Core Viewpoint - Vanke Enterprises Co., Ltd. is expected to report a net profit loss of approximately 82 billion yuan for the year 2025, a significant increase from the previous year's loss of 49.48 billion yuan, primarily due to declining project settlement scales and increased business risks [2][4]. Financial Performance - The projected net profit attributable to shareholders is a loss of approximately 82 billion yuan compared to a loss of 49.48 billion yuan in the same period last year [4]. - The net profit after excluding non-recurring gains and losses is expected to be a loss of about 80 billion yuan, up from a loss of 45.39 billion yuan in the previous year [4]. - The basic earnings per share are projected to be a loss of approximately 6.89 yuan per share, compared to a loss of 4.17 yuan per share in the prior year [4]. Company Background and Debt Situation - Vanke was established in 1984 and has been listed in the Fortune Global 500 for nine consecutive years since 2016, ranking 206th in 2024 [6]. - The company is currently facing a debt crisis, having received a loan of up to 2.36 billion yuan from its largest shareholder, Shenzhen Metro Group, to repay public bond principal and interest [6]. - As of the end of Q3 2025, Vanke has repaid 28.89 billion yuan of public debt, with significant contributions from loans provided by Shenzhen Metro Group, totaling over 30 billion yuan within the year [6]. - On January 8, 2025, Vanke announced the resignation of Yu Liang from his positions as director and executive vice president due to retirement [6].

Core Viewpoint - Vanke is expected to report a net loss of approximately 82 billion yuan for the year 2025, with the loss amount further expanding compared to the previous year [1] Group 1: Financial Performance - The significant decline in the scale of real estate project settlements has led to a substantial decrease in gross profit, with the gross profit margin remaining low [1] - The company has delivered 117,000 homes in 2025, completing about 70% of the required deliveries for the past two years, indicating that the peak delivery period has passed and subsequent delivery pressure will significantly decrease [2] - Vanke's operating service business achieved revenue of 43.57 billion yuan by the third quarter of 2025, maintaining stability year-on-year [2] Group 2: Challenges and Strategic Responses - The loss is attributed to several factors, including increased business risk exposure, additional provisions for credit impairment and asset impairment, and losses from certain operational and financial investments [1] - Vanke is facing liquidity pressure, with its major shareholder, Shenzhen Metro Group, providing over 30 billion yuan in shareholder loans to support the company [2] - The company plans to focus on operational improvements through strategic focus, standardized operations, and technological empowerment to optimize business layout and structure [2]

证券日报网讯1月30日，万科A在互动平台回答投资者提问时表示，股价波动受诸多因素影响，当前监 管对于停牌有明确的规定，可以查阅相关规则。 ...

（文章来源：证券日报） 证券日报网讯 1月30日，万科A在互动平台回答投资者提问时表示，关于公司的业绩情况，请以公司公 告为准。 ...

万科方面表示，将全力以赴推进经营改善，通过战略聚焦、规范运作和科技赋能等措施，推动业务布局 优化和结构调整，提升多场景的开发和经营能力，上下凝心聚力，有序地化解风险，摆脱困境，推动公 司早日走出低谷。 封面图片来源：孔泽思 对于2025年业绩亏损的原因，万科在公告中表示，一是房地产开发项目结算规模显著下降，毛利率仍处 低位。2025年房地产开发业务结算利润主要对应2023年、2024年销售的项目及2025年消化的现房和准现 房库存，这些项目的地价获取成本较高，导致报告期结算毛利总额大幅减少；二是因业务风险敞口升 高，新增计提了信用减值和资产减值；三是部分经营性业务扣除折旧摊销后整体亏损，以及部分非主业 财务投资亏损；四是部分大宗资产交易和股权交易价格低于账面值。 过去一年，万科面临多重艰巨挑战，在大股东和各方的大力支持下，万科全力以赴、攻坚克难，实现了 殊为不易的生产经营稳定。 尽管各方大力支持，企业也全力行动，但受多重因素影响，万科经营业绩仍高度承压，历史包袱十分沉 重。 2025年，大股东深圳地铁集团竭尽所能提供了多种形式支持，帮助万科维持生产经营稳定。根据公开信 息，深铁累计向万科提供了超300亿元的股 ...

（股份代號：2202） 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） 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.* vanke 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。茲載列該公告如下，僅供參 閱。 万科企业股份有限公司 关于公司债券停牌的公告 萬科企業股份有限公司 董事會 | 证券代码:000002 | 证券简称:万科 A | | --- | --- | | 证券代码:299903 | 证券简称:万科 H 代 | | 证券代码:149478 | 证券简称:21 万科 04 | | 证券代码:149568 | 证券简称:21万科 06 | | 证券代码:149815 | 证券简称:22万科 02 | | 证券代码:149931 | 证券简称:22万科 04 | | 证券代码:149976 | 证券简称:22万科 06 | | 证券代码:148 ...

