Investment Rating - The report maintains a "Buy" rating for Vanke A, with a target price of 11.53 CNY, down from the previous forecast of 25.40 CNY [4][8]. Core Insights - In 2023, Vanke A reported a revenue of 465.74 billion CNY, a decrease of 7.6% year-on-year, and a net profit attributable to shareholders of 12.16 billion CNY, down 46.4% year-on-year. The EPS estimates for 2024 and 2025 have been revised down to 0.74 CNY and 0.82 CNY respectively, with a new estimate for 2026 at 0.65 CNY [2][3]. - The company has faced a significant decline in profit margins, with the net profit margin dropping to 2.6% in 2023, down 1.9 percentage points year-on-year. If the asset impairment losses of 3.49 billion CNY are excluded, the estimated net profit margin would be 2.9% [2][3]. - The company has decided not to distribute dividends or issue bonus shares in 2023 to preserve cash during the industry adjustment period [2]. Financial Summary - Revenue for 2023 was 465.74 billion CNY, with a projected decline to 343.83 billion CNY in 2024, representing a 26% decrease [3]. - Operating profit (EBIT) for 2023 was 29.93 billion CNY, down 41% from the previous year, with a projected EBIT of 29.52 billion CNY in 2024 [3]. - The net profit attributable to shareholders for 2023 was 12.16 billion CNY, with projections of 8.86 billion CNY for 2024, indicating a 27% decline [3]. - The company’s operating profit margin for 2023 was 6.4%, down from 10.0% in 2022, with expectations of recovery to 8.6% in 2024 [3]. Operational Insights - The company’s new construction plans for 2024 have been reduced by 37.2%, and completion plans have decreased by 29.6% [2]. - The area under construction in 2023 was approximately 17.06 million square meters, an increase of 8.8% year-on-year, while the completed area was about 31.34 million square meters, a decrease of 13.7% year-on-year [2]. Market Data - The stock price range over the past 52 weeks was between 9.05 CNY and 16.05 CNY, with a current market capitalization of 110.24 billion CNY [5][8]. - The average daily trading volume was 106.50 million shares, with an average daily trading value of 1,029.13 million CNY [5]. Valuation Metrics - The price-to-earnings (P/E) ratio for 2023 is 9.06, with projections of 12.44 for 2024 [3]. - The price-to-book (P/B) ratio is currently at 0.4, indicating a potential undervaluation [5]. Conclusion - The report indicates that Vanke A is actively addressing operational challenges and is supported by various local state-owned enterprises, which may provide a buffer during this adjustment period [2].

Financial Performance - In 2023, the company achieved a sales revenue of 376.12 billion RMB, a year-on-year decrease of 9.8%, maintaining the second position in the industry [8]. - The company's operating revenue was approximately ¥465.74 billion, a decrease of 7.56% compared to the previous year [16]. - The total revenue for 2023 was CNY 465.74 billion, a decrease of 7.6% year-on-year [23]. - The net profit attributable to shareholders was approximately ¥12.16 billion, reflecting a decline of 46.39% year-over-year [16]. - The net profit attributable to shareholders for 2023 was CNY 12.16 billion, down 46.4% compared to the previous year [23]. - The diluted earnings per share decreased to ¥1.03, down 47.25% from the previous year [16]. - The net asset return rate (diluted) decreased by 4.47 percentage points to 4.85% [16]. - The company reported a net profit of CNY 20.46 billion, a year-on-year decline of 45.6%, and an equity net profit of CNY 12.16 billion, down 46.4% due to decreased settlement scale and gross margin in development business [57]. Cash Flow and Debt Management - The operating cash flow net amount was 3.91 billion RMB, marking 15 consecutive years of positive cash flow [8]. - The net cash flow from operating activities increased by 42.24% to approximately ¥3.91 billion [16]. - The group reported a net operating cash inflow of CNY 3.91 billion, marking 15 consecutive years of positive cash flow [64]. - The company plans to reduce interest-bearing debt by over ¥100 billion in the next two years [10]. - The company's net debt ratio increased to 54.7%, up 11 percentage points from the end of 2022 [58]. - Total interest-bearing debt reached CNY 320.05 billion, accounting for 21.3% of total assets, with 80.5% being long-term debt [58]. Project Development and Sales - The company delivered a total of 289,000 residential, apartment, and commercial units, receiving positive customer feedback [8]. - In 2023, the company acquired 43 new projects, with 33 achieving sales within the year, shortening the land acquisition to sales cycle to 4.4 months, contributing 51 billion RMB in sales [8]. - The total contracted sales area for 2023 was 24.66 million square meters, with a total sales amount of CNY 376.12 billion, representing year-on-year declines of 