2、赎回登记日：2024年5月17日。 3、赎回资金到账日：2024年5月20日。 万科企业股份有限公司关于行使"21 万科 03"公司债券 发行人赎回选择权的第二次提示性公告 证券代码：000002、299903、149477 证券简称：万科 A、万科 H 代、21 万科 03 公告编号：〈万〉2024-031 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。 特别提示： 1、债券名称：万科企业股份有限公司2021年面向专业投资者公 开发行公司债券（第二期）（品种一）（债券简称：21万科03，债券 代码：149477）。 4、赎回价格：人民币103.40元/张（含当期利息，且当期利息含 税）。 5、债券赎回数量：10,000,000张，人民币10亿元。 赎回登记日次一交易日起，"21万科03"将停止交易；本期债券 赎回完成后，"21万科03"将在深圳证券交易所摘牌。 万科企业股份有限公司（以下简称"公司"或"本公司"）于2021 年5月20日发行的万科企业股份有限公司2021年面向专业投资者公开 发行公司债券（第二期）（品种一）（以下简称"21万科 ...

2024年4月16日 公司研究 开发业务表现承压，24 年提升去杠杆力度 ——万科（000002.SZ、2202.HK）动态跟踪 要点 A 股：买入（维持） 当 前价：7.07元 事件：公司发布23年年报、24年3月经营情况及4月投资者关系活动纪要。 H 股：买入（维持） 点评：开发业务承压，资产减值计提增加，24年或加速去杠杆保障财务安全。 当前价：3.87港元 开发业务结算承压，资产减值计提增加：2023年公司实现营收4657亿元，同 比减少7.6%，其中开发业务结算收入同比减少9.6%至4016亿元，主要因前期 销售下滑导致交付规模减少，截至23年末公司表内已售未结算的合同负债为 作者 3604亿元，同比下降32%，预期24年开发收入规模仍将下滑。2023年，公司 分析师：何缅南 综合毛利率为15.2%，同比降低4.3pct，开发业务结算毛利率为15.7%，同比 执业证书编号：S0930518060006 021-52523801 降低4.7pct，仍处于下降趋势中；归母净利润为121.6亿元，同比减少46.2%， hemiannan@ebscn.com 业绩大幅下滑一方面源于开发业务营收与毛利率下滑， ...

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 万科 A（000002）公司公告点评 2024年04月17日 [Table_InvestInfo] 投资评级 优于大市 维持 坚定经营信心，积极应对阶段挑战 股票数据 [Table_Summary] 0[4Ta月b1le6_日S收to盘ck价（In元fo）] 7.07 投资要点： 52周股价波动（元） 6.91-15.94 总股本/流通A股（百万股） 11931/9717 总市值/流通市值（百万元） 84350/84299  2024年4月14日，公司发布《2024年4月14日投资者关系活动记录表》。 相关研究 积极应对阶段挑战，交付化债双重承诺。公司已制定一揽子稳定经营和降低 [《Ta多b元le业_R务e有p序or展tIn开fo，] 全力守护经营安全》  负债的方案，能够妥善化解阶段性压力，首先立足“自救”，其次是用足现 2024.04.01 有的各类融资工具。公司承诺，今明两年债务规模将下降1000亿元，债务风 《国资助力坚定信心，恪守财务安全底线》 险获得实质性化解；万科集团所有项目，将保证按时高质量交付。 2023.11.0 ...

