万科企业股份有限公司董事会 关于独立董事独立性自查情况的专项评估意见 根据中国证券监督管理委员会《上市公司独立董事管理办法》《深圳证券交 易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等要求，并结合 独立董事独立性自查情况，万科企业股份有限公司（以下简称"公司"）董事会 对现任独立董事廖子彬、林明彦、沈向洋、张懿宸的独立性情况进行评估并出具 如下专项意见： 万科企业股份有限公司 董事会 二〇二六年三月三十一日 经核查独立董事廖子彬、林明彦、沈向洋、张懿宸的任职经历及个人签署的 相关文件，上述四位独立董事未在公司担任除独立董事及董事会专业委员会委员 以外的其他职务，亦未在公司的主要股东单位担任任何职务，与公司以及主要股 东之间不存在直接或间接的利害关系，或者其他可能影响其进行独立客观判断的 关系，符合《上市公司独立董事管理办法》《深圳证券交易所上市公司自律监管 指引第 1 号——主板上市公司规范运作》等规则中对于独立董事独立性的相关要 求。 ...

万科企业股份有限公司 2025 年度独立董事述职报告 （沈向洋） 作为万科企业股份有限公司（以下简称"公司"）独立董事，本人按照《公 司法》、《上市公司独立董事管理办法》有关法律、法规及《万科企业股份有限 公司章程》（以下简称"《公司章程》"）等规定勤勉履职，切实维护公司整体 利益和全体股东特别是中小股东的合法权益。现将本人 2025 年 1 月至 2025 年 12 月（以下简称"任职期间"）履行独立董事职责的主要情况报告如下： 一、个人基本情况 （一）个人履历 本人现为公司独立董事、薪酬与提名委员会召集人，香港科技大学校董会主 席、粤港澳大湾区数字经济研究院理事长、清华大学高等研究院双聘教授。本人 于 1996 年获得卡内基梅隆大学计算机学院机器人专业博士学位，历任微软亚洲 研究院院长、微软全球副总裁和微软全球执行副总裁，主管微软技术与研发部并 主要负责推动微软中长期总体技术战略、策略以及前瞻性研究与开发工作。本人 是美国国家工程院外籍院士、英国皇家工程院外籍院士。本人目前兼任美团和网 易有道的独立非执行董事，曾任东方明珠新媒体股份有限公司独立董事。 （二）独立性情况 1 任职期间内，公司第二十届董事会共 ...

万科企业股份有限公司 2025 年度独立董事述职报告 （廖子彬） 作为万科企业股份有限公司（以下简称"公司"）独立董事，本人按照《公 司法》、《上市公司独立董事管理办法》有关法律、法规及《万科企业股份有限 公司章程》（以下简称"《公司章程》"）等规定勤勉履职，切实维护公司整体 利益和全体股东特别是中小股东的合法权益。现将本人 2025 年 1 月至 2025 年 12 月（以下简称"任职期间"）履行独立董事职责的主要情况报告如下： 一、个人基本情况 本人具备《上市公司独立董事管理办法》《香港联合交易所有限公司证券上 市规则》等法律法规及《公司章程》所要求的独立性，并按照监管规则进行了独 立性自查，不存在影响独立性的情况。作为公司独立董事，本人不在公司兼任除 董事会专业委员会委员外的其他职务，与公司及其主要股东不存在直接或者间接 1 利害关系，或者其他可能妨碍本人进行独立客观判断的关系，独立履行职责，不 受公司及其主要股东等单位或个人的影响。 二、年度履职概况 （一）董事会及股东会 任职期间内，公司第二十届董事会共召开 17 次会议，本人对董事会各项议 案均投出了同意票，不存在投出反对票、弃权票的情况。董事会共 ...

本人担任公司独立董事、审计委员会委员、薪酬与提名委员会委员。本人 1985 年获得英国伯明翰大学机械工程及经济科学学士学位，2002 年修毕哈佛大 学商学院的高级管理课程。本人在中国及新加坡的房地产开发及投资领域拥有丰 富经验，曾于凯德集团有限公司（"凯德集团"，新加坡证券交易所上市公司，股 份代码：C31；美国场外电子交易系统（OTCBB）股份代码：CLLDY））任职超 22 年，历任该公司首席运营官、总裁兼首席执行官，也曾担任凯德集团旗下多 家子公司之重要职务，包括任凯德集团旗下的雅诗阁有限公司执行总裁，以及凯 德置地中国控股私人有限公司之行政总裁。本人目前兼任 Sembcorp Industries Ltd （新加坡证券交易所上市公司，股份代码：U96）非执行兼首席独立董事，曾任 建业地产股份有限公司（联交所上市公司，股份代码：0832）之非执行董事。 （二）独立性情况 万科企业股份有限公司 2025 年度独立董事述职报告 （林明彦） 作为万科企业股份有限公司（以下简称"公司"）独立董事，本人按照《公 司法》、《上市公司独立董事管理办法》有关法律、法规及《万科企业股份有限 公司章程》（以下简称"《公司章 ...

