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。 本公司董事會（「董事會」）謹此宣佈，臨時股東會於2025年11月20日（星期四）下午3時30分起在中 國廣東省深圳市鹽田區大梅沙環梅路33號萬科中心召開。臨時股東會採用現場投票與A股網絡投 票相結合的方式。 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） 2025年第一次臨時股東會決議公告 一、臨時股東會召開的情況 茲提述日期同為2025年11月4日(i)萬科企業股份有限公司（「本公司」或「公司」）2025年第一次臨時 股東會（「臨時股東會」）的通告（「臨時股東會通告」）；及(ii)本公司的通函（「通函」）。除另有界定者 外，本公告所用詞彙與通函所界定者具有相同涵義。 臨時股東會由第二十屆董事會召集，由董事長黃力平先生主持。本公司董事黃力平先生、郁亮 先生，以及所有公司高級管理人員以現場形式參加臨時股東會。本公司其他 ...

Core Viewpoint - Vanke is undergoing significant leadership changes and financial restructuring, with a focus on risk management and strategic adjustments to navigate the current challenges in the real estate market [2][4][7]. Group 1: Leadership Changes - Huang Liping has taken over as the chairman of Vanke, marking a shift in leadership dynamics within the company [2][4]. - Huang, previously a low-profile board member, has now publicly addressed shareholders, indicating a more active role in the company's future [4]. Group 2: Financial Restructuring - Vanke plans to apply for a borrowing limit of up to 22 billion yuan from Shenzhen Metro Group to repay existing debts, with the total amount of shareholder loans provided by Shenzhen Metro reaching approximately 30.8 billion yuan [5][6]. - The company is required to provide collateral for the loans, reflecting a commitment to fulfilling contractual obligations and adhering to market principles [6]. Group 3: Risk Management and Strategic Focus - Huang emphasized the need for collective efforts to systematically address risks and challenges faced by the company, particularly during the transition from old to new development models in the real estate sector [7][8]. - Vanke aims to focus on high-quality development, optimize business structure, and enhance governance mechanisms while leveraging technology to improve competitiveness [8][9]. Group 4: Market Outlook and Performance - The management believes that with ongoing policy support and the gradual realization of housing demand, the real estate industry is expected to emerge from its adjustment phase [9][10]. - Vanke reported a sales amount of 115.28 billion yuan from January to October, with a slight increase in service revenue, although operational pressures remain significant [9][10]. - The company plans to divest non-core assets to improve cash flow and debt structure, having already completed significant transactions in the current year [10][11].

Core Insights - The report from Guandian Index indicates a significant decline in residential rental prices in major cities, with the average rental price dropping to 29.78 yuan per square meter per month in October 2025, reflecting a month-on-month decline of 4.39% and a year-on-year decline of 8.91% [1][4] - The rental market is expected to remain under pressure in the short term due to seasonal effects, while medium to long-term prospects may improve as the supply of affordable rental housing stabilizes and demand in core cities continues to grow [1][4] Rental Market Performance - In October 2025, the rental price in 50 key cities fell to 29.78 yuan per square meter per month, with 86% of cities experiencing month-on-month declines and 90% seeing year-on-year drops [4][8] - The rental market is characterized by a dual impact of traditional seasonal downturns and supply-demand structural adjustments, leading to ongoing downward pressure on rental prices [4][8] Policy and Regulation - New regulations introduced in Shanghai aim to standardize the management of affordable rental housing projects, establishing a comprehensive management system to ensure compliance from project selection to operation [2][3] - The focus of recent policies has been on guiding market supply, enhancing management standards, and ensuring the protection of tenant rights [1][2] Company Dynamics - Leading rental companies are experiencing growth in scale, with a shift towards diversified expansion strategies. For instance, companies like Bole and Vanke are increasing their operational capacities while adapting to market changes [8][9] - The rental market is seeing a trend towards refined operations rather than mere scale expansion, with companies focusing on efficiency and profitability [9] REITs and Capital Market - The performance of publicly listed rental housing REITs shows resilience, with total revenue of 195 million yuan and net profit of approximately 56.6 million yuan in Q3 2025, indicating a growth of 8.33% and 5.64% respectively [16][18] - The average occupancy rate of these REITs stands at 95.97%, supported by stable demand in core urban areas [18][20] - The capital market for housing rentals is evolving, with various financial instruments being utilized to enhance funding efficiency, reflecting a shift towards a dual-driven model of policy and capital [22][23]

Core Viewpoint - Vanke A has diversified its business beyond real estate development, including property services, commercial development and operations, rental housing, and logistics warehousing [1] Group 1 - As of the first three quarters of 2025, the company's total revenue from operational services reached 43.57 billion yuan, reflecting a year-on-year growth of 1.1% [1] - The company's operational efficiency remains among the top in the industry [1]

【导读】10月接任万科董事长的黄力平首次公开发声 管理层坦言："经营压力尚未有效缓解，将排除万难提升效益" 针对股东关心的公司经营情况、房地产市场趋势、资本运作等问题，万科管理层也在会上进行了回应。 经营方面，万科1—10月销售金额为1152.8亿元，经营服务业务收入同比略有增长。一方面，万科持续 夯实产品与服务能力基本盘，上海理想之地入选住建部首批好社区案例，上海高福云境项目创造公司近 年单日单盘销售纪录；万物云首创"弹性定价"模式获市场认可，整体收入同比增长3%；长租业务出租 率超94%，长租期客户占比显著提升；物流业务战略客户占比持续提升。另一方面，万科借助政策支 持，有序推进资源盘活，前10月新增可售货值228亿元。此外，万科通过组织重建推动公司经营效率改 善，将管控层级从"三级半"压缩至"两级"，进一步强化总部管理职能，缩短管理链条。但万科管理层也 坦言，经营压力尚未有效缓解，困难是客观存在的，公司将团结一心、排除万难，继续发挥产品与服务 优势，不断优化管理，提升公司经营效益。 11月20日下午，万科2025年第一次临时股东会在深圳大梅沙万科中心举行。会上，今年10月接任万科董 事长的黄力平亮相。黄 ...

