Core Viewpoint - The company, Diou Water, is accepting non-cash asset settlements from 19 real estate companies, including Longfor Group and Vanke, to offset debts totaling 155 million yuan, with a total asset value of 161 million yuan being used for this purpose [1][2] Group 1: Debt Settlement Details - The company will accept completed and under-construction properties as debt repayment, with the total value of these properties amounting to 161 million yuan, including VAT [1] - The debt repayment will involve two methods: either through a written agreement for property registration or by selling the properties to repay the debt [1] - The company has confirmed that all debtors are clients of its ceramic and sanitary ware business and have no related party transactions with the company or its major stakeholders [1] Group 2: Asset Valuation and Financial Impact - An asset evaluation company has assessed the properties involved in the debt settlement, determining their value at 64.55 million yuan as of January 31, 2026 [2] - There is a discrepancy between the assessed value of the properties (64.55 million yuan) and the debt amount (94.52 million yuan), leading the company to consider this non-cash settlement as a prudent approach to mitigate accounts receivable risks [2] - The board of directors has approved this debt settlement strategy, which has been previously utilized, with a cumulative non-cash debt settlement amounting to approximately 783 million yuan from May 2024 to April 2025 [2]

万物云董事长朱保全在业绩发布会上表示，关联开发商（万科）产生的坏账及资产摊销所带来的负向影响是利润下滑的主要原因，2025年全年因此产生了 7.4亿元的净利润负影响，这是一个"被动"的发生过程，但报告期内公司持续关联交易收入同比降低11.97亿元，占比已进一步下降至6%，占比持续下降，独 立性越来越强。 在派息方面，万物云继续保持高股息率，2025年全年分红总额约17.3亿元，中期股息为每股0.951元（含税），年度末期股息为每股0.546元（含税），年度 股息率约9.0%。 | 营业收入 | | 持续关连交易收入 | | 关联 | | --- | --- | --- | --- | --- | | 372.7« | | 22.4 c | | | | 同比 | +2.7% | 同比 | -12.04z | 同比 | | 循环型 业务收入 | 334.0gz (+8.5%) | 占集团 总收入比例 | 6.0%(-3.5PCT) | 天跃万员勿 应收款余额 | | 行政开支下降 | | | 净利润 | | | 2.0z | | | 7.7 xz | | | 销管研费率 | 6.5% | 同比 | -4.7 (- ...

Core Viewpoint - Vanke A announced that its subsidiary SCPG Holdings Co., Ltd. has partially repaid an 1.8 billion yuan loan from Industrial Bank Hong Kong Branch, with a current balance of 1.654 billion yuan [1] Group 1 - The original loan was due in March 2026, and the bank has agreed to extend the loan for an additional year [1] - The guarantee method remains unchanged, with a guarantee amount not exceeding 1.66 billion yuan [1] Group 2 - As of January 31, 2026, the company and its subsidiaries have a total external guarantee balance of 95.458 billion yuan, which will increase to 95.640 billion yuan after this guarantee [1] - This new guarantee will account for 47.19% of the net assets attributable to shareholders of the listed company as of the end of 2024 [1]

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） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條作出。茲載列該公告如下，僅供參 閱。 萬科企業股份有限公司 董事會 中國，深圳，2026年3月20日 於本公告日期，本公司董事會成員包括：非執行董事黃力平先生、胡國斌先生及雷江松先生；執行 董事王蘊女士；以及獨立非執行董事廖子彬先生、林明彥先生、沈向洋博士及張懿宸先生。 * 僅供識別 万科企业股份有限公司 关于担保进展情况的公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：<万>2026-025 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。 为满足经营需要，万科企业股份有限公司（以下简称"公司"或"万科"）之控 ...

