万科表示，上半年公司保持生产经营稳定，按期保质完成了超4.5万套房的交付；实现销售金额 691.1亿元，回款率超过100%，多地项目开盘去化率超80%；实现大宗交易签约金额64.3亿元。 7月14日晚，万科发布2025年中期业绩预告称，预计上半年归属于上市公司股东的净利润亏损100 亿元-120亿元，上年同期亏损98.52亿元；扣除非经常性损益后的净利润为亏损95亿元-115亿元， 上年同期亏损76.13亿元；基本每股收益为亏损0.8433元/股-1.0120元/股，上年同期为亏损0.8309 元/股。 对于亏损原因，万科表示，一是房地产开发项目结算规模显著下降，毛利率仍处低位；二是结合行 业、市场和经营环境变化，考虑到业务风险敞口升高，新增计提了资产减值；三是部分大宗资产交 易和股权交易价格低于账面值。 "公司对业绩亏损深表歉意。"万科在公告中表示，接下来，将全力以赴推进经营改善，通过战略聚 焦、经营提振、管理提升、科技赋能、融合发展等措施，推动业务布局优化和结构调整，促进开发 业务回归良性循环，经营服务业务稳步增长，加快构建适应房地产新模式的核心能力，持续为客户 提供"好房子""好服务""好社区"，推动公 ...

Core Viewpoint - The company is forecasting a significant loss for the first half of 2025, with a net profit loss estimated between 10 billion to 12 billion yuan, indicating a year-on-year increase in losses [1]. Group 1: Reasons for Loss - The primary reason for the anticipated loss is a notable decline in the scale of real estate project settlements, with gross profit margins remaining low [2]. - The company has increased asset impairment provisions due to heightened business risk exposure, considering changes in the industry, market, and operational environment [3]. - Some large asset and equity transactions were executed at prices below their book values [4]. Group 2: Operational Performance - Despite the losses, the company maintained stable production and operations, successfully delivering over 45,000 housing units and achieving sales of 69.11 billion yuan with a repayment rate exceeding 100% [4]. - The company signed large transactions worth 6.43 billion yuan and generated 5.75 billion yuan through asset revitalization, having revitalized a total of 64 projects since 2023, with a total saleable value of approximately 78.5 billion yuan [4]. - The operational service sector continues to show growth, maintaining a leading position in industry sub-segments [4]. Group 3: Financial Management - The company received support from various financial institutions to expedite debt risk resolution, securing 24.9 billion yuan in new financing and refinancing in the first half of the year [4]. - The company successfully repaid 16.49 billion yuan in public debt and has no foreign public debt maturing before 2027 [4]. Group 4: Future Strategy - The company expressed deep regret over the anticipated losses and is committed to improving operations through strategic focus, operational enhancement, management improvement, technological empowerment, and integrated development [4]. - The aim is to optimize business layout and structure, promote a healthy cycle in development business, ensure steady growth in operational service business, and build core capabilities that adapt to the new real estate model [4].

Core Viewpoint - The real estate market in Shenyang is experiencing a strong recovery in 2025, driven by the introduction of high-efficiency housing with high usable area ratios, which has become a significant trend among leading property developers [1][7]. Market Activation - Multiple new residential projects have been launched across Shenyang in the first half of 2025, including notable developments such as润启·和平里, 万科·雲樾, and 招商·璀璨映澜, indicating a revitalization of the market [3][5]. - Existing popular projects are also accelerating their new offerings, contributing to a previously absent active supply side in the market [3]. Demand Evidence - The demand side is reflected in the strong sales performance of new projects, with 招商·璀璨映澜 achieving sales of 1.6 billion and 华润中寰悦府 maintaining a leading position in sales rankings for nine consecutive months [5][11]. - The introduction of high-efficiency housing has effectively activated improvement demand among buyers, marking a significant transformation in the real estate market [7]. Product Upgrade - The concept of high usable area ratios in housing is likened to technological upgrades in electronic products, where consumers are willing to pay for tangible improvements in living space and efficiency [9][11]. - The shift from traditional high public area ratios (approximately 25% in 2021) to high usable area ratios in new products allows buyers to maximize their living space, enhancing the value perception of their investments [17]. Comparative Analysis - A direct comparison between 2021 and 2025 housing products shows that the new high usable area ratio units offer significantly larger usable spaces, with living room widths increasing from 4 meters to 5.5 meters, providing a more spacious living experience [18][19]. - The increase in bedroom sizes and overall comfort levels further emphasizes the advantages of high usable area ratio products, which are crucial for driving market interest and sales in 2025 [19]. Market Transformation - The 2025 Shenyang real estate market is characterized by a product revolution that breaks the previous market stagnation, highlighting the importance of high-quality housing in the ongoing market restructuring [19].