Core Viewpoint - Vanke A has been actively engaged in the Shenzhen real estate market since 1988, launching a series of well-received products over the past 37 years [2] Group 1: Product Offerings - The company has introduced various successful residential projects, including City Garden, Four Seasons Flower City, Golden Home, Fifth Garden, Vanke City, and the Zhen series [2] - In terms of overall area development, Vanke has developed projects such as Vanke Cloud City and Vanke Tianyu [2] - The company has also ventured into commercial real estate with developments like Longgang Vanke Plaza and Bantian Vanke Plaza [2]

证券日报网讯万科A11月20日在互动平台回答投资者提问时表示，有关公司的股东人数，根据2025年第 三季度报告，截至2025年9月30日，公司股东总数为493176户。 （文章来源：证券日报） ...

Core Viewpoint - The new chairman of Vanke, Huang Liping, emphasizes the need for collective efforts to systematically resolve risks faced by the company, highlighting the challenges in the transition of the real estate development model and the necessity for patience and confidence in overcoming these difficulties [4][5]. Group 1: Company Strategy and Governance - Vanke will focus on strategic alignment with the "14th Five-Year Plan" to promote high-quality development in real estate, optimizing business layout and structural adjustments while maintaining stability in residential development [4][5]. - The company aims to enhance governance by establishing a transparent management mechanism that combines effective control with organizational vitality, reducing management levels from "three and a half" to "two" to improve operational efficiency [5][7]. - Vanke plans to leverage new technologies and sustainable practices to create competitive products and services, fostering collaboration with partners to enhance operational capabilities [5][6]. Group 2: Financial Performance and Market Outlook - From January to October, Vanke reported sales of 115.28 billion yuan, with a slight increase in revenue from operational services, indicating a solid foundation in product and service capabilities [7]. - The company has added 22.8 billion yuan in marketable assets in the first ten months, supported by policy measures to revitalize resources [7]. - Vanke's management acknowledges ongoing operational pressures but is committed to improving efficiency and enhancing profitability through strategic capital operations and divestment of non-core assets [8][9]. Group 3: Industry Trends and Future Prospects - Vanke's executive vice president, Yu Liang, believes that the real estate industry is poised to gradually emerge from its adjustment phase as policies are implemented, leading to a new stage of stable development [9]. - The "14th Five-Year Plan" underscores the importance of the real estate sector in improving living standards and emphasizes the need for high-quality housing and services, which will be foundational for future competitiveness [9].

Core Viewpoint - Vanke held its first extraordinary general meeting of shareholders for 2025, where it approved a framework agreement for shareholder loans from Shenzhen Metro Group, indicating strong support from major shareholders amid ongoing challenges in the real estate sector [1][3]. Group 1: Shareholder Loan Agreement - Shenzhen Metro Group will provide Vanke with loans up to 22 billion yuan from 2025 until the next shareholders' meeting, aimed at repaying public debt and specified interest [3]. - As of now, Shenzhen Metro Group has already provided 21.376 billion yuan in unsecured loans, with Vanke required to provide collateral for any future loans [3]. Group 2: Company Strategy and Challenges - Vanke's chairman emphasized the need to address risks and challenges during the transition from old to new development models in real estate, acknowledging a painful adjustment period ahead [4]. - The company plans to focus on three main areas: strategic focus on high-quality development, improving governance and operational efficiency, and leveraging technology to enhance product competitiveness [4][5]. Group 3: Operational Performance - From January to October, Vanke achieved sales of 115.28 billion yuan, with a slight increase in operational service revenue [5]. - The company has made strides in product and service capabilities, with notable projects recognized by the Ministry of Housing and Urban-Rural Development and a significant increase in rental rates for long-term leases [5]. Group 4: Market Outlook and Capital Operations - Vanke believes that with ongoing policy support, the real estate market is expected to gradually recover and enter a new phase of stable development [6]. - The company is actively working on capital operations to improve cash flow and debt structure by divesting non-core assets and businesses [6].

Core Viewpoint - Vanke is seeking shareholder approval for a framework agreement to secure a loan of up to 22 billion yuan from Shenzhen Metro Group, aimed at repaying public market bond principal and interest [2][3] Group 1: Loan and Collateral Details - Shenzhen Metro Group will provide a loan of no more than 22 billion yuan, specifically for repaying the company's public market bond principal and interest [2] - Vanke or its subsidiaries will offer various assets as collateral, including operational real estate, fixed assets, inventory, construction projects, and stocks, with collateral-to-loan ratios set between 60%-70% for operational assets and 50%-60% for non-listed equity [2] - The loan conditions from the major shareholder are more favorable than those available from financial institutions [3] Group 2: Market Outlook and Company Strategy - Vanke's management believes that with ongoing policy implementation, reasonable housing demand will gradually materialize, leading the industry towards a new phase of stable development [3] - The company aims to enhance its product and service capabilities, optimize management, and improve operational efficiency to navigate current market challenges [4][5] - Vanke plans to further improve cash flow and debt structure by divesting non-core businesses and assets through capital operations [5]