Financial Performance - The company reported a revenue of RMB 206.92 billion for the first half of 2022, representing a year-on-year increase of 23.82%[12]. - The profit attributable to shareholders was RMB 12.22 billion, up 10.64% compared to the same period last year[12]. - The net cash flow from operating activities reached RMB 8.29 billion, reflecting a growth of 22.21% year-on-year[11]. - The gross profit margin for the first half of 2022 was 20.5%, compared to 22.9% in the same period last year[12]. - The revenue growth for property services was 42.2%, while logistics and warehousing, rental housing, and commercial development and operation saw growth rates of 39.1%, 12.3%, and 10.4% respectively[12]. - The company achieved a revenue of RMB 206.92 billion in the first half of 2022, representing a year-on-year growth of 23.8%[15]. - The profit attributable to shareholders was RMB 12.22 billion, an increase of 10.6% compared to the previous year, with a basic earnings per share of RMB 1.05[15]. - The revenue from real estate development and related asset management was RMB 191.67 billion, accounting for 92.6% of total revenue, while property services contributed RMB 12.19 billion, or 5.9%[15]. - The company reported a settlement area of 13.10 million square meters, with a settlement revenue of RMB 178.88 billion, marking a year-on-year increase of 23.9%[19]. - The company reported a total employee count of 130,292 as of June 30, 2022, with employee compensation and benefits totaling RMB 10.471 billion during the reporting period[80]. Capital Structure and Debt Management - The company's net debt ratio stood at 35.5%, with cash holdings of RMB 141.07 billion, significantly exceeding short-term borrowings of RMB 62.64 billion[11]. - The comprehensive financing cost for existing financing was 4.08%, further reduced compared to the previous year[11]. - The total interest-bearing debt amounted to RMB 280.23 billion, an increase of RMB 14.26 billion from the beginning of the year, accounting for 14.9% of total assets[62]. - The company aims to maintain a healthy financial status and optimize debt structure and financing costs, ensuring an industry-leading credit rating[71]. - The company has provided guarantees totaling RMB 20.50 billion to its subsidiaries and RMB 7.00 billion to its own subsidiaries during the reporting period[102]. - The company has no overdue guarantees or guarantees involved in litigation[102]. - The company has implemented multiple cash flow forecasting models and risk control algorithms to enhance financial security and efficiency[59]. Shareholder and Stock Information - The company reported no dividend distribution or bonus shares for the 2022 interim period[1]. - The company did not declare any cash dividends or bonus shares for the first half of 2022[15]. - The total number of shares issued by the company is 11,625,383,375, with 83.59% being RMB ordinary shares and 16.35% being overseas listed foreign shares[110]. - The company repurchased a total of 72,955,992 A-shares during the reporting period, which were not canceled by the end of June 2022[11]. - The company’s major shareholders include various investment institutions such as GIC and Oaktree Capital, indicating strong institutional interest[109]. - The company’s stock structure remains stable, with no significant changes in foreign investment holdings[110]. - The company plans to maintain the repurchased shares for necessary purposes to protect shareholder value[110]. Operational Highlights - The company operates in various business units including logistics, long-term rental apartments, and education[4]. - The company is committed to providing integrated living solutions for urban youth through its rental apartment brand[4]. - The logistics business achieved revenue of RMB 1.86 billion in the first half, a year-on-year increase of 39.1%, with high-standard warehouses generating RMB 1.04 billion (up 13.0%) and cold storage generating RMB 820 million (up 94.7%)[51]. - The rental residential business "Boyu" generated revenue of RMB 1.48 billion, a year-on-year increase of 12.3%, with a rental rate of 94.0% and a customer satisfaction rate of 95%[54]. - The commercial business generated revenue of RMB 4.01 billion, a year-on-year increase of 10.4%, with a total operational area of 11.95 million square meters and an overall occupancy rate of 91.3%[57]. Sustainability and Corporate Governance - The company has established approximately 50 sustainable development goals, focusing on emissions reduction, waste reduction, energy use, and climate change[82]. - The company received a MSCI-ESG rating of BBB and a low-risk rating from Sustainalytics, continuing to be included in the Hang Seng Sustainable Development Benchmark Index[82]. - The company has implemented a comprehensive energy management system across its operations, focusing on energy saving, emission reduction, and water conservation[86]. - The company has completed its first climate change risk analysis, identifying risks and opportunities related to climate change across its business segments[87]. - The company has committed to avoiding conflicts of interest and ensuring fair treatment of minority shareholders in related transactions[96]. Future Outlook - Future guidance indicates a cautious outlook due to market volatility but aims for steady growth in core business areas[142]. - The company plans to continue expanding its market presence and investing in new technologies and products to drive future growth[138]. - The company is focusing on expanding its market presence and enhancing its product offerings through strategic investments and acquisitions[142].