6.2% and 9.8%, respectively [33]. - The company achieved a net profit of 1.5 billion yuan, with the southern region contributing 24.41% to total revenue and 38.50% to net profit [35]. - The company has a total planned construction area of 2,200,000 square meters for 2023, with 1,200,000 square meters expected to be completed by the end of the year [79]. Market Expansion and Strategic Initiatives - The company is actively pursuing the issuance of REITs, with the Huaxia Vanke Warehousing Logistics REIT and CICC Yintai Consumption REIT entering the application/issuance stage [8]. - The company is focusing on optimizing its policies to support rental housing development, with various measures introduced to enhance market conditions [29]. - The company is committed to providing high-quality products and services to ensure sustainable internal development [10]. - The company aims to achieve transaction returns of no less than ¥30 billion in 2024 [10]. - The company is focusing on technology to enhance operational data governance and improve decision-making through refined data management [53]. Inventory and Asset Management - The inventory clearance rate exceeded 60% in 2023, aided by targeted strategies including product adjustments and flexible pricing [8]. - The total assets as of December 31, 2023, were CNY 1,504.85 billion, a decrease of 14.39% from the beginning of the year [21]. - The total liabilities decreased by 18.51% to CNY 1,101.92 billion [21]. - The group’s inventory amounted to CNY 701.70 billion, a decrease of 22.6% compared to the end of 2022, with a provision for inventory impairment of CNY 7.99 billion [66]. Customer Engagement and Marketing - The company conducted 15,000 live streaming events from September to the end of the year, enhancing customer engagement and achieving a 39% year-on-year increase in customer leads through its online tools [33]. - Vanke's digital membership for its commercial projects reached 34.32 million, with monthly active members increasing by 39.6% [49]. Sustainability and ESG Initiatives - The company has received an A+ ESG rating, the highest among mainland real estate companies, and is included in several sustainability indices [56]. - The company has accumulated over 8.6 million square meters of green building certification, with 105 projects receiving three-star green certification [45]. Operational Efficiency and Cost Management - The company is focused on organizational efficiency, maintaining core staff stability, and reducing management expenses to support business development [77]. - The company is implementing cost-cutting measures to ensure operational efficiency while supporting ongoing projects and future developments [77].

Financial Performance - In 2023, the company achieved a sales revenue of CNY 376.12 billion, a year-on-year decrease of 9.8%[6] - The company's operating revenue was approximately CNY 465.74 billion, a decrease of 7.56% compared to 2022[14] - The net profit attributable to shareholders was approximately CNY 12.16 billion, down 46.39% year-on-year[14] - The diluted earnings per share decreased to CNY 1.03, a decline of 47.25% compared to the previous year[14] - The total revenue for 2023 was CNY 465.74 billion, a decrease of 7.6% year-on-year[20] - The net profit attributable to shareholders was CNY 12.16 billion, down 46.4% compared to the previous year[20] - The company achieved a net profit of CNY 20.46 billion, a year-on-year decrease of 45.6%[55] - The net debt ratio increased to 54.7%, up by 11.0 percentage points from the end of 2022[56] - Total interest-bearing debt reached CNY 320.05 billion, accounting for 21.3% of total assets[56] Cash Flow and Debt Management - The operating cash flow net amount was CNY 3.91 billion, maintaining a positive cash flow for 15 consecutive years[6] - The net cash flow from operating activities increased by 42.24% to approximately CNY 3.91 billion[14] - The company reported a cash inflow from operations of CNY 3.91 billion, marking 15 consecutive years of positive cash flow[62] - The company plans to reduce interest-bearing debt by over CNY 100 billion in the next two years[7] - The company aims to achieve transaction returns of no less than CNY 30 billion in 2024[7] Operational Highlights - The company delivered a total of 289,000 residential, apartment, and commercial units, receiving positive customer feedback[6] - The inventory turnover rate exceeded 60% in 2023, aided by product adjustments and flexible pricing strategies[6] - The average time from land acquisition to project launch was reduced to 4.4 months, improving investment realization[6] - The company signed transactions worth CNY 12.3 billion in operating business, capitalizing on opportunities in REITs and private real estate investment funds[6] - The company opened 50 new projects during the year, achieving a first-day