Core Viewpoint - Vanke A (000002) announced that its largest shareholder, Shenzhen Metro Group Co., Ltd. (referred to as "Shenzhen Metro Group"), will provide a loan of up to 2.2 billion yuan to the company for repaying the principal and interest of bonds issued in the public market, with a loan term not exceeding 3 years [1] Group 1 - The loan amount is capped at 2.2 billion yuan [1] - The purpose of the loan is to repay the company's bond principal and interest [1] - The loan term is set for a maximum of 3 years [1]

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） 關於主要股東提供股東借款的董事會決議公告 一、董事會會議召開情況 萬科企業股份有限公司（以下簡稱「公司」或「本公司」，與其附屬公司合稱「本集團」）第二十屆董 事會第二十五次會議的通知於2025年10月28日以電子郵件的方式送達各位董事。公司全體董事 以通訊表決方式參與本次會議，公司於2025年10月29日（含當日）前收到全體董事的表決意見。 本次會議的召開符合《中華人民共和國公司法》等法律法規和《萬科企業股份有限公司章程》的規 定。 二、董事會會議審議情況 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.* 截至本公告日期，深圳地鐵集團為持有本公司全部已發行股本約27.18%的主要股東，因此，根據《香 港聯合交易所有限公司證券上市規則》（「《上市規則》」）第14A章，為本公司的關連人士。因此，本 次交易事項構成本公司的一 ...

Financial Performance - Revenue for the first nine months of 2025 was RMB 161.39 billion, a decrease of 26.61% compared to RMB 219.89 billion in the same period of 2024[7] - The net loss attributable to shareholders for the first nine months of 2025 was RMB 28.02 billion, representing a 56.14% increase from RMB 17.94 billion in 2024[7] - Basic and diluted earnings per share for the first nine months of 2025 were both RMB (2.36), down 55.82% from RMB (1.51) in 2024[7] - Gross profit for the same period was RMB 1,156,502 thousand, down from RMB 18,961,794 thousand, indicating a significant decline in profitability[41] - Operating loss increased to RMB 11,207,140 thousand from RMB 1,919,187 thousand year-over-year[41] - Total comprehensive loss for the period was RMB 29,257,684 thousand, compared to RMB 15,556,237 thousand in 2024[43] Cash Flow and Assets - The net cash flow used in operating activities for the first nine months of 2025 was RMB (5.89) billion, a decline of 21.49% from RMB (4.85) billion in 2024[7] - Cash generated from operating activities was RMB 366,828 thousand, a sharp decline from RMB 4,367,798 thousand in the prior year[46] - Cash and cash equivalents as of September 30, 2025, were RMB 60,387,822 thousand, down from RMB 84,009,392 thousand at the beginning of the year[46] - Total assets as of September 30, 2025, were RMB 1,136.59 billion, a decrease of 11.64% from RMB 1,286.26 billion at the end of 2024[7] - Non-current assets decreased to RMB 353,608,977 thousand from RMB 368,747,782 thousand as of December 31, 2024[44] - Current liabilities decreased to RMB 599,690,825 thousand from RMB 719,061,817 thousand year-over-year[45] Shareholder Information - Equity attributable to shareholders was RMB 175.76 billion, down 13.28% from RMB 202.67 billion at the end of 2024[7] - The number of ordinary shareholders at the end of the reporting period was 493,176, with 493,108 from A-shares and 68 from H-shares[12] Business Operations - The real estate development business contributed CNY 114.25 billion in revenue from a settled area of 8.33 million square meters during the first nine months[26] - In Q3, the company reported a revenue of CNY 56.07 billion, with a net loss of CNY 16.07 billion, primarily due to a decline in settlement scale and low gross margins[26] - The overall pre-tax gross margin for the first nine months was 0.7%, while the after-tax gross margin was -3.6%[27] - The company completed the delivery of 74,000 units across 187 projects in the first nine months, focusing on enhancing delivery quality[28] - Contract sales in Q3 reached 2.36 million square meters, generating CNY 31.34 billion, reflecting a year-on-year decline of 39.7% and 41.8% respectively[28] - The company has 13.22 million square meters of sold but uncompleted resources, with a total contract value of approximately CNY 154.81 billion as of September 30[28] Financing and Capacity - The company secured financing and refinancing of CNY 26.5 billion in the first three quarters, with a domestic financing cost of 3.44%, down 6 basis points from the previous year[24] - The company’s total assets and liabilities ratio stood at 73.5%, a decrease of 0.1 percentage points compared to the end of the previous year[27] - The group activated and optimized new capacity of 8.33 billion yuan in the third quarter, with a total of 17.84 billion yuan in capacity optimization and new capacity achieved from January to September[30] Product and Service Development - The group completed the iteration and upgrade of its product system and standards, applying them comprehensively in new projects, enhancing user experience through core module presentations[30] - The property service segment generated an annualized revenue of 1.68 billion yuan from new projects, with 41 new projects contributing to this figure[32] - The leasing residential business achieved an operating income of 2.74 billion yuan in the first three quarters, representing a year-on-year growth of 4.4%[32] - The commercial development and operation segment reported an operating income of 6.21 billion yuan, with an overall occupancy rate of 92.1%[34] - The logistics and warehousing business generated an operating income of 3.18 billion yuan, with cold chain revenue increasing by 24.4% to 1.68 billion yuan[35] - The group expanded its rental apartment management to 280,000 units, with an occupancy rate of 94.3%[33] - The group introduced 59 new products related to renovation modules in the third quarter, enhancing product quality and cost-effectiveness[30]