Investment Rating - The report does not explicitly state an investment rating for Vanke A [2]. Core Viewpoints - Vanke is currently facing temporary operational difficulties and liquidity pressure, but has developed a comprehensive plan to stabilize operations and reduce debt, aiming to decrease debt by 100 billion yuan over the next two years [3][4]. - The company acknowledges that its challenges stem from both external market changes and internal issues, including an inability to timely adjust its expansion strategy in response to significant market shifts [4][5]. - Vanke has received support from financial institutions and local government, which is crucial during this market adjustment period [5][6]. Summary by Relevant Sections Overall Business Situation - Vanke is experiencing short-term liquidity pressure but has a series of plans to address these challenges, focusing on self-rescue and utilizing various financing tools [3][4]. - The company is committed to ensuring timely and high-quality delivery of all projects [3]. Challenges Faced - The company has identified three main issues contributing to its current challenges: overexpansion in transformation efforts, failure to adapt to the end of rapid growth, and insufficient understanding of changes in financing models [4][5]. - Vanke's management has recognized the need for a thorough review and adjustment of its operational strategies in light of new industry developments [5][6]. Recent Controversies - Vanke has faced negative publicity related to a whistleblower case in Yantai, but investigations have not substantiated claims of financial misconduct [6][7]. - The company has taken legal action regarding economic disputes with partners and is cooperating with authorities to resolve these issues [9][10].

公司报告 | 年报点评报告 万科 A（000002） 证券研究报告 2024年03月 31日 投资评级 直面压力，安全为先——万科A 2023 年报点评 行业 房地产/房地产开发 6个月评级 买入（维持评级） 事件：公司发布2023年年报，公司23年实现营业收入4657.39亿元，同比-7.56%；归 当前价格 9元 母净利润121.63亿元，同比-46.39%；基本每股收益1.03元/股，同比-47.25%。 目标价格 元 行业波动业绩承压，减值计提规模较大。收入端，公司23年实现营业收入4657.39亿元， 同比-7.56%；Q4单季度实现营收1754.31亿元，同比+5.6%，约占全年营收的37.67%。 基本数据 分业务看，23年房地产开发及相关资产经营、物业服务业务分别占比营收92.3%、6.3%， A股总股本(百万股) 9,724.20 较22年分别-1.1pct、+1.2pct。利润端，归母净利润121.63亿元，同比-46.39%，主要 因1）开发业务结算规模和结算毛利率下降；2）部分开发项目计提减值；3）投资收益减少， 流通A股股本(百万股) 9,716.94 同比下滑34.7%至26.9亿 ...

Investment Rating - The investment rating for the company is "Accumulate" with a downward adjustment [4]. Core Views - In a turbulent environment, a relatively conservative operational approach is a rational choice. The company plans to strengthen bulk and equity trading in 2024, aiming for cash inflows exceeding 30 billion yuan, demonstrating a commitment to cash flow management and enhancing safety margins. The short-term focus is on deleveraging, with plans to reduce interest-bearing debt by 100 billion yuan over the next two years, actively utilizing financing tools such as operational property loans, and fully integrating into the urban real estate financing coordination mechanism to promote a transformation in financing models. In the medium to long term, the company still possesses certain competitive advantages in brand and efficiency, maintaining a relatively stable position in the development business, with considerable value in its existing business. Amid overall industry pressure, the company's core task is to maintain a balanced cash flow, ensuring its survival value remains prominent after navigating liquidity pressures and successfully crossing the cycle [6][7][8]. Summary by Sections Financial Performance - In 2023, the company achieved revenue of 465.74 billion yuan, a decrease of 7.6%, and a net profit attributable to shareholders of 12.16 billion yuan, down 46.4%. The net profit after deducting non-recurring items was 9.79 billion yuan, a decline of 50.6%. The comprehensive gross margin was 15.2%, down 4.3 percentage points [5][6]. Sales and Investment - The company recorded a sales volume of 376.1 billion yuan, a decrease of 9.8%, maintaining a leading position in the industry. The total land acquisition investment was approximately 82.8 billion yuan, down 6.5%, with a floor price of 13,899 yuan per square meter, an increase of 13.0%. The investment intensity in terms of amount and area was 22.0% and 24.2%, respectively. The company plans to start construction on 10.72 million square meters and complete 22.06 million square meters in 2024, representing declines of 35.9% and 31.7% year-on-year [6][7]. Operational Resilience - The company's operational service business showed strong resilience, with total revenue reaching 55.81 billion yuan, an increase of 8.9%. The property revenue was 33.42 billion yuan, up 10.2%, and the commercial rental income was 9.11 billion yuan, an increase of 4.6%. The long-term rental apartment business achieved overall profitability for the first time under the cost method, managing 230,000 units and generating rental income of 3.46 billion yuan, up 6.8% [7][8]. Future Outlook - The company expects net profits attributable to shareholders for 2024-2026 to be 10.9 billion, 10.3 billion, and 9.9 billion yuan, with year-on-year growth rates of -10%, -5%, and -5%, respectively. The price-to-earnings ratios are projected to be 9.8, 10.4, and 10.9 times [7][8].

