股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 公司名稱: 萬科企業股份有限公司 呈交日期: 2026年4月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02202 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,206,512,938 | RMB | | 1 RMB | | 2,206,512,938 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 2,206,512,938 | RMB | | 1 RMB | | 2,206,512,938 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- ...

TOP100 房企 2026 年 3 月销售数据点评 [Table_Industry] 房地产 ——单月销售环比倍增，3 月小阳春如期而至 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 涂力磊(分析师) | 021-23185710 | tulilei@gtht.com | S0880525040101 | | 谢皓宇(分析师) | 010-83939826 | xiehaoyu@gtht.com | S0880518010002 | | 曾佳敏(分析师) | 021-23185689 | zengjiamin@gtht.com | S0880525040125 | 本报告导读： 2026 年 3 月小阳春如期而至，百强房企单月销售环比倍增，同比降幅收窄，二手房 市场成色更足。 [Table_Report] 相关报告 房地产《第 13 周成交回升，前期政策利好正向效 应持续》2026.03.29 房地产《第 12 周成交回升，外部不确定促进维稳 政策力度》2026.03.22 房地产《把握窗口期，布局新机遇》2026.03 ...

Core Insights - The Chinese property management industry has evolved from "property management offices" to "modern service providers" over the past 40 years, with over 60 listed companies and a management scale exceeding 30 billion square meters by 2024 [1] - The industry is undergoing a paradigm shift from being "affiliated with developers" to becoming "independent space operators," with Vanke Property showcasing a dual-driven model of "technology-organization" through its "Butterfly City" strategy [1] Industry Evaluation Paradigm Shift - The traditional ranking system based on managed area and revenue has shown limitations during the industry's deep adjustment period, as scale expansion no longer guarantees profit growth [2] - The unique property rights structure in China, characterized by fragmented ownership, necessitates a focus on the ability of property service companies to coordinate diverse interests and integrate dispersed powers [2] Path Differentiation in Property Rights Integration - Vanke Property is reducing its reliance on affiliated developers, demonstrating a "de-dependence" practice with its "Butterfly City" strategy, which emphasizes spatial intensive operations and aims to create over 100 Butterfly Cities by 2025 [3][4] - Poly Property and China Resources Vientiane Life leverage their state-owned enterprise backgrounds to maintain stable property rights integration, with Poly Property projected to exceed 15 billion yuan in revenue in 2024 [3] Governance Coordination Capability - Leading property service companies are transitioning from basic service providers to "community platform operators," with Vanke Property implementing a dual spiral governance structure combining technology and humanistic approaches [5][6] - Green Town Service focuses on high-quality service but faces challenges in converting quality investments into profitability, while China Overseas Property excels in cost control but is conservative in market expansion [7] Technology Empowerment Capability - Technology empowerment is crucial for long-term competitiveness, with Vanke Property exploring the restructuring of production factors through its "Butterfly City" model, achieving significant economies of scale [8][9] - China Resources Vientiane Life has a strong technical advantage in commercial operations but lags in residential property technology applications, limiting its expansion potential in that market [10] Challenges for Small and Medium Enterprises - Small and medium property companies face significant capability gaps in technology investment, with top 100 companies' personnel costs comprising 54.71% of operating costs, while tech investment remains below 5% [11] - The future competition in the property service industry will focus on "governance capability" rather than mere scale, with challenges such as declining property fee collection rates and insufficient participation from owner self-governance organizations [12]

Financial Performance - Vanke reported a net loss for the year 2025, leading to no dividend distribution, stock bonus, or capital reserve conversion into shares [7]. - The company faced unremedied losses as of the reporting period, which may impact future cash dividend capabilities if operational improvements are not realized [7]. - The financial report for 2025 has been audited by Deloitte, which issued an unqualified opinion with a paragraph on significant uncertainties regarding going concern [7]. - The company's revenue for 2025 was RMB 233.43 billion, a decrease of 31.98% compared to RMB 343.18 billion in 2024 [25]. - The net profit attributable to shareholders for 2025 was a loss of RMB 88.56 billion, down 78.98% from a