万科企业股份有限公司 关于担保进展情况的公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：<万>2026-025 | 序号 | 担保主体 | 担保方式及担保物 | | --- | --- | --- | | 1 | 印力商用置业有限公司（以下简称 | 印力商置为 SCPG 就本次融资提供对外融资 | | | "印力商置"） | 性保函。 | | 2 | SCPG | 为印力商置就本次融资开具的融资性 SCPG 保函提供连带责任保证。 | 1 | | | | 以其持有的应收账款质押，为本次融资的对 外融资性保函提供担保； | | --- | --- | --- | --- | | 3 | Changsha | Holding Company Limited | 以其持有的长沙印象汇，为本次融资的对外 | | | | | 融资性保函提供资产抵押。 | | 4 | Tianjin | Holding Company Limited | 以其持有的应收账款质押，为本次融资的对 | | | | | 外融资性保函提供担保； | | | | | 以其持有的天津和平印象城，为本次融资的 ...

物业费收取难度加大影响物管企业收益。 房地产开发业务下行的利空，还在持续向物业行业传导。 3月20日，上市物企万物云（02602.SZ）在2025年业绩发布会上披露，该公司全年实现总收入372.72亿 元，同比增长2.7%；核心净利润实现21.28亿元，同比微增0.8%，若剔除开发商业务的影响后，核心净 利润为17.08亿元，同比增长11.1%。 作为万物云收入主要来源的循环型业务收入约334.02亿元，同比增长8.5%，在总收入中占比达89.7%。 该业务板块包括住宅物业服务、物业及设施管理服务及BPaaS解决方案三大业务，分别实现收入205.55 亿元、98.06亿元、13.46亿元，同比均实现增长。 尽管收入规模保持增长，但各业务板块的盈利能力出现了波动，毛利率同比下降0.5个百分点至11.6%； 作为基本盘的住宅物业服务，毛利率下降了0.7个百分点至11.7%。 对于毛利率的波动，万物云执行董事兼首席运营官何曙华分析，成本端的刚性上涨得到了对冲，基本与 2024年持平；而收入端则存在新接项目爬坡期、收缴率下降的影响。 对于新项目的爬坡期，何曙华表示，当前住宅物业的拓展已经从此前的增量转向存量竞争。"既 ...

Summary of Vanke Conference Call Company and Industry Overview - **Company**: Vanke - **Industry**: Real Estate, specifically focusing on urban renewal and debt management in the context of the Chinese real estate market Key Points and Arguments Debt Management and Market Sentiment - Vanke's debt extension plan received overwhelming approval, reflecting a pragmatic market attitude, primarily influenced by the Shenzhen State-owned Assets Supervision and Administration Commission (SASAC) which aims to maintain credit stability due to reputation risks and performance assessments [2][3] - The new urban renewal policy in Shenzhen is expected to activate approximately 10 billion yuan in assets for Vanke, leading banks to adjust their optimistic expectations and reduce bad debt provisions [2][5] - Banks have prepared for long-term debt management strategies for state-owned real estate companies like Vanke, adopting a principle of "substance over form" by gradually recognizing about 10% of asset impairment annually to mitigate risks [2][3] Urban Renewal Policies and Financial Implications - The shift in urban renewal focus towards micro-renovations and upgrades for older neighborhoods is anticipated to attract funding, with major banks offering loan rates as low as LPR minus 11 to 12 basis points [2][6] - The new policies are expected to provide banks with a rationale to ease risk controls, potentially leading to a more favorable lending environment for Vanke [6][8] Risk Management and Loan Strategies - The tightening of mortgage loan risk controls has been exacerbated by layoffs in the tech sector, leading to increased instances of mortgage defaults [2][3] - Banks are currently focused on maintaining asset quality balance rather than aggressively expanding mortgage business, with a target of only sustaining current levels [2][12] Market Dynamics and Future Outlook - The acceptance of debt extensions by the market has shifted from viewing extensions as defaults to a more pragmatic approach, recognizing that some recovery is better than none [3][4] - The relationship between Vanke and Shenzhen Metro Group has strengthened, with the latter exerting significant control over Vanke, which may influence future support and collaboration [3][4] Challenges and Strategic Considerations - The primary challenge in advancing urban renewal projects lies in effective communication and coordination with residents, which can halt progress if not managed properly [7][8] - The recent policies from the Ministry of Natural Resources are seen as marginally positive but do not significantly alter the existing framework for urban renewal [8][9] Bank Strategies and Risk Assessment - Banks are expected to adopt a more cautious approach to real estate debt, particularly for weaker state-owned enterprises, while still providing necessary support to prevent defaults [11][12] - The focus remains on ensuring that state-owned enterprises do not face reputational damage, which is critical for banks in maintaining stability in the sector [4][11] Conclusion - The overall sentiment towards Vanke and the real estate sector is cautiously optimistic, with banks willing to cooperate as long as there is a clear path towards asset management and debt resolution [3][4][12]