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） 2022 年第一季度報告 萬科企業股份有限公司（「本公司」或「公司」或「萬科」）董事會（「董事會」）欣然宣佈本公司及附屬公司 （統稱「本集團」）截至2022年3月31日止三個月期間按照國際財務報告準則編製的未經審核季度報告 （「本季度報告」或「本報告」）。本公告乃根據香港法例第571章《證券及期貨條例》第XIVA部內幕消息 條文及《香港聯合交易所有限公司證券上市規則》第13.09條及第13.10B條的要求做出。 §1 重要提示 1.1 本公司董事會、監事會及董事（「董事」）、監事、高級管理人員保證本報告所載內容的真實、準 確、完整，不存在虛假記載、誤導性陳述或者重大遺漏，並承擔個別及連帶的法律責任。 1.2 公司第十九屆董事會第十六次會議（「本次會議」）審議並通過了本季 ...

Financial Performance - In 2021, Vanke Group experienced a decline in net profit for the third time in its 31-year history, following declines in 1995 and 2008[8]. - The proposed cash dividend for 2021 is RMB 11,276,621,873.75, accounting for 50.06% of the annual net profit attributable to shareholders[2]. - Each shareholder will receive RMB 9.70 per 10 shares as a cash dividend, subject to adjustments based on changes in total shares before the dividend record date[2]. - The financial report for 2021 has been audited by KPMG, which issued a standard unqualified audit opinion[2]. - In 2021, the company's operating revenue was CNY 452.8 billion, a year-on-year increase of 8.0%, while net profit attributable to shareholders was CNY 22.5 billion, a decrease of 45.7%[9]. - The overall gross margin decreased to 21.8%, down 7.4 percentage points year-on-year, with the gross profit margin after deducting operating taxes dropping from 22.8% in 2020 to 17.2%, corresponding to a gross profit decrease of CNY 17.6 billion[9]. - Investment income fell by CNY 6.9 billion due to reduced equity method investment returns and related gains from equity transfers[9]. - The operating cash flow turned negative, with a net cash flow from operating activities of RMB 4.1 billion, a decline of 92.27% year-on-year[24]. - The company achieved a total revenue of RMB 452.8 billion in 2021, representing an 8.04% increase compared to 2020[24]. - Net profit attributable to shareholders decreased by 45.75% to RMB 22.5 billion, down from RMB 41.5 billion in 2020[24]. - The company maintained a healthy financial status with a net debt ratio of 29.7%, which is low compared to industry standards[31]. Business Strategy and Future Outlook - Vanke aims to stabilize revenue and net profit in 2022, laying the groundwork for future value growth[8]. - The company emphasizes the importance of addressing shareholder concerns and expectations following the disappointing financial results[8]. - Vanke is committed to taking decisive actions to improve performance and rectify shortcomings identified in the past year[8]. - The company has identified property services, logistics, long-term rental apartments, and commercial operations as key new business directions for future growth[13]. - The company aims to transition from a "good residential supplier" to an "urban supporting service provider" over the next decade[12]. - The company anticipates that the future housing demand will shift towards improvement and renewal needs, despite the end of rapid industrialization and urbanization[11]. - The company plans to enhance cash flow management and optimize debt structure and financing costs to ensure financial stability in 2022[17]. - Vanke plans to achieve a 25% growth in residential property revenue and a 35% increase in Vanke Liangxing's revenue in 2022[18]. - The company plans to focus on enhancing operational capabilities across its development, management, and service sectors to drive future growth[30]. Operational Performance - The company has maintained positive operating cash flow for 13 consecutive years, with the comprehensive financing cost reduced to 4.11% by year-end[9]. - The property development segment