loss of RMB 49.48 billion in 2024 [25]. - The operating cash flow for 2025 was a negative RMB 0.99 billion, a decline of 126.00% compared to RMB 3.80 billion in 2024 [25]. - The total assets decreased by 23.99% to RMB 697.37 billion in 2025 from RMB 917.51 billion in 2024 [27]. - The company's net asset attributable to shareholders dropped by 42.32% to RMB 116.91 billion in 2025 from RMB 202.67 billion in 2024 [27]. - The company achieved a financing and refinancing total of RMB 28 billion, with a comprehensive financing cost of 3.02%, down 85 basis points from the previous year [33]. - The company faced significant liquidity pressure due to the concentration of public debt repayments, impacting its operational development [35]. Operational Highlights - In 2025, the company delivered 117,000 homes, with 17,000 units delivered 30 days ahead of schedule, achieving "zero waiting" for 73 batches and establishing 37 projects as quality delivery benchmarks [12]. - The cumulative signed contracts for development business reached CNY 134.06 billion, with 18 new projects launched and an investment realization rate of 84% [15]. - The company completed public debt repayments totaling RMB 33.21 billion during the reporting period [35]. - The company completed over 300 efficiency improvement projects in property services and expanded into 52 energy management service projects [15]. - The company is currently facing significant operational challenges, which are detailed in the risk management section of the governance report [7]. Strategic Plans and Future Outlook - Future plans and development strategies mentioned in the report do not constitute a substantive commitment to investors, highlighting the need for risk awareness [7]. - In 2026, the company plans to focus on risk mitigation and development, exiting underperforming cities and businesses while enhancing product and service capabilities [16]. - The company aims to apply AI technology across all real estate development and operation processes, accelerating the iteration of new construction technologies [16]. - The company plans to focus on strategic optimization and structural adjustments to enhance its operational capabilities moving forward [35]. - The company is actively exploring new business models to enhance its differentiated market competitiveness, focusing on a full-chain real estate operation model that integrates investment analysis, development, operation management, and asset exit services [125]. Risk Management and Governance - The board of directors confirmed the authenticity, accuracy, and completeness of the 2025 annual report, ensuring no false records or misleading statements exist [7]. - The report emphasizes the importance of understanding the differences between plans, forecasts, and commitments, urging investors to be cautious [7]. - The company is actively seeking support from financial institutions to optimize refinancing and risk management strategies [13]. - The company has established nearly 50 sustainability goals, focusing on emissions reduction, resource management, and supply chain management, aiming for an AA- rating in the HSSUS ESG index by 2025 [92]. - The company reported a net loss of RMB 88.56 billion for the reporting period, a decrease of 79.0% year-on-year [99]. Communication and Investor Relations - The company issued 675 announcements throughout the year to ensure investor rights and information disclosure [187]. - The company held over 100 investor visits and conference calls in 2025, including more than 20 institutional meetings and 2 investor day events [189]. - The company responded to over 320 investor inquiries through the Shenzhen Stock Exchange's interactive platform, ensuring transparency and effective communication [189]. - The company maintained a long-term trust relationship with investors by actively monitoring market dynamics and responding to investor concerns [189]. - The company has established a diverse communication mechanism with stakeholders, including government, shareholders, employees, customers, and partners [197].

来源：环球网 【环球网综合报道】3月31日，万科企业股份有限公司发布2025年度报告。 公告显示，2025年，万科实现营业收入2334.3亿元，归属于上市公司股东的净亏损885.6亿元，同比分别 下降32.0%和79.0%。分业务类型看，来自房地产开发及相关资产经营业务的营业收入为1906.5亿元，占 比81.7%；来自物业服务的营业收入为355.2亿元，占比15.2%。 扣除税金及附加前，房地产开发及相关资产经营业务的毛利率为8.6%，较2024年下降0.9个百分点；其 中开发业务的结算毛利率为8.1%。扣除税金及附加后，房地产开发及相关资产经营业务的营业利润率 为3.8%，较2024年上升0.3个百分点；其中，开发业务的营业利润率为2.8%。集团物业服务毛利率 12.3%，较2024年下降0.9个百分点。 图源：万科公告 图源：万科公告 报告期内，万科累计获取新项目23个，总规划计容建筑面积186.9万平方米，权益计容规划建筑面积 105.3万平方米，权益地价总额约66.9亿元，新增项目平均地价为6,357元/平方米。 2025年，万科代建管理项目76个，建筑面积1486万平方米，项目主要分布在深圳、南京 ...

