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"或"万科"）与其控股子公司万 物云空间科技服务股份有限公司（以下简称"万物云"）的子公司就资产交易的 支付安排达成补充协议，公司全资子公司通过抵质押为相关支付义务和费用提供 担保。 公司 2024 年度股东大会审议通过了《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议案》，同意在授权有效期内提供的新增担保总额须不超过 人民币 1,500 亿元，有效期为自 2024 年度股东大会决议之日起至 2025 年度股东 大会决议之日止。董事会在取得股东大会授权之同时，已进一步转授权公司指定 高管人员对于单笔金额低于人民币 50 亿元的对外担保进行决策。 本次担保事项在上述担保额度范围内, 被转授权人员已在上述授权范围内 决策同意本次担保事项，具体情况如下： 一、担保事项 （一）担保事项概述 万科全资子公司杭州弘望投资管理有限公司 ...

Core Insights - High-end real estate projects in major cities are experiencing strong sales despite overall market challenges, indicating a shift in buyer demographics towards affluent and improvement-focused clients [1][2][3] Group 1: Market Trends - Several luxury projects in first-tier cities, such as Shanghai and Shenzhen, have seen significant sales, with Vanke's project in Shanghai selling 25 units worth over 1 billion yuan in a single day [1][9] - The demand for high-end properties is being driven by limited supply, attractive locations, and favorable policies such as relaxed purchase restrictions and credit easing [1][2][3] Group 2: Specific Project Performance - The Zhonghai Dayun project in Shenzhen achieved over 2.1 billion yuan in sales on its opening night, with a sales rate exceeding 90% for its large flat units [2][3] - In Beijing, the joint development by China Jinmao and Yuexiu Real Estate sold 230 units for a total of 4.565 billion yuan, showcasing strong demand in the capital [8] Group 3: Buyer Demographics - The primary buyers for high-end projects are local residents seeking improved living conditions, with a notable interest in spacious units and comprehensive community amenities [3][10] - The influx of high-end talent in emerging industries such as hydrogen energy and semiconductors is contributing to the demand for luxury housing in areas like Longgang [3] Group 4: Competitive Landscape - The luxury market is entering a new phase of competition, with multiple high-end projects set to launch in the coming months, particularly in Shenzhen, where several luxury developments are queued for release [5][12] - The overall high-end supply is expected to increase in the fourth quarter, leading to intensified competition among projects [11]

Group 1 - The People's Bank of China will have a total of 8,672 billion yuan in reverse repos maturing next week, with specific amounts maturing each day [1] - A total of 41 restricted shares will be unlocked next week, with a total market value of 48.762 billion yuan based on the latest closing prices [3] - Three new stocks will be issued next week, including Fengbei Biotechnology on October 27 and Delijia on October 28 [3] Group 2 - The earnings reports for major A-share companies will be released next week, with notable companies like Kweichow Moutai, BYD, Vanke, and Sinopec expected to report [5] - A total of 4,347 listed companies are scheduled to disclose their Q3 reports from October 27 to 31, with 1,087 companies having already reported as of October 25 [5] - Among the companies that have reported, 647 have shown a year-on-year profit increase, accounting for approximately 59.52% [5] Group 3 - Major U.S. tech companies, including Meta, Microsoft, Alphabet, Amazon, and Apple, are set to release their earnings reports next week [6] - Caterpillar and Boeing are also expected to release earnings that could significantly impact the market [6] Group 4 - The Federal Reserve is expected to announce a 25 basis point rate cut on October 29, bringing the federal funds rate to a range of 3.75% to 4.00% [7] - Investors will focus on the Fed's language following the decision to gauge future rate cut signals [7] Group 5 - The 2025 APEC Leaders' Meeting will take place from October 31 to November 1 in South Korea, with discussions on U.S.-China relations anticipated [6] - A trade negotiation delegation from China will visit Malaysia for discussions on economic relations with the U.S. [6]

未平仓空仓比增加最大的10只股票 | 股票名称 | 上一次空仓比 | 最新空仓比 | 增加值↓ | | --- | --- | --- | --- | | 万科企业(02202) | 13.10% | 15.53% | 2.43% | | 三花智控(02050) | 5.90% | 8.14% | 2.24% | | 金山软件(03888) | 4.09% | 6.26% | 2.17% | | 耀才证券金融(01428) | 4.67% | 6.42% | 1.75% | | 中国软件国际(00354) | 6.07% | 7.55% | 1.48% | | 微盟集团(02013) | 6.49% | 7.87% | 1.38% | | 保利置业集团(00119) | 2.40% | 3.59% | 1.19% | | 福莱特玻璃(06865) | 10.68% | 11.65% | 0.97% | | 元征科技(02488) | 3.09% | 4.03% | 0.95% | | 金力永磁(06680) | 9.20% | 10.04% | 0.84% | 未平仓空仓比减少最大的10只股票 未平仓空单比（ ...

