万科企业股份ᴹ限公ਨ 关于按照lj香港上ᐲ规则NJ公ᐳ 2024 年 8 ᴸ证券变动ᴸ报表的公告 证券代码：000002ǃ299903 证券简称：万科 Aǃ万科 H 代 公告编ਧ：LJ万Lj2024-094 截至月份: 2024年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 萬科企業股份有限公司 呈交日期: 2024年9月4日 I. 法定/註冊股本變動 本公司及董事会全体成员保证公告内容真实Ƚ准确和完整，没有虚假记载Ƚ误导性陈述或者重大遗 漏Ⱦ 根据lj香港联合交易所ᴹ限公ਨ证券上ᐲ规则NJ˄简称Ālj香港上ᐲ规则NJā˅13.25B 条关于披露股份发 行人的证券变动ᴸ报表的要求，及lj深圳证券交易所股票上ᐲ规则NJ11.2.1 条关于境内外同↕披露的要求， 特披露万科企业股份ᴹ限公ਨ在香港联合交易所ᴹ限公ਨ披露易网站˄www.hkexnews.hk˅刊登的lj万科企 业股份ᴹ限公ਨ截至 2024 年 8 ᴸ 31 日的ᴸ报表NJ，供参阅DŽ 特↔公告DŽ 万科企业股份ᴹ限公ਨ 董һ会 Ҽ〇Ҽ四年九ᴸ四日 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 ...

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"）在银行申请 贷款，公司之控股子公司通过提供质押、抵押及保证为相关贷款提供担保。此外，部分控股 子公司作为共同借款人和公司一起承担还款义务。 万科企业股份有限公司 关于控股子公司为银行贷款事项提供担保的公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：〈万〉2024-095 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》，同意公司为控股子公司、以及控股子公司为母公司或其他控股子公司的银 行及其它金融机构信贷业务以及其它业务提供担保，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，已进一步转授权公司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，公司总裁已在上述授权范围内决策同意本次担保 ...

公 司 半 年 报 点 评 证 券 研 究 报 告 公 司 报 告 245 前書 | --- | --- | |------------------------|--------------------------------| | 行业 | 房地产 | | 公司网址 | www.vanke.com | | 大股东 / 持股 | 深圳市地铁集团有限公司 /27.18% | | 实际控制人 | | | 总股本 ( 百万股 ) | 11,931 | | 流通 A 股 ( 百万股 ) | 9,717 | | 流通 B/H 股 ( 百万股 ) | 2,207 | | 总市值 ( 亿元 ) | 702 | | 流通 A 股市值 ( 亿元 ) | 624 | | 每股净资产 ( 元 ) | 20.26 | | 资产负债率 (%) | 72.9 | | 行情走势图 | | 万科A(000002.SZ) 各业务稳步推进，多举措兑付债务 股价:6.42元 请通过合法途径获取本公司研究报告，如经由未经许可的渠道获得研究报告，请慎重使用并注意阅读研究报告尾页的声明内容 相关研究报告 【平安证券】万科A（000002.SZ）*季报点 ...

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 万科 A（000002）公司半年报 2024 年 09 月 02 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | --- | |-------------------------------------------------------------|-------------|-------| | 股票数据 | | | | 0 [ 9 Table_StockInfo 月 02 日收盘价（元） ] | 6.42 | | | 52 周股价波动（元） | 6.18-14.33 | | | 总股本 / 流通 A 股（百万股） | 11931/9717 | | | 总市值 / 流通市值（百万元） | 80652/80603 | | | 相关研究 | | | | [Table_ReportInfo] 《融资净增结构改善，高管增持维护信心》 | | | | 2024.07.12 | | | | 《聚焦主业发展，负债结构稳健》 | 2024.05.27 | | | 《坚定经营信心，积极应对阶段挑战》 | ...

开 源 证 券 证 券 研 究 报 告 公司信息更新报告 隐证券 房地产/房地产开发 公 司 研 究 万科 A（000002.SZ） 2024 年 09 月 02 日 销售维持前三，结算毛利承压，融资动作持续落地 ——公司信息更新报告 投资评级：增持（维持） 日期 2024/8/30 | --- | --- | |-------------------------|------------| | | | | 当前股价 ( 元 ) | 6.76 | | 一年最高最低 ( 元 ) | 14.33/6.18 | | 总市值 ( 亿元 ) | 806.52 | | 流通市值 ( 亿元 ) | 656.86 | | 总股本 ( 亿股 ) | 119.31 | | 流通股本 ( 亿股 ) | 97.17 | | 近 3 个月换手率 (%) | 102.6 | 股价走势图 万科A 沪深300 -64% -48% -32% -16% 0% 16% 2023-09 2024-01 2024-05 数据来源：聚源 相关研究报告 《销售维持前三，拿地收缩，出售持 有资产换取现金流—公司信息更新报 告》-2024.7.4 《全额偿还 ...