尽管业绩深陷亏损，但过去一年万科在风险化解方面持续推进。通过存量资源盘活、大宗资产交易与大 股东深铁集团的资金支持，万科全年完成332.1亿元公开债务偿付，累计盘活货值338.5亿元，并且自去 年11月起，公司已陆续启动三笔公开债的展期协商并获得通过。 从收入结构看，房地产开发业务作为万科的核心板块，全年收入贡献1906.5亿元，同比减少36.7%，成 为营收下滑的主因，占比81.7%；物业服务收入表现相对稳健，贡献营收355.2亿元，同比增长7.2%，占 比15.2%。 智通财经记者 | 王妤涵 3月31日晚间，万科披露了2025年年度报告。财报显示，公司全年营业收入2334.3亿元，同比下滑 32.0%；归母净利润-885.6亿元，亏损额同比扩大78.98%；合同销售金额1340.6亿元，同比下降45.5%； 全年完成超11.7万套房屋的交付工作。 在年报《致股东》中，万科管理层坦言："2025年公司受多重因素叠加影响，经营业绩远未达股东预 期，亏损额较2024年进一步扩大。对此，公司管理层向各位股东致以诚挚歉意。"同时，管理层表 示，"要化解过往'高负债、高周转、高杠杆'发展模式所形成的负担和问题仍需时 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 二、致股东 2025年是很不平凡的一年。房地产行业处于构建发展新模式、供需结构再平衡的关键阶段。万科受部分 高地价项目进入结算周期、新增计提存货跌价准备与信用减值等多重因素叠加影响，经营业绩远未达股 东预期，亏损额较2024年进一步扩大。对此，公司管理层向各位股东致以诚挚歉意。公司业绩亏损既有 外部因素影响，更有既往经营失策等自身因素。针对股东和社会各界关注的风险化解和经营改善的年度 核心目标，公司管理层持续优化管理、降本增效、狠抓合规建设，但要化解过往"高负债、高周转、高 杠杆"发展模式所形成的负担和问题仍需时日。 证券代码：000002、299903 证券简称：万科A、万科H代 公告编号：〈万〉2026-028 一、重要提示 本年度报告摘要摘自2025年度报告（以下简称"本报告"）全文，报告全文同时刊载于巨潮资讯网 （www.cninfo.com.cn）。为全面了解本公司的经营成果、财务状况及未来发展规划，投资者应当仔细 阅读年度报告全文。 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，不存在虚假记载、 ...

经营能力提升取得阶段性成效。2025年开发业务累计签约1,340.6亿元，18个新项目实现首开，投资兑现 度84%;物业服务完成超300个蝶城提效改造，对外拓展52个能源管理服务项目;上海前湾印象城MEGA等 商业项目顺利开业，打造城市级标杆;长租公寓、高标仓及冷链仓储等业务保持行业领先。各业务板块 的经营能力提升，为公司稳健发展奠定坚实基础。 报告期内，业绩亏损的主要原因如下：(1)房地产开发项目结算规模显著下降，毛利率仍处低位。报告 期内，房地产开发业务结算利润主要对应2023年、2024年销售的项目及2025年消化的现房和准现房库 存。这些项目的地价获取成本较高，销售情况和毛利率均低于投资预期，导致报告期结算毛利总额大幅 减少。(2)因业务风险敞口升高，新增计提了信用减值和资产减值。(3)部分经营性业务扣除折旧摊销后 整体亏损，以及部分非主业财务投资亏损。(4)部分大宗资产交易和股权交易价格低于账面值。 2025年公司按期保质交付房屋11.7万套，其中1.7万套年内提前30天交付。全年73个批次实现"交付零等 待"、"交付即办证"，37个项目成为高品质交付标杆，21个项目落地"兴交付"模式，构建起正向口 ...

