万科企业股份有限公司 关于"22 万科 05"公司债券付息、赎回结果暨摘牌公告 证券代码：000002、299903、149975 证券简称：万科 A、万科 H 代、22 万科 05 公告编号：〈万〉2025-101 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：149975。 2．债券简称：22万科05。 3．赎回登记日：2025年7月7日。 4．赎回资金到账日：2025年7月8日。 5．赎回价格：人民币103.21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7月8日。 一、"22万科05"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 2022 年面向专业投资者公 开发行公司债券（第三期）（品种一）。 3．债券简称：22 万科 05。 4．债券代码：149975。 1 5．债券余额：29 亿元。 6．债券期限：本期债券期限为 5 年期，附第 3 年末发行人赎回 选择权、调整票面利率选择权、投资者回售选择权。 7．当前票面 ...

Core Viewpoint - Vanke A's major shareholder, Shenzhen Metro Group, is providing a loan of up to 6.249 billion yuan and extending an existing loan of 890 million yuan, indicating a systematic support mechanism for the company amid financial challenges [1][3]. Group 1: Loan Details - The new loan of up to 6.249 billion yuan is intended for repaying public market bond principal and interest, with a term of 3 years and an interest rate of 2.34%, significantly lower than the average financing cost for real estate companies [2]. - The existing loan of 890 million yuan has been extended to the end of 2025, and an additional 1.551 billion yuan loan requires a 70% equity pledge of Wanwu Cloud Space Technology [2]. Group 2: Support Model Analysis - The cumulative support from Shenzhen Metro Group for Vanke in 2025 exceeds 21.8 billion yuan, marking a shift from emergency assistance to a systematic rescue approach [3]. - All loans are specifically allocated for repaying public market bonds, addressing imminent debt repayment peaks [3]. Group 3: Financial Risk Assessment - The pledged shares of Wanwu Cloud are valued at 10.2 billion yuan, which is 45% of its market value, indicating vulnerability if the stock price declines significantly [4]. - The trend of short-term debt is highlighted, with approximately 30% of Vanke's domestic bonds due within one year, creating a mismatch with the 3-year loan term [4]. Group 4: Market Signals and Implications - The ongoing financial support from Shenzhen Metro Group signals confidence in Vanke's stability, alleviating immediate liquidity concerns [6]. - However, the reliance on borrowing to repay existing debts rather than for project development raises concerns about Vanke's sales recovery and operational viability [6]. Group 5: Conclusion and Future Considerations - The loan from Shenzhen Metro Group is part of a broader strategy to address Vanke's liquidity issues, but several critical points need attention, including the nearing pledge ceiling of Wanwu Cloud shares and the necessity for sales recovery in the latter half of 2025 [7].

Group 1 - The total sales amount of the top 100 real estate companies in the first half of 2025 was 1,836.41 billion yuan, a year-on-year decrease of 11.8%, with the decline rate expanding by 1 percentage point compared to the first five months of the year [1] - In June alone, the sales amount of the top 100 real estate companies decreased by 18.5% year-on-year, with the decline rate increasing by 1.2 percentage points compared to May [1] - The top three companies by total sales were Poly Developments, Greentown China, and China Overseas Property, with sales amounts of 145.2 billion yuan, 122.1 billion yuan, and 120.14 billion yuan respectively [1][2] Group 2 - The contribution rate of sales from first-tier cities increased significantly, with 40.0% of sales coming from these cities, a year-on-year increase of 9.0 percentage points [3] - The top three cities contributing to sales in the first half of 2025 were Shanghai, Beijing, and Guangzhou, with contribution rates of 16.9%, 10.6%, and 9.0% respectively [4] - Shanghai's sales contribution rate increased by 4.5 percentage points compared to the same period in 2024, marking the largest increase among the top 10 cities [4] Group 3 - The total land acquisition amount for the top 100 companies in the first half of 2025 was 506.55 billion yuan, a year-on-year increase of 33.3% [5] - The top three companies by new land value added were Poly Developments, Greentown China, and China Jinmao, with new land values of 89.9 billion yuan, 83.1 billion yuan, and 74.9 billion yuan respectively [5] - The average premium rate for land sales in 300 cities exceeded 10%, showing a significant increase compared to the same period last year [6] Group 4 - The main players in land acquisition were state-owned enterprises, with eight out of the top ten land acquirers being state-owned [5][7] - Core cities such as Beijing, Shanghai, and Chengdu saw intense competition for quality land, while many third and fourth-tier cities continued to see land sold at base prices [6] - The Yangtze River Delta region led the four major city clusters in land acquisition, with the top ten companies in this region acquiring land worth 147 billion yuan [6]

