Core Viewpoint - Vanke is facing significant challenges with a debt burden of over 362.93 billion yuan, and the recent retirement of its long-serving chairman, Yu Liang, marks a pivotal transition in the company's leadership and strategy [1][14]. Group 1: Leadership Changes - Yu Liang has retired from all positions at Vanke as of January 8, 2025, after 36 years with the company, starting from the securities department to becoming the chairman [1][16][18]. - Unlike previous high-level resignations at Vanke, the announcement of Yu Liang's retirement did not include any expressions of gratitude for his contributions, which is considered unusual [3][4][19]. - Yu Liang's departure signifies the end of the "Yu Liang era" and the transition to a new phase under the influence of state-owned enterprises [14][29]. Group 2: Financial Situation - As of the end of Q3 2025, Vanke's total interest-bearing debt reached 362.93 billion yuan, with 151.39 billion yuan due within one year, while cash reserves stood at only 65.68 billion yuan, resulting in a cash-to-short-term debt ratio of 0.43, significantly below the safety line [14][29]. - Vanke is facing imminent debt obligations, with nine bonds maturing in 2025, of which seven are domestic bonds, and the approval rate for the extension plan of "22 Vanke MTN004" was only 20.2% [14][29]. - Despite receiving nearly 30 billion yuan in financial support from its major shareholder, Shenzhen Metro Group, Vanke continues to struggle with debt pressures and has been downgraded to "junk" status by international rating agencies [14][29].

Group 1 - The core point of the news is the retirement of Vanke's executive vice president, Yu Liang, after 36 years with the company, marking a significant leadership change [1] - Yu Liang held 7.3949 million shares of Vanke, valued at over 36 million yuan based on the closing price on January 8 [1] - During his tenure, Yu Liang led Vanke through significant growth, increasing sales from 6.3 billion yuan in 2001 to over 529.9 billion yuan in 2017, while establishing key operational principles [1] Group 2 - Vanke is currently facing a decline in performance, with projected revenues decreasing from 503.84 billion yuan in 2022 to 343.176 billion yuan in 2024, and a shift from profit to loss with net profits dropping to -49.478 billion yuan in 2024 [2] - In the first three quarters of 2025, Vanke reported a revenue of 161.39 billion yuan, a year-on-year decrease of 26.6%, and a net loss of 28.02 billion yuan, a decline of 83% [2] - The company is under significant debt pressure, with approximately 21.798 billion yuan in outstanding domestic debt and a notable short-term repayment gap due to 151.39 billion yuan of debt maturing within a year against only 65.68 billion yuan in cash [3]

Core Insights - The article discusses the ongoing issues faced by Shenzhen's rental management company, "泊寓," particularly related to its "万村计划" project, which has led to significant tenant relocations due to unpaid rent by the managing company [1][2][4]. Group 1: Company Operations - "泊寓" is currently in the process of withdrawing from certain properties, primarily those associated with the "万村计划," due to severe rent discrepancies, with an estimated 30,000 to 40,000 units affected [2][4]. - The company has provided tenants with three options: renew their lease directly with the landlord, relocate to another "泊寓" property with incentives, or terminate their lease with compensation [3][4]. - "万村计划" was initiated by Shenzhen Vanke in 2016, aiming to upgrade and manage urban village properties, with a total of 70,000 to 80,000 units signed by the end of 2018 [4][10]. Group 2: Financial Performance - "泊寓" reported a net profit of 31.94 million yuan in 2024, but incurred a loss of 88.81 million yuan from January to November 2025, primarily due to the "万村计划" properties entering a rent increase cycle [7][9]. - The company has been facing challenges due to a rental model that requires continuous payments to landlords, leading to financial strain when rental prices are not adjusted accordingly [7][11]. - As of September 2025, "泊寓" managed 280,000 units across 29 cities, with 204,000 units operational, marking a significant scale in the centralized apartment sector [9][12]. Group 3: Market Dynamics - The rental market in Shenzhen has seen an increase in supply, prompting "泊寓" to implement limited price adjustments to maintain occupancy rates [8]. - The company has shifted towards a light-asset model, collaborating with local governments and enterprises to enhance operational efficiency and reduce dependency on Vanke [11][12]. - "泊寓" has also engaged in asset securitization to convert some of its heavy assets into liquid capital, indicating a strategic pivot in its operational approach [12].

