房地产 公 2024年04月30日 司 报 万科A(000002.SZ) 告 经营业务向好，积极盘活资产 推荐 ( 维持 ) 事项： 公司公布2024年一季报，实现营收615.9亿元，同比下滑10%；归母净利 股价:7.56元 润-3.6亿，上年同期为14.5亿元。 公 主要数据 平安观点： 行业 房地产 司 公司网址 www.vanke.com 一季度业绩亏损，主要因开发业务结算规模与毛利率下 ...

2024年 4月 29日万科 A披露 2024 年一季报，一季度实现营业收入 615.9亿元，同比-10.1%；实现归母净利润-3.6亿元，同比-125.0%。 结算规模和毛利率下降，营收下降利润亏损：1Q24 公司营收下滑主 要由于开发业务结算规模下降所致，而归母净利润亏损，除结算量下 滑外，1Q24结算毛利率 10.8%，同比下降4.6pct。 开发业务整体收缩，销售规模行业第三：1Q24 公司开发业务贡献营 收466.7亿元，同比-13.8%；开发业务毛利率10.5%，同比下降 6.7pct。 1Q24公司实现销售金额580亿元，同比-42.8%，排名行业第三；截至 一季度末，公司尚有已售未结金额 3501 亿元，对当年营收规模有一 定支撑。 经营服务业务营收持续增长，毛利率稳步增长：1Q24 公司经营服务 业务贡献营业收入 109.5 亿元，同比+12.0%；经营性业务的毛利率 人民币(元) 成交金额(百万元) 18.9%,同比提升 5.4pct。物流仓储业务实现营收 9.7 亿元，同比 16.00 5,000 +1.0%；租赁住宅实现营收 8.33 亿元，同比+7.3%；商业开发与运营 14.00 ...

Financial Performance - Revenue for the first quarter of 2024 was RMB 61.594 billion, a decrease of 10.05% year-over-year[3] - Net profit attributable to shareholders was a loss of RMB 361.967 million, down 125.04% compared to the same period last year[3] - Total revenue for the quarter was RMB 61.59 billion, a decrease of 10.0% year-over-year[12] - Net profit attributable to shareholders was RMB -360 million, a decrease of 125.0% year-over-year[12] - Operating revenue declined from 68.47 billion to 61.59 billion, a decrease of 10.1%[23] - Net profit dropped significantly from 2.83 billion to 331.29 million, a decrease of 88.3%[24] - Earnings per share (basic) turned negative at -0.0305 compared to 0.1251 in the previous period[24] Cash Flow and Financing - Operating cash flow was negative RMB 9.421 billion, a decrease of 234.57% year-over-year[3] - Cash flow from financing activities was negative RMB 894.458 million, a decrease of 138.52% year-over-year[7] - Cash flow from operating activities turned negative at -9.42 billion compared to a positive 7.00 billion in the previous period[25] - Cash and cash equivalents decreased by 16.12 billion, resulting in a closing balance of 80.82 billion[26] - Cash flow from investing activities improved to 2.22 billion from -337.01 million in the previous period[25] - The company's new financing cost in Q1 was 3.33%, and it actively utilized financing tools like operating property loans and integrated into the urban real estate financing coordination mechanism[19] Assets and Liabilities - Total assets decreased by 2.72% to RMB 1.464 trillion compared to the end of the previous year[3] - Short-term borrowings increased by 85.72% to RMB 197.52 billion due to new short-term loans[6] - The company's total assets as of March 31, 2024, were 1.4639 trillion yuan, with current assets at 1.1111 trillion yuan and non-current assets at 352.8 billion yuan[20][21] - The company's total liabilities as of March 31, 2024, were 1.0643 trillion yuan, with current liabilities at 802.4 billion yuan and non-current liabilities at 261.96 billion yuan[21] - Total liabilities decreased from 1,101.92 billion to 1,064.34 billion, a reduction of 3.4%[22] - Total equity decreased slightly from 402.93 billion