万科企业股份有限公司 2025 年第三季度报告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：〈万〉2025-137 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。 公司是否因会计政策变更及会计差错更正等追溯调整或重述以前年度会计数据 重要内容提示: 万科企业股份有限公司（以下简称"公司"或"本公司"）董事会及董事、高级管理人 员保证 2025 年第三季度报告（以下简称"本报告"）内容的真实、准确、完整，不存在虚假 记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 公司第二十届董事会第二十六次会议审议并通过了本报告。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权。除此之外，其他 董事均亲自出席了本次董事会会议。 董事长黄力平，执行副总裁、财务负责人韩慧华声明：保证本报告中财务报表的真实、 准确、完整。 本集团（指万科企业股份有限公司及其附属公司）按照中国会计准则编制了本报告，本 报告之财务报表未经审计。 除特别指明外，本报告所用记账本位币均为人民币，"报告期"指 2025 年 ...

二、會議審議情況 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） 第二十屆董事會第二十六次會議決議公告 一、會議召開情況 萬科企業股份有限公司（「公司」）第二十屆董事會第二十六次會議的通知於2025年10月15日以電 子郵件的方式送達各位董事。會議於2025年10月30日在深圳以現場和通訊會議相結合方式舉 行，會議應到董事9名，親自出席董事9名，其中獨立非執行董事廖子彬先生及沈向洋先生以通 訊方式出席，獨立非執行董事張懿宸先生因公務原因未能親自出席本次會議，授權另一位獨立 非執行董事沈向洋先生代為出席會議並行使表決權。董事長黃力平先生主持會議，公司高級管 理人員列席了會議。本次會議的召開符合《中華人民共和國公司法》等法律法規和《萬科企業股 份有限公司章程》的規定。 （一）審議通過《2025年第三季度報告及財務報表》 ...

证券代码：000002、299903、148099 证券简称：万科 A、万科 H 代、22 万科 07 公告编号：〈万〉2025-133 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： 1．债券代码：148099。 2．债券简称：22万科07。 3．赎回登记日：2025年10月30日。 4．赎回资金到账日：2025年10月31日。 万科企业股份有限公司 关于"22 万科 07"公司债券付息、赎回结果暨摘牌公告 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%。 7．摘牌日: 2025年10月31日。 一、"22万科07"公司债券的基本情况 1．发行主体：万科企业股份有限公司。 2．债券名称：万科企业股份有限公司 2022 年面向专业投资者公 开发行公司债券（第四期）（品种一）。 3．债券简称：22 万科 07。 4．债券代码：148099。 1 5．债券余额：25 亿元。 部或部分回售给发行人或选择继续持有本期债券。本期债券第 3 个计 息年度付息日即为回售支付日，公司将按照深交所和债 ...

Core Viewpoint - The article discusses the transition from an incremental land use era to a stock era, emphasizing the importance of revitalizing idle land for urban development, highlighted by Vanke's recent regulatory changes regarding a 12-year idle industrial site in Fuzhou High-tech Zone [1][3]. Group 1: Land Use Changes - Vanke's industrial land, previously known as "Fuzhou High-tech Vanke Center," has been officially reclaimed and remains classified as industrial land, with an area of 10.04 hectares and a floor area ratio of 3.0. The building density has been adjusted from ≤30% to 30%-50%, while the green space ratio has been reduced to 0%, and the building height has been lowered from 95 meters to 80 meters [1][2]. Group 2: Project History - The land was acquired by Vanke in January 2013, with plans for a collaborative development model involving government, schools, and enterprises. The project aimed to create a high-tech ecological headquarters but faced delays due to land acquisition issues, only receiving approval in January 2022 [3][4]. - After a brief construction period in 2022, the project was halted, and as of early 2023, the site remained largely undeveloped, with Vanke facing financial difficulties, including a decline in revenue and profit for the first time in 33 years [4][5]. Group 3: Market Context - The trend of land reclamation has become prevalent in the real estate market, with other companies like Yuexiu Property and Poly Developments also experiencing land recoveries by the government due to non-development [7]. - Vanke's strategy includes revitalizing idle land as part of its asset management approach, focusing on land storage, regulatory adjustments, and potential reallocation of resources [8][9].