sales rate of 67% in several cities[31] Market Position and Strategy - The company has maintained its position in the "Fortune" Global 500, ranking 173rd in 2023[9] - The company is actively pursuing new REITs and Pre-REITs projects to enhance its business model[20] - The company continues to focus on providing high-quality products and services to ensure sustainable internal development[8] - The company is committed to developing rental housing to meet the needs of new citizens and young people[8] - The company has received strong support from Shenzhen State-owned Assets, which has helped stabilize confidence in the market[8] Project Development and Construction - In 2023, the company acquired 43 new projects, with 33 projects achieving sales within the year, contributing CNY 51 billion in sales[6] - The company has a total planned construction area of 1,200,000 square meters for 2023, with a completion area of 1,000,000 square meters by the end of the year[95] - The company has a significant number of ongoing projects, including the Beijing Everton project with a planned area of 113,651 square meters and the Beijing Changyang Peninsula project with a planned area of 859,085 square meters[75] - The company has a total of 1,186,187 square meters of land reserves, which positions it well for future market expansion[76] - The company plans to start and resume construction on a total planned area of 10.718 million square meters in 2024, with an expected completion area of 22.057 million square meters[74] Sustainability and Corporate Governance - The company has set nearly 50 sustainability goals, including carbon reduction and energy usage[54] - The company has met green building standards for new projects for 10 consecutive years, with a cumulative area exceeding 328 million square meters[38] - The company maintained an AAA credit rating from domestic agencies and a BBB credit rating from international agencies, with recent downgrades from Moody's and Fitch[60] - The company introduced the 7.0 version of the project co-investment system, with a total of 1,214 projects incorporating this mechanism by the end of 2023[72] Challenges and Risks - The company did not declare dividends for 2023 due to the ongoing industry adjustment[2] - The company incurred a foreign exchange loss of approximately CNY 550 million due to holding some ruble assets[63] - The total provision for inventory impairment for the year amounted to CNY 348,995.24 million, with significant contributions from various projects[65] - The company reported a decrease in total assets by 14.39% to CNY 1,504.85 billion from CNY 1,757.12 billion in 2022[18]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [10]. Core Views - The company reported a total revenue of 465.74 billion RMB in 2023, a decrease of 7.6% year-on-year, and a net profit attributable to shareholders of 12.16 billion RMB, down 46.4% year-on-year [2][3]. - The decline in revenue and profit is attributed to reduced settlement volume and a drop in gross margin, with the gross margin for 2023 at 15.23%, down 4.32 percentage points from 2022 [2]. - The company remains the second-largest in the industry by contract sales, achieving a total of 376.1 billion RMB in 2023, a decrease of 9.8% year-on-year [2][3]. - The company has focused its investments on first- and second-tier cities, with 98% of the total land acquisition cost of 84.9 billion RMB in 2023 allocated to these areas [2]. Summary by Sections Financial Performance - In 2023, the company’s operating income was 465.74 billion RMB, with a year-on-year growth rate of -7.56% [7]. - The net profit attributable to shareholders was 12.16 billion RMB, reflecting a -46.23% change compared to the previous year [7]. - The diluted earnings per share for 2023 was 1.03 RMB, down 47.3% year-on-year [2][7]. Business Segments - The company’s operational service revenue reached 55.81 billion RMB in 2023, an increase of 8.9% year-on-year, with property management revenue growing by 10.2% to 33.42 billion RMB [3]. - The logistics and warehousing business generated 4.18 billion RMB, up 17.2%, while rental housing revenue increased by 6.8% to 3.46 billion RMB [3]. Debt Management - The company secured new domestic financing of 76.6 billion RMB and 13.1 billion RMB from overseas in 2023, with a domestic financing cost of 3.61% [3]. - The proportion of short-term interest-bearing liabilities decreased by 1.0 percentage points to 19.5% compared to 2022 [3]. Future Outlook - The forecast for net profit attributable to shareholders for 2024 and 2025 has been adjusted to 12.51 billion RMB and 12.75 billion RMB, respectively, with a new estimate for 2026 at 12.90 billion RMB [3][7]. - The company’s stock is currently valued at a PE ratio of 8.8 for 2024, indicating a stable outlook despite anticipated reductions in development activities [3].

