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]

1. Report Industry Investment Rating No information provided. 2. Core Views - The global economic growth is expected to be 3.2% in 2025 and 3.1% in 2026, with potential impacts from tariff shocks and supply - demand imbalances in various industries [19]. - The A - share and Hong Kong stock markets have experienced recent adjustments, but the long - term trend of the Hong Kong stock market remains positive, and the overall risk of A - share margin trading is controllable [32][33]. - The bond market has different outlooks in the short and medium - term, with various factors affecting the performance of different bond types [22][28]. - The commodity market shows diverse trends, such as rising precious metal prices, complex situations in the coal - coke - steel - ore and energy - chemical sectors, and changes in agricultural product trade volumes [5][9][10]. 3. Summary by Directory 3.1 Macro Data - GDP growth in Q2 2025 was 5.2% year - on - year, slightly lower than the previous quarter [1]. - Manufacturing PMI in September 2025 was 49.8%, up from the previous month, while non - manufacturing PMI was 50.0%, down from the previous month [1]. - In August 2025, M1 and M2 growth rates were 6.0% and 8.8% year - on - year respectively, with M1 growth accelerating [1]. - In September 2025, export and import values increased by 8.3% and 7.4% year - on - year respectively [1]. 3.2 Commodity Investment - The National Development and Reform Commission will support energy - saving and carbon - reduction projects in key industries [2]. - From January to September 2025, the national futures market volume and turnover increased by 18.29% and 24.11% year - on - year respectively, but decreased in September [2]. - The Fed may stop shrinking its balance sheet and is expected to cut interest rates, with different views on the number of rate cuts [3][4]. 3.3 Main Commodity Highlights - **Metals**: Shandong Gold's net profit in the first three quarters of 2025 is expected to increase by 83.9% - 98.5% year - on - year, and gold and silver prices have risen [5][6]. - **Coal - Coke - Steel - Ore**: In early October 2025, steel production showed different trends, and global steel demand is expected to be flat in 2025 and rebound slightly in 2026 [9]. - **Energy - Chemical**: Oil prices are under pressure due to supply - demand imbalances, and there may be a policy to regulate photovoltaic capacity [10]. - **Agricultural Products**: China's grain projects are progressing, and there are changes in the import and export volumes of grains in different countries [12]. 3.4 Financial News - **Open Market**: The central bank conducted reverse repurchase operations, and is expected to conduct a 6 - month term reverse repurchase operation on October 15 [15]. - **Important News**: The Chinese government emphasizes economic stability, and there are various policy adjustments and economic data changes at home and abroad [16][18]. - **Bond Market**: Bond market performance is diverse, with different trends in different bond types and regions [22]. - **Foreign Exchange Market**: The on - shore and offshore RMB exchange rates have changed, and the US dollar index has declined [27]. - **Research Reports**: Different research institutions have different outlooks on the bond and convertible bond markets [28]. 3.5 Stock Market - A - shares and Hong Kong stocks have recently adjusted, with A - share trading volume reaching 2.6 trillion yuan, and the Hong Kong stock market has been falling for 7 days [32]. - A - share margin trading scale has reached a new high, and some brokers have adjusted margin ratios, while the overall risk is controllable [32]. - Southbound funds have driven the Hong Kong stock market, and although there is short - term adjustment, the long - term trend is positive [33].

Core Viewpoint - Vanke A (000002.SZ) is facing significant turmoil following the criminal detention of its former president and CEO, Zhu Jiusheng, and the resignation of its chairman, Xin Jie, amid a severe financial crisis [1][4]. Company Overview - Zhu Jiusheng, born in 1969, has a strong academic background with a master's degree in economics and a PhD in industrial economics. He held various senior positions at China Construction Bank before joining Vanke, where he became known for his capital management skills [3]. - Vanke has reported its first annual loss since its A-share listing in 1991, with a net profit loss of nearly 49.5 billion yuan [4]. Financial Performance - In the first half of 2025, Vanke's revenue was approximately 105.32 billion yuan, a year-on-year decline of 26.23%, with a net profit of approximately -11.95 billion yuan [4]. - Vanke's sales figures for September showed a monthly sales of 9.18 billion yuan, a year-on-year decrease of 45.16%, marking the largest decline among the top 10 real estate companies in mainland China [4]. - As of June 30, 2025, Vanke's total liabilities reached 872.99 billion yuan, with a debt-to-asset ratio of 73.11% and a net debt ratio of 90.38% [4]. Debt Situation - Vanke has 364.26 billion yuan in interest-bearing debt, with 155.37 billion yuan due within one year, accounting for over 42% of its total debt [5]. - According to a report by S&P, Vanke has 9.8 billion yuan in domestic bonds maturing in the fourth quarter of this year [5]. Leadership Changes - Following the criminal measures against Zhu Jiusheng, Xin Jie submitted his resignation as chairman of Vanke, and Huang Liping has been elected as the new chairman [1].