Core Insights - The Guangdong Enterprise 500 Strong list for 2025 has been released, showcasing significant changes in rankings and performance metrics of leading companies in the region [1][2]. Group 1: Rankings and Performance - The total revenue of the Guangdong Enterprise 500 Strong reached 19.36 trillion yuan, with a growth rate of 3.36% compared to the previous year [2]. - The top 10 companies in the 2025 Guangdong Enterprise 500 Strong are: Ping An Insurance, China Resources Group, Huawei, Southern Power Grid, BYD, Tencent, Foxconn, China Merchants Bank, Midea Group, and GAC Group [2]. - Huawei moved up one position to rank third, while Southern Power Grid dropped to fourth. BYD and Tencent swapped places, with BYD at fifth and Tencent at sixth. Vanke fell out of the top 10, now ranked eleventh, while Midea Group entered the top 10 at ninth [1][2]. Group 2: Regional Distribution - Shenzhen leads with 216 companies on the list, achieving a cumulative revenue exceeding 1 trillion yuan and a net profit of 863.7 billion yuan [4]. - Guangzhou follows with 120 companies, including major firms like Southern Power Grid and GAC Group, reflecting a balanced presence of service and manufacturing sectors [4]. - Other cities like Foshan, Dongguan, and Huizhou also show stable performances with notable companies in manufacturing [5]. Group 3: Profit Trends - The total net profit of the Guangdong Enterprise 500 Strong shows a trend of recovery and stabilization, reversing a two-year decline, with a growth rate of 2.06% for 2025 [6]. Group 4: Industry Insights - The service and manufacturing sectors remain the dual engines of Guangdong's economy, with strong performances in finance, insurance, supply chain, and real estate [9]. - The manufacturing sector is concentrated in electronics, automotive, home appliances, and new energy, with companies like Huawei, BYD, and Foxconn demonstrating Guangdong's strength in high-end and smart manufacturing [9]. - There is a notable increase in companies within the new energy and electronic information sectors, indicating ongoing investment in green transformation and technological innovation [9]. Group 5: R&D Investment - The scientific research and technical services industry leads in R&D investment, accounting for 18.99% of its revenue, followed by the manufacturing sector with a 4.08% R&D investment ratio [10].

Core Viewpoint - The Chinese real estate industry is undergoing significant anti-corruption measures and restructuring, with increased investigations into executives from both private and state-owned enterprises, indicating a shift towards rational and sustainable development in the sector [1][4]. Group 1: Investigations and Legal Actions - Xu Peixin, the actual controller of Jiangsu Jin Xincheng Property Service Co., has been placed under investigation by the Shanghai Public Security Bureau [2]. - Several private real estate company controllers have faced legal actions this year, including Ou Zongrong from Zhengrong Real Estate and Huang Qisen from Taihe Group, both of whom were subjected to compulsory measures due to alleged illegal activities [3]. - High-ranking officials from state-owned real estate enterprises have also been investigated for serious violations, including Huang Guoxian from Foshan Construction Development Group and Chen Wei from Shanghai Guosheng Group [4]. Group 2: Executive Changes - There has been a notable frequency of executive resignations in the real estate sector, attributed to various personal reasons, including the resignation of Vanke's chairman Xin Jie and several executives from Huafa and Greentown [6][7]. - The ongoing anti-corruption efforts and debt restructuring are contributing to a turbulent leadership environment, with industry insiders suggesting that this will lead to a more stable and quality-focused operational approach in the future [7].

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。兹 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，2025年10月2 7日 於本 公 告日期，本 公司 董 事會 成 員包 括：執 行 董 事 郁 亮 先 生 及 王 蘊 女 士；非 執 行 董 事黃 力 平 先 生、胡國 斌 先 生 及雷 江 松 先 生；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 关于为资产交易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：2025-132 本公司及董事会全 ...