Investment Rating - The investment rating for Vanke A is "Recommended" (maintained) [2] Core Views - The company reported a revenue of 465.739 billion yuan in 2023, a year-on-year decrease of 7.56%, and a net profit attributable to shareholders of 12.163 billion yuan, down 46.39% year-on-year [2] - The decline in revenue was primarily due to a 9.6% drop in the settlement amount of development business [2] - The company recorded an asset impairment of 3.49 billion yuan in 2023, significantly higher than the 450 million yuan in 2022, impacting net profit [2] - Despite the challenges, the company maintained effective cost control, with a total expense ratio of 3.87%, down 0.49 percentage points from 2022 [2] Summary by Sections Financial Performance - In 2023, Vanke A achieved an operating income of 465.739 billion yuan, a decrease of 7.56% year-on-year, and a net profit of 12.163 billion yuan, down 46.39% year-on-year [2] - The basic earnings per share (EPS) was 1.03 yuan, a decline of 47.25% year-on-year [2] - The gross profit margin for 2023 was 15.23%, down 4.32 percentage points from 2022 [2] Sales and Operations - The company sold 24.66 million square meters in 2023, a decrease of 6.2% year-on-year, with a sales amount of 376.12 billion yuan, down 9.8% year-on-year [2] - The average sales price was 15,251 yuan per square meter, a decrease of 3.8% year-on-year [2] - Vanke A focused on core cities for new projects, adding 43 new projects with a total construction area of 5.96 million square meters [2] Financial Health - As of the end of 2023, the net debt ratio was 54.7%, and the asset-liability ratio excluding advance receipts was 65.5% [2] - The company had sufficient cash on hand, with cash and cash equivalents amounting to 99.81 billion yuan, resulting in a cash-to-short-term debt ratio of 1.6 times [2] - The average debt maturity was extended to 5.14 years, an increase of 0.35 years from the previous year [2] Operational Growth - The logistics business generated operating income of 4.18 billion yuan in 2023, a year-on-year increase of 17.2% [2] - The rental housing segment, under the "Boyu" brand, achieved revenue of 3.46 billion yuan, up 6.8% year-on-year, with a total of 233,300 rental units managed by the end of 2023 [2] - The commercial operations segment reported revenue of 9.11 billion yuan, a growth of 4.6% year-on-year, with a rental rate of 94.8% [2]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][8]. Core Views - The company reported a revenue of 465.74 billion yuan in 2023, a decrease of 7.6% year-on-year, and a net profit of 12.16 billion yuan, down 46.4% from the previous year [4][5]. - The company plans not to distribute dividends or issue bonus shares [4]. - The company has a strong cash position with net cash inflow from operations of 3.91 billion yuan, and a cash balance of 99.8 billion yuan, significantly higher than its short-term debt of 62.42 billion yuan [7][8]. - The company aims to reduce interest-bearing debt by over 100 billion yuan in the next two years and plans to achieve transaction returns of no less than 30 billion yuan in 2024 [7][8]. Financial Summary - Total shares outstanding: 11,931 million [2]. - Total market capitalization: 100.7 billion yuan [2]. - Asset-liability ratio: 73.2% [2]. - Earnings per share (EPS) for 2023: 1.02 yuan, with a projected EPS of 1.06 yuan for 2024 [4][9]. - Projected net profit for 2024 and 2025 is 12.6 billion yuan and 11.7 billion yuan, respectively [8]. Operational Highlights - The company achieved a contract sales area of 24.66 million square meters and a contract sales amount of 376.12 billion yuan in 2023, down 6.2% and 9.8% year-on-year, respectively [5]. - The company acquired 43 new projects in 2023, with a total planned construction area of 5.96 million square meters [5]. - The company’s operating service business revenue grew by 8.9% year-on-year to 55.81 billion yuan in 2023 [7]. Future Outlook - The company expects to start and resume construction on 10.72 million square meters of existing projects in 2024, with an estimated completion of 22.06 million square meters [5][7]. - The report anticipates gradual improvement in the real estate market due to policy support, which may positively impact the company's sales and operations [8].

