万科企业股份有限公司 关于"20 万科 06"公司债券付息、赎回结果暨摘牌公告 证券代码：000002、299903、149142 证券简称：万科 A、万科 H 代、20 万科 06 公告编号：〈万〉2025-094 3．赎回登记日：2025年6月18日。 4．赎回资金到账日：2025年6月19日。 5．赎回价格：人民币103.90元/张（含当期利息，且当期利息含 税）。 6．债券赎回比例: 100%。 7．摘牌日：2025年6月19日。 一、"20万科06"公司债券的基本情况 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、 误导性陈述或者重大遗漏负连带责任。 重要提示： 1．债券代码：149142。 2．债券简称：20万科06。 1．发行主体：万科企业股份有限公司。 2．债券名称：万科企业股份有限公司 2020 年面向合格投资者公 开发行公司债券（第三期）（品种二）。 3．债券简称：20 万科 06。 4．债券代码：149142。 1 5．债券余额：12 亿元。 6．债券期限：本期债券期限为 7 年期（附第 5 年末发行人赎回 选择权、发行人调整票面利率选择权和投资者回售选择权）。 ...

万科企业股份有限公司关于行使"22 万科 05"公司债券 赎回选择权的第二次提示性公告 证券代码：000002、299903、149975 证券简称：万科 A、万科 H 代、22 万科 05 公告编号：〈万〉2025-093 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、 误导性陈述或者重大遗漏负连带责任。 重要提示： 1．债券代码：149975。 2．债券简称：22万科05。 4．赎回资金到账日：2025年7月8日。 5．赎回价格：人民币103.21元/张（含当期利息，且当期利息含 税）。 6．债券赎回比例：100%。 7．摘牌日: 2025年7月8日。 一、"22万科05"公司债券的基本情况 1．发行主体：万科企业股份有限公司。 2．债券名称：万科企业股份有限公司 2022 年面向专业投资者公 开发行公司债券（第三期）（品种一）。 3．债券简称：22 万科 05。 1 4．债券代码：149975。 3．赎回登记日：2025年7月7日。 5．债券余额：29 亿元。 6．债券期限：本期债券期限为 5 年期，附第 3 年末发行人赎回 选择权、调整票面利率选择权、投资者回售选择权。 7． ...

Group 1 - Shanghai has over 400 shopping centers, with an average of one large shopping center for every 80,000 people, compared to Tokyo's one for every 200,000 people [1] - Shanghai's per capita commercial area is second only to Dubai and is three times that of Tokyo [2] - Despite reaching a high level of commercial development, Shanghai's commercial sector continues to expand [3] Group 2 - In 2023, approximately 60 new commercial projects are expected to open in Shanghai, totaling over 3 million square meters, with Minhang leading with 12 new openings exceeding 1 million square meters [4] - The retail sales growth rate in Shanghai for the first quarter of this year was negative, indicating a disconnect between the increase in shopping centers and consumer spending [5][8] - The total retail sales of consumer goods in March were 128 billion yuan, down 1.5% year-on-year, with a total of 4.06 billion yuan for the first quarter, also down 1.1% [7] Group 3 - Shanghai is entering a phase of oversupply in commercial space, leading to many shopping centers being abandoned or underperforming [8][9] - Numerous shopping malls in prime locations have closed, including well-known brands like Pacific Department Store and Isetan [10][11] - The opening of new malls has not translated into increased consumer traffic, resulting in many becoming deserted [12][13] Group 4 - The Aegean Shopping Center in Minhang, which opened in 2017, has seen a significant decline in outdoor retail space, with a vacancy rate of nearly 90% [22][29] - The area around Longbai, once bustling with foreign investment, has also seen a decline in activity, with many businesses closing [35][36] - Newer commercial developments, such as The Roof, are struggling to maintain consumer interest despite their architectural appeal [50][51] Group 5 - The once-thriving Qipu Road wholesale market has seen rental prices plummet from 70,000 yuan to 500 yuan per month, indicating a significant decline in demand [61][62] - Some shopping centers are now offering rent-free options, only requiring payment of property fees, highlighting the drastic changes in the market [90][93] - Successful transformations of some markets into high-end shopping areas contrast sharply with those that have failed to adapt [94][96] Group 6 - Wanda Group has sold off a significant number of its commercial assets, including over 30 Wanda Plazas in the past two years, due to high debt levels [100][102] - The company has shifted to a light-asset model, retaining operational rights while selling properties to insurance companies [109] - Other real estate companies, including Vanke and Shimao, are also divesting commercial assets to improve liquidity [115][118] Group 7 - The commercial real estate sector is transitioning from expansion to efficiency, with a focus on optimizing existing assets rather than acquiring new ones [129][130] - The market is witnessing a "new metabolism," where successful businesses adapt and thrive while others are left behind [131][134] - The competition in the commercial sector has entered a new phase, emphasizing the importance of consumer engagement and operational sustainability [136][138]