万科又在低调"补货"了。 智通财经记者 | 王妤涵 10月22日，万科在成都和徐州两地土地市场悄然出手，以合计约5.3亿元底价成功竞得三宗涉宅用地。 在成都，万科旗下成都弘万瑞博置业发展有限公司一口气拿下郫都区犀浦街道两宗相邻地块，总成交价3.16亿元；同 日，在徐州，万科旗下徐州茗科企业管理有限公司以2.13亿元底价摘得铜山区一宗住宅用地。 "这三宗地块均以底价成交，延续了万科'量入为出、聚焦核心'的投资策略。当前万科通过项目盘活持续改善现金流， 为优质项目投资奠定基础。在房地产行业仍处深度调整的背景下，此举释放出积极信号，值得市场关注。"上海易居房 地产研究院副院长严跃进在接受智通财经记者采访时指出。 | 宗地号 | 位置 | 用地性质 | 用地面积 | 规划建面 | | 成交总价(万 成交楼板 溢价率 | | 竞得人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (m') | (m') | r | 价(元/m²) | (%) | | | PD2025-13 | 犀浦街道 | 成都—郫都区 住宅用地、商 服用地 | 34 ...

Core Viewpoint - Vanke is facing a severe financial crisis, marked by significant losses and a deteriorating relationship with its major shareholder, Shenzhen Metro Group, amid a challenging real estate market [1][8][15]. Financial Performance - Vanke reported a record net loss of 497.78 billion yuan for 2024, indicating the most severe financial crisis since its listing [8]. - In the first half of 2025, Vanke's revenue fell by 26.2% to 1,053.2 billion yuan, with a net loss of 119.47 billion yuan, a 21.25% increase in losses year-on-year [9]. - The company's total liabilities reached 872.99 billion yuan, with a net debt ratio of 90.38%, reflecting a 9.78 percentage point increase since the beginning of the year [10]. Debt and Cash Flow Issues - Vanke's cash flow is under severe pressure, with over 1 trillion yuan in short-term debt due within a year, while cash reserves are only around 800 billion yuan [3][10]. - The company has a cash-to-short-term debt ratio below the safety threshold of 1, indicating a critical liquidity issue [10]. Relationship with Shenzhen Metro Group - Shenzhen Metro Group, Vanke's largest shareholder, has provided over 200 billion yuan in loans to Vanke, but is now facing its own financial difficulties, reporting a net loss of 33.61 billion yuan in the first half of 2025 [12]. - The partnership, once seen as mutually beneficial, is now fraught with challenges, as Vanke's stock price has plummeted below 10 yuan, leading to significant losses for Shenzhen Metro [12][13]. Market Conditions - The real estate market is experiencing a downturn, with Vanke's sales dropping to less than 20% of peak levels, representing an 80% decline [5][11]. - The overall market conditions have led to a drastic reduction in project settlement areas and historically low profit margins, further exacerbating Vanke's financial woes [9]. Strategic Responses - Vanke is attempting to self-rescue through asset disposals, business transformation, and technological empowerment, but faces significant challenges in adapting to the broader market downturn [15][16]. - The future of Vanke may depend on the strategic decisions made by Shenzhen Metro Group regarding continued financial support or potential restructuring of their relationship [13][16].

Core Insights - Shenzhen Metro Group and Shenzhen Boyu Commercial Management signed an operational management service agreement for a business apartment project in Qianhai, marking a significant step in their collaboration in the housing rental sector [1][3] - The project will introduce the high-end apartment brand "Furys" managed by Boyu, providing 373 serviced apartments aimed at high-end talent and business elites in the Qianhai area [1][5] Group 1: Partnership Development - The partnership follows a framework agreement signed on April 28, 2023, focusing on the operation of long-term rental apartments [3] - Shenzhen Metro Group has a total development scale of 18.19 million square meters and has maintained over 10 billion in sales for ten consecutive years, providing a solid asset base for the rental operation collaboration [3][6] Group 2: Project Significance - The project is located in the Shenzhen Metro Group's TOD landmark complex, which includes residential, office, hotel, commercial, park, and school facilities, highlighting its strategic location and accessibility [3][5] - The "rail transit + rental" advantage is emphasized due to its proximity to the Liuyumen Station on Metro Line 1 and the quality of nearby amenities [3] Group 3: Brand and Market Position - Boyu will leverage its multi-product line and operational advantages to create high-quality living services for business professionals through the "Furys" brand, which has been recognized as one of the top high-end apartment product lines in China [5] - Vanke Boyu has established itself as a benchmark brand in the domestic long-term rental apartment sector, achieving profitability in 2023 and leading the industry in key metrics such as scale and efficiency [6] Group 4: Future Outlook - The collaboration is seen as a practical step towards the integration of Boyu and Shenzhen Metro Group, benefiting both parties in asset management and long-term rental business development [5] - With continued support from major shareholders and the growth of the domestic rental market, the future prospects for Vanke's long-term rental business are promising [6]