Financial Performance - Revenue for 2023 reached RMB 503.8 billion, a year-on-year increase of 12.3%[2] - Net profit attributable to shareholders was RMB 22.5 billion, a decrease of 23.6% compared to the previous year[2] - Revenue for 2023 was RMB 465.74 billion, a decrease of 7.56% compared to 2022[16] - Net profit attributable to shareholders was RMB 12.16 billion, a decrease of 46.39% compared to 2022[16] - Gross profit for 2023 was RMB 67.45 billion, a decrease of 31.21% compared to 2022[16] - Net profit for the period was RMB 20.46 billion, a decrease of 45.6% year-on-year[59] - Equity net profit was RMB 12.16 billion, a decrease of 46.4% year-on-year[59] - Investment income was RMB 2.69 billion, a decrease of 34.7% year-on-year[59] - The company's return on equity (ROE) decreased by 4.57 percentage points to 4.91% in 2023[16] Asset and Liability Management - Total assets as of December 31, 2023, stood at RMB 1.9 trillion, an increase of 8.7% from the previous year[2] - The asset-liability ratio, excluding prepayments, decreased to 65.5%, down from a peak of 76% in 2018[5] - The company's asset-liability ratio decreased by 3.70 percentage points to 73.22% in 2023[16] - The net debt ratio increased by 11.05 percentage points to 54.66% in 2023[16] - The company's cash on hand was RMB 99.81 billion, covering short-term debt[20] - Total interest-bearing debt was RMB 320.05 billion, accounting for 21.3% of total assets[60] - The company's capital commitments amounted to RMB 96.22 billion, primarily for construction and land contracts[72] - Guarantees provided for customer mortgage loans totaled RMB 171.32 billion, with no significant losses historically incurred[73] Business Operations and Strategy - The company's logistics and warehousing services platform, Vanke Logistics Development Co., Ltd., continued to expand its operations[4] - The company's long-term rental apartment brand, Po Apartments, provided one-stop living solutions for urban residents[4] - The company's commercial property development and operation platform, SCPG Holdings Co., Ltd., remained a key part of its business strategy[4] - The company's AIoT and BPaaS solutions provider, Wanrui Technology, continued to innovate in the smart space services sector[4] - The company's property management services, under the brand Vanke Property, maintained a strong presence in community and commercial spaces[4] - The company's strategic focus on high-density urban areas allowed for efficient operations and economies of scale[4] - The company plans to achieve transaction repayments of no less than RMB 30 billion in 2024[6] - Over the next two years, the company aims to reduce interest-bearing debt by more than RMB 100 billion[6] - The company will continue to focus on providing high-quality products and services, maintaining its leading position in residential and community value creation[6] - The company plans to start construction and resume work on existing projects (excluding future acquisitions) with a planned new construction and resumption area of 10.718 million square meters in 2024[79] - The company expects to complete construction on projects with a total area of 22.057 million square meters in 2024[79] - Vanke plans to reduce interest-bearing debt by RMB 100 billion over the next two years and actively utilize financing tools such as operating property loans to transform its financing model[77] - The company aims to achieve a positive cash flow at the operational level and strengthen bulk and equity transactions, targeting a recovery of over RMB 30 billion to enhance financial security[77] Real Estate Development and Sales - Full-year sales revenue reached RMB 376.12 billion, a year-on-year decrease of 9.8%, maintaining the second position in the industry[5] - High-quality delivery of 289,000 residential, apartment, and commercial properties, receiving positive customer feedback[5] - Newly acquired 43 projects in 2023, with 33 achieving sales within the year, contributing RMB 51 billion in sales and