观点指数在5月30日观点指数研究院发布的《扩募新进展 | 2025年5月住房租赁发展报告》中，观点指数 发现，近期住房租赁市场频现合作消息，为市场参与主体及行业发展注入动力。 数据来源：观点指数不完全统计 据观点指数不完全统计，期内包括万科泊寓、雅诗阁、朗诗寓等多家住房租赁运营商与外部企业达成合 作。 4月28日，深圳地铁置业集团有限公司与深圳市泊寓商业管理有限公司正式签署深铁项目租赁运营合作 框架协议，全力深化住房租赁领域的融合发展。 与此同时，期内泊寓以委托管理模式签约苏州高新区菁英公寓东区项目，计划运营844套房源。据泊寓 官微披露，在房地产市场深度调整与行业模式转型的大背景下，泊寓积极求变，将目光聚焦于存量资产 的盘活，2024年成功盘活超8000套内外部存量房源，存量资产盘活正成为其增长的新引擎。 举例来说，锦江酒店与雅诗阁联手成立锦诗庭酒店管理有限公司，经营范围涵盖酒店管理、企业管理咨 询、市场营销策划等多个领域。 另外，4月25日，雅诗阁公布，今年前四个月新增三个签约项目，分别位于菲律宾、新加坡及中国温 州。至此，雅诗阁全球管理项目超80个，分布于43座城市，可提供超1.74万个运营或建造中的住 ...

开源证券股份有限公司齐东,胡耀文,杜致远近期对万科A进行研究并发布了研究报告《公司信息更新报 告：销售均价有所提升，股东持续借款提供支持》，给予万科A中性评级。 万科A(000002) 销售规模下降幅度较大，股东持续借款提供支持，下调至"中性"评级2025年6月12日，万科发布公告称， 公司通过集中竞价交易方式已完成所有A股库存的出售，出售股份数量为7295.6万股，占公司总股本的比 例为0.61%，出售所得资金总额为4.79亿元，成交均价为6.57元/股。6月6日，公司发布公告称，第一大股 深铁集拟向公司提不超过30亿元借款，借款利率为2.34%，此次借款系公司年内第五次获得深铁集团借 款。公司5月及1-5月销售规模有所收缩，销售单价有所提升。公司积极借助大宗交易、REITs发行、金融 支持政策等化解经营压力。惟其艰难，方显勇毅，我们期待万科能够安全穿越周期，构筑房企发展新模 式，我们下调2025-2026并新增2027年盈利预测，预计2025-2027年公司归母净利润分别为-73.22、5.57、 13.14亿元(原值-19.92、17.51亿元)，EPS分别为-0.61、0.05、0.11元，当前股价对 ...

