万科企业股份有限公司 CHINA VANKE CO., LTD. （000002.SZ、2202.HK） 2025 年第一次临时 股东会文件 中国·深圳 二〇二五年十一月二十日 二、与会者必须遵守本次股东会的议程安排。会议期间，应保持会场安静，不得干扰会 议秩序、寻衅滋事、打断与会人员的正常发言以及侵犯股东合法权益的行为，公司有权予以 制止并报告有关部门查处。 三、股东要求在会上发言前，请先举手征得会议组织方的同意。股东发言范围仅限于本 次股东会审议的议题或公司的经营、管理、发展等内容，超出此限的，会议组织方有权取消 发言人该次发言资格，应答者有权拒绝回答无关问题。每一位出席股东（或股东代表）发言 不超过两次，每次发言原则上不超过两分钟。发言时应先报股东名称。 四、主持人可安排公司董事、高级管理人员等回答股东所提问题。对于可能将泄露公司 商业秘密及 / 或内幕信息，损害公司、股东共同利益的提问，主持人或其指定的有关人员有 权拒绝回答。 五、股东及股东代表应严肃认真独立行使表决权，不得干扰其它股东的表决。 六、会议开始后请全体参会人员将手机铃声置于无声状态，尊重和维护全体股东的合法 权益，保障会议的正常秩序。 ...

Core Viewpoint - Vanke A has successfully completed the redemption of its corporate bond "20 Vanke 08," amounting to 1.6 billion yuan, along with interest payments of 65.76 million yuan, which will not adversely affect the company [1] Group 1 - The total redemption amount for the bond is 1.6 billion yuan [1] - The interest payment associated with the bond redemption is 65.76 million yuan [1] - The redeemed bond will be delisted on November 13, 2025 [1] Group 2 - The company has transferred the principal and interest payments to the designated bank account of China Securities Shenzhen Branch [1] - The bond redemption is stated to have no substantial negative impact on the company [1]

Core Viewpoint - Vanke A (000002.SZ) has completed the redemption of the "20 Vanke 08" corporate bonds, amounting to 1.6 billion yuan, along with interest payments totaling 65.76 million yuan. The bonds will be delisted on November 13, 2025 [1] Group 1 - The total redemption amount for the bonds is 1.6 billion yuan [1] - The interest payment made alongside the redemption is 65.76 million yuan [1] - The bonds are scheduled to be delisted on November 13, 2025 [1]

万科企业股份有限公司 关于"20 万科 08"公司债券付息、赎回结果暨摘牌公告 证券代码：000002、299903、149297 证券简称：万科 A、万科 H 代、20 万科 08 公告编号：〈万〉2025-146 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：149297。 2．债券简称：20万科08。 3．赎回登记日：2025年11月12日。 4．赎回资金到账日：2025年11月13日。 5．赎回价格：人民币104.11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11月13日。 一、"20万科08"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 2020 年面向合格投资者公 开发行公司债券（第四期）（品种二）。 3．债券简称：20 万科 08。 4．债券代码：149297。 1 5．债券余额：16 亿元。 6．债券期限：本期债券期限为 7 年期（附第 5 年末发行人赎回 选择权、发行人调整票面利率选择权和投资者回售选择 ...

Core Viewpoint - Vanke Enterprises Co., Ltd. announced that its largest shareholder, Shenzhen Metro Group Co., Ltd., will provide a loan of up to 1.666 billion yuan to repay the principal and interest of bonds issued in the public market [1] Financial Performance - In the first three quarters of this year, Vanke achieved operating revenue of 161.39 billion yuan; the net loss attributable to shareholders was 28.02 billion yuan [1] - The overall pre-tax gross margin was 9.6%, with the real estate development business's pre-tax gross margin at 7.8% and the after-tax gross margin as low as 2.0% [1] Reasons for Loss - The company attributed its losses to several factors, including a decline in the scale of development business settlements, low gross margins, new provisions for inventory impairment, and transaction prices of certain asset sales and equity disposals being below book value [1] Financial Position - As of the end of the reporting period, Vanke held cash and cash equivalents of 65.68 billion yuan; total interest-bearing liabilities amounted to 362.93 billion yuan; the asset-liability ratio was 73.5%, a decrease of 0.1 percentage points compared to the end of the previous year [1]

Core Insights - The collaboration between Tangshan Most Elite Real Estate Co., Ltd. and China Vanke Co., Ltd. aims to deliver a distinguished residential project named Vanke Jinyu Huafu in Tangshan [1][6][7] Project Overview - Vanke Jinyu Huafu is strategically located in the Fengrun District of Tangshan City, covering over 50,000 square meters of land with a total construction area of 170,198.85 square meters, featuring 10 luxury residential towers [3] - Each tower is designed with a diamond-shaped base and south-facing orientation to maximize natural light and provide panoramic city views [3] Market Response - The project experienced overwhelming market enthusiasm, with 60% of units sold within two months of sales opening in September 2018, reaching 90% by September 2019, and achieving a complete sell-out by August 2020 [5] Quality and Collaboration - Vanke Jinyu Huafu exemplifies the commitment of both developers to create high-quality developments that go beyond commercial value, setting a new benchmark for luxury residential living in Tangshan [6] - The project reflects a blend of architectural sophistication, environmental consciousness, and modern comfort, showcasing the potential of collaboration in driving excellence in the real estate sector [7]