1. Report Industry Investment Rating - Not provided in the document 2. Core Views of the Report - In Q4 2025, the bond market valuation recovered, and the net asset value of the bond funds in the whole market stopped falling and rebounded. However, the "asset shortage" pattern continued, the yield of credit bonds declined again, and the supply of desirable medium - to - high - yield assets shrank. Against this background, bond funds actively explored returns in terms of variety and duration in Q4, while remaining relatively cautious about credit downgrading [5]. - From the overall situation of bond fund heavy - holdings, the return range was further compressed, and institutions tended to adopt conservative strategies. The yields of the heavy - holding bond issuers were highly concentrated in the low - return range below 1.8%, and the scale of high - yield assets above 2.5% continued to shrink [5]. - For heavy - holding of urban investment bonds, the regional level showed a downward trend, with a preference for short - term durations. Zhejiang and Jiangsu were still the core heavy - holding regions, but the allocation intensity decreased. Institutions' preference for regions such as Sichuan, Shanghai, and Hunan increased. In terms of term distribution, the scale of each province was mainly concentrated around 1 - year, and as the term lengthened, the holding preference converged significantly towards strong provinces [5]. - For heavy - holding of financial bonds, bank Tier 2 and perpetual bonds dominated the allocation, and there was an obvious trend of variety downgrading. Financial bonds accounted for 72% of all heavy - holding credit bonds, with bank Tier 2 and perpetual bonds as the core varieties, and the allocation was relatively concentrated in the medium - to - high - yield range of 2.0% - 2.5%. In terms of term, a dumbbell - shaped allocation was preferred [5]. - For heavy - holding of industrial bonds, the allocation was concentrated in core industries, and institutions were more cautious about real - estate bonds. Non - bank finance and public utilities were the top two industries in terms of total market value of holdings, and were significantly increased in holdings compared with the previous period. Industries such as real estate, transportation, and coal were significantly reduced in holdings [5]. 3. Summary According to Relevant Catalogs 3.1 Bond Fund Heavy - Holding Overview 3.1.1 Overall Situation - As of the end of Q4 2025, there were 3,993 bond - type funds in the whole market, with a total scale of 11.10 trillion yuan, an increase of 0.36 trillion yuan compared with the end of the previous quarter. Bond - type funds were mainly medium - and long - term pure - bond funds, presenting a structure characterized by "dominated by medium - and long - term pure - bond funds and supplemented by hybrid bond funds" [11]. 3.1.2 Credit Bond Heavy - Holding from a Return Perspective - Most bond funds had a stable investment style and tended to adopt relatively conservative investment strategies. The yields of heavy - holding bond issuers were highly concentrated in the range below 1.8%. The supply of high - yield assets continued to shrink, and the high - yield assets above 2.5% further contracted compared with Q3 2025 [19]. - In Q4, the "asset shortage" continued, and the yields of credit bonds declined again. The concentration range of heavy - holding bond yields shifted downward. Compared with Q3, the balance of heavy - holding bonds with issuer yields below 1.8% increased significantly, while the holding balances of heavy - holding bonds in the ranges of 1.8 - 2.0%, 2.0 - 2.5%, and above 2.5% decreased to varying degrees [19]. 3.1.3 Types of Bond Fund Heavy - Holding Bonds and Their Performance in Different Dimensions - In Q4 2025, bond fund heavy - holding bonds generally showed a configuration trend of low - return concentration and high - return contraction. Financial bonds dominated with over 540 billion yuan, with bank Tier 2 and perpetual bonds as the core configuration. Industrial bonds tended to have medium - to - low returns, and urban investment bonds were concentrated in the 1.8% - 2.0% range [29]. - In terms of implicit rating distribution, financial and industrial bonds preferred high - rating issuers, while urban investment bonds showed an obvious downward trend. In Q4, incremental allocation was concentrated in high - rating bonds, and institutions were relatively cautious about credit downgrading [32]. 3.2 Characteristics of Urban Investment Bond Heavy - Holding 3.2.1 Regional and Hierarchical Characteristics of Heavy - Holding Urban Investment Bonds - In Q4 2025, the heavy - holding regions of urban investment bonds showed a certain downward trend, including prefecture - level cities in key provinces, district - level cities in non - key provinces, and park - level areas in municipalities. Zhejiang and Jiangsu were still the core heavy - holding regions, but the allocation intensity decreased. Institutions' preference for regions such as Sichuan, Shanghai, and Hunan increased [38]. 