Core Insights - The report indicates that the real estate market remains robust, with stabilization expected in core cities [1] - The overall market is experiencing a significant pullback, but strong fundamental expectations are anticipated to gradually form over the next month [5] Policy Overview - The central bank has maintained the Loan Prime Rate (LPR) unchanged, while local governments are optimizing housing fund policies, such as increasing withdrawal limits and introducing home purchase subsidies in cities like Shenyang and Shenzhen [5][16] - Local policies include adjustments to housing fund management, with Inner Mongolia raising the rental withdrawal limit to a maximum of 21,000 yuan and Shenzhen allowing flexible employment individuals to participate in the housing fund [17][19] Transaction Performance - New home transaction volume in 49 cities reached 350.85 million square meters, showing a week-on-week increase of 20.2%, but a year-on-year decline of 14.1% [21][22] - The second-hand housing market also saw a week-on-week increase in transaction volume, with a notable rise in the number of transactions in 78 cities [5][21] Market Sentiment - The new home supply decreased by 22% week-on-week, while the transaction volume exceeded the new supply, indicating a potential improvement in market conditions [5] - The average price of second-hand homes remained stable at 10,176 yuan per square meter, suggesting a strong price trend in the near term [5] Land Market Performance - Land supply increased, with a total of 215 billion yuan in land sales across 300 cities, reflecting a month-on-month increase of 2.0% but a year-on-year decline of 35% [5][21] - The land supply area reached 7.2 million square meters, with a transaction conversion rate of 64% [5] Company Valuation and Financial Analysis - Major companies in the real estate sector, such as Vanke A and China Overseas Development, maintain a "Buy" rating with reasonable values set at 7.64 yuan and 16.02 yuan per share, respectively [6] - The report highlights the financial metrics of various companies, including EPS, PE ratios, and ROE, indicating a diverse range of valuations across the sector [6]

Core Insights - The report indicates that the real estate market remains robust, with stabilization expected in core cities [1] - The industry rating is maintained at "Buy" [2] Policy Overview - The central bank has kept the Loan Prime Rate (LPR) unchanged, while local governments are optimizing housing fund policies, including subsidies for home purchases in cities like Shaoxing [6][17] - Local policies include increased housing fund withdrawal limits and adjustments to down payment ratios for commercial properties [19][21] Transaction Performance - New home transaction volume in 49 cities reached 350.85 million square meters, a week-on-week increase of 20.2%, but a year-on-year decrease of 14.1% [22][23] - Second-hand home transactions have shown a week-on-week increase of 2.3%, marking five consecutive weeks of growth [22] Market Sentiment - The new home supply has decreased by 22% week-on-week, while the transaction volume has exceeded the new supply, indicating improved absorption rates [6] - The average price of second-hand homes is stable at 10,176 yuan per square meter, with expectations for positive price trends in the coming month [6] Land Market Performance - Land supply has increased, with transaction revenue from residential land in 300 cities reaching 21.5 billion yuan, a month-on-month increase of 2.0% [6] - The land transaction area was 7.2 million square meters, with a weekly transaction conversion rate of 64% [6] Company Valuation and Financial Analysis - Major companies in the sector, such as Vanke A and China Overseas Development, maintain a "Buy" rating with reasonable values set at 7.64 yuan and 16.02 yuan per share, respectively [7] - The report highlights the financial metrics of various companies, including EPS and PE ratios, indicating potential investment opportunities [7] C-REITs Market Overview - The C-REITs sector saw a slight decline in the comprehensive return index by 0.06%, with 39 out of 78 REITs experiencing gains [6]

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [4][34]. Core Views - The report emphasizes that the real estate sector is a crucial pillar of the national economy and an important source of wealth for residents. It highlights the need for effective measures to stabilize the real estate market amidst new challenges [4][34]. - The report anticipates that the bottom of the industry fundamentals is approaching, supported by recent central government policies aimed at stabilizing the market and improving residents' financial conditions [4][34]. Industry Data Summary New Home Transactions - In the week of March 14-20, 2026, new home transactions in 34 key cities totaled 2.584 million square meters, a 19% increase week-on-week. First and second-tier cities saw a 15.7% increase, while third and fourth-tier cities experienced an 80% increase [4][5]. - Year-on-year, new home transactions in March (up to March 20) decreased by 16.6%, with first and second-tier cities down 12.9% and third and fourth-tier cities down 48.2% [4][8]. Second-Hand Home Transactions - In the same week, second-hand home transactions in 13 key cities totaled 1.288 million square meters, a 16% increase week-on-week. However, March's cumulative transactions were down 20.5% year-on-year [4][14]. Inventory and Supply - In the week of March 14-20, 2026, 15 key cities launched 940,000 square meters of new supply, with total sales of 960,000 square meters, resulting in a sales-to-launch ratio of 1.01. The average months of inventory for the last three months was 28.4 months, an increase of 0.48 months [4][24]. Policy and News Tracking - The report notes that the "Qiushi" magazine reiterated the importance of the real estate sector for the national economy and residents' wealth, calling for precise measures to stabilize the market [4][34]. - Recent policies include adjustments to commercial property loan requirements in Shanghai and measures in Nanjing to support the real estate market, such as interest subsidies for "old-for-new" transactions [4][34]. Company Performance Real Estate Companies - Several real estate companies reported their 2025 annual performance: - China Merchants Shekou: Revenue of 154.7 billion yuan (-13.5%); net profit of 1.02 billion yuan (-74.6%) [4][42]. - Beike: Revenue of 94.6 billion yuan (+1.2%); net profit of 2.99 billion yuan (-26.3%) [4][45]. - Greentown Service: Revenue of 19.16 billion yuan (+7.1%); net profit of 0.88 billion yuan (+29.9%) [4][45]. Property Management Companies - The report highlights the performance of property management companies, noting that Beike's revenue increased by 1.2%, while Greentown Service's revenue grew by 7.1% [4][45].