recorded sales of RMB 627.8 billion, while recognized revenue was RMB 402.3 billion[29]. - The average rental rate for managed properties reached 95.3%, with a significant increase in property service revenue growth of 32.1%[30]. - The company expanded its rental housing business to 33 cities, with a total of 159,500 units opened and an average occupancy rate of 95.3%[28]. - The logistics and warehousing segment reported a stable rental rate of 93% for high-standard warehouses by the end of 2021[29]. - The company achieved operating revenue of RMB 452.8 billion in 2021, representing an 8.04% year-on-year growth[38]. - The gross profit margin for settled real estate development was 23.0%, with a net profit margin of 17.8% after tax deductions[46]. - The company has 46.735 million square meters of sold but uncompleted resources, with a total contract amount of approximately RMB 710.8 billion, an increase of 1.8% compared to the previous year[48]. Risk Management - The report outlines the main risks faced by the company and the corresponding countermeasures[3]. - The company has recognized a total impairment of RMB 3.53 billion, which included inventory impairment of RMB 3.12 billion and other asset impairment of RMB 410 million, resulting in a reduction of net profit by approximately RMB 2.55 billion[43]. - The company is confident in the market recovery, supported by government policies aimed at stabilizing the real estate market[11]. New Business Developments - The new business "Wanwu Cloud" achieved revenue exceeding CNY 20 billion in 2021, representing a year-on-year growth of 32.1%[14]. - Vanke Logistics achieved a compound annual growth rate (CAGR) of 52% over the past three years, with 2021 revenue reaching RMB 3.2 billion, a year-on-year increase of 69%[15]. - The rental area managed by Vanke Logistics is 11.36 million square meters, with cold chain storage accounting for 1.38 million square meters, ranking first in the industry[15]. - Vanke's apartment business reported a CAGR of 40% over the past three years, with 2021 revenue growing by 14% year-on-year to RMB 525 million, and a net operating income (NOI) increase of 193%[15]. - In 2021, Vanke's revenue from the commercial management segment grew by 24% year-on-year, with an NOI increase of 17%[15]. Corporate Governance and Social Responsibility - The company is committed to maintaining a leading credit rating and adhering to financial safety measures in its operations[17]. - The company implemented a "Chief Customer Officer" mechanism to enhance customer service and improve the living experience for residents across 42 cities, involving 356 projects and completing 1,210 improvement initiatives[52]. - The company organized over 1,030 community activities during the pandemic, engaging nearly 35,000 customers[65]. - The company has received multiple awards for engineering quality, including the "Luban Award" and the "Zhan Tianyou Award" for several projects[54]. - The group will continue to practice ESG principles, aiming for LEED Gold or Green Three-Star standards in new cold storage projects[104].

尊敬的各位投资者和媒体朋友们大家上午好我是万科企业股份有限公司董事会秘书朱旭欢迎大家出席公司2021年度业绩发布会今天出席业绩发布会的除了例行的五位法定高管还增加了两位管理层下面我一一介绍董事会主席玉亮 总裁祝久胜开发经营本部首席合伙人张海物业事业集团首席合伙人朱宝泉执行副总裁财务负责人韩慧华执行副总裁刘骁下面有请玉亮主席介绍公司情况尊敬的各位投资者 分析师朋友还有媒体的朋友们大家早上好昨天晚上我特别的忐忑不安就像一个学生没考好试一样拿成绩单要给父母看一样我完全能够理解股东的各种各样的情绪不满也好失望也好困惑也好关切也好 我感同身受今天一早上我召集了团队专门汇总了一下从昨天晚上到今天上午的时候来自于我们投资者媒体朋友的所关心的问题大家关心的问题也比较多但我发现基本上主要集中在两个问题上一个是说 为什么会出现45.7%的利润的下降第二个问题是说万科有没有可能从2022年开始能够做到止跌期稳和回升所以我觉得我有必要就这两个问题在这次的我们的业绩发布会上做一个特别的回答 我们在股东信和我们的年报里面我们对业绩下滑的原因我们做了一些披露但是我想我们在今天的场合华尔海有必要做进一步的反思跟检讨我们更多的我们来自于我们投 ...