an investment realization rate of 88%[5] - Inventory sell-through rate exceeded 60% in 2023, driven by product adjustments, flexible pricing, and refined management[5] - Contract sales area decreased by 6.2% to 24.66 million square meters, with contract sales value dropping by 9.8% to RMB 376.12 billion[33] - The company launched 50 new projects in 2023, achieving a 67% sell-through rate on the first day of sales[33] - Online customer acquisition through the "Share Home" tool increased by 39%, contributing to 14% of total transactions[33] - The Shanghai region accounted for 34.2% of total sales value at RMB 129.14 billion, while the Southern region contributed 23.7% at RMB 89.27 billion[34] - Settled sales area decreased by 12.9% to 29.615 million square meters, with settled sales revenue dropping by 9.6% to RMB 401.61 billion[35] - The company had 23.386 million square meters of unsold resources at the end of the reporting period, a decrease of 30.4% year-on-year[37] - Development business started and resumed construction area reached 17.063 million square meters, up 8.8% year-on-year, achieving 102.0% of the annual plan[38] - Development business completed construction area was 31.335 million square meters, down 13.7% year-on-year, achieving 97.1% of the annual plan[38] - The company acquired 43 new projects with a total planned construction area of 5.96 million square meters and a total land price of RMB 46.32 billion, with an average land price of RMB 13,899 per square meter[38] - The company delivered 289,000 residential, apartment, and commercial units across 354 projects and 742 batches[40] - The company's new projects met green building standards for the 10th consecutive year, with a cumulative area of 328 million square meters meeting green building standards, including 10.5461 million square meters meeting high-level green building standards[42] Property Services and Logistics - The company's EPC and construction agency business achieved revenue of RMB 12.31 billion in 2023, with a total of 341 projects completed and 89 projects currently under management[43] - Vanke's property service subsidiary, Wanwu Cloud, achieved revenue of RMB 33.42 billion, up 10.2% year-on-year, with community space living consumption services contributing RMB 18.93 billion, accounting for 56.6% of total revenue[45] - Wanwu Cloud's AIoT and BPaaS solution services revenue reached RMB 2.79 billion, up 16.9% year-on-year, accounting for 8.4% of total revenue[45] - Wanwu Cloud's residential property gross margin increased by 3.5 percentage points, with overall residential property gross profit up 55.5% year-on-year[45] - Wanwu Cloud's diversified business revenue reached RMB 543 million, up 107.5% year-on-year[45] - Logistics business (including non-consolidated projects) achieved operating revenue of RMB 4.18 billion, a year-on-year increase of 17.2%, with cold chain revenue (excluding supply chain business) reaching RMB 1.88 billion, up 33.9% year-on-year[46] - Vanke's logistics arm, VX Logistics, added 8 new projects with a total leasable area of 439,000 square meters, including 306,000 square meters for cold chain and 133,000 square meters for high-standard warehouses[46] - As of the reporting period, VX Logistics had a cumulative leasable area of 10.02 million square meters, with high-standard warehouses accounting for 8.52 million square meters and a stable occupancy rate of 88%, while cold chain facilities had a leasable area of 1.5 million square meters with a utilization rate of 77%[46] Rental Housing and Commercial Property - Vanke's rental housing business, PoYu, achieved revenue of RMB 3.46 billion, a year-on-year increase of 6.8%, and achieved overall profitability under the cost method[47] - PoYu managed 233,300 rental housing units by the end of 2023, with 180,100 units in operation, ranking in the top three in 24 cities including Beijing, Shenzhen, Guangzhou, Chengdu, and Wuhan[47] - PoYu's occupancy rate reached 95.76%, with a front-end GOP margin of 88.4% and a rent