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]

Core Viewpoint - The performance report of Wanwu Cloud Space Technology Service Co., Ltd. for the year 2025 indicates a slight revenue growth but a significant decline in net profit, primarily due to bad debts and asset amortization related to associated developers [1][4]. Financial Performance - Wanwu Cloud achieved an operating revenue of 37.27 billion yuan, a year-on-year increase of 2.7%, with a core net profit of approximately 2.13 billion yuan, reflecting a minor increase of 0.8% [1][5]. - The net profit attributable to shareholders was 770 million yuan, showing a substantial decline [1][4]. - The company maintained a high dividend payout, with a total dividend of approximately 1.73 billion yuan for the year, resulting in a dividend yield of about 9.0% [4]. Revenue Breakdown - The revenue sources include residential services (20.93 billion yuan, +8.9%), non-residential services (10.67 billion yuan, +7.0%), BPAAS solutions (1.81 billion yuan, +13.5%), and residential-related asset services (1.91 billion yuan, +42.1%) [6][7]. - The gross margins for residential and non-residential services decreased by 0.7 and 0.4 percentage points, respectively [6]. Strategic Initiatives - Wanwu Cloud's core strategy focuses on "Butterfly City +, Enterprise Service +, Ecosystem +" and has completed the construction of 690 Butterfly Cities, covering about half of the managed projects [7]. - The company added 362 new residential service projects in 2025, with a year-on-year increase of 21.1% in newly signed annualized revenue [7]. Cost Management - The company reported a reduction in administrative expenses by nearly 200 million yuan, a decrease of approximately 10.1%, attributed to AI-driven operational restructuring [8]. - The implementation of over 1,400 AI agents and the use of the GC platform contributed to operational efficiency [8]. Industry Challenges - Wanwu Cloud faces challenges in property fee collection, with the average collection rate for property service companies dropping to 71% in 2025 [9]. - The company is also dealing with increasing vacancy rates due to unsold properties, which negatively impact revenue and profit margins [9]. - The impact of associated transactions on net profit is expected to continue into 2026, with a significant amount of receivables still outstanding [10]. Competitive Landscape - The competition among property service companies has intensified, with over 10 competitors bidding for each project [11]. - The number of registered property service companies is expected to decline rapidly due to increasing industry pressures [11].

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 ...

Core Viewpoint - The property management industry is facing challenges due to increased difficulty in collecting property fees, which is impacting the profitability of companies in the sector [1][2]. Financial Performance - Wanwu Cloud (02602.SZ) reported total revenue of 37.272 billion yuan for 2025, a year-on-year increase of 2.7%, with core net profit reaching 2.128 billion yuan, a slight increase of 0.8%. Excluding the impact of developer business, core net profit was 1.708 billion yuan, up 11.1% [2]. - The cyclical business revenue, which is the main source of income for Wanwu Cloud, was approximately 33.402 billion yuan, growing by 8.5% and accounting for 89.7% of total revenue [2]. - Despite revenue growth, profitability across business segments showed volatility, with gross margin declining by 0.5 percentage points to 11.6%, and the gross margin for residential property services decreased by 0.7 percentage points to 11.7% [2]. Challenges in Property Management - The industry is experiencing a decline in property fee collection rates, with the average collection rate for the top 500 property companies in China dropping to 71% in 2025, marking a four-year consecutive decline. Wanwu Cloud's average collection rate was 78% [3]. - High vacancy rates are significantly affecting collection rates, with approximately 30% of new projects in 2025 facing issues due to unsold or unoccupied properties, leading to challenges in fee collection and potential discounts [3][4]. - The chairman of Wanwu Cloud noted that the current market conditions are leading to unexpected high vacancy rates, with some delivered communities having over 30% unsold units, which complicates the management of property fees [3]. Strategic Responses - In response to these challenges, Wanwu Cloud is implementing strategies such as the "Butterfly City" strategy to enhance operational efficiency through labor reuse and technology applications [4]. - The company is also tightening standards for accepting new projects to mitigate operational risks and is actively managing existing loss-making projects through flexible pricing strategies [4]. - Wanwu Cloud is focusing on reducing the impact of related party transactions, with related party transaction revenue decreasing to 2.24 billion yuan in 2025, down approximately 1.2 billion yuan year-on-year, which has led to a short-term revenue and gross margin decline but is seen as a necessary step for long-term improvement [5][6]. Market Positioning - The company's revenue from non-related developer businesses reached 34.72 billion yuan in 2025, reflecting an 8.4% year-on-year growth, indicating a shift towards a more market-oriented and independent business model [6]. - Wanwu Cloud has successfully recovered 2.85 billion yuan from related party receivables, with a 15.6% reduction in the absolute value of year-end receivables [6].

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]