to 399.53 billion, a reduction of 0.8%[22] Business Segments - Revenue from real estate development business was RMB 46.67 billion, down 13.8% year-over-year[12] - Revenue from operating services business was RMB 10.95 billion, up 12.0% year-over-year[12] - Gross margin for real estate development business was 10.5%, down 6.7 percentage points year-over-year[12] - Gross margin for operating services business was 18.9%, up 5.4 percentage points year-over-year[12] - Contract sales area was 3.911 million square meters, down 37.5% year-over-year[14] - Contract sales amount was RMB 57.98 billion, down 42.8% year-over-year[14] - Total land reserves under construction were 56.757 million square meters, with equity area of 35.929 million square meters[14] - Total land reserves under planning were 31.690 million square meters, with equity area of 20.195 million square meters[14] - The leasing residential business achieved revenue of 833 million yuan in Q1, a year-on-year increase of 7.3%, with 7,121 new units added and 3,006 units newly opened in cities like Shenzhen and Guangzhou[15] - The leasing residential business managed 238,000 long-term rental apartments by the end of Q1, with a cumulative opening of 179,500 units and an occupancy rate of 93.9%[15] - The logistics and warehousing business generated revenue of 970 million yuan in Q1, a year-on-year increase of 1.0%, with high-standard warehouse revenue at 530 million yuan and cold chain revenue at 430 million yuan[15] - The logistics and warehousing business added 85,000 square meters of leasable area in Q1, bringing the total leasable area to 10.202 million square meters, with high-standard warehouses at 8.504 million square meters and cold chain at 1.698 million square meters[15] - The commercial development and operation business achieved revenue of 2.38 billion yuan in Q1, a year-on-year increase of 2.3%, with Yingli-managed projects contributing 1.43 billion yuan, up 4.8% year-on-year[17] - Yingli's "Fa Fa Season" event during the Spring Festival boosted customer traffic by 36% and sales by 26% year-on-year across 164 projects in 53 cities[18] Investments and Transactions - Investment income increased by 79.97% to RMB 104.014 million due to the disposal of certain investments[7] - Fair value change losses were RMB 915.89 million, a decrease of 102.90% year-over-year[7] - The company completed large-scale asset transactions worth 4.2 billion yuan in Q1, including a 50% stake sale in Shanghai Qibao Vanke Plaza for 2.384 billion yuan[19] Shareholder Information - Shenzhen Metro Group holds 27.18% of the company's shares, making it the largest shareholder[8] - HKSCC Nominees Limited holds 18.49% of the company's shares, making it the second-largest shareholder[8] Expenses and Costs - Research and development expenses decreased from 152.03 million to 138.12 million, a reduction of 9.1%[23] - Interest expenses decreased from 1.59 billion to 1.47 billion, a reduction of 7.4%[23]