Core Viewpoint - Vanke and Wanda, once collaborators, are now embroiled in a financial dispute exceeding 1 billion yuan, leading to a court case scheduled for November 3 in Shanghai [1][3]. Group 1: Legal Dispute - The lawsuit involves Hainan Wanjun Management Service Co., Ltd. suing Dalian Wanda Group Co., Ltd. and Wanda Real Estate Group Co., Ltd. over a contract dispute [2]. - The conflict originates from the "Changchun International Film City" project, where Vanke and Wanda had agreed to invest 20 billion yuan [3]. - Vanke initially held a 15% stake in the project, contributing a total of 5 billion yuan, but later sought to exit the partnership and demanded an additional 1.38 billion yuan from Wanda [3]. Group 2: Financial Context - Wanda has been restructuring its assets, including selling Wanda Plaza assets and forming a new investment framework with a consortium to improve its financial standing [4]. - In March 2024, Wanda announced a significant investment agreement worth approximately 60 billion yuan with several investment firms to address its listing challenges [4]. - Vanke reported a revenue of 105.3 billion yuan in the first half of the year, with a sales income nearing 70 billion yuan, and has been actively managing its debt repayment [6]. Group 3: Management Changes - Vanke's board has undergone changes, with the resignation of its chairman and the election of a new chairman, Huang Liping, amid ongoing financial challenges [5]. - The company has received substantial financial support from its major shareholder, Shenzhen Metro Group, totaling 25.941 billion yuan to assist with debt obligations [5].

来源：智通财经 10月22日，万科在成都、徐州两地斩获三宗涉宅用地，其中成都郫都区两宗地块以3.16亿元底价成交， 徐州一宗地块则以2.1325亿元底价收入囊中。 成都市公共资源交易服务中心官网显示，当日，成都郫都区迎来2宗涉宅用地出让，根据成交结果，2宗 地块均由成都弘万瑞博置业发展有限公司底价竞得。根据天眼查APP，该公司由万科和菁弘集团共同持 股，其中万科旗下成都万合众友企业管理有限公司持股51%，成都市润弘投资有限公司持股49%。公开 信息显示，该联合体此前已在同一板块开发项目——菁弘万科·樟宜星光。 根据土地出让信息，此次成都出让的PD2025-13地块、PD2025-14地块均位于郫都区犀浦街道，其中， PD2025-13地块用地性质为住宅用地、商服用地，起始楼面价4550元/平方米，起始价2.34亿元； PD2025-14地块用地性质为住宅用地，地块起始楼面价4570元/平方米，起始价0.82亿元。根据成交结 果，2宗地块均由成都弘万瑞博置业发展有限公司以底价摘得，地块共计成交总价为3.16亿元。 据克而瑞四川监测，两宗地块距离较近，均属于红光板块，PD2025-14地块位于PD2025-13地 ...

Core Viewpoint - Vanke has been actively participating in land auctions in various regions, despite a noticeable reduction in land acquisition efforts since 2024, focusing on resource quality and existing project revitalization [1][2][3] Group 1: Land Acquisition Activities - On October 22, Vanke's subsidiary Chengdu Hongwan Ruibo Real Estate Development Co., Ltd. won two residential land parcels in Chengdu at a total price of 316 million yuan, with unit prices of 4,550 yuan/m² and 4,570 yuan/m² [1] - In Xuzhou, Vanke's subsidiary Xuzhou Mingke Enterprise Management Co., Ltd. acquired the East C land parcel at a starting price of approximately 213 million yuan, with a floor price of about 4,000 yuan/m² [1] Group 2: Land Acquisition Strategy - In 2024, Vanke acquired 13 new projects with a total planned construction area of 1.37 million m² and an average land price of 6,670 yuan/m², focusing on revitalizing existing projects [2] - In the first half of 2025, Vanke further reduced land acquisitions to 6 new projects, with a total planned area of 558,000 m² and an average land price of 4,528 yuan/m² [2] Group 3: Sales and Financial Performance - Vanke reported a significant decline in sales amounting to 69.1 billion yuan in the first half of 2025, primarily due to limited new project supply and a focus on depleting existing resources [2] - The company has adopted a strategy emphasizing the revitalization of existing resources, achieving nearly 10 billion yuan in new capacity and approximately 6 billion yuan in cash returns through resource optimization in the first half of 2025 [2] Group 4: Investment Philosophy - Vanke emphasizes a long-term strategy of prudent investment, focusing on high-quality resource acquisition and improving the existing resource structure through land revitalization [3]