cloud, reported revenue of 36.38 billion yuan, an 8.9% year-on-year increase, with community space service revenue accounting for 57.8% of total revenue[73]. Project Development and Construction - The company has a total of 14 projects planned for completion in 2025, with significant areas under development in various regions, including Beijing and Langfang[135]. - The company has multiple ongoing projects with varying equity stakes, including 41.0% in Taiyuan Qingxu Project and 100.0% in Tianjin Dongli Lake Project[141]. - The company is actively pursuing new projects, with several under construction and planned for completion in the coming years[139]. - The company has a total planned area of 38,572,201 square meters for 2025, with a completion area of 4,633,269 square meters by the end of 2024[143]. - The company is focusing on expanding its footprint in Harbin, with projects like Harbin Jin Yu Yue Fu and Harbin Binjiang Metropolis contributing to its growth strategy[145]. Financial Management and Investments - The company secured new financing and refinancing of RMB 94.8 billion in 2024, with a comprehensive cost of new financing at 3.54%[35]. - The company has reported a total interest expense of RMB 13.72 billion during the reporting period, with RMB 7.07 billion capitalized[110]. - The company has invested RMB 508 million in R&D during the reporting period, representing a small proportion of its operating revenue[120]. - The company has a total of 1,200,000 square meters of planned capacity for 2024, with 800,000 square meters expected to be completed by the end of the year[164]. Market Trends and Economic Conditions - The real estate market showed signs of recovery since September 2024, with policies stabilizing market confidence[16]. - The national commodity housing sales area decreased by 12.9% year-on-year to 974 million square meters, with sales value down 17.1% to 9.68 trillion yuan[39]. - The average rental price in 50 key cities fell by 3.25%, indicating short-term pressure on rental markets[42]. - The overall market rent for logistics warehouses decreased by 9.7% year-on-year, reflecting increased supply and demand stabilization in core areas[45]. - The government has introduced various supportive policies to stabilize the real estate market, including lowering down payment ratios and mortgage rates[40].

Core Viewpoint - Vanke is expanding its leading position in the rental and purchase era, achieving significant revenue and sales growth while maintaining industry-leading performance in long-term rental apartments [1][2] Group 1: Financial Performance - Vanke reported a revenue of 340 billion and sales exceeding 240 billion for the year 2024 [1] - The company delivered over 180,000 high-quality units, leading the industry in large transactions [1] Group 2: Long-term Rental Business - Vanke's long-term rental apartment business is performing exceptionally well, with a management scale of approximately 260,000 units and over 120,000 units under national policy protection, leading among market entities [1] - The occupancy rate of Vanke's rental properties exceeds 95%, with a front-end GOP profit margin of 90% [1] Group 3: Customer Satisfaction and Loyalty - Customer satisfaction for Vanke's long-term rental business has consistently remained above 95%, with a renewal rate of about 60% for existing customers [1] - The company has received recognition from over 5,000 corporate clients, including well-known companies like Tencent, BYD, and DJI [1] Group 4: Strategic Developments - Vanke has successfully implemented a "stock activation" development model, revitalizing nearly 15,000 existing rental units in 2024, including around 7,000 units from its own inventory [1] - The management team has been adjusted and strengthened, leading to stable operations and positive progress across various business areas, including the approval of 79 whitelist projects [2]