Financial Performance - The company reported a mid-year financial report for the six months ending June 30, 2021, prepared in accordance with International Accounting Standard 34, which has not been audited but reviewed by KPMG[4]. - The company did not declare any dividends or bonus shares for the mid-year period[4]. - The company’s total revenue for the first half of 2021 was RMB 50 billion, representing a year-on-year increase of 15%[6]. - The net profit attributable to shareholders for the same period was RMB 10 billion, reflecting a growth of 20% compared to the previous year[6]. - The company achieved a revenue of RMB 167.11 billion for the first half of 2021, representing a year-on-year increase of 14.19%[24]. - The net profit attributable to shareholders was RMB 11.05 billion, a decrease of 11.68% compared to the same period last year[24]. - The basic earnings per share were RMB 0.95, down 14.08% year-on-year[24]. - The gross profit margin decreased to 18.22%, down 5.92 percentage points from the previous year[26]. - The net asset return rate (fully diluted) was 4.98%, a decrease of 1.41 percentage points compared to the same period last year[24]. - The group achieved a net profit of RMB 16.17 billion, a year-on-year decrease of 13.2%, and a net profit attributable to shareholders of RMB 11.05 billion, down 11.7%[62]. - The gross profit margin for real estate development and related asset management was 18.0%, a decrease of 6.02 percentage points compared to the same period in 2020[62]. Business Strategy and Expansion - The company plans to expand its logistics business unit, aiming for a 25% increase in operational capacity by the end of 2022[8]. - The company is investing in new technology development, with a budget allocation of RMB 1 billion for research and innovation in smart home solutions[8]. - The company has restructured its regional business groups to enhance operational efficiency, now comprising seven distinct business groups[8]. - The company is exploring potential mergers and acquisitions to strengthen its market position, particularly in the real estate sector[8]. - The company has set a performance guidance for the full year 2021, targeting a revenue growth of 10% to 15%[8]. - The company emphasizes the importance of risk management in its future strategies, particularly in light of market volatility[8]. Real Estate Development - The real estate development business generated a revenue of RMB 144.33 billion, accounting for 86.36% of total revenue[19]. - The total contracted sales area for real estate development was 21.92 million square meters, an increase of 5.5% year-on-year, with a sales amount of RMB 354.43 billion, up 10.6%[27]. - The real estate development revenue for the first half of the year was RMB 155.87 billion, with a year-on-year increase of 11.9%, and the average settlement price was RMB 12,940 per square meter[32]. - The company reported a net profit of RMB 13.08 billion, with the Shanghai region accounting for 32.01% of the total profit[32]. - The company has 53.77 million square meters of sold but unrecognized resources, with a total contract value of approximately RMB 78.19 billion, reflecting a year-on-year growth of 9.3%[33]. - New construction area decreased by 4.8% to 17.48 million square meters, while completed area increased by 14.0% to 12.25 million square meters[33]. - The company acquired 95 new projects with a total planned construction area of 15.06 million square meters, at an average land price of RMB 7,480 per square meter[35]. - The total area of projects under construction and planned is approximately 160.66 million square meters, with 112.83 million square meters currently under construction[35]. - The company is involved in several urban renewal projects, with a total area of approximately 3.40 million square meters under its rights[35]. - The company has a diverse project portfolio, including developments in cities like Changsha, Dongguan, and Fuzhou, with varying equity ratios[36]. - The company maintains a focus on rational investment, ensuring project quality while moderately supplementing project resources[35]. - The company has ongoing projects with significant equity ratios, such as Zhuhai Qinao Legend at 93.7% and Hangzhou Heyu Guangnianfu at 99.8%[37]. - The company is focusing on high-value projects, such as the Wuxi Xizhang No. 8 project with a planned construction area of 199,508 square meters[39]. - The company is committed to sustainable development, with projects like the Tianjin Vanke Ecological Light emphasizing environmental considerations[39]. - The company’s project in Changchun, the Sunflower Town, has a planned construction area of 351,791 square meters, reflecting its ambition in urban development[39]. Property Services and Revenue - Vanke's property service revenue reached RMB 10.38 billion in the first half of 2021, representing a year-on-year growth of 33.3%[44]. - Residential property service