Core Viewpoint - The current situation of Vanke reflects a significant decline in its financial performance, drawing parallels with other companies that once thrived in their respective industries but later faced downturns as markets matured or changed [2][3][7]. Financial Performance - Vanke's profits have drastically decreased from 415 billion in 2020 to a projected loss of 494 billion in 2024, indicating a troubling trend for the company [7]. - The company's profit figures for the past years are as follows: 2020 - 415 billion, 2021 - 225 billion, 2022 - 226 billion, 2023 - 121 billion, and 2024 - projected at -494 billion [7]. Market Position and Industry Context - Vanke, once a leader in the real estate sector, is now entering a saturated market, similar to how companies like Changhong and Konka transitioned from growth to mediocrity as their industry matured [2][3]. - The real estate market is shifting from an incremental to a stagnant phase, which could lead to Vanke's decline mirroring that of past industry leaders [3]. Debt and Financial Health - Vanke's current market value is 754 billion, with liabilities amounting to 8,730 billion, indicating a precarious financial situation [18]. - To break even, Vanke would need to sell properties at an average price of 19,872 per square meter, while the actual sales price is significantly lower at 12,824 per square meter [20]. Future Outlook - The company is facing challenges in refinancing and managing its debts, with every due payment requiring intervention from local government entities [20]. - There is a sentiment that Vanke's survival is crucial for the broader real estate market, but its current trajectory suggests a potential need for restructuring [20].

於本公告日期，董事會成員包括：執行董事郁亮先生及王蘊女士；非執行董事黃力平 先生、胡國斌先生及雷江松先生；以及獨立非執行董事廖子彬先生、林明彥先生、沈 向洋博士及張懿宸先生。 萬科企業股份有限公司（「本公司」）謹此公佈，本公司訂於2025年10月30日（星期四） 舉行本公司董事會（「董事會」）會議，藉以（其中包括）考慮及批准本公司及其附屬公 司截至2025年9月30日止之三個月及九個月之季度業績及其發佈。 萬科企業股份有限公司 董事會 中國，深圳，2025年10月17日 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 CHINA VANKE CO., LTD.* 萬科企業股份有限公司 （於中華人民共和國註冊成立的股份有限公司 ） （股份代號：2202） 董事會召開日期 * 僅供識別 ...

万科企业股份有限公司 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 万科企业股份有限公司 公告编号：〈万〉2025-131 董事会 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。 二〇二五年十月十七日 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 2025 年 10 月 30 日召开董事会会议，审议本公司 2025 年第三季 度报告、财务报表等相关事项。 特此公告。 ...

Core Viewpoint - Vanke A announced that it will hold a board meeting on October 30, 2025, to review the company's third-quarter report and financial statements for 2025 [1] Group 1 - The board meeting is scheduled for October 30, 2025 [1] - The agenda includes the review of the third-quarter report for 2025 [1] - Financial statements will also be discussed during the meeting [1]

Summary of Key Points Core Viewpoint - Vanke A experienced a block trade on October 17, with a transaction volume of 700,000 shares and a transaction value of 4.501 million yuan, indicating a premium of 1.74% over the closing price of the day [1] Group 1: Block Trade Details - The block trade involved a transaction price of 6.43 yuan per share, which is higher than the closing price of 6.32 yuan [1] - The buyer and seller for this transaction were both from the same brokerage, Everbright Securities Co., Ltd., Ningbo Liuting Street Securities Branch [1] - In the last three months, Vanke A has recorded a total of 2 block trades, with a cumulative transaction value of 9.233 million yuan [1] Group 2: Stock Performance Metrics - On the day of the block trade, Vanke A's stock closed at 6.32 yuan, reflecting a decline of 1.25% [1] - The stock had a turnover rate of 1.47% and a total trading volume of 909 million yuan for the day [1] - Over the past five days, Vanke A's stock has decreased by 6.37%, with a total net outflow of funds amounting to 454 million yuan [1] Group 3: Margin Financing Data - The latest margin financing balance for Vanke A is 3.560 billion yuan, showing a decrease of 6.3117 million yuan, which is a decline of 0.18% over the past five days [1]