Revenue Performance - Revenue for Q1 2024 decreased by 10.05% to RMB 61.59 billion compared to RMB 68.47 billion in Q1 2023[4] - Revenue for the group was RMB 61.59 billion, a decrease of 10.0% year-on-year[10] - The company's total revenue for Q1 2024 was RMB 61.594 billion, compared to RMB 68.474 billion in the same period last year[19] Net Profit and Earnings - Net profit attributable to shareholders in Q1 2024 was a loss of RMB 361.97 million, a significant decline of 125.04% from a profit of RMB 1.45 billion in Q1 2023[4] - Net profit attributable to shareholders was RMB -360 million, a decrease of 125.0% year-on-year[10] - The company's net profit attributable to shareholders for Q1 2024 was a loss of RMB 361.968 million, compared to a profit of RMB 1.445 billion in Q1 2023[19] - Basic and diluted earnings per share in Q1 2024 were both negative RMB 0.0305, a 124.40% decrease from RMB 0.1251 in Q1 2023[4] Cash Flow and Financial Position - Operating cash flow in Q1 2024 was negative RMB 9.42 billion, a 234.57% decrease from positive RMB 7.00 billion in Q1 2023[4] - Net cash used in operating activities was RMB 9,421,419 thousand for the three months ended March 31, 2024, compared to net cash generated from operating activities of RMB 7,001,301 thousand for the same period in 2023[23] - Net cash generated from investing activities was RMB 2,219,883 thousand for the three months ended March 31, 2024, compared to net cash used in investing activities of RMB 337,014 thousand for the same period in 2023[23] - Net cash used in financing activities was RMB 8,944,583 thousand for the three months ended March 31, 2024, compared to RMB 3,749,993 thousand for the same period in 2023[23] - Cash and cash equivalents decreased by 16.6% from RMB 96,942,577 thousand as of December 31, 2023, to RMB 80,822,675 thousand as of March 31, 2024[21] Assets and Liabilities - Total assets as of March 31, 2024 decreased by 2.72% to RMB 1.46 trillion compared to RMB 1.50 trillion as of December 31, 2023[4] - Total assets decreased from RMB 1,150,282,054 thousand as of December 31, 2023, to RMB 1,111,088,892 thousand as of March 31, 2024, reflecting a decline in current assets[21] - Short-term bank loans and financial institution borrowings increased by 33.44% to RMB 58.14 billion as of March 31, 2024, mainly due to growth in long-term borrowings due within one year[5] - Non-current liabilities decreased from RMB 280,153,375 thousand as of December 31, 2023, to RMB 261,979,524 thousand as of March 31, 2024[22] - Inventory and other contract costs decreased by 4.1% from RMB 706,998,914 thousand as of December 31, 2023, to RMB 677,744,790 thousand as of March 31, 2024[21] - Trade and other receivables increased by 2.2% from RMB 329,777,411 thousand as of December 31, 2023, to RMB 336,972,064 thousand as of March 31, 2024[21] Shareholders' Equity and Ownership - Shareholders' equity attributable to listed company owners decreased slightly by 0.06% to RMB 250.63 billion as of March 31, 2024[4] - Total equity decreased slightly from RMB 402,933,531 thousand as of December 31, 2023, to RMB 399,533,386 thousand as of March 31, 2024[22] - The company's net asset value decreased slightly from RMB 402,933,531 thousand as of December 31, 2023, to RMB 399,533,386 thousand as of March 31, 2024[22] - Shenzhen Metro Group remains the largest shareholder with a 27.18% stake, holding 3.24 billion shares as of March 31, 2024[7] Business Segment Performance - Real estate development business contributed RMB 46.67 billion in revenue, a decrease of 13.8% year-on-year[10] - Operating service business contributed RMB 10.95 billion in revenue, an increase of 12.0% year-on-year[10] - The rental housing business achieved revenue of RMB 833 million in Q1, a year-on-year increase of 7.3%[13] - The logistics and warehousing business generated revenue of RMB 970 million in Q1, with high-standard warehouse revenue at RMB 530 million (down 5.4% YoY) and cold chain revenue at RMB 430 million (up 10.1% YoY)[14] - The commercial development and operation business recorded revenue of RMB 2.38 billion in Q1, a year-on-year increase of 2.3%, with Yingli-managed projects contributing RMB 1.43 billion, up 4.8% YoY[16] Contract Sales and Settlements - Contract sales area was 3.911 million square meters, a decrease of 37.5% year-on-year[11] - Contract sales amount was RMB 57.98 billion, a decrease of 42.8% year-on-year[11] - Settled area was 3.182 million square meters, a decrease of 26.7% year-on-year[11] - Settled amount was RMB 46.67 billion, a decrease of 13.8% year-on-year[11] Gross Margin and Debt Ratio - Gross margin for the development business was 10.5%, a decrease of 6.7 percentage points year-on-year[10] - The company's gross profit for Q1 2024 was RMB 6.661 billion, down from RMB 10.565 billion in Q1 2023[19] - The group's debt ratio after deducting prepayments was 64.9%, a decrease of 0.6 percentage points compared to the end of 2023[10] Other Income and Asset Transactions - Other income net increased by 56.87% to RMB 2.26 billion in Q1 2024, primarily due to the impact of disposing of some investments[6] - The company completed large-scale asset transactions worth RMB 4.2 billion in Q1, including a 50% stake sale in Shanghai Qibao Vanke Plaza for RMB 2.384 billion[17] Rental Housing Business - The rental housing business added 7,121 new units and opened 3,006 units in cities like Shenzhen and Guangzhou, with a total of 238,000 units under management and an occupancy rate of 93.9%[13] Logistics and Warehousing Business - The logistics and warehousing business added 85,000 square meters of leasable area, bringing the total to 10.202 million square meters, with high-standard warehouse occupancy at 83.9% and cold chain utilization at 76.0%[14]