Group 1: Housing Policy in Qingdao - Qingdao has introduced a new housing policy to support "old-for-new" housing exchanges, allowing second-hand homes under 20 years old to be replaced with new homes of greater area or total price [1] - The policy includes independent evaluations of old home prices by three agencies, with a city-level financial subsidy of 30,000 yuan per unit for buyers [1] - This initiative aims to alleviate the "difficulties in selling old homes" for buyers and promote a healthy cycle in the real estate market, benefiting both the housing market and residents [1] Group 2: Land Acquisition by China Merchants Shekou - China Merchants Shekou won a residential land bid in Shenzhen for 2.155 billion yuan, setting new records for floor price and premium rate in the city [2] - The land acquisition is expected to enhance the company's regional presence and brand influence, reflecting the recognition of core location values by leading real estate firms [2] Group 3: China State Construction's ABS Plan - China State Construction's 30 billion yuan asset-backed securities (ABS) plan has been approved, aimed at optimizing its financing structure and accelerating capital turnover [3] - This approval is anticipated to boost confidence in the supply chain finance model and promote a healthy financial cycle within the industry [3] Group 4: Vanke's Bond Repayment - Vanke announced the repayment of its 30 billion yuan green medium-term notes, with a scheduled repayment date of July 21, 2025, and an interest rate of 3.0% [4] - Timely repayment reflects Vanke's financial stability and is expected to enhance market credibility, contributing positively to the overall real estate sector [4] Group 5: Greenland Hong Kong's Stock Performance - Greenland Hong Kong's stock has surged over 90% in six consecutive trading days, driven by the company's recent licensing updates for virtual asset-related businesses [5] - This surge indicates a market re-evaluation of the digital transformation value in the real estate sector, providing new debt resolution pathways for firms [5]

Core Viewpoint - Vanke is expected to report a net loss of 10 billion to 12 billion yuan for the first half of 2025, indicating a worsening financial situation compared to the previous year's loss of approximately 9.85 billion yuan [1][3]. Financial Performance - For the first half of 2025, Vanke's sales revenue reached 69.1 billion yuan, with over 45,000 housing units completed on schedule, and a sales collection rate exceeding 100% [3]. - The company reported a significant decline in the scale of real estate project settlements and maintained a low gross profit margin [3]. Loss Drivers - The primary reasons for the anticipated losses include a notable decrease in the scale of real estate project settlements, increased asset impairment provisions due to heightened business risk exposure, and some large asset and equity transactions being priced below book value [3]. Operational Stability - Despite the losses, Vanke maintained stable operations, achieving a signed amount of 6.43 billion yuan in large transactions and generating 5.75 billion yuan through asset revitalization [3]. - The company has revitalized 64 projects since the beginning of 2023, with a total saleable value of approximately 78.5 billion yuan, resulting in over 20 billion yuan in new sales [3]. Debt Management - Vanke is progressing with debt repayment, having received support from various financial institutions, and all public debts were repaid on time in the first half of 2025, with no foreign public debts maturing before 2027 [3]. Strategic Developments - Vanke is advancing its integration with its major shareholder, Shenzhen Metro Group, to leverage both parties' resources and create a new urban service ecosystem with diverse scenarios and business types [3]. - Following a strategic partnership in the long-term rental apartment sector, Vanke and Shenzhen Metro have launched a pilot project for autonomous delivery via subway, enhancing delivery efficiency through technology [4].

Core Viewpoint - Vanke is expected to report a significant net profit loss of 10 billion to 12 billion yuan for the first half of 2025, continuing its trend of losses from the previous year [2] Group 1: Financial Performance - The net profit loss attributable to shareholders is projected to be between 10 billion and 12 billion yuan, compared to a loss of 9.852 billion yuan in the same period last year [2] - The net profit loss after excluding non-recurring gains and losses is expected to be between 9.5 billion and 11.5 billion yuan, compared to a loss of 7.613 billion yuan in the previous year [2] - The basic earnings per share are projected to be a loss of 0.8433 to 1.0120 yuan, compared to a loss of 0.8309 yuan in the same period last year [2] Group 2: Reasons for Loss - The company cites a significant decrease in the scale of real estate project settlements and low gross profit margins as primary reasons for the losses [2] - Increased asset impairment provisions were made due to heightened business risk exposure in light of industry and market changes [2] - Some large asset and equity transaction prices fell below their book values, contributing to the losses [2] Group 3: Operational Highlights - Despite the losses, the company successfully delivered over 45,000 housing units and achieved sales of 69.11 billion yuan, with a repayment rate exceeding 100% [3] - The company signed large transactions worth 6.43 billion yuan and revitalized 64 projects, involving a total saleable value of approximately 78.5 billion yuan [3] - Vanke has raised and refinanced 24.9 billion yuan in the first half of the year and has completed 16.49 billion yuan in public debt repayment, with no foreign public debt due before 2027 [3]