Investment Rating - The report adjusts the investment rating to "Accumulate" from "Buy" [3] Core Views - The company faces performance adjustment pressure with a significant decline in revenue and net profit, primarily due to reduced settlement scale and gross margin in development business, impairment provisions, and losses from non-core financial investments [1][2] - The company is actively working to revitalize existing resources and improve cash flow, achieving a positive operating cash flow of 4.2 billion yuan in Q2 2024 [1] - Financial recovery is supported by favorable financial policies, with new financing and refinancing totaling 61.2 billion yuan in H1 2024, while debt repayment remains on schedule [1][2] Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 142.78 billion yuan, down 28.9% year-on-year, and a net profit loss of 9.85 billion yuan, down 199.8% year-on-year [1] - The settlement revenue was 111.68 billion yuan, a decrease of 34.6% year-on-year, with a gross margin of 6.8%, down 13.5 percentage points [1] Sales and Land Acquisition - The company sold 9.395 million square meters, a decrease of 27.6% year-on-year, with sales amounting to 127.33 billion yuan, down 37.6% year-on-year [1] - The company acquired 3 new projects with a total planned construction area of 246,000 square meters and a total land price of 1.02 billion yuan, indicating a land acquisition intensity of 0.8% [1] Financial Stability - The company achieved new financing and refinancing of 61.2 billion yuan in H1 2024, with a total debt repayment of 52.4 billion yuan [1] - As of H1 2024, the company had interest-bearing liabilities of 331.27 billion yuan, with a net debt ratio of 62.0% [1][2] Asset Transactions - The company completed bulk asset transactions worth 20.4 billion yuan by the end of July, enhancing its liquidity during a challenging market environment [2] - The establishment of a REITs platform has improved the company's liquidity and asset management capabilities [2]

Investment Rating - The investment rating for the company is adjusted to "Accumulate" [3] Core Views - The company reported a significant loss in H1 2024, with revenue of 142.78 billion yuan, down 28.93% year-on-year, and a net loss attributable to shareholders of 9.85 billion yuan, a decrease of 199.82% [1] - The decline in performance is attributed to lower settlement scale and gross margin in development business, impairment provisions, losses from non-core financial investments, and asset disposals at prices below book value [1] - The company aims to focus on operational safety and risk mitigation, emphasizing "ensuring housing delivery, ensuring payment, and transitioning to high-quality development" [1] - Sales performance remains strong, with the company maintaining leading positions in multiple cities despite a decrease in sales area and amount [1] - Cash flow remains under pressure, with a net cash outflow from operations of 5.18 billion yuan in H1 2024, and a net debt ratio of 62.0% [1] Financial Summary - For H1 2024, the company achieved a gross margin of 8.12%, down 10.75 percentage points from the same period in 2023, with development and property management gross margins at 7.25% and 13.65%, respectively [1] - The company’s total assets were reported at 1,504.85 billion yuan, with total liabilities of 1,101.92 billion yuan, resulting in a debt-to-asset ratio of 72.94% [3][7] - The projected revenue for 2024 is 330.67 billion yuan, reflecting a 29.00% decline, with a forecasted net profit attributable to shareholders of -8.81 billion yuan [2][7]

昨天有一些读者不理解黑神话这种单机游戏，我为什么能知道全世界其他玩家的进度，因为它不是纯单机，它玩的时候需要登陆steam、epic、wegame这 种平台来读取之前的进度，同时上传自己的游戏数据，所以平台上有所有玩家的进度统计。 这其实是一种很好的防盗版手段，以前的单机游戏可以脱网玩，盗版随便破解，所以现在单机游戏代码里写入了大量需要联网的互动，盗版就无从下手 了。 这个周末新闻不少，我帮大家捋捋有价值的信息。 1、周五彭博社传中国政府正在考虑调降存量房贷的利率，可信度高，因为有降利率的客观需求也有降利率的客观条件。受利好刺激，周五房地产板块一 度大涨7%。有网友说降存量房贷利率和地产股没关系，不是这样的，没有直接利好，但有间接利好。把视野拉高一点，降存量房贷利率对全社会都是利 好，除了银行和储户要让利。 有个相关数据，2季度个人住房贷款余额37.79万亿，同比下降2.1%，利率不降的话老百姓一有钱就提前还贷。 2、机构统计的中国百城房屋价格指数显示，8月份二手房环比下跌0.71%，同比下跌6.9%，已经连续28个月下跌。另外全国50城租金环比下跌0.2%，同比 下跌2.13%。这个是机构统计的，大概每个月 ...

