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]

Group 1 - The company, Vanke Overseas (01036.HK), announced that it will hold a board meeting in Hong Kong on March 31, 2026, to approve the annual performance announcement for the year ending December 31, 2025, and to discuss the proposed final dividend declaration, if any [1]

Core Viewpoint - The real estate industry has officially entered a new development stage of "stabilization and quality upgrade" in 2025, with significant improvements in delivery capabilities and buyer confidence [1] Group 1: Industry Overview - The central government continues to deepen the real estate financing whitelist system, with over 7.5 million historically delayed housing units completed and the pilot of selling completed homes expanding [1] - The asset-liability structure of companies has substantially improved, with a stable delivery pattern characterized by quality upgrades and steady volume [1] - Leading real estate companies have stabilized their delivery scales, and the ability of distressed companies to fulfill commitments has significantly recovered [1] Group 2: Delivery Capability Assessment - The "2025 China Real Estate Enterprise Delivery Capability TOP 50" evaluates companies based on total delivery scale, timeliness, satisfaction, and completeness of delivery systems [13] - The top 50 companies have become the main force in ensuring delivery, with an increasing proportion of high-quality improvement projects [16] Group 3: Policy and Mechanisms - The central government has established a long-term policy mechanism for the real estate market, focusing on ensuring delivery, preventing risks, and stabilizing expectations [15] - Key measures include the normalization of the real estate financing whitelist, full-cycle supervision of pre-sale funds, and the expansion of the completed home sales pilot [15] Group 4: Delivery Quality and Experience - Delivery capability has evolved from merely "on-time delivery" to a comprehensive ability encompassing full-process systems, precision craftsmanship, and full-cycle services [19] - The delivery process now integrates design and operation, creating a complete loop that enhances the value from "building good homes" to "living well" [19] Group 5: Notable Delivery Projects - The top delivery projects of 2025 include high-end, light luxury, and quality works, showcasing the industry's focus on quality and customer experience [6][9][11] - Notable projects include "Poly Tianrui" in Guangzhou and "Beijing Yuefu," reflecting the industry's commitment to high standards [6][9]

Summary of China Property Industry Conference Call Industry Overview - The conference call focused on the **China Property** sector, specifically discussing trends in home sales, construction activity, and market sentiment in early 2026 [1][4]. Key Points Home Sales and Market Sentiment - Home sales in the first two months of 2026 experienced a **20% year-on-year decline in value** and a **14% year-on-year decline in volume**, showing a milder drop compared to December 2025 [2] - The National Bureau of Statistics (NBS) reported a **0.3% month-on-month drop** in primary market prices and a **0.4% month-on-month drop** in secondary markets in February 2026 [2] - A forecast indicates a **deeper decline in home sales** for March 2026 due to reactive policy stances, higher inventory levels, and weakened buyer sentiment [1][4] Construction Activity - Construction activity continued to decline, with **completions falling by 28% year-on-year** and **new starts down by 23% year-on-year** in the first two months of 2026 [3] - Real estate investment (REI) dropped to **-11% year-on-year**, a significant improvement from **-36% in December 2025**, attributed to depleted landbanks and seasonal factors [3] Price Trends - The physical market is expected to weaken further, with predictions of **-8% and -6% year-on-year declines in secondary home prices** for 2026-2027 [4] - The NBS data indicates that the **total sales value of residential properties** was **Rmb 819 billion** in 2026, down **20.2% year-on-year** [6] Developer Performance - Developer stocks have dropped over **15% on average** since late January 2026, indicating a challenging environment despite a sentiment-driven rally earlier in the year [5] - The report highlights specific companies under pressure, including **Greentown, Jinmao, Longfor, Vanke, and Gemdale Corp** [5] Investment Recommendations - The analysis favors quality companies with strong operational stories, such as: - **CR Land** and **Seazen A** for their potential as strong mall operators with C-REIT potential - **C&D International Investment Group** for its outlook on margin and earnings recovery [5] Financial Metrics - Key financial metrics for the residential sector include: - **Total GFA sold**: 93 million sqm, down **13.5% year-on-year** - **Total RE investment**: Rmb 961 billion, down **11.1% year-on-year** - **Total GFA completion**: 63 million sqm, down **27.9% year-on-year** [6] Additional Insights - The conference call emphasized the lack of incremental housing stimulus from the National People's Congress (NPC) meeting, which could further exacerbate the decline in home sales [4] - The overall sentiment in the market remains cautious, with expectations of continued pressure on home sales and prices into the results season [5] This summary encapsulates the critical insights and data points discussed during the conference call, providing a comprehensive overview of the current state and outlook of the China Property industry.