revenue accounted for RMB 5.71 billion, making up 55.0% of total revenue[44]. - The company has expanded its property services to 3,490 projects across 105 major cities, including Hong Kong[44]. - The rental housing business, with a total of 192,000 units, achieved a revenue of RMB 1.319 billion, representing a year-on-year growth of 25.6% and an occupancy rate of 95%[47]. - The commercial business segment reported a revenue of RMB 3.629 billion, a year-on-year increase of 19.0%, with an overall occupancy rate of 92.3%[52]. - The logistics segment achieved a revenue of RMB 1.34 billion, reflecting a significant year-on-year growth of 64%, with high-standard warehouses generating RMB 920 million in revenue[55]. Financial Management and Debt - The company’s net debt ratio stood at 20.2%, with cash and cash equivalents amounting to RMB 195.22 billion, significantly exceeding the total interest-bearing liabilities due within one year of RMB 84.3 billion[19]. - The total interest-bearing debt amounted to RMB 268.71 billion, an increase of RMB 10.19 billion from the beginning of the year, accounting for 13.7% of total assets[64]. - The cash inflow from operating activities was RMB 6.78 billion, with cash and cash equivalents totaling RMB 195.22 billion, significantly exceeding current liabilities of RMB 84.30 billion[66]. - The inventory value at the end of the reporting period was RMB 1,055.61 billion, an increase of 4.7% from the end of 2020[68]. - The group provided guarantees for mortgage loans totaling approximately RMB 210.63 billion, with no significant losses incurred from these guarantees[68]. Corporate Governance and Compliance - The company has established an independent financial accounting department and management system to ensure financial independence from its controlling entities[95]. - The company ensures that all assets related to its operations are independently owned and controlled, complying with regulations from the China Securities Regulatory Commission[101]. - The company commits to prioritizing the interests of the listed company and its subsidiaries in case of potential conflicts due to industry competition, especially while holding at least 20% voting rights in Vanke[103]. - The company will strictly adhere to legal and regulatory requirements in related party transactions, ensuring the independence of the listed company in assets, finance, personnel, and operations[104]. - There were no significant related party transactions during the reporting period, including daily operations and asset or equity acquisitions[111]. - The company reported no major litigation or arbitration matters during the reporting period[109]. - The company and its largest shareholder, Shenzhen Metro Group, have not failed to fulfill court judgments or defaulted on significant debts during the reporting period[109]. Sustainability and Social Responsibility - Vanke achieved a MSCI-ESG BBB rating and was included in the Hang Seng ESG 50 index, reflecting its commitment to sustainable development and corporate social responsibility[92]. - The company donated RMB 200 million during the 630 poverty alleviation event in Guangdong Province, supporting ethnic minority areas and rural revitalization efforts[93]. - Vanke has been actively promoting industrialized construction, reducing energy and material consumption, and has been refining its "5+2" construction system over nearly 20 years[92]. - Eight projects received three-star green building certification, nine projects achieved LEED Gold certification or above, and six projects obtained national healthy building certification during the reporting period[92]. - Vanke is committed to building a green supply chain, integrating environmental principles into supplier management, and promoting green supply chain actions across the real estate industry[92]. Shareholder Information - As of June 30, 2021, the total number of shares issued by the company was 11,625,383,375, with 83.64% being RMB ordinary shares and 16.30% being overseas listed foreign shares[132]. - The total number of shareholders as of June 30, 2021, was 571,126, with 27.63% held by Shenzhen Metro Group[136]. - The company completed the issuance of 7,651,174 new H-shares in August 2021, increasing the total number of H-shares to 1,901,186,842[132]. - The company reported a decrease of 33 million shares held by Shenzhen Metro Group during the reporting period[136]. - The company’s total number of shares with limited sale conditions remained unchanged at 6,643,268[133]. - The total number of shares outstanding as of June 30, 2021, is 11,617,732,201, comprising 9,724,196,533 A shares and 1,893,535,668 H shares[140]. - The largest shareholder, Shenzhen Railway Group, holds 3,209,810,791 A shares, representing 33.01% of the total issued A share capital[142]. - The company has no controlling shareholder or actual controller, and this situation remains unchanged during the reporting period[141].