[Table_Page] 跟踪研究|房地产 证券研究报告 [万Table_Tit科le] A(000002.SZ)/ 万 科 企 业 公[Ta司ble评_Inv级est ] 买入-A/买入-H 当前价格 6.87元/4.16港元 (02202.HK) 合理价值 10.51元/9.82港元 前次评级 买入/买入 经营性业务承压，优化资产负债结构 报告日期 2024-04-28 [Table_Summary] 核心观点： [相Tab对le_P市icQ场uote表] 现 ⚫ 收入下降业绩承压，利润率及减值影响盈利能力。根据公司年报，23 10% 年万科实现营业收入4657.4亿元，同比下降7.6%，归母净利润121.6 -2% 04/23 06/23 08/23 10/23 12/23 02/24 04/24 -15% 亿元，同比下降 46.4%，受表内外利润率下降及资产减值影响，公司 -27% 开发业务盈利能力承压。股东回报方面，受市场景气等因素影响，公 -40% 司判断未来经营不确定性加大，为留足资金应对市场挑战，公司决定 -52% 万科A 沪深300 23年不派发股息、不送红股。 ⚫ 销售仍属第一梯队，拿地力 ...

万科企业股份有限公司独立董事制度 | 修订前 | 修订后 | | --- | --- | | 社会关系 直系亲属是指配偶、父母、子女等；主要社会关系是指 | 系 主要社会关系是指兄弟姐妹、兄弟姐妹的配偶、配偶的父母、配偶的兄弟姐妹、 | | 兄弟姐妹、岳父母、儿媳女婿、兄弟姐妹的配偶、配偶的兄弟姐妹 | 子女的配偶、子女配偶的父母等）； | | 等。）； | 二）直接或者间接持有本公司已发行股份 1％以上或者是本公司前十名股东中的自 | | 二）直接或者间接持有本公司 1％以上或者是本公司前十名股东 | 然人股东及其配偶、父母、子女； | | 中的自然人股东及其直系亲属； | 三）在直接或者间接持有本公司已发行股份 5%以上的股东或者在公司前五名股东任 | | 三）在直接或者间接持有本公司已发行股份 5%以上的单位股东 | 职的人员及其配偶、父母、子女； | | 或者在公司前五名股东单位任职的人员及其直系亲属； | 四）在公司控股股东、实际控制人的附属企业任职的人员及其配偶、父母、子女； | | 四）最近一年内曾经具有前三项列举情形的人员； | 五）与公司及其控股股东、实际控制人或者其各自附属企业有重大业务往 ...

万科企业股份有限公司 2023 年度股东大会文件 中国·深圳 二〇二四年四月三十日 | | | | 2023 年度股东大会须知 | | --- | | 2023 年度股东大会投票方案介绍 | | 2023 年度股东大会会议议程 | | 2023 年度董事会报告 ………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 4 | | 2023 年度监事会报告 …………………………………………………………………………………………………………………………… 5 | | 2023 年度报告及摘要 ……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 6 | | 关于续聘 2024 年度会计师事务所的议案 | | 关于提请股东大会授权公司及控股子公司对外提供财务资助的议案 | | 关 ...

万科企业股份有限公司 关于参加 2023 年度股东大会相关注意事项的公告 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（以下简称"公司"）定于 2024 年 4 月 30 日（星期二）14：30 起在深圳市盐田区大梅沙环梅路 33 号万科中心召开 2023 年度股东大会（以下简称"本次 股东大会"）。为了便于股东参会，提高会务服务质量，公司现就本次股东大会相关注意事 项提示如下： 一、非现场参会注意事项 如无法现场参加本次股东大会，A 股股东可通过网络投票方式、H 股股东可通过委托大 会主席投票方式参加。A 股网络投票的具体操作流程请参阅公司 2024 年 4 月 9 日披露的《关 于召开 2023 年度股东大会的通知》。 二、现场参会注意事项 拟现场出席本次股东大会的股东或股东代理人请按照以下分类指引进行报名，公司将向 报名登记成功的股东或股东代理人反馈确认信息，出席会议的股东需携带相关证件到场，委 托出席的股东代理人除相关证件外还需携带委托书原件到场。 1、亲自出席会议或委托他人出席的 A 股个人普通股股东：请在 2024 年 4 月 ...

近日，深圳证券交易所文件披露，万科旗下华夏万纬仓储物流封闭式基础设施证券投资基金获得交易所 问询，按照惯例待问询通过后将进入询价环节。据悉，万科旗下商业REIT此前已获公众超募认购，长 租公寓REIT目前也在积极申报中，万科有望成为业内唯 一一家实现三种经营性REITs突破的企业。 4月15日，根据深交所披露文件显示，华夏万纬仓储物流封闭式基础设施证券投资基金获得交易所问 询。按照过往案例，在完成回复后待问询通过，万纬 REIT 将进入到询价环节，目前推进进展顺利。 此前深交所已披露，万科旗下印力集团发布的中金印力REIT，公众投资者累计有效认购份额数量已超 过本次公众投资者的初始募集份额数量，因此提前结束了公众发售部分。据公告内容显示，中金印力消 费REIT募集基金份额共计10亿份，认购价格为3.26元/份，预计募集资金总额为32.6亿元，其中公众投资 者认购的初始基金份额数量为4932.9万份，占发售份额总数的比例为4.93%。 据了解，万科长租公寓REIT目前也在积极申报中，万科有望成为业内唯 一一家实现三种经营性REITs 突破的企业。万科董事会主席郁亮此前表示，REITs对于经营性不动产的重要性，类 ...

万科企业股份有限公司 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》13.43 条关于董事会审议定期报告应预 先披露董事会召开日期的要求，以及《深圳证券交易所股票上市规则》11.2.1 条关于信息披 露需境内外同步披露的要求，万科企业股份有限公司（以下简称"本公司"）谨此公布： 本公司将于 2024 年 4 月 29 日召开董事会会议，审议本公司 2024 年第一季度报告、财 务报表等相关事项。 特此公告。 万科企业股份有限公司 董事会 二〇二四年四月十七日 关于董事会会议召开日期的公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：〈万〉2024-032 ...