Core Insights - Since January 2025, over 15 key executives or regional leaders have left Vanke, indicating significant management turnover [1][3] Group 1: Executive Departures - Yu Liang, former Chairman of the Board, left on January 27, 2025, and retired from all positions on January 8, 2026, marking a complete exit from Vanke [3] - Zhu Jiusheng, former CEO and President, also departed on January 27, 2025 [3] - Zhu Xu, former Board Secretary, left on January 27, 2025, and transitioned to the long-term rental apartment division [3] Group 2: Functional/Regional Leaders Departures - Xin Jie, former Chairman (January to October 2025) and Chairman of Shenzhen Metro Group, left on October 13, 2025 [4] - Yan Yong, former Chief Marketing Officer, departed in October 2025 to join Jianfa Real Estate [4] - Qi Qi, former Asset Management Head of the Development and Operations Department, left in July 2025 [4] - Li Yao, former Head of the Group Safety Management Center, left in December 2025 with an undisclosed future [4] - Guo Jixun, former Head of the Northwest Regional Headquarters, left in August 2025 [4] - Wang Boqun, former Partner of the Central China Regional BG, left in June 2025 to pursue entrepreneurship [4] - Zhao Xiaolei, former General Manager of the Guangzhou-Foshan area, plans to start a business in Shanghai after leaving in November 2025 [4] - Zheng Fang, former Design Director of the Zhejiang Company, left in the first half of 2025 to join Greentown China in the Zhejiang region [5] - Feng Jingjun, former Human Resources Head of the Xuzhou Company, left in 2025 for a cross-industry CHO role [5] - Chen Shujia, former Marketing Head of the Shenzhen Company, is set to join Yuexiu Real Estate in Guangzhou as Marketing Chief in January 2026 [5] - Sheng Pei, former Project Marketing Head of the Guangzhou Company, will also join Yuexiu Real Estate in Guangzhou as Deputy General Manager of Marketing in January 2026 [5] - Yuan Yuan, former General Manager of "Weijia" in the Shanghai region, will join China State Construction Engineering Corporation as Marketing Management Department General Manager in early 2026 [5]

Core Viewpoint - The company has conducted a special study on the fluctuations of real estate companies in Japan after the 1990s and their responses to economic cycles, emphasizing that overcoming industry cycles is not merely about replication but understanding the underlying logic to manage risks and meet market demands [1] Group 1 - The company is committed to continuously monitoring market changes and will explore business model innovations in conjunction with its resource endowments and industry shifts [1] - The company is currently advancing its reform and risk management efforts with full support from various stakeholders, aiming to build strength for future transformation and development [1]

Core Viewpoint - Vanke A has confirmed that it is in compliance with information disclosure regulations and currently has no significant information that should be disclosed but has not been [1] Group 1 - The company has responded to investor inquiries on its interactive platform [1] - The company emphasizes its commitment to fulfilling information disclosure obligations as per relevant regulations [1] - As of now, the company asserts that there are no undisclosed significant matters [1]