本報告分別以中英文兩種文字編製，在對本報告（除按國際財務報告準則編製的財務報告外）的理解發生 歧義時，以中文文本為準，按照國際財務報告準則編製的財務報告以英文文本為準。 1. 本公司董事會、監事會及董事、監事、高級管理人員保證2020年度報告（「本報告」或「年度報告」） 所載資料不存在任何虛假記載、誤導性陳述或者重大遺漏，並對其內容的真實性、準確性和完整性 承擔個別及連帶責任。 2. 本報告已經於2021年3月30日召開的第十九屆董事會第六次會議（「本次會議」）審議通過，非執行董 事辛杰先生及唐紹杰先生因公務原因未能親自出席本次會議，授權非執行董事李強強代為出席並行 使表決權。除此之外，其他董事均親自出席了本次會議。 3. 公司2020年度分紅派息預案：以實施分紅派息時股權登記日的總股本為基數，2020年度擬合計派 發現金股息人民幣14,522,165,251.25元（含稅），佔公司2020年本公司股東應佔年度淨利潤的比例 為34.98%，不送紅股，不以權益儲備轉增股本。如以2020年末公司總股份數11,617,732,201股計 算，每10股派送人民幣12.5元（含稅）現金股息，如公司在分紅派息股權登記日之 ...

Financial Performance - For the first half of 2019, the company reported a revenue of RMB 139.32 billion, representing a 32.86% increase compared to RMB 104.86 billion in the same period of 2018[13]. - The gross profit for the first half of 2019 was RMB 50.49 billion, up 42.74% from RMB 35.37 billion in the previous year[13]. - The profit attributable to shareholders for the first half of 2019 was RMB 11.84 billion, a 29.79% increase from RMB 9.12 billion in the same period of 2018[13]. - The basic earnings per share for the first half of 2019 was RMB 1.06, compared to RMB 0.83 in the same period of 2018, marking a 28.77% increase[13]. - The net profit attributable to shareholders was RMB 11.84 billion, with a year-on-year increase of 29.8%[20]. - The total comprehensive income for the period was RMB 20.05 billion, up 46.5% from RMB 13.68 billion in 2018[125]. - The operating profit increased to RMB 41.78 billion, up 45.7% from RMB 28.69 billion year-over-year[123]. - The company reported a net profit for the period of RMB 19.29 billion, a year-on-year increase of 42.6%, with a return on equity of 7.35%[43]. Assets and Liabilities - As of June 30, 2019, total current assets were RMB 1,300.20 billion, a slight increase of 0.39% from RMB 1,295.16 billion at the end of 2018[12]. - The company reported a total liability of RMB 1.16 trillion, compared to RMB 1.12 trillion in the previous year[127]. - The company’s total liabilities as of June 30, 2019, were RMB 1,469,847,024 thousand, reflecting a stable financial position[168]. - The total outstanding balance of the bonds as of the reporting date was 1,750,000,000 CNY[104]. - The company’s total trade payables decreased from RMB 229,597,382 thousand as of December 31, 2018, to RMB 225,534,623 thousand as of June 30, 2019, reflecting a decrease of approximately 1.1%[193]. Cash Flow - The net cash flow from operating activities for the first half of 2019 was RMB 8.85 billion, a significant improvement of 308.06% compared to a negative RMB 4.26 billion in the same period of 2018[13]. - The net cash generated from operating activities was RMB 8,853,111 thousand, a significant improvement from a cash outflow of RMB 4,255,093 thousand in the same period last year[134]. - The company reported a net cash outflow from investing activities of RMB 7,720,692 thousand, a decrease from RMB 48,644,731 thousand in the prior year[134]. Real Estate Development - The real estate sales amount reached RMB 334 billion, showing a year-on-year growth of 9.6%[24]. - The company sold 21.5 million square meters of property, with residential sales accounting for 87.8% of total sales[24]. - The group achieved a settlement area of 8.463 million square meters in the first half of the year, representing a year-on-year increase of 20.7%[26]. - The total settlement revenue reached RMB 132.99 billion, up 33.6% year-on-year, with an average settlement price of RMB 15,715 per square meter in the real estate business[26]. - The company achieved a new construction area of 19.53 million square meters, representing 54.1% of the annual plan[61]. Shareholder Information - The company did not declare any dividends or bonus shares for the interim period[4]. - The company did not distribute dividends or conduct capital reserve transfers during the mid-year report[64]. - The total number of shares increased by 262,991,000, bringing the total shares to 11,302,143,001[87]. - The proportion of unrestricted shares held by foreign investors increased from 11.91% to 13.96%, totaling 1,577,946,468 shares[87]. - The company’s major shareholders include directors and senior management, with specific shareholdings detailed for individuals such as Yu Liang and Wang Wenjin[88]. Corporate Governance - The company ensures compliance with the China Securities Regulatory Commission's regulations regarding the independence of listed companies, committing to not infringe upon the rights of minority shareholders[72]. - The company commits to maintaining the independence of the listed company in terms of assets, finance, personnel, business, and organization, and will not use its shareholder