Investment Rating - The report maintains a "Buy" rating for the company and adjusts the target price to 8.37 yuan [2][3]. Core Views - The company reported a revenue of 465.74 billion yuan for 2023, a year-on-year decrease of 7.6%, and a net profit attributable to shareholders of 12.16 billion yuan, down 46.4% year-on-year. The decline in revenue and profit is attributed to a decrease in the settlement scale of development business and a drop in gross profit margin [1][5]. - Despite the challenging market conditions, the company demonstrated resilience with a cumulative sales amount of 376.1 billion yuan, ranking second in the industry, and a land acquisition amount of 84.91 billion yuan [1][5]. - The company has a healthy financial position with significant operating assets that provide ample financing space, and a short-term debt credit risk is low [1][5]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 465.74 billion yuan, down 7.6% from 2022, and a net profit of 12.16 billion yuan, down 46.4% year-on-year. The gross profit margin decreased to 15.2% [1][4][7]. - The company’s operating profit was 29.25 billion yuan, reflecting a 43.8% decline compared to the previous year [4][7]. Future Projections - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 11.08 billion, 9.25 billion, and 8.31 billion yuan respectively [2][4]. - Revenue projections for 2024, 2025, and 2026 are 417.96 billion, 369.40 billion, and 356.39 billion yuan, indicating a continued decline [4][7]. Business Operations - The company’s diversified business segments, including property management and logistics, showed stable growth with respective revenue increases of 10.2%, 17.2%, 6.8%, and 4.6% [1][5]. - The issuance of REITs is expected to enhance the value of operating assets and improve the financial structure [1][5].

万科企业股份有限公司 关于召开 2023 年度股东大会的通知 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：〈万〉2024-030 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。 特别提示： 1、现场会议时间：2024 年 4 月 30 日（星期二）14:30 起 2、现场会议地点：深圳市盐田区大梅沙环梅路 33 号万科中心 3、会议的股权登记日：2024 年 4 月 22 日（星期一） 4、表决方式：万科企业股份有限公司（以下简称"公司"或"本公司"）2023 年度股东 大会（以下简称"年度股东大会"或"股东大会"）采取现场投票和网络投票相结合的方式。 内资股（A 股）股东可以通过深圳证券交易所（以下简称"深交所"）交易系统和互联 网投票系统（http://wltp.cninfo.com.cn）进行投票，但其中的合格境外机构投资者（QFII）、 证券公司客户信用交易担保证券账户、证券金融公司转融通担保证券账户、约定购回式交易 专用证券账户等集合类账户持有人，仅能通过互联网投票系统投票，不能通过深交所交易系 统投票；在香港联合交 ...