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） | 证券代码:000002 | 证券简称:万科A | | --- | --- | | 证券代码:299903 | 证券简称:万科H代 | | 证券代码:149358 | 证券简称:21万科 02 | | 证券代码:149478 | 证券简称:21万科04 | | 证券代码:149568 | 证券简称:21 万科 06 | | 证券代码:149815 | 证券简称:22万科 02 | | 证券代码:149931 | 证券简称:22万科 04 | | 证券代码:149976 | 证券简称:22万科 06 | | 证券代码:148380 | 证券简称:23万科01 | 公告编号:〈万〉2026-019 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、 ...

Core Viewpoint - Vanke has faced significant challenges in the past year but has managed to stabilize its operations with the support of major shareholders and various initiatives, projecting a delivery of 117,000 homes in 2025 while also addressing cost efficiency in its development business [1] Group 1: Performance and Financial Outlook - Vanke has completed approximately 70% of its delivery target for 2025, with the peak delivery period now passed, leading to a significant reduction in future delivery pressure [1] - The company anticipates a loss in 2025 due to several factors, including a notable decline in the settlement scale of real estate development projects, high land acquisition costs, increased credit and asset impairment provisions, and losses from non-core financial investments [1] - The major shareholder, Shenzhen Metro Group, has provided over 30 billion yuan in loans to Vanke, easing liquidity pressures and enhancing business collaboration [2] Group 2: Operational Strategies and Achievements - Vanke has successfully delivered 117,000 homes in 2025, with 16,000 units delivered 30 days ahead of schedule and around 5,000 units delivered across the year-end [3] - The company has implemented various measures to improve delivery efficiency, including enhanced project management, the use of smart technologies for site monitoring, and a "delivery equals certification" service for customer convenience [3] - Vanke's operational service business has shown stable revenue performance, achieving 43.57 billion yuan by Q3 2025, with leading positions in long-term rental business scale and efficiency [4] Group 3: Future Strategies and Goals - Vanke aims to improve its operations through strategic focus, standardized practices, and technological empowerment, with the goal of optimizing its business layout and structure [4] - The company is committed to enhancing its development and operational capabilities across multiple scenarios while working to mitigate risks and recover from current challenges [4]

郁亮，这位在中国房地产行业赫赫有名、曾带领万科穿越多个经济周期的地产大佬，在1月8日宣布辞去在万科的 所有职务时，万科集团对外统一口径为"到龄退休"。然而，随着时间推移，越来越多的异常迹象表明，这场告别 或许并不像表面那般平静。近日，一则关于郁亮疑似失联的消息，在业内外引发了强烈震动。 据报道，郁亮在辞职后，几乎断绝了所有公开活动，成为了隐身人。按照以前的惯例，像郁亮左右如此级别的企 业家，在退休后，通常会出席行业论坛、参与公益活动或通过社交媒体保持一定量的曝光度。但郁亮却仿佛人间 蒸发那样，再无消息。连万科30周年庆典这样的重要场合，他也没有现身。有人发现，郁亮的最后一条朋友圈， 是在1月10日，内容是对万科新团队的鼓励。 有人发现，万科官方对郁亮离职的解释存在着不少矛盾。他们公开强调，郁亮是正常退休，但同时又说郁亮并没 有到法定退休年龄。万科在公告中模糊表述的"个人原因"，与郁亮在告别信中"人生需要新篇章"的感性措辞，形 成了微妙的反差。有资深分析师指出，这种措辞差异，在上市公司高管变动公告中极为罕见。 资本市场对于此事的反应非常敏锐。1月下旬，万科债券遭遇抛售，其中，"22万科01"公司债收益率一度飙升 ...

1月30日，万科发布2025年度业绩预告，预计2025年公司净利润亏损约820亿元。 报告期内，公司房地产开发项目结算规模显著下降，毛利率仍处低位；因业务风险敞口升高，新增计 提了信用减值和资产减值；部分经营性业务扣除折旧摊销后整体亏损，以及部分非主业财务投资亏 损。 万科表示，将全力以赴推进经营改善，通过战略聚焦、规范运作和科技赋能等措施，推动业务布局优 化和结构调整，提升多场景的开发和经营能力，上下凝心聚力，有序地化解风险，摆脱困境，推动公 司早日走出低谷。万科在投资者互动平台回复提问时表示，房地产行业目前正处于新旧模式转换的重 要时期，公司销售持续下滑，整体经营形势依然十分严峻。当前公司在各方支持下，全力推进改革化 险工作。 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 史诗级暴跌！白银一度重挫18% 丨 吴清：全力巩固资 ...