Investment Rating - The investment rating for the company is Neutral, which has been downgraded from a previous rating [5]. Core Views - The company has experienced a significant decline in sales scale, with a year-on-year decrease of 39.18% in May 2025 and a cumulative decline of 44.19% for the first five months of 2025. Despite this, the average sales price has increased by 17.32% year-on-year in May 2025 [6][10]. - The company continues to receive financial support from its major shareholder, Shenzhen Metro Group, which has provided multiple loans totaling 148.52 billion yuan at a rate of 2.34% [7][18]. - The company has revised its profit forecasts for 2025-2027, expecting a net profit of -7.32 billion yuan in 2025, 557 million yuan in 2026, and 1.314 billion yuan in 2027 [5][8]. Financial Summary - The company's revenue for 2025 is projected to be 312.62 billion yuan, a decrease of 8.9% year-on-year. The net profit attributable to the parent company is expected to be -7.32 billion yuan, with an EPS of -0.61 yuan [8][22]. - The gross margin is expected to improve to 16.4% in 2025, while the net margin is projected to be -2.6% [22]. - The company's total assets are estimated to be 1,331.94 billion yuan in 2025, with total liabilities of 1,001.22 billion yuan, resulting in a debt-to-equity ratio of approximately 75.2% [21][22]. Sales Performance - In May 2025, the company achieved a sales amount of 14.19 billion yuan, with a sales area of 970,000 square meters, reflecting a year-on-year decrease of 48.16% in sales area [6][10]. - The cumulative sales amount for the first five months of 2025 was 57.04 billion yuan, with a sales area of 4.245 million square meters, both showing significant declines compared to the previous year [10][13]. Shareholder Support - The major shareholder, Shenzhen Metro Group, has provided continuous financial support through loans, with the latest loan of up to 30 billion yuan announced on June 6, 2025 [7][18]. - The total amount of loans from Shenzhen Metro Group to the company has reached 148.52 billion yuan, indicating strong backing during challenging market conditions [7][18].

Core Viewpoint - The price of Vanke Yun City Mi Cool has significantly decreased, with recent transactions showing prices as low as 11,000 yuan per square meter, which is a 35% drop compared to its opening price ten years ago [1][12][21]. Group 1: Historical Performance - Vanke Yun City Mi Cool was once a highly sought-after property, selling out 9,440 units and generating over 5 billion yuan in sales from January 2015 to April 2018 [5][4]. - The average price during its peak was around 20,897 yuan per square meter, with some units selling for as high as 34,000 yuan per square meter [2][6]. Group 2: Current Market Conditions - Recent sales data indicates that the average transaction price has dropped to 16,100 yuan per square meter, reflecting a 17% decline year-over-year [12][19]. - A significant portion of recent transactions (5-8%) involved units priced below 15,000 yuan per square meter, a stark contrast to earlier prices [12][18]. Group 3: Rental Market Dynamics - Rental prices have also seen a substantial decline, with average rents for 18 square meter units dropping by approximately 33% from peak levels [21][24]. - The current average rent for a 25 square meter unit is around 1,700-1,800 yuan per month, down from previous highs of 3,500 yuan [21][19]. Group 4: Factors Influencing Price Decline - The overall economic environment has worsened, leading to decreased disposable income for potential renters and buyers [24]. - An increase in rental supply in the Tianhe Smart City area has intensified competition, further driving down prices [24][26]. - The significant drop in residential property prices in the area has also contributed to the decline in both rental and sales prices for Vanke Yun City Mi Cool [26][30]. Group 5: Investment Considerations - Despite the price drop, the rental yield remains attractive, with a rental yield of approximately 5.33% calculated from recent transactions [31][32]. - The current pricing of 11,000 yuan per square meter may still present a viable investment opportunity, especially in the context of low deposit interest rates [32].