Core Viewpoint - Vanke Enterprise Co., Ltd. will hold a board meeting on March 31, 2026, to review the annual report and financial statements for the year 2025 [1][2][3] Group 1 - The board meeting is scheduled in compliance with the Hong Kong Stock Exchange Listing Rules and Shenzhen Stock Exchange Listing Rules [1] - The company ensures that the announcement content is true, accurate, and complete, with no false records or misleading statements [1]

Investment Rating - The report assigns an "Accumulate" rating for the real estate industry [4]. Core Insights - The overall data for January-February 2026 shows a narrowing year-on-year growth rate, with significant changes in the land market, which is expected to be a key observation indicator for the year [2]. - The report highlights that the improvement in the land market is driven by quality adjustments, indicating a potential easing of financial pressures on real estate companies [54]. - The report emphasizes that low-inventory real estate companies that adapt to new supply standards are the core selection moving forward [53]. Summary by Sections 1. Investment Overview - In January-February 2026, the total real estate development investment was 961.2 billion yuan, a year-on-year decrease of 11.1%, but the decline has narrowed compared to the previous year [12][41]. - The sales area of commercial housing decreased by 13.5% year-on-year, while the sales amount fell by 20.2%, indicating a continuous decline but with signs of stabilization [25][41]. 2. Development Investment and Sales - The report notes that the new construction area saw a year-on-year decline of 23.1%, and the completion area decreased by 27.9%, with both declines expanding compared to the previous year [17][25]. - The funding sources for real estate development decreased by 16.5% year-on-year, with domestic loans down by 13.9% and personal mortgage loans down by 41.9% [41][43]. 3. Market Dynamics - The report indicates that the land market's improvement suggests a potential increase in supply, which may impact the ongoing inventory reduction pressures [54]. - The differentiation in sales performance between first-tier and second-tier cities is noted, with first-tier cities experiencing a more significant decline in sales [31][29]. 4. Recommendations - The report recommends several companies for investment, including Vanke A, Poly Development, and China Overseas Development among others, highlighting their adaptability to new supply standards [53][59].

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。 根据《香港联合交易所有限公司证券上市规则》13.43 条，董事会审议定期 报告应预先披露董事会召开日期；根据《深圳证券交易所股票上市规则》11.2.1 条，信息披露需境内外同步披露。万科企业股份有限公司（以下简称"本公司"） 谨此公布： 本公司将于 2026 年 3 月 31 日召开董事会会议，审议本公司 2025 年度报告 及财务报表等相关事项。 特此公告。 万科企业股份有限公司 关于董事会会议召开日期的公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：〈万〉2026-024 万科企业股份有限公司 董事会 二〇二六年三月十七日 ...

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） 董事會召開日期 萬科企業股份有限公司（「本公司」）謹此公佈，本公司訂於2026年3月31日（星期二）舉 行本公司董事會（「董事會」）會議，藉以（其中包括）(i) 考慮及批准本公司及其附屬公 司截至2025年12月31日止之年度業績及其發佈；以及 (ii) 考慮及派付末期股息的建議（如有）。 萬科企業股份有限公司 董事會 中國，深圳，2026年3月17日 於本公告日期，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 ...