Core Viewpoint - Shenzhen Metro Group has significantly invested in Vanke, becoming its largest shareholder through multiple acquisitions and loans, indicating a strong commitment to the real estate sector [3][4][8]. Group 1: Share Acquisitions - In 2017, Shenzhen Metro Group acquired 15.31% of Vanke's shares from China Resources for approximately 372 billion [1]. - The same year, it purchased an additional 14.07% from Evergrande for about 292 billion, bringing the total investment in share acquisitions to 664 billion, solidifying its position as Vanke's largest shareholder [2][3]. Group 2: Additional Investments - In 2021, Shenzhen Metro Group increased its stake in Vanke by investing an additional 10 billion [4]. - The group also participated in Vanke's REITs products, contributing around 10 billion [4]. Group 3: Loans Provided - Since 2025, Shenzhen Metro Group has provided multiple loans to Vanke, totaling nearly 1,000 billion [5][8]. - Specific loan amounts include 28 billion on February 11, 42 billion on February 22, 33 billion on April 30, 15.52 billion on May 15, up to 30 billion on June 6, 16.81 billion on August 5, and 20.64 billion on September 16 [6]. - The interest rate on these loans is 2.34%, which is lower than the one-year Loan Prime Rate (LPR) published by the National Interbank Funding Center [7]. Group 4: Broader Context of Support - Other Shenzhen-based entities have also provided financial support to various real estate companies, including significant investments by Shenzhen Talent Housing Group and Shenzhen International [10][11][12]. - The "Risk Sharing" plan initiated in 2018 saw approximately 150 billion allocated to rescue over 20 local listed companies, some of which are involved in real estate [15].

Core Viewpoint - The recent criminal measures taken against Vanke's former president and CEO, Zhu Jiusheng, alongside the resignation of another key figure, Xin Jie, have plunged Vanke Group into a critical crisis, raising concerns about its future amidst a challenging real estate market [1][10]. Group 1: Leadership Changes - Zhu Jiusheng, who resigned from all positions at Vanke Group in January 2025, has been taken under criminal measures, suggesting potential underlying issues during his tenure [4][6]. - Xin Jie, the chairman of both Shenzhen Metro Group and Vanke Group, also resigned shortly before Zhu's situation became public, citing "work adjustment" as the reason [8]. Group 2: Financial Performance - Vanke Group reported a revenue of 105.32 billion yuan for the first half of 2025, a decline of 26.2% compared to the same period last year [10]. - The company experienced a net loss attributable to shareholders of 11.95 billion yuan, a decrease of 21.3% year-on-year, with a loss per share of 1.01 yuan, also down 21.3% [10]. Group 3: Debt Situation - As of June 30, 2025, Vanke Group's short-term borrowings amounted to 23.15 billion yuan, with non-current liabilities due within one year reaching 134.71 billion yuan, leading to a total interest-bearing debt of 157.86 billion yuan, indicating significant liquidity pressure [12]. Group 4: Market Reaction - Following these leadership changes, Vanke's A-share price fell over 5%, hitting a new low for the year, while prices of its dollar bonds also experienced significant fluctuations [14]. - Moody's has downgraded Vanke's credit rating outlook from "stable" to "negative," reflecting market concerns regarding the company's future [14].

Investment Rating - The report indicates a positive investment outlook for the real estate industry, with a total land acquisition amount of 605.6 billion yuan for the top 100 companies, reflecting a year-on-year growth of 28.0% [12][13]. Core Insights - The total land acquisition amount for key real estate companies increased by 28.0% year-on-year, with the growth rate narrowing by 6.3 percentage points compared to the previous month [6][12]. - High-value land parcels are primarily concentrated in Shenzhen and the Yangtze River Delta region, indicating a trend towards premium land acquisition in these areas [6][28]. - The top three companies in terms of new value added are Greentown China, Poly Developments, and China Overseas Land & Investment, with new values of 114.4 billion yuan, 99.6 billion yuan, and 92.3 billion yuan respectively [9][16]. Summary by Sections Land Acquisition - The top 100 real estate companies acquired a total of 605.6 billion yuan in land from January to August 2025, with a significant contribution from state-owned enterprises [12][13]. - The land acquisition amount for the top 10 companies accounted for 43.6% of the total new value added in the same period [16]. Market Trends - The report highlights that many previously unsold and stored land parcels are being re-offered through regulatory adjustments, which have gained market acceptance [17]. - The regulatory adjustments mainly involve lowering the plot ratio and commercial ratio, thereby increasing the attractiveness of the land parcels [17][19]. Regional Insights - The Yangtze River Delta region leads in land acquisition, with the top 10 companies acquiring 182.4 billion yuan, followed by the Beijing-Tianjin-Hebei region with 89.6 billion yuan [21]. - In major cities, state-owned and local government enterprises remain the primary players in land acquisition, with private enterprises supplementing in key areas [25].

万科支付部分境内非上市债券的延迟利息。 ...

Core Viewpoint - Vanke has delayed interest payments on certain domestic non-listed bonds, indicating potential liquidity issues or cash flow management challenges within the company [1] Group 1 - The company has announced a delay in interest payments for a portion of its domestic non-listed bonds, which may affect investor confidence [1] - This situation highlights the broader challenges faced by the real estate industry in managing debt and maintaining liquidity amid market fluctuations [1]