来源：环球网 【环球网综合报道】1月8日，万科企业股份有限公司发布关于董事、执行副总裁辞任的公告。 公告显示，因到龄退休，郁亮于2026年1月8日向万科企业股份有限公司董事会提交了书面辞职报告，申 请辞去公司董事、执行副总裁职务。辞去上述职务后，郁亮将不再担任公司任何职务。 万科表示，根据《万科企业股份有限公司章程》等规定，郁亮的辞职报告自送达公司董事会之日起生 效。郁亮已确认与公司董事会无任何意见分歧，亦无其他事项需提请公司股东、债权人、深圳证券交易 所或香港联合交易所有限公司关注。郁亮的辞职不会导致公司董事会成员低于法定人数，不会影响公司 董事会的正常运作和公司的日常经营。公司董事会将按照法定程序尽快完成董事的补选工作。 图源：万 科 ...

Group 1 - The retirement of Yu Liang marks the end of an era in the real estate industry, transitioning from the "golden age" to the "black iron age" [1][2] - Yu Liang, who has been with Vanke since the age of 25, has held various positions including Secretary, Vice President, and President, ultimately taking over from Wang Shi in 2017 [1] - Vanke reported a net loss of 16.069 billion yuan in the third quarter of 2025, indicating ongoing financial struggles [2] Group 2 - Vanke is currently facing a critical situation regarding debt extension, with a creditors' meeting scheduled for January 21, just a week before the grace period ends on January 28 [2] - The announcement of Yu Liang's retirement did not include customary acknowledgments of his contributions, highlighting a potential shift in company culture [2]

冥冥之中，自有天命。 有些传闻只是传闻，很多传闻会成真，当传闻成真的时候，却也不意外。 01 1月8日，万科公告，郁亮到龄辞任万科执行副总裁。 郁亮生于1965年，今年61岁，今年是加入万科的第36年。以北大毕业生的光鲜履历南下，第一站是深圳 外贸集团，此后离职加入万科。巧合的是，原万科董事长辛杰从沈阳工业大学毕业南下，在深圳的第一 站，也是深圳外贸集团。 郁亮后来加入万科，从证券事务部起，直至接班王石，先后出任CEO、董事局主席，又在中年瘦身成 功，成为健康运动达人，职场成就与个人魅力兼具，一时为人追捧，成为"个人奋斗成为精英"的最好诠 释。 关于此番辞任，我们无意推测，其实也无须推测。很多答案就在谜题本身之中。 郁亮的成长经历，已大为人所熟知，此时回顾，没有太大意义。倒是他在万科走向前台，尤其是在历经 万宝之争王石退任接获权杖之后，万科经营战略和风格发生的变化值得思考。 郁亮主政万科期间，销售规模、资产规模快速增长，虽然"第一"被碧桂园、恒大超越，但在企业地位 上，仍是老大；同样是在他主政期间，万科资本运作、资产交易的数量和规模明显增大，有多宗堪 称"漂亮"的资产买卖。正是在此期间，跟投制、"合伙人制"都 ...