3.2.2 Term Characteristics of Heavy - Holding Urban Investment Bonds - Urban investment bonds generally preferred short - term durations. As the term lengthened, the holding preference converged significantly towards strong provinces. In Q4 2025, the term distribution of urban investment bond heavy - holdings was significantly differentiated, with the scale of each province mainly concentrated around 1 - year. The overall heavy - holding duration lengthened, but institutions were still cautious about ultra - long - term urban investment bonds [43]. 3.2.3 Analysis of the Top 20 Heavy - Holding Urban Investment Bond Issuers - The top 20 heavy - holding urban investment bond issuers in Q4 2025 were mainly medium - level prefecture - level platforms, with less obvious head - concentration characteristics. In Q4, the number of provincial - level platforms increased, and the degree of credit downgrading decreased. Some platforms were significantly reduced in holdings, while some provincial - level transportation platforms were increased in holdings [48]. 3.3 Overview of Financial Bond Heavy - Holding 3.3.1 Analysis of the Duration of Heavy - Holding Financial Bonds - Bank Tier 2 and perpetual bonds were mainly heavy - held by national and joint - stock banks, with a dumbbell - shaped term configuration preference. Compared with Q3, institutions' preference for state - owned banks and 3 - year terms increased significantly. The heavy - holding scale of Tier 2 and perpetual bonds increased, with state - owned banks showing obvious increases in holdings. Non - Tier 2 and perpetual bonds focused on 1 - year commercial financial bonds, and secondary - type bonds focused on 4 - year insurance bonds and 2 - 3 - year TLAC bonds [52]. 3.3.2 Analysis of the Top 20 Heavy - Holding Financial Bond Issuers - The top 20 heavy - holding bank Tier 2 and perpetual bond issuers were mainly state - owned banks, joint - stock banks, and relatively leading city commercial banks. State - owned banks generally increased their holdings, while joint - stock banks showed obvious differentiation. The yields of heavy - holding bonds generally declined rapidly, and there was significant differentiation in the remaining terms among issuers [61]. 3.4 Situation of Industrial Bond Heavy - Holding 3.4.1 Analysis of Heavy - Holding Industrial Bond Industries - Industrial bond allocation was still centered on industries with strong quasi - public attributes and industries with high financial relevance. Non - bank finance, public utilities, and transportation were the top three industries in terms of total market value of holdings. Non - bank finance and public utilities were significantly increased in holdings, while industries such as real estate, transportation, and coal were significantly reduced in holdings [71]. - Short - term duration varieties were still the main allocation. Most industries had a proportion of 0 - 2 - year terms exceeding 50%. Non - bank finance significantly lengthened the heavy - holding duration, while public utilities further increased the allocation of short - term duration bonds [72]. 3.4.2 Analysis of the Top 20 Heavy - Holding Industrial Bond Issuers - The top 20 heavy - holding industrial bond issuers were all central and local state - owned enterprises, mainly distributed in industries such as non - bank finance, public utilities, transportation, and coal. The allocation of industrial bond issuers was relatively concentrated. The average valuation yields of the top 20 heavy - holding industrial bond issuers generally declined, and there was significant differentiation in term changes among issuers [76]. 3.4.3 Analysis of the Top 10 Heavy - Holding Real - Estate Bond Issuers - State - owned and central - enterprise - affiliated real - estate bond issuers still occupied a core position. Some issuers were significantly increased in holdings, while some were significantly reduced in holdings. The real - estate bond allocation showed the characteristics of "medium - to - short - term duration + concentration on strong - credit issuers", and there was obvious differentiation in the return and duration strategies [79].

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） 第二十屆董事會第三十一次會議決議公告 一、董事會會議召開情況 萬科企業股份有限公司（以下簡稱「公司」或「本公司」）第二十屆董事會第三十一次會議（以下簡稱 「本次會議」）的通知於2026年3月17日以電子郵件的方式書面送達各位董事。本次會議於2026年 3月31日在深圳以現場和通訊會議相結合方式舉行，本次會議應到董事8名，親自及授權出席董 事8名。其中非執行董事胡國斌先生及獨立非執行董事張懿宸先生以通訊方式出席；獨立非執 行董事沈向洋博士因公務原因未能親自出席本次會議，授權另一位獨立非執行董事張懿宸先生 代為出席會議並行使表決權。董事長黃力平先生主持本次會議，公司高級管理人員列席了本次 會議。本次會議的召開符合有關法規及《萬科企業股份有限公司章程》（「公司章程」）的規定。 ...