Core Points - Vanke A has received a loan of up to 1.666 billion yuan from its largest shareholder, Shenzhen Metro Group, to repay bond principal and interest [2] - The loan has a term of no more than three years and an interest rate of 2.34%, which is lower than the current borrowing rates from financial institutions [2] - Since the beginning of 2025, Shenzhen Metro Group has provided a total of 29.13 billion yuan in loans to Vanke, bringing the total loan amount to 30.996 billion yuan including the new loan [2][3] Financial Performance - In Q3 2023, Vanke reported revenue of 56.07 billion yuan, a year-on-year decline of 27.3%, and a net loss attributable to shareholders of 16.07 billion yuan, which is a 98% increase in loss compared to the previous year [3] - For the first three quarters of 2023, Vanke's total revenue was 161.39 billion yuan, down 26.61% year-on-year, with a net loss of 28.02 billion yuan, indicating that the Q3 loss exceeded the total loss for the first half of the year [4]

Core Insights - Vanke has significantly accelerated its land acquisition pace in the fourth quarter, particularly in second-tier cities, indicating a strategic shift after a period of caution due to liquidity issues [1][2][3] Land Acquisition Strategy - Since mid-October, Vanke has acquired land in five cities, including Chongqing, Chengdu, and Xuzhou, marking a notable increase in activity [2][3] - In Chongqing, Vanke successfully acquired a residential land parcel for a total price of 321 million yuan, with a floor price of 8,000 yuan per square meter and a zero premium rate [2] - The company also secured two residential plots in Xi'an for a total of 169 million yuan, marking its first acquisition in the city this year [3] Project Development and Financials - Vanke's recent land acquisitions are primarily in familiar areas, which helps mitigate risks and optimize revenue and profit structures [4][7] - In the first three quarters of the year, Vanke acquired 13 projects with a total planned area of 571,000 square meters and a land cost of approximately 2.81 billion yuan [4] - The average land price for new projects in 2024 is reported to be 6,670 yuan per square meter, reflecting a cautious approach to cost management [4] Financial Support and Future Outlook - Vanke's largest shareholder, Shenzhen Metro Group, has been providing financial support, with a framework agreement for loans up to 22 billion yuan [5][6] - The company has received a total of 20.37 billion yuan in loans from Shenzhen Metro Group this year, indicating ongoing financial backing [6] - Analysts suggest that Vanke needs to diversify its project acquisition strategies beyond reliance on shareholder funding to effectively restart its operational cash flow [5][7]

Core Insights - Vanke, once a leading player in the real estate sector, is currently facing significant turmoil following the resignation of its chairman, Xin Jie, who has been missing for 23 days after being taken away by authorities [2][3] - Despite maintaining a brand value of $7.4 billion, Vanke is undergoing its largest organizational restructuring in 40 years, with state-owned enterprises intervening in its operations [3][6] - The company, known for its humanistic approach and innovative management practices, is struggling to adapt to changing market dynamics, particularly as the demand for affordable housing diminishes [4][10] Company Background - Vanke has been a prominent name in China's real estate development, recognized for its commitment to quality and community-oriented projects [4][6] - The company pioneered a product line model and emphasized standardization and efficiency in its operations, which allowed it to thrive during the rapid growth of the real estate market [6][9] - Vanke's historical focus on meeting the needs of first-time homebuyers has become a liability as market conditions shift away from this demographic [10][11] Current Challenges - The real estate market is experiencing a slowdown, with a significant shift in buyer demographics, leading to a decline in demand for entry-level housing [10][11] - Vanke's attempts to innovate its product offerings, such as the "Ideal Unit" project, have not fully addressed the evolving needs of the market, particularly in second and third-tier cities [11][12] - The company has missed opportunities to capitalize on the high-end market, which has seen increased demand, particularly in major cities like Shanghai and Beijing [11][13] Market Dynamics - The real estate sector has seen a saturation of the first-time buyer market, with a growing preference for high-end properties among affluent buyers [10][11] - Vanke's brand has been diluted due to the proliferation of similarly branded projects that lack consistent quality and service [16][18] - The company faces a critical juncture where it must adapt its strategies to align with current market trends or risk further decline [19]

Group 1 - Vanke has informed bondholders that it is prepared with the funds for the redemption of "20 Vanke 08" bonds [1]