Financial Performance - Vanke reported no dividend distribution for the fiscal year 2023 due to the ongoing industry adjustment, requiring special resolution approval at the annual general meeting[2]. - The financial report for 2023 has been audited by KPMG, which issued a standard unqualified opinion[2]. - The board of directors confirmed the authenticity, accuracy, and completeness of the financial report for 2023[2]. - The report includes a comprehensive overview of the company's financial indicators and accounting data[3]. - In 2023, Vanke achieved a sales revenue of RMB 376.12 billion, a year-on-year decrease of 9.8%, maintaining the second position in the industry[5]. - The company reported a revenue of RMB 465.74 billion for 2023, a decrease of 7.56% compared to RMB 503.84 billion in 2022[16]. - Net profit attributable to shareholders was RMB 12.16 billion, down 46.39% from RMB 22.69 billion in the previous year[16]. - The company's operating cash flow net amount was RMB 3.91 billion, an increase of 42.24% compared to RMB 2.75 billion in 2022[16]. - The total financing obtained during the year was RMB 89.7 billion, with RMB 76.6 billion from domestic sources and RMB 13.1 billion from overseas[20]. - The asset-liability ratio, excluding pre-sale accounts, was 65.5%, a decrease of 2.1 percentage points from the end of 2022[20]. - The company maintained a cash balance of RMB 99.81 billion, sufficient to cover interest-bearing liabilities due within one year[20]. - The gross profit margin decreased significantly due to the scale of development business settlement and impairment provisions for certain projects[20]. - The weighted average return on equity was 4.91%, down from 9.48% in the previous year, reflecting the challenging market conditions[16]. - The company achieved a net profit of RMB 20.46 billion, a year-on-year decrease of 45.6%[59]. - The net debt ratio increased to 54.7%, up 11.0 percentage points from the end of 2022[60]. - Total interest-bearing debt reached RMB 320.05 billion, accounting for 21.3% of total assets[60]. - The company issued a total of RMB 10 billion in credit bonds during the reporting period, with a minimum coupon rate of 3.07% for medium-term notes[62]. - The comprehensive financing cost for new financing in 2023 was 3.61%[62]. - The company maintained an AAA credit rating from domestic rating agencies, while international ratings were downgraded due to a pessimistic outlook on the domestic real estate industry[64]. Business Strategy and Development - Vanke's future plans and development strategies are forward-looking statements and do not constitute a substantive commitment to investors[2]. - The company emphasizes the importance of understanding the differences between plans, forecasts, and commitments, urging investors to be aware of investment risks[2]. - The company is focused on expanding its logistics and supply chain solutions through its logistics development subsidiary[4]. - Vanke is actively involved in the development of AIoT and BPaaS solutions through its technology subsidiary[4]. - The company has a strategic focus on community space services and long-term rental apartments as part of its business model[4]. - Vanke plans to reduce interest-bearing debt by over RMB 100 billion in the next two years and aims for transaction returns of no less than RMB 30 billion in 2024[6]. - The company is committed to providing high-quality products and services while maintaining positive cash flow and enhancing operational efficiency[6]. - Vanke continues to focus on urbanization and the potential demand in the real estate market, with a new urban population of nearly 12 million in 2023[6]. - The company plans to continue its strategy of integrating real estate development, operation, and services, focusing on cash flow management[20]. - The company is enhancing operational data governance to support dynamic and precise management of its assets[55]. - The introduction of AI assistants and online live streaming has improved customer engagement and lead conversion rates in property sales[55]. - The company is actively adapting to market changes by restructuring its organizational setup in southern and Shanghai regions[56]. - The company is focusing on streamlining operations and reducing management costs to support business development[79]. Sales and Revenue - Operating service revenue increased by 8.9% year-on-year to RMB 55.81 billion, with consolidated revenue rising by 13.8% to RMB 42.81 billion[5]. - The company delivered a total of 289,000 residential, apartment, and commercial units, receiving positive customer feedback[5]. - The company signed transactions worth RMB 12.3 billion in quality assets, capitalizing on opportunities in REITs and private real estate investment funds[5]. - The inventory turnover rate exceeded 60% in 2023, aided by targeted strategies