2025 年度独立董事述职报告 （张懿宸） 作为万科企业股份有限公司（以下简称"公司"）独立董事，本人按照《公 司法》、《上市公司独立董事管理办法》有关法律、法规及《万科企业股份有限 公司章程》（以下简称"《公司章程》"）等规定勤勉履职，切实维护公司整体 利益和全体股东特别是中小股东的合法权益。现将本人 2025 年 1 月至 2025 年 12 月（以下简称"任职期间"）履行独立董事职责的主要情况报告如下： 一、个人基本情况 万科企业股份有限公司 （一）个人履历 2020 年 7 月至今，本人担任公司第十九、二十届董事会独立董事、投资与 决策委员会召集人。本人现为中信资本控股有限公司董事长兼首席执行官。本人 1986 年毕业于美国麻省理工学院，拥有计算机科学学士学位。本人于 1987 年至 2000 年，曾先后就职于格林威治资本市场公司、担任东京银行纽约分部证券自 营交易业务负责人、美林证券大中华区债券资本市场主管等。本人于 2000 年加 入中信集团，2000 年至 2002 年，任中信泰富执行董事及中信泰富信息科技有限 公司总裁；2002 年参与创建中信资本控股有限公司（以下简称"中信资本"）， 目前担 ...

Group 1: Delivery and Quality Assurance - The company aims to deliver 117,000 units of housing on time in 2025, with a focus on upgrading delivery standards from "on-time delivery" to "high-quality delivery" [2] - A total of 21 projects under the "City Prosperity Delivery" initiative have been implemented, receiving high recognition from the market and homeowners [2] - The company will continue to prioritize timely delivery as a key responsibility, enhancing quality control across the entire delivery process [2] Group 2: Debt Management and Financial Stability - The company has repaid over 30 billion CNY of public debt in 2025 and successfully extended some bonds at the beginning of the year [3] - As of 2026, the company faces over 14.68 billion CNY in public debt due, with 11.27 billion CNY concentrated from April to July, indicating significant repayment pressure [3] - The company is actively seeking long-term debt resolution strategies while maintaining close communication with creditors to protect long-term interests [4] Group 3: Resource Optimization and Development - In 2025, the company completed resource activation worth 33.85 billion CNY, with 24.06 billion CNY from new resources and 9.79 billion CNY from optimizing existing projects [4] - The company aims to systematically identify and activate resources, focusing on key projects and coordinating various resources to enhance operational efficiency [5] - The government emphasizes stabilizing the real estate market, encouraging the activation of existing housing resources for affordable housing [5] Group 4: Financial Losses and Recovery Strategies - The company reported significant losses in 2025 due to historical investment mistakes, management issues, and industry adjustments, with major losses stemming from project settlements and asset impairments [6] - To address these challenges, the company is focusing on core cities and quality projects, optimizing operations, and enhancing asset activation to improve financial health [7] - The company is implementing targeted measures to reduce losses and improve operational efficiency, including zero-based budgeting and organizational restructuring [7] Group 5: Business Development and Innovation - The company's service business has shown steady growth, with a 40% increase in overall service revenue in 2025 [8] - The company is leveraging technology to enhance operational efficiency, with significant advancements in smart construction and community services [11] - The company is exploring cross-industry opportunities, such as the "North Pole Tern" robot project, which represents a new model for logistics in urban transportation [14] Group 6: Talent Management and Organizational Development - The company recognizes talent as its most valuable asset and is committed to enhancing talent retention and development strategies [9] - Initiatives include strengthening internal talent selection, providing broader development platforms, and implementing employee empowerment actions [10] - The company aims to create an environment that fosters talent growth and aligns individual achievements with organizational success [10] Group 7: Market Position and Future Outlook - The company has established a market value management system and is focused on improving operational quality and investor communication [15] - The company acknowledges the challenges of public debt repayment and profitability pressures, emphasizing the need for structural optimization and sustainable development [15] - Future plans include divesting non-core assets to stabilize cash flow and enhance the overall financial structure [15]

万科企业股份有限公司 CHINA VANKE CO., LTD. 2025 年度报告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：〈万〉2026-027 $$\underline{{{-}}}\,\mathbf{O}\,\underline{{{-}}}\,\mathbf{\lambda}\,\mathbf{\not\!\!E}\,\underline{{{-}}}\,\mathbf{H}$$ 万科企业股份有限公司 2025 年度报告 第一节 重要提示、目录和释义 重要提示 本报告涉及的未来计划、发展战略等前瞻性陈述，不构成本集团对投资者 的实质承诺，敬请投资者对此保持足够的风险认识，理解计划、预测与承诺之 间的差异，注意投资风险。 本报告已按照《深圳证券交易所上市公司自律监管指引第 3 号——行业信 息披露》中房地产业相关要求进行披露。本集团目前面临的主要风险及应对措 施，敬请投资者查阅"第五节 公司治理报告暨企业管治报告"之"十六、风险 管理"部分。 1 本公司董事会及董事、高级管理人员保证 2025 年度报告（以下简称"本报 告"）内容的真实、准确和完整，不存在虚假 ...