Group 1: Industry Developments - The Chinese government is taking steps to regulate the rapidly growing power and energy storage battery industry, addressing issues such as irrational competition and blind construction that disrupt market order and sustainability [1] - The Ministry of Industry and Information Technology, along with other regulatory bodies, held a meeting to discuss the competitive order in the battery industry, emphasizing the need for governance to ensure sustainable development [1] - The solar photovoltaic industry is facing scrutiny from the market regulator, which has issued corrective measures to prevent monopolistic practices among major companies [2] Group 2: Company News - China Petroleum and Chemical Corporation (Sinopec) and China Aviation Oil have been approved for a merger, which is expected to enhance their competitive edge and reduce aviation fuel supply costs [5] - Vanke's executive vice president, Yu Liang, is retiring, marking the end of a 35-year career with the company, but this will not affect the board's operations or the company's daily business [10] - Minimax raised HKD 4.8 billion in its IPO, with a subscription rate of 1,837.17 times for retail investors, indicating strong market interest in AI-related companies [12] - Anta Sports has made an offer to acquire a 29% stake in Puma from the Pinault family, which would make Anta the largest single shareholder if successful [13] - Glencore and Rio Tinto have resumed talks for a potential merger, which could create the world's largest mining company valued at over USD 260 billion [13]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Among the bonds with discounted transactions, "24 Chanrong 08" had a relatively large deviation in bond valuation price. Among the bonds with rising net prices, "22 Vanke 02" had a prominent deviation in valuation price. Among the Tier 2 and perpetual bonds with rising net prices, "25 ABC Tier 2 Capital Bond 04B(BC)" had a relatively large deviation in valuation price; among the senior unsecured bonds with rising net prices, "25 ABC TLAC Non - Capital Bond 02C(BC)" had a prominent deviation in valuation price. Among the bonds with a transaction yield higher than 5%, real - estate bonds ranked high [2]. - The changes in credit bond valuation yields were mainly distributed in the [-5,0) interval. The transaction terms of non - financial credit bonds were mainly distributed within 0.5 years, and the proportion of discounted transactions for bonds with terms between 0.5 and 1 year was the highest; the transaction terms of Tier 2 and perpetual bonds were mainly distributed between 4 and 5 years, and the proportion of discounted transactions for bonds within 1 year was the highest. By industry, the bonds in the light manufacturing industry had the largest average deviation in valuation price [2]. Summary by Relevant Catalogs Discounted Transaction Tracking - Bonds such as "24 Chanrong 08", "24 Chanrong 06", etc. in the non - banking finance industry had relatively large deviations in valuation price, with deviations ranging from - 1.17% to - 0.82%. Bonds like "20 Boshui 02" in the agriculture, forestry, animal husbandry and fishery industry and "25 Qingcheng 09" in the urban investment industry also had certain deviations in valuation price [4]. Tracking of Bonds with Rising Net Prices - Real - estate bonds such as "22 Vanke 02", "22 Vanke 06" etc. had a valuation price deviation of 3.98%. Bonds in the banking industry like "25 ABC Tier 2 Capital Bond 04B(BC)" and "25 ABC TLAC Non - Capital Bond 02C(BC)" also had certain deviations in valuation price [6]. Tracking of Tier 2 and Perpetual Bond Transactions - Bonds such as "25 ABC Tier 2 Capital Bond 04B(BC)", "24 Fudian Bank Tier 2 Capital Bond 01" etc. had different degrees of deviation in valuation yield, with deviations ranging from - 5.35bp to - 0.56bp [8]. Tracking of Senior Unsecured Bond Transactions - Bonds such as "25 ABC TLAC Non - Capital Bond 02C(BC)", "25 CITIC Baixin Bank Small and Micro - enterprise Bond 01" etc. had deviations in valuation yield, with deviations ranging from - 1.46bp to - 0.58bp [10]. Tracking of Bonds with a Transaction Yield Higher than 5% - Real - estate bonds such as "22 Vanke 02", "22 Vanke 06" etc. and non - banking finance bonds like "23 Chanrong 05", "23 AVIC Chanrong MTN001 (Science and Technology Innovation Note)" had a transaction yield higher than 5% [11]. Distribution of Credit Bond Valuation Deviations on the Day - The changes in credit bond valuation yields were mainly distributed in the [-5,0) interval [2]. Distribution of Non - financial Credit Bond Transaction Terms on the Day - The transaction terms of non - financial credit bonds were mainly distributed within 0.5 years, and the proportion of discounted transactions for bonds with terms between 0.5 and 1 year was the highest [2]. Distribution of Tier 2 and Perpetual Bond Transaction Terms on the Day - The transaction terms of Tier 2 and perpetual bonds were mainly distributed between 4 and 5 years, and the proportion of discounted transactions for bonds within 1 year was the highest [2]. Discounted Transaction Proportion and Transaction Scale of Non - financial Credit Bonds by Industry - The bonds in the light manufacturing industry had the largest average deviation in valuation price [2].

#万科郁亮辞职#【万科A：郁亮申请辞去公司董事、执行副总裁职务】#万科董事执行副总裁郁亮辞职# 万科A公告，因到龄退休，郁亮向董事会提交了书面辞职报告，申请辞去公司董事、执行副总裁职务。 辞去上述职务后，郁亮将不再担任公司任何职务。 （一财） vanke 万科企业股份有限公司 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。 因到龄退休,郁亮先生于2026年1月8日向万科企业股份有限公司(以下简称 "公司")董事会提交了书面辞职报告,申请辞去公司董事、执行副总裁职务。辞去 上述职务后,郁亮先生将不再担任公司任何职务。 根据《万科企业股份有限公司章程》等规定,郁亮先生的辞职报告自送达公司董 事会之日起生效。郁亮先生已确认与公司董事会无任何意见分歧,亦无其他事项需提 请公司股东、债权人、深圳证券交易所或香港联合交易所有限公司关注。郁亮先生的 辞职不会导致公司董事会成员低于法定人数,不会影响公司董事会的正常运作和公司 的日常经营。公司董事会将按照法定程序尽快完成董事的补选工作。 截至本公告披露日,郁亮先生持有公司股票 7.394.945 股。本次辞职生效后,郁 亮先生将继 ...

截至2026年1月8日，郁亮持有万科股票约739.5万股。（中经记者 陈婷 深圳报道） #万科郁亮退休#【万科郁亮辞职】1月8日晚间，万科（000002.SZ）公告因到龄退休，郁亮于当日向万 科董事会提交了书面辞职报告，申请辞去公司董事、执行副总裁职务。辞去上述职务后，郁亮将不再担 任公司任何职务。 ...