Core Viewpoint - Vanke has successfully sold all of its A-share treasury stocks within three working days, indicating a strategic move to address cash flow pressures and maintain shareholder value [1][2]. Group 1: Stock Sale Details - Vanke announced the completion of the sale of 72,955,992 A-share treasury stocks, which represents 0.61% of the company's total share capital, with total proceeds amounting to 479 million yuan (before transaction fees) [1][2]. - The sale occurred between June 10 and June 12, 2025, with a highest transaction price of 6.72 yuan per share, a lowest price of 6.48 yuan per share, and an average price of 6.57 yuan per share [1]. - The average daily trading volume of Vanke's A-shares in the twenty trading days prior to the sale announcement was 12,626,750 shares, and the maximum number of shares sold on June 11 was 30,100,000, which is less than 25% of the average daily volume [1]. Group 2: Background and Rationale - The treasury stocks were originally repurchased in 2022 to maintain company value and protect shareholder interests, with the repurchase completed by June 30, 2022 [2]. - The decision to sell the treasury stocks was made on April 29, 2025, as part of a plan to recover cash flow, with the sale period set from May 27, 2025, to July 2, 2025 [2]. - Analysts suggest that Vanke is facing significant cash flow pressures, prompting the decision to liquidate part of its stock holdings [2]. Group 3: Financial Support and Pressure - Vanke has received multiple loans from its largest shareholder, Shenzhen Metro Group, totaling up to 30 billion yuan, indicating ongoing financial and operational pressures [3]. - The loans provided by Shenzhen Metro Group throughout the year include amounts of 28 billion yuan, 42 billion yuan, 33 billion yuan, and 15.52 billion yuan, reflecting a pattern of financial support [3].

Core Viewpoint - Vanke has successfully sold all 72.956 million shares of treasury stock within three trading days, raising a total of 479 million yuan, with an average transaction price of 6.57 yuan per share, significantly lower than the repurchase price range of 17.01 to 18.27 yuan per share from 2022, indicating a valuation restructuring in the real estate industry and Vanke's liquidity pressures [2][5][6]. Group 1: Stock Sale Details - The stock sale was completed from June 10 to June 12, with a total of 72.956 million A-shares sold [2]. - The total funds raised from the sale amounted to 479 million yuan, with an average price of 6.57 yuan per share, and a price range during the sale from 6.48 to 6.72 yuan [2][5]. - The shares sold represent 0.61% of Vanke's total share capital, which was originally repurchased under a plan approved in March 2022 [5]. Group 2: Financial Context - The treasury stock was repurchased at a cost of 1.292 billion yuan, with the repurchase price significantly higher than the current sale price, reflecting a price difference exceeding 60% [5]. - Vanke's financial situation is under pressure, with a projected total revenue of 343.176 billion yuan for 2024, a year-on-year decline of 26.32%, and a net profit loss of 49.478 billion yuan [7]. - The company's asset-liability ratio stands at 73.66%, indicating high leverage [7]. Group 3: Strategic Measures - Vanke is implementing a comprehensive plan for business restructuring and risk mitigation, focusing on cost-cutting and core business operations [8]. - In the first quarter of 2025, Vanke delivered 10,400 housing units, achieving sales of 34.92 billion yuan, with a repayment rate exceeding 100% [8]. - The company has received substantial support from its largest shareholder, Shenzhen Metro Group, which has provided a total of 14.852 billion yuan in loans this year to assist with debt repayments [8].

Group 1 - Tianjin Housing Provident Fund contribution base will be adjusted starting July 1, 2025, with a minimum of 2320 yuan and a maximum of 27861 yuan [1] - Hefei city plans to auction 20 residential land plots in June, with 17 plots scheduled for June 28 [2] - Vanke has completed the sale of all A-share treasury stocks, totaling approximately 72.96 million shares, raising about 479 million yuan [3] - Yuexiu Property has secured a sustainable development-linked loan of 1.56 billion HKD, with a term of 3 years [4] - China Resources Land reported a total contract sales amount of approximately 18.35 billion yuan in May, reflecting a year-on-year decrease of 11.4% [5]