Group 1 - Roma Technology confirmed it has not gone bankrupt and is committed to resolving all issues for friends, users, and partners [2] - The company has faced operational difficulties due to a recall incident involving its power banks, leading to a complete halt in production and operations since July 1 [3] - A change in the legal representative of Roma Technology occurred on July 2, with Lei Shexing stepping down and Lei Xingrong taking over, indicating internal restructuring efforts [3] Group 2 - The S&P 500 index reached a new closing high, marking the seventh such instance this year, with a weekly increase of 1.7% [4] - Nvidia's stock closed at a historical high, contributing to the overall rise in technology stocks [4][5] - Bitcoin-related stocks also saw gains, with Circle rising over 6% [5] Group 3 - Vanke announced that its largest shareholder, Shenzhen Metro Group, plans to provide a loan of 6.249 billion yuan to help repay the company's maturing public debt [16] - This loan will bring the total amount lent by Shenzhen Metro Group to Vanke to 21.8 billion yuan [16] - The loan terms remain consistent with a three-year duration and a low interest rate of 2.34%, reflecting market principles [17]

Group 1 - Vanke's major shareholder, Shenzhen Metro Group, plans to provide a loan of 6.249 billion yuan to Vanke for repaying due public debts, bringing the total loans from Shenzhen Metro to 21.8 billion yuan [1] - The loan has a term of three years with a low interest rate of 2.34%, and Shenzhen Metro has agreed to extend an existing loan of 890 million yuan until December 31, 2025 [1] - This loan is expected to alleviate Vanke's debt pressure, enhance financial stability, and optimize its debt structure, positively impacting business operations [1] Group 2 - Shanghai is set to bundle and transfer two land parcels in Xuhui District for a total price of 43.95 billion yuan, marking a national record [2] - The two parcels include 90% stakes in Shanghai Xinbai'an Economic Development Co., Ltd. and Shanghai Xindongan Enterprise Development Co., Ltd., both held by Shanghai Xuhui Urban Construction Investment Group [2] - This move indicates a new phase in regional development, presenting significant project opportunities for companies that successfully acquire development rights [2] Group 3 - China Energy Construction Corporation won a residential land parcel in Chengdu's Jinniu District for 1.402 billion yuan, with a floor price of 20,200 yuan per square meter and a premium rate of 23.9% [3] - The company also acquired an adjacent land parcel shortly before, indicating a strategic expansion of its land reserves in the area [3] - The acquisition of nearly 93.5 acres of residential land is expected to enhance the company's project development and brand presence [3] Group 4 - Xinda Real Estate announced that Xinda Kunze (Tianjin) Asset Renovation Investment Partnership will provide up to 240 million yuan in funding support for its asset renovation projects, with a term of seven years at a 5% annual interest rate [4] - This funding is aimed at bolstering Xinda's financial resources and alleviating funding pressures for ongoing projects [4] - The transaction is classified as a related party transaction but does not constitute a major asset restructuring [4] Group 5 - Nearly 20 cities have introduced or optimized housing loan policies this year, focusing on lowering loan thresholds, increasing loan limits, and expanding usage scenarios [5] - These policies aim to ease the financial burden on homebuyers, thereby stimulating consumer demand and potentially boosting housing sales [5] - The adjustments are expected to enhance market transaction activity and restore confidence in the real estate sector [5]

Group 1 - Vanke's largest shareholder, Shenzhen Metro Group, has provided a loan of up to 6.249 billion yuan and agreed to extend an existing loan of 890 million yuan [1] - Since the beginning of the year, Shenzhen Metro Group has provided multiple loans to Vanke, totaling over 21 billion yuan, which has helped stabilize Vanke's credit in the capital market [1] - Vanke's management emphasizes the need for self-reliance through new project development and profit generation to overcome historical operational risks [1] Group 2 - A collaboration between Shenzhen Metro Group, Vanke Group, and KONE Group aims to establish a smart logistics center in the Greater Bay Area, leveraging resources from both Vanke and Shenzhen Metro [2] - Vanke's operational services have shown growth, with revenue reaching 28.7 billion yuan in the first five months of 2025, a year-on-year increase of 7.8% [2] - Vanke is actively engaging in asset disposal, including the transfer of a 49% stake in the Hongshu Bay project for 1.292 billion yuan and selling 72.956 million A-shares for 479 million yuan [2]