collection rate of 99.0%[47] - Vanke's commercial property business (including non-consolidated projects) generated revenue of RMB 9.11 billion, a year-on-year increase of 4.6%, with a rental rate of 94.8%, up 1.6 percentage points year-on-year[49] - As of the reporting period, Vanke had 203 commercial projects in operation (excluding light-asset management projects) with a total construction area of 11.58 million square meters, and 74 of these projects were managed by Yinli, covering 7.14 million square meters[49] - Vanke's commercial projects are primarily located in economically developed regions, with over 52% in the Yangtze River Delta and Pearl River Delta, 24% in first-tier cities, and over 90% in first- and second-tier cities[49] - 15 new commercial projects opened in 2023, including Chongqing Impression City with a 98.2% leasing rate and 97.2% opening rate, and Shanghai Longhua Hui with an 85% opening rate[50] - Digital membership reached 34.32 million, with monthly active members peaking at 4.29 million, a 39.6% year-over-year increase[50] - The 7th Yinhua Flower Festival boosted total sales by 30% and foot traffic by over 40% across more than 100 projects in 50 cities[50] Market and Industry Trends - National commercial 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% year-on-year[22] - National real estate development investment in 2023 was RMB 11.1 trillion, a year-on-year decrease of 9.6%[22] - The renewal rate in the property service industry remains above 85%, with over 70% of residential projects having a net profit margin between 5% and 8%[23] - In 2023, the national retail sales of consumer goods increased by 7.2% year-on-year, with categories related to social entertainment experiences showing faster growth[27] - The growth rate of new commercial openings nationwide in 2023 dropped to 6.8%, a record low, with 14% of the year's openings being renovations of existing properties[27] Financial and Operational Metrics - Operating cash flow for the year was RMB 3.91 billion, marking the 15th consecutive year of positive cash flow[5] - Operating cash flow for 2023 was RMB 3.91 billion, an increase of 42.24% compared to 2022[16] - Full-year operating cash flow reached RMB 3.91 billion, marking 15 consecutive years of positive cash flow[67] - The company held RMB 99.81 billion in cash, significantly exceeding short-term interest-bearing liabilities of RMB 62.42 billion[67] - Inventory decreased by 22.6% year-over-year to RMB 701.72 billion, with work-in-progress accounting for 69.7% of total inventory[69] - New inventory impairment provisions totaled RMB 3.49 billion, impacting net profit attributable to shareholders by RMB 2.95 billion[69] - Cross-currency swap (CCS) contracts held to hedge currency risks amounted to USD 1.0 billion, with USD 1.121 billion expiring during the reporting period[68] Financing and Debt Management - New financing obtained in 2023 was RMB 89.7 billion, with a comprehensive cost of 3.61%[20] - Domestic new financing cost in 2023 was 3.61%[62] - Total interest expense for the period was RMB 14.26 billion, with capitalized interest of RMB 9.42 billion[62] - The company issued RMB 10 billion in credit bonds, including RMB 2 billion in corporate bonds with a coupon rate of 3.10%[62] - The company has submitted 42 urban projects in 22 cities for the housing financing coordination mechanism[63] - International rating agencies downgraded the company's credit rating, with Moody's downgrading to "Ba1" and Fitch to "BB+"[64] - Shenzhen State-Owned Assets Supervision and Administration Commission expressed strong support for the company, including potential project cooperation and bond purchases[65] - The company's major shareholder, Shenzhen Metro Group, committed to subscribing to 29.75% of the total shares in the C-REIT issuance, supporting asset revitalization efforts[66] Regional and Project-Specific Updates - The company completed the transfer of the remaining 50% equity of Shanghai Qibao Vanke Plaza to Link REIT for RMB 2.384 