status to harm minority shareholders' rights[74]. - There were no significant related party transactions during the reporting period, including daily operations, asset acquisitions, or joint investments[78]. - The company adhered to all provisions of the corporate governance code during the reporting period[83]. Investment and Financing - The company completed a public issuance of housing rental special corporate bonds in February 2019, raising RMB 2 billion at a coupon rate of 3.65%[89]. - The total proceeds from the H-share placement amounted to approximately HKD 7.81 billion, with a net amount raised per share of HKD 29.72 after costs[89]. - The company plans to use the net proceeds from the H-share placement to repay offshore debt financing by August 2019[89]. - The company has a total bank credit line of 394.05 billion CNY, of which 217.46 billion CNY was utilized[116]. Employee Information - The company reported a total employee count of 112,059 as of June 30, 2019, with an average age of 31.07 years and an average tenure of 2.25 years[103]. - The total employee compensation and benefits accrued during the reporting period amounted to RMB 8 billion[103]. - The real estate development system employed 12,080 individuals, with 89.5% holding a bachelor's degree or higher[103]. Accounting Policies - The company has adopted the revised International Financial Reporting Standard 16 from January 1, 2019, impacting the financial reporting without restating comparative figures[123]. - The adoption of IFRS 16 resulted in the capitalization of operating leases, increasing property, plant, and equipment from RMB 22,645,383 thousand to RMB 22,729,697 thousand as of January 1, 2019[150]. - The company adopted IFRS 16 "Leases" starting from January 1, 2019, using a modified retrospective approach, adjusting the opening equity balance as of that date[138]. Market Outlook - The company plans to continue expanding its market presence and developing new products and technologies to drive future growth[160]. - The group plans to focus on active sales and improving operational performance in response to ongoing economic risks and challenges[52].

Financial Performance - The company achieved a revenue of RMB 297.08 billion, representing a year-on-year increase of 25.17%[19]. - The gross profit for 2018 was RMB 109.95 billion, with a growth rate of 43.31% compared to the previous year[19]. - The net profit attributable to shareholders was RMB 33.77 billion, reflecting a 20.39% increase year-on-year[19]. - The company's cash flow from operating activities showed a significant decline, with a net amount of RMB 33.62 billion, down 59.16% from the previous year[19]. - The total assets at the end of 2018 reached RMB 1.30 trillion, a 27.27% increase from the end of 2017[19]. - The net debt ratio stood at 30.89%, maintaining a low level within the industry[23]. - The company reported a basic earnings per share of RMB 3.06, up 20.39% from RMB 2.54 in 2017[19]. - The company reported a significant increase in unsold resources, with a total of 37.1 million square meters of sold but uncompleted resources valued at approximately RMB 530.71 billion[35]. - The company achieved a net profit of RMB 49.27 billion, representing a year-on-year growth of 32.4%[59]. - The company's revenue from joint ventures and associates was RMB 6.28 billion[59]. Dividend Distribution - The company plans to distribute a total cash dividend of RMB 11,811,892,641.07 for the year 2018, which accounts for 34.97% of the net profit attributable to shareholders[2]. - The total number of shares for dividend calculation is 11,039,152,001, resulting in a cash dividend of RMB 10.7 per 10 shares[2]. - The company will adjust the dividend per share if there are changes in the total number of shares before the dividend record date[2]. Market Trends and Strategic Positioning - The company emphasizes that the real estate market in China is entering a "silver age," with historical highs in sales area and sales amount, but the era of rapid market expansion has ended[8]. - The demographic trends of "declining birth rates" and "aging population" are expected to impact real estate demand, with a significant decrease in the population of post-90s and post-00s generations[8]. - The company highlights the importance of detailed demographic analysis to understand the long-term issues in the real estate market[8]. - Vanke aims to establish six billion-level businesses to recreate its current scale, acknowledging the challenges of transitioning from a real estate development focus[10]. - The company has upgraded its strategic positioning to "urban-rural construction