Core Viewpoint - The article discusses the financial support provided by Shenzhen Metro Group (深铁集团) to Vanke (万科) through shareholder loans to help the company manage its debt obligations, highlighting the ongoing financial challenges faced by Vanke and the strategies it is employing to address them [2][3][4]. Group 1: Shareholder Loans - Shenzhen Metro Group has provided a total of over 21.8 billion yuan in shareholder loans to Vanke since 2025 [1]. - On July 3, Vanke announced that Shenzhen Metro Group would provide up to 6.249 billion yuan in loans to repay bond principal and interest [2]. - The interest rate for the new loan is set at 2.34%, with a maximum term of three years [2]. Group 2: Debt Management - Vanke has not yet repaid a previous loan of 890 million yuan, which has been extended until December 31 of this year [2]. - A separate loan of approximately 1.551 billion yuan, originally a credit loan, is now backed by a pledge of equity valued at up to 2.216 billion yuan, with a pledge rate of 70% [3]. - Vanke reported that it has completed 165 billion yuan in public debt repayments this year, but still faces significant repayment pressure with 21.76 billion yuan in bonds maturing or redeemable this year [3][4]. Group 3: Future Strategies - Vanke plans to manage its debt through accelerated sales, dynamic control of development pace, and maintaining positive operating cash flow [4]. - The company aims to leverage market conditions for asset sales and securitization to enhance liquidity [4]. - Vanke's management expressed confidence in overcoming challenges with support from various stakeholders and its own efforts [4].

Group 1 - Vanke announced a loan application to Shenzhen Metro Group for no more than 6.249 billion yuan, with a term of no more than 3 years and an interest rate of 2.34%, which is 66 basis points lower than the 1-year Loan Prime Rate (LPR) [1] - This loan is the largest Vanke has applied for this year and is intended for repaying the principal and interest of bonds issued in the public market [1] - Vanke has borrowed from its major shareholder, Shenzhen Metro Group, six times this year, totaling 21.101 billion yuan [1] Group 2 - Vanke's financial officer reported that from January to May, the company secured 34.1 billion yuan in new financing and refinancing, maintaining low financing costs [2] - Vanke has successfully completed the repayment of 16.5 billion yuan in public debt this year, with no overseas public debt due [2] Group 3 - The strategy of replacing public debt with loans from major shareholders has been crucial for Vanke to navigate current challenges [3]

万科年内第6次向深铁借款 累计超211亿元 金十数据7月3日讯，万科A今日公告，向深铁集团申请不超过62.49亿元借款。这是2025年以来深铁集团 第6次向万科提供股东借款。此前在2025年2月11日、2月22日、4月30日、5月15日、6月6日，万科分别 公告称，深铁集团向其提供股东借款28亿元、42亿元、33亿元、15.52亿元、30亿元，借款利率均为 2.34%。据此计算，年内深铁集团已经向万科提供超211亿元股东借款。 ...

万科企业股份有限公司 关于公司向深铁集团申请不超过 62.49 亿元借款以及已有部分借款 条款变更暨关联交易的公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：〈万〉2025-099 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。 一、关联交易概述 1、经协商，万科企业股份有限公司（以下简称"公司"或"万科"）第一 大股东深圳市地铁集团有限公司（以下简称"深铁集团"）向公司再提供不超过 62.49亿元借款（"股东借款"），并同意对已有的8.9亿元借款予以展期；同时， 公司需要为15.51亿元已有的借款提供万物云空间科技服务股份有限公司（以下 简称"万物云"）（2602.HK）股权质押。（以上合称"本次关联交易事项"） 2、截至目前，深铁集团持有公司27.18%股权，深铁集团构成公司的关联方。 根据《深圳证券交易所股票上市规则》等相关规定，本次关联交易事项构成公司 应披露的关联交易。 3、公司第二十届董事会第十九次会议于2025年7月3日审议通过了《关于公 司向深铁集团申请不超过62.49亿元借款以及已有部分借款条款变更的议案》 ...