billion, achieving a 15.7% IRR[54] - The company's REITs initiatives include the CICC Yinhua Consumption REIT, expected to raise RMB 3.26 billion, and logistics REITs under regulatory review[53] - The company's tech initiatives include enhancing data governance, improving online customer acquisition, and developing 3D modeling tools for real estate development[55] - Cumulative employee co-investment projects reached 1,214 by the end of 2023, with a co-investment amount of RMB 1.27 billion in newly acquired projects during the reporting period, accounting for 1.86% of the peak funding for co-investment projects and 3.58% of Vanke's equity funding peak[75] - Vanke's total planned construction area in the Southern Region reached 49,649,210 square meters, with a completed area of 32,587,415 square meters by the end of 2023[97] - In the Shanghai region, the Shanghai Anting New Town project has a planned construction area of 504,437 square meters, with 460,205 square meters completed by the end of 2023[97] - The Zhuhai City Seasons project in the Southern Region achieved a completed area of 68,788 square meters by the end of 2023, with a planned completion area of 40,419 square meters for 2024[97] - The Shanghai Sky City project in the Shanghai region completed 72,701 square meters by the end of 2023, with a total planned construction area of 367,777 square meters[97] - The Jiangmen Vanke Golden City Central Garden project in the Southern Region has a planned construction area of 92,222 square meters, with 90,796 square meters completed by the end of 2023[97] - The Shanghai Longhua project in the Shanghai region completed 18,675 square meters by the end of 2023, with a planned completion area of 22,358 square meters for 2024[97] - The Zhuhai Star Coast Garden project in the Southern Region achieved a completed area of 32,598 square meters by the end of 2023, with a planned completion area of 11,280 square meters for 2024[97] - The Shanghai Qibao 19-04 plot in the Shanghai region has a planned construction area of 99,000 square meters, with 24,750 square meters started in 2023[97] - The Jiangmen Golden City Purple Garden project in the Southern Region completed 53,821 square meters by the end of 2023, with a total planned construction area of 54,033 square meters[97] - The Shanghai Man City project in the Shanghai region completed 150,695 square meters by the end of 2023, with a total planned construction area of 566,942 square meters[97]

万科企业股份有限公司 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〉2024-025 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《深圳证券交易所股票上市规则（2023 年 8 月修订）》和《深圳证券交易所上市 公司自律监管指引第 1 号——主板上市公司规范运作（2023 年 12 月修订）》，房地产上市 公司股东大会可就上市公司在担保方面给予适当授权。 为推动业务发展，解决并表项目公司经营发展所需资金，确保项目进度符合公司运营计 划，增强股东回报，根据上述规则规定，万科企业股份有限公司（以下简称"公司"）第二 十届董事会第五次会议审议通过了《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》，董事会提请 2023 年度股东大会授权董事会（或其转授权人士）在一定金额内决定公司 及控股子公司提供对外担保。本次授权具体情况如下： 一、公司及控股子公司为其他公司提供担保 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 ...

证券代码：000002、299903 证券简称：万科 A、万科 H 代 万科企业股份有限公司 第十一届监事会第四次会议决议公告 公告编号：〈万〉2024-018 本公司及监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"）第十一届监事会第四次会议的通知于2024 年3月15日以电子邮件的方式书面送达各位监事。本次会议于2024年3月28日在深圳举行，会 议应到监事3名，亲自出席监事3名，监事会主席解冻主持会议。会议的召开符合有关法规的 规定。 本次会议分别以3票同意、0票反对、0票弃权审议通过以下十三项决议： （一） 审议通过《2023年度报告及摘要》 （二） 审议通过《2023年度经审计的财务报告》 （三） 审议通过《2023年度监事会报告》 （四） 审议通过《2024年度公司工作重点》 （五） 审议通过《关于计提和核销2023年度减值准备的议案》 （六） 审议通过《2023年度利润分配预案》 （七） 审议通过《2023年度内部控制自我评价报告》 （八） 审议通过《关于续聘2024年度会计师事务所的议案》 （九） 审议通过《2023年 ...

万科企业股份有限公司 董事会审计委员会实施细则 （2024年3月28日修订） 第一章 总则 第一条 为强化董事会决策功能，加强公司的内部控制，确保董事会对管理层 的有效监督，完善公司治理结构，根据《中华人民共和国公司法》《香港联合交 易所有限公司证券上市规则》（以下简称"《香港上市规则》"）、《上市公司 治理准则》《公司章程》及其他有关规定，万科企业股份有限公司（以下简称"公 司"）特设立董事会审计委员会，并制定本实施细则。 第二条 董事会审计委员会是董事会的专门委员会，对董事会负责，依照《公 司章程》和董事会授权履行职责，专门委员会审议的提案应当提交董事会审议决 定。 第二章 人员组成 第三条 审计委员会成员由三名非执行董事组成，其中独立董事二名，委员中 至少有一名独立董事为会计专业人士，另外一名独立董事应具备金融、会计、管 理、经济或房地产等专业背景。法律法规、证券交易所规则、其他规范性文件及 《公司章程》对于审计委员会委员资格另有规定的，从其规定。 第四条 审计委员会委员由董事会主席或者二分之一以上独立董事或者全体 董事的三分之一提名，并由董事会选举产生。 第五条 审计委员会设召集人一名，由独立董事委员 ...