Core Viewpoint - Vanke A's stock price has fallen below 4 yuan per share for the first time since its listing, reflecting a significant reevaluation of the company's core value due to massive losses and ongoing liquidity issues [1][2]. Group 1: Stock Performance - As of March 31, Vanke A closed at 3.99 yuan per share, marking a 0.5% decline and a historic low [1]. - Over the past year, Vanke A's stock has dropped approximately 44.1% from 7.14 yuan per share [1]. - The stock has seen a nearly 90% cumulative decline from its peak of around 36 yuan per share in 2018, with its market capitalization shrinking from over 450 billion yuan to about 47.6 billion yuan, losing around 400 billion yuan [1]. Group 2: Financial Performance - Vanke is expected to report a net loss of approximately 82 billion yuan for the year 2025, significantly larger than the 49.48 billion yuan loss in 2024, marking two consecutive years of losses [1][2]. - The company's losses have exceeded its current market capitalization, indicating severe financial distress [1]. Group 3: Liquidity and Debt Issues - Vanke has experienced a net outflow of over 700 million yuan in principal funds over the last 10 trading days, with institutional holdings continuously decreasing [2]. - The company faces a peak in debt maturity in 2026, with 112.66 billion yuan in principal due between April and July, representing over 80% of the total debt due for the year [3]. - Vanke is considering extending its domestic debt maturity by up to 10 years as part of a restructuring plan led by its major shareholder, but this will only alleviate short-term pressures [3]. Group 4: Market Sentiment and Future Outlook - There is a divergence in institutional views on Vanke's stock price, with some bearish estimates as low as 2.7 yuan per share, while others, like Credit Suisse, project a target price of 11.42 yuan based on optimistic assumptions [3]. - Vanke has entered a "survival first" phase, with its future hinging on liquidity management and the stabilization of the industry [4].

Core Viewpoint - Vanke is facing significant challenges, including substantial losses, management upheaval, and high debt pressure, marking the end of the real estate golden era for this leading company [1][3][4] Financial Performance - In 2024, Vanke is projected to incur its first loss in 31 years since its listing, with a net profit loss of 49.478 billion yuan; losses are expected to increase to 82 billion yuan in 2025, setting a new record for annual losses among A-share real estate companies [3][7] - Cumulatively, the losses over two years will exceed 131.4 billion yuan, surpassing the company's current total market value [3][7] Executive Compensation - Vanke's executive compensation has been significantly reduced, with the former chairman's salary at 336,000 yuan and the former president's at 329,000 yuan; the highest-paid employee, a worker representative, earned 1.056 million yuan [3][7] - Following the management transition in 2025, the core management's monthly salary is expected to be around 10,000 yuan, with annual pre-tax compensation ranging from 300,000 to 1 million yuan, which is substantially lower than previous levels [3][7] Management Turmoil - The company has experienced severe management instability, with over 25 core executives leaving by March 2026, and 9 executives under investigation or involved in legal cases [4][9] - The resignation of key figures, including the chairman and president, signifies the end of an era for Vanke, marking a complete cycle of development for the company [4][9] Industry Perspective - The challenges faced by Vanke reflect broader changes in the real estate industry, indicating a shift from old business models to new industry dynamics, rather than the end of the industry itself [5][9]

Core Insights - The report indicates a recovery in real estate prices, with capital market sentiment expected to reach a "singularity" soon [1] - The industry rating remains at "Buy," consistent with previous assessments [2] Policy Updates - Local governments are implementing targeted policies, such as Nanjing's "sell old buy new" loan interest subsidy, which offers a 1% subsidy on total loan amounts for buyers completing transactions by the end of 2026 [5][16] - Other cities like Zhengzhou and Chengdu are optimizing housing fund policies to support home purchases [16][17] Transaction Performance - The new housing market is showing signs of improvement, with a 31.6% week-on-week increase in transaction area across 49 cities, and a year-on-year increase of 48.1% when aligned with the Spring Festival [19][20] - Second-hand housing transactions also saw a 7.5% week-on-week increase, with a year-on-year growth of 13.5% [19] Market Sentiment - The report notes a significant increase in new housing supply, with a 58% week-on-week rise in new housing launches, while second-hand listings continue to decline [5] - The sentiment in the second-hand housing market remains unexpectedly strong, contributing to a gradual recovery in market confidence [5] Land Market Performance - The report highlights a decrease in land transaction volumes, with a 37.3% week-on-week drop in land sales revenue across 300 cities [19] Company Valuations and Financial Analysis - Key companies in the real estate sector are rated as "Buy," with reasonable values set for several firms, including Vanke A at 7.64 RMB and China Overseas Development at 16.02 HKD [6] - The report provides detailed financial metrics for various companies, indicating potential for valuation recovery [6] C-REITs Market Overview - The C-REITs sector saw a 0.85% decline in the comprehensive return index, with 12 out of 78 REITs experiencing gains [5]