Core Viewpoint - Vanke expects a significant net profit loss for the first half of 2025, primarily due to decreased project settlement scale, increased asset impairment provisions, and lower transaction prices for major assets [2][3]. Financial Performance - The projected net profit loss for the period is between 10 billion to 12 billion yuan, with a loss of 9.5 billion to 11.5 billion yuan after excluding non-recurring items [2]. - Basic earnings per share are expected to be a loss of 0.8433 to 1.01 yuan [2]. - The company achieved sales of 69.11 billion yuan with a repayment rate exceeding 100% [2]. Operational Highlights - Vanke delivered over 45,000 housing units on schedule and completed significant transactions, including 6.43 billion yuan in bulk trading [2]. - The company has revitalized 64 projects since the beginning of 2023, with a total saleable value of approximately 78.5 billion yuan [2]. Strategic Initiatives - Vanke is focusing on operational improvement through strategic focus, management enhancement, and technology empowerment to optimize business layout and structure [3]. - The company has seen strong sales in new projects across multiple cities, with some projects achieving over 80% sales rates [3]. Business Segments - The long-term rental apartment business leads the industry in scale and efficiency, with an occupancy rate exceeding 93% and a gross operating profit margin close to 90% [3]. - Vanke's commercial business is experiencing steady growth in foot traffic and sales, providing services to well-known institutional owners [3]. Asset Management and Development - The company is accelerating the establishment of asset exit channels, including asset securitization, and has made progress with the Pre-REIT fund [4]. - Vanke is enhancing collaboration with its major shareholder, Shenzhen Metro Group, to leverage resources and create a new urban service ecosystem [4].

Performance Forecast - The company expects a net loss for the first half of 2025, with projected losses ranging from 1,000 million to 1,200 million yuan, compared to a loss of 985.25 million yuan in the same period last year [1] - The expected net loss after deducting non-recurring gains and losses is projected to be between 950 million and 1,150 million yuan, compared to a loss of 761.30 million yuan in the previous year [1] - Basic earnings per share are anticipated to be a loss between 0.8433 yuan and 1.0120 yuan, compared to a loss of 0.8309 yuan per share last year [1] Reasons for Loss - The significant decline in the scale of real estate project settlements and low gross profit margins are primary reasons for the expected losses [1] - Increased asset impairment provisions due to heightened business risk exposure in response to changes in the industry, market, and operational environment [1] - Some major asset and equity transactions are expected to be priced below their book values [1] Operational Highlights - The company successfully delivered over 45,000 housing units during the reporting period [1] - Sales amounted to 69.11 billion yuan, with a collection rate exceeding 100% [1] - The company has revitalized 64 projects since the beginning of 2023, involving a saleable value of approximately 78.5 billion yuan [1] - The overall performance of operational service businesses remains strong, maintaining a leading position in industry segments [1] Financial Management - The company received support from various financial institutions, accelerating debt risk resolution [1] - New financing and refinancing amounted to 24.9 billion yuan (excluding shareholder loans) during the reporting period [1] - The company successfully repaid 16.49 billion yuan in public debt, with no foreign public debt maturing before 2027 [1]

Core Viewpoint - Vanke reported a strong performance in the first half of the year with sales revenue reaching 69.1 billion and a repayment rate exceeding 100% [1] Group 1: Sales Performance - The company achieved sales revenue of 69.1 billion [1] - Over 45,000 units were delivered during the period [1] - The sales repayment rate surpassed 100% [1] - Many projects in various locations had a sales absorption rate exceeding 80% [1] Group 2: Innovation and Collaboration - Vanke, in collaboration with Shenzhen Metro and its subsidiary Vanke Logistics, launched the world's first pilot for "robotic autonomous delivery via subway" [1] - This initiative utilizes idle time and space in Shenzhen's subway system for unmanned delivery to subway merchants [1] Group 3: Support and Risk Management - The company has been able to stabilize its operations with strong support from major shareholders and other parties [1] - The support from major shareholders includes not only financial backing but also synergistic business collaboration [1] - This collaboration has enhanced confidence in Vanke from various stakeholders [1]

Core Viewpoint - The collaboration between Shenzhen Metro Group and Vanke marks the launch of the world's first autonomous logistics delivery system using robots on public subway systems, showcasing innovation in technology application and urban service ecosystems [1][2]. Group 1: Innovation in Logistics - The pilot project involves a cartoon robot that autonomously navigates the subway to deliver goods to 7-Eleven stores, addressing the challenges of traditional ground delivery methods [1][2]. - The intelligent scheduling system developed by Vanke's subsidiary, Wanwei Logistics, analyzes various factors such as daily orders, locations, and real-time subway capacity to optimize delivery routes [2]. - It is estimated that only 41 robots are needed to meet the peak delivery demands of all 7-Eleven stores in Shenzhen's subway system [2]. Group 2: Strategic Collaboration - The partnership between Shenzhen Metro and Vanke represents a strategic integration and business synergy, enhancing operational efficiency in subway commerce and accelerating Vanke's logistics transformation [3]. - Vanke's mid-year report anticipates a sales revenue of 69.1 billion yuan, with a sales collection rate exceeding 100%, indicating strong financial health [3]. - Vanke has successfully revitalized 64 projects in 2023, releasing approximately 78.5 billion yuan in saleable value, contributing to over 20 billion yuan in new sales [3]. Group 3: Business Performance - Vanke's long-term rental apartment business maintains industry-leading scale and efficiency, with an occupancy rate exceeding 93% [4]. - The company has established a Pre-REIT fund, collaborating with institutions like CITIC to acquire projects, transitioning its business model from heavy to light [5]. - The integration of various business models, including long-term rentals and innovative logistics solutions, is creating a new urban service ecosystem [5].