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） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則 第 13.10B 條 作出。兹 載 列 該 公 告如下， 僅供 參 閱。 萬科企業股份有限公司 董事會 中國，深圳，2025年10月14日 於本 公 告日期，本 公司 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。 * 僅供識別 149297.SZ 20 万科 08 149358.SZ 21 万科 02 149478.SZ 21 万科 04 149568.SZ 21 万科 06 149815.SZ 2 ...

Core Viewpoint - The resignation of Xin Jie as the chairman of Vanke and the appointment of Huang Liping is a strategic move to ensure stability during a critical period of reform and risk management for the company [1][4]. Company Summary - Vanke A announced the resignation of Xin Jie on October 12, 2023, after 259 days in dual leadership roles, with Huang Liping taking over as chairman [1]. - Huang Liping has been a board member for four years and is familiar with the company's operations, which is expected to facilitate a smooth transition [1]. - Vanke's 2024 delivery target is over 180,000 units, aligning with national goals for stability and public welfare [3]. - The company has implemented a comprehensive debt management strategy, focusing on core business areas and planning to achieve 20 billion yuan in asset transactions annually [3]. Industry Summary - Vanke's situation reflects broader trends in the real estate industry, particularly the shift from high-leverage expansion to a focus on public welfare and stability [2][3]. - The support from state-owned enterprises, such as Shenzhen State-owned Assets Supervision and Administration Commission, indicates a strong commitment to stabilizing Vanke amid market volatility [2]. - The governance structure combining state-owned resources with market efficiency may become a model for future real estate companies [4]. - Vanke's ability to navigate current challenges could set a precedent for the industry, potentially alleviating liquidity concerns and aiding in structural adjustments [4][5].

Core Viewpoint - Vanke A has appointed Huang Liping as the new chairman, succeeding Xin Jie, which is expected to ensure continuity and stability in the company's operations amid ongoing reforms and challenges [1][2]. Company Leadership Changes - Huang Liping, previously a board member and general manager of Shenzhen Metro Group, has been on Vanke's board for four years [2]. - Xin Jie, who recently stepped down, had a low-profile tenure as chairman since taking over in early 2025 [1][3]. Company Performance and Support - Vanke has made steady progress in its reforms with support from Shenzhen authorities, major shareholder Shenzhen Metro Group, and financial institutions, achieving stability in its workforce, finances, and operations [1]. - In the first half of 2025, Vanke reported a revenue of 105.32 billion yuan, a year-on-year decline of 26.2%, and a net loss of 11.947 billion yuan [10]. Financial Strategies - Shenzhen Metro Group has provided significant financial support to Vanke, including nine instances of shareholder loans this year [10]. - Vanke has managed to repay 24.39 billion yuan in public debt on schedule and has no foreign public debt due before 2027 [10].

Core Viewpoint - The former president and CEO of Vanke A, Zhu Jiusheng, has been subjected to criminal coercive measures, indicating potential legal issues within the company [1]. Group 1 - Zhu Jiusheng served at China Construction Bank from 1993 to 2012 before joining Vanke [1]. - He resigned from his positions as director, president, and CEO of Vanke in January 2025 [1].

据《每日经济新闻》此前报道，祝九胜闯入大众视野是在2018年，彼时市场对于这位要接棒郁亮万科总裁职位的祝九胜并不熟悉，为此，郁亮专门陪同祝九 胜召开了一场媒体见面会。 2018年2月1日，郁亮、祝九胜一起迈入会场，当时郁亮"低调不愿亮相"，他说，"把镜头留给祝九胜吧！"。 图片来源：视觉中国-VCG211322973159 今年1月27日，万科发布《关于部分董事、高级管理人员变更的公告》。公告称，万科企业股份有限公司（以下简称"公司"）董事会于2025年1月27日收到公 司部分董事、高级管理人员提交的书面辞职报告。具体情况如下： 1、因工作调整原因，郁亮先生申请辞去公司董事会主席职务。郁亮先生辞去上述职务后，将继续担任公司董事，并担任执行副总裁职务。 2、因身体原因，祝九胜先生申请辞去公司董事、董事会投资与决策委员会委员、总裁、首席执行官、授权代表等职务。祝九胜先生辞职后不再担任公司任 何职务。 3、因工作调整原因，朱旭女士申请辞去公司董事会秘书、公司秘书、授权代表等职务。朱旭女士辞去上述职务后，仍在公司工作，联系长租公寓事业部。 每经编辑｜黄胜 据媒体报道，万科A原总裁、CEO祝九胜已被采取刑事强制措施。祝 ...

第一财经从多个信源获悉，万科A（000002.SZ）原总裁、CEO祝九胜已被采取刑事强制措施。 今年1月，媒体曾爆出祝九胜被带走调查的消息，当时他以更新朋友圈的方式对该消息作出回应。但多 位深圳地产业内人士表示，从那以后圈子里便极少听到他的消息。 祝九胜在1993年至2012年期间任职于中国建设银行股份有限公司深圳市分行，此后加入万科。2025年1 月，他已辞去万科董事、总裁、首席执行官等职务。 ...