and life service provider" to adapt to changing customer needs and market dynamics[10]. - Vanke emphasizes the importance of maintaining a solid "basic plate" in 2019, focusing on customer-centricity and cash flow as foundational principles for sustainable development[12]. - The company recognizes the shift from a "golden era" to a highly competitive environment, necessitating a departure from familiar territories into new areas[12]. - Vanke's strategy for 2019 includes avoiding speculation and focusing on creating real value through partnerships and customer-oriented services[12]. - The competitive landscape is intensifying, with a clear trend towards increased industry concentration and the need for differentiation among major players[10]. Operational Efficiency and Future Plans - The company aims to focus on core business areas, enhance operational efficiency, and improve customer service through technology in its future development strategy[91]. - The company plans to enhance the operational performance of existing projects and improve brand influence in the commercial sector[93]. - The logistics business will focus on optimizing customer structure and improving rental capabilities to ensure project profitability[93]. - The company is committed to developing competitive snow resort services and enhancing customer loyalty in its snow business[93]. - The group plans to start new construction projects covering an area of 36.09 million square meters in 2019, with an estimated completion area of 30.77 million square meters[94]. - The company aims to optimize operational efficiency by actively selling and collecting payments, while also reducing long-term inventory[94]. - The company is focusing on cautious investment strategies, ensuring a sufficient safety margin in investment calculations to maintain investment quality[94]. - The company is expanding its resource acquisition channels and is open to mergers and acquisitions to obtain quality resources[94]. - The company is implementing a comprehensive upgrade of its product system, promoting "Industrialization 2.0" to enhance construction capabilities[96]. - The company is increasing the application of technological products and innovative technologies across various business scenarios to improve operational efficiency and reduce costs[96]. Risk Management - The report indicates that the company is aware of the risks it faces and has outlined corresponding measures in the governance report[2]. - The company has established a risk prevention system tailored to business characteristics to mitigate major risks, particularly low-probability high-risk events[97]. - The company is focusing on organizational restructuring and matching personnel to enhance organizational capability and efficiency[97]. Social Responsibility - The company actively contributed to social responsibilities, including poverty alleviation and environmental protection initiatives[23]. Real Estate Market Insights - In 2018, the top 3 real estate developers in China, including Vanke, captured 12.6% of the market share, while the top 10 accounted for 26.9%, and the top 100 developers held 66.7% of the market[10]. - The real estate market in China saw a slowdown, with national commodity housing sales area growing by only 1.3% in 2018, a decrease of 6.4 percentage points from 2017[25]. - The average settlement price for real estate business was RMB 12,961 per square meter, up from RMB 11,496 per square meter in the previous year[35]. - The company's market share in the national commodity housing market rose to 4.05% in 2018, up from 3.96% in 2017[33]. - The sales area reached 40.38 million square meters, with a sales amount of RMB 606.95 billion, increasing by 12.3% and 14.5% respectively[33]. Project Development and Construction - The company has a total planned construction area of 2,000,000 square meters across various projects, with a completion area of 1,500,000 square meters by the end of 2018[120]. - The company plans to start construction on 145,756 square meters in 2019 across various projects[120]. - The company has a total of 1,200,000 square meters of completed area across various projects, with a completion rate of approximately 75%[105]. - The company has a significant project in Zhongshan with a total area of 830,525 square meters, of which 145,265 square meters have been completed[105]. - The company has a project in Foshan with a completion area of 171,142 square meters, indicating strong market demand in the region[105]. - The company has a project in Xiamen with a completion area of 86,644 square meters, reflecting its ongoing development efforts[105].