Investment Rating - The report maintains a "Neutral" rating for the company due to pressures from inventory reduction, impairment, and asset disposal [2]. Core Views - The company reported a significant decline in both revenue and net profit for the first half of 2024, with revenue at 142.78 billion RMB, down 28.9% year-on-year, and a net loss of 9.85 billion RMB, a decrease of 199.8% year-on-year [1][2]. - The decline in performance is attributed to several factors, including a significant drop in the scale and gross margin of property development projects, impairment provisions, and losses from non-core financial investments [1]. - The company remains a leader in the industry in terms of development scale, completing property deliveries of 74,000 units and achieving sales of 127.33 billion RMB, despite a 37% year-on-year decline [1]. - The company is actively pursuing cash flow through large asset and equity transactions, achieving a signed transaction amount of 20.4 billion RMB in the first seven months of 2024 [1]. - The company has successfully utilized financial support policies to transform its financing model, with a total of 61.2 billion RMB in new financing and refinancing in the first half of 2024 [1]. Summary by Sections Financial Performance - In the first half of 2024, the company reported operating revenue of 142.78 billion RMB, a decrease of 28.9% year-on-year, and a net loss attributable to shareholders of 9.85 billion RMB, a decline of 199.8% year-on-year [1]. - The gross margin for development business fell to 6.8%, down 13.5 percentage points year-on-year, with development revenue at 111.68 billion RMB, down 34.6% year-on-year [1]. Asset Management - The company completed resource revitalization and optimization worth 45.5 billion RMB, achieving cash inflow from revitalization and investment receivables of 8.1 billion RMB [1]. - The company has made progress in innovative asset trading tools, including the issuance of 3.26 billion RMB in commercial infrastructure REITs [1]. Financing Activities - The company secured a total of 61.2 billion RMB in new financing and refinancing in the first half of 2024, with a comprehensive financing cost of 3.66% [1]. - The company has also completed the repayment of 7.3 billion RMB in domestic public bonds and approximately 10.4 billion RMB in overseas public bonds [1].

Investment Rating - The report maintains a "Neutral" rating for the company due to pressures from inventory reduction, impairment, and asset disposal [3]. Core Views - The company reported a significant decline in both revenue and net profit for the first half of 2024, with revenue of 142.78 billion RMB, down 28.9% year-on-year, and a net loss attributable to shareholders of 9.85 billion RMB, a decrease of 199.8% [2]. - The decline in performance is attributed to several factors, including a significant drop in the scale and gross margin of property development projects, impairment provisions, losses from non-core financial investments, and asset disposal losses [2]. - The company remains a leader in the industry in terms of development scale, completing the delivery of 74,000 units and achieving sales of 127.33 billion RMB, despite a 37% year-on-year decline in sales [2]. - The company is actively pursuing large asset and equity transactions to improve cash flow, with a signed amount of 20.4 billion RMB in bulk transactions from January to July 2024 [2]. - The company has successfully utilized financial support policies to transform its financing model, with a total of 61.2 billion RMB in new financing and refinancing in the first half of 2024 [2]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 142.78 billion RMB, a decrease of 28.9% year-on-year, and a net loss of 9.85 billion RMB, compared to a profit in the previous year [2][3]. - The gross margin for development business fell to 6.8%, down 13.5 percentage points year-on-year [2]. - The company has revised its profit forecasts for 2024-2026, expecting net profits of -7.92 billion RMB, 440 million RMB, and 2.4 billion RMB respectively [3]. Asset Management - The company completed resource revitalization and optimization worth 45.5 billion RMB, achieving cash inflows of 8.1 billion RMB from revitalization and receivables [2]. - The company has made progress in innovative asset trading tools, including the issuance of 3.26 billion RMB in commercial infrastructure REITs [2]. Financing Activities - The company secured a total of 61.2 billion RMB in new financing and refinancing in the first half of 2024, with a comprehensive financing cost of 3.66% [2]. - The company has also completed the repayment of 7.3 billion RMB in domestic public bonds and approximately 10.4 billion RMB in overseas public bonds [2].