for inventory sales[5]. - The total sales amount for development business reached RMB 376.12 billion, ranking second in the industry, with 289,000 units delivered and 191 batches achieving delivery and certification[21]. - The property service industry continues to maintain a high renewal rate of over 85%, despite the challenging operating environment[23]. - The company achieved operating revenue of RMB 465.7 billion, a year-on-year decrease of 7.6%[30]. - The property services segment saw revenue of RMB 29.43 billion, an increase of 14.17% year-on-year, with a gross margin of 14.96%[30]. - The company achieved operating revenue of RMB 33.42 billion in 2023, a year-on-year increase of 10.2%, with community service revenue accounting for 56.6%[45]. Project Development and Construction - The company has ongoing projects in various regions, with significant planned construction areas, including 859,085 square meters in the Beijing Changyang Peninsula project[80]. - The company has a project completion plan for 2024, including 1,284 square meters in the Beijing Cuihu International South District project[80]. - The company has a total planned construction area of 2,000,000 square meters for 2023, with 1,500,000 square meters expected to commence construction[81]. - As of the end of 2023, the company has completed construction of 1,200,000 square meters, with a reserve of 1,000,000 square meters[81]. - The company has a total planned construction area of 4,000,000 square meters for 2023, with 1,500,000 square meters completed by the end of the year[84]. - The company reported a completion area of 1,727,414 square meters for the Tianjin Dongli Lake project, which is 100% owned[84]. - The company has a total planned construction area of 3,000,000 square meters for 2023, with 1,500,000 square meters expected to be completed by the end of the year[99]. - The company has a total planned construction area of 3,200,000 square meters for 2023, with 1,200,000 square meters completed by the end of the year[100]. - The company has a total planned construction area of 3,000,000 square meters for 2023, with 1,200,000 square meters completed by the end of the year[102]. - The company has a total planned construction area of 2,500,000 square meters for 2023, with 1,200,000 square meters expected to be completed by the end of the year[103]. Market Trends and Economic Environment - The national commodity housing sales area in 2023 was 1.12 billion square meters, a year-on-year decrease of 8.5%, with sales amounting to RMB 11.7 trillion, down 6.5%[22]. - The new construction area in 2023 was 950 million square meters, a year-on-year decline of 20.4%, while real estate development investment was RMB 11.1 trillion, down 9.6%[22]. - The average premium rate for residential land transactions was 4.7%, an increase of 1.7 percentage points compared to 2022[22]. - The national retail sales of consumer goods increased by 7.2%, with significant growth in social entertainment-related categories[27]. - The new commercial opening growth rate fell to 6.8%, marking a historical low, with stock renovation accounting for 14% of the total[27]. - The cold chain logistics sector continues to grow rapidly, supported by government policies and stable demand from the food consumption industry[24]. - The rental housing market shows differentiation, with first-tier cities experiencing slight rent increases while second and third-tier cities see declines[26]. Sustainability and ESG Initiatives - The company has set nearly 50 sustainability goals, including carbon reduction and waste reduction initiatives[57]. - The company’s ESG performance received high recognition, maintaining an A+ rating from Hang Seng ESG ratings[58]. - The company has achieved over 8.6 million square meters of green building certification, with 105 projects receiving green three-star certification[47]. Customer Engagement and Satisfaction - The company’s community activities reached over 1,390 events, enhancing customer satisfaction to 94.8% and customer retention rate to 63%[48]. - The digital membership count reached 34.32 million, with monthly active members peaking at over 4.29 million, reflecting a year-on-year growth of 39.6%[50]. - The company’s self-owned customer acquisition channels accounted for over 85%, improving by 5 percentage points year-on-year[47].

证券研究报告 | 2024年04月04日 万科 A（000002.SZ） 买入 行业下行期业绩承压，全力保障现金流安全 核心观点 公司研究·财报点评 营收相对稳定，但业绩承压。2023全年，公司实现营业收入4657亿元，同 房地产·房地产开发 比-8%；归母净利润122亿元，同比-46%。其中Q4单季度营业收入1754亿 证券分析师：任鹤 证券分析师：王粤雷 元，同比+6%；归母净利润-15亿元，首次出现亏损，主要因为年底计提存货 010-88005315 0755-81981019 renhe@guosen.com.cn wangyuelei@guosen.com.cn 跌价准备48.5亿元（含非并表）导致归母净利润减少35.5亿元。 S0980520040006 S0980520030001 毛利率持续筑底，持续影响归母净利率。2023年，公司综合毛利率15.2%， 证券分析师：王静 021-60893314 同比下滑4.3个百分点；归母净利率2.6%，同比下滑1.9个百分点。其中 wangjing20@guosen.com.cn Q4毛利率仅为11.4%，主要因为地价占售价的比例提升。2023年，公司归 ...