Core Viewpoint - Vanke A (000002) announced that its largest shareholder, Shenzhen Metro Group Co., Ltd. (referred to as "Shenzhen Metro Group"), will provide a loan of up to 2.2 billion yuan to the company for repaying the principal and interest of bonds issued in the public market, with a loan term not exceeding 3 years [1] Group 1 - The loan amount is capped at 2.2 billion yuan [1] - The purpose of the loan is to repay the company's bond principal and interest [1] - The loan term is set for a maximum of 3 years [1]

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） 關於主要股東提供股東借款的董事會決議公告 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」，與其附屬公司合稱「本集團」）第二十屆董 事會第二十五次會議的通知於2025年10月28日以電子郵件的方式送達各位董事。公司全體董事 以通訊表決方式參與本次會議，公司於2025年10月29日（含當日）前收到全體董事的表決意見。 本次會議的召開符合《中華人民共和國公司法》等法律法規和《萬科企業股份有限公司章程》的規 定。 二、董事會會議審議情況 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.* 截至本公告日期，深圳地鐵集團為持有本公司全部已發行股本約27.18%的主要股東，因此，根據《香 港聯合交易所有限公司證券上市規則》（「《上市規則》」）第14A章，為本公司的關連人士。因此，本 次交易事項構成本公司的一 ...

Financial Performance - Revenue for the first nine months of 2025 was RMB 161.39 billion, a decrease of 26.61% compared to RMB 219.89 billion in the same period of 2024[7] - The net loss attributable to shareholders for the first nine months of 2025 was RMB 28.02 billion, representing a 56.14% increase from RMB 17.94 billion in 2024[7] - Basic and diluted earnings per share for the first nine months of 2025 were both RMB (2.36), down 55.82% from RMB (1.51) in 2024[7] - Gross profit for the same period was RMB 1,156,502 thousand, down from RMB 18,961,794 thousand, indicating a significant decline in profitability[41] - Operating loss increased to RMB 11,207,140 thousand from RMB 1,919,187 thousand year-over-year[41] - Total comprehensive loss for the period was RMB 29,257,684 thousand, compared to RMB 15,556,237 thousand in 2024[43] Cash Flow and Assets - The net cash flow used in operating activities for the first nine months of 2025 was RMB (5.89) billion, a decline of 21.49% from RMB (4.85) billion in 2024[7] - Cash generated from operating activities was RMB 366,828 thousand, a sharp decline from RMB 4,367,798 thousand in the prior year[46] - Cash and cash equivalents as of September 30, 2025, were RMB 60,387,822 thousand, down from RMB 84,009,392 thousand at the beginning of the year[46] - Total assets as of September 30, 2025, were RMB 1,136.59 billion, a decrease of 11.64% from RMB 1,286.26 billion at the end of 2024[7] - Non-current assets decreased to RMB 353,608,977 thousand from RMB 368,747,782 thousand as of December 31, 2024[44] - Current liabilities decreased to RMB 599,690,825 thousand from RMB 719,061,817 thousand year-over-year[45] Shareholder Information - Equity attributable to shareholders was RMB 175.76 billion, down 13.28% from RMB 202.67 billion at the end of 2024[7] - The number of ordinary shareholders at the end of the reporting period was 493,176, with 493,108 from A-shares and 68 from H-shares[12] Business Operations - The real estate development business contributed CNY 114.25 billion in revenue from a settled area of 8.33 million square meters during the first nine months[26] - In Q3, the company reported a revenue of CNY 56.07 billion, with a net loss of CNY 16.07 billion, primarily due to a decline in settlement scale and low gross margins[26] - The overall pre-tax gross margin for the first nine months was 0.7%, while the after-tax gross margin was -3.6%[27] - The company completed the delivery of 74,000 units across 187 projects in the first nine months, focusing on enhancing delivery quality[28] - Contract sales in Q3 reached 2.36 million square meters, generating CNY 31.34 billion, reflecting a year-on-year decline of 39.7% and 41.8% respectively[28] - The company has 13.22 million square meters of sold but uncompleted resources, with a total contract value of approximately CNY 154.81 billion as of September 30[28] Financing and Capacity - The company secured financing and refinancing of CNY 26.5 billion in the first three quarters, with a domestic financing cost of 3.44%, down 6 basis points from the previous year[24] - The company’s total assets and liabilities ratio stood at 73.5%, a decrease of 0.1 percentage points compared to the end of the previous year[27] - The group activated and optimized new capacity of 8.33 billion yuan in the third quarter, with a total of 17.84 billion yuan in capacity optimization and new capacity achieved from January to September[30] Product and Service Development - The group completed the iteration and upgrade of its product system and standards, applying them comprehensively in new projects, enhancing user experience through core module presentations[30] - The property service segment generated an annualized revenue of 1.68 billion yuan from new projects, with 41 new projects contributing to this figure[32] - The leasing residential business achieved an operating income of 2.74 billion yuan in the first three quarters, representing a year-on-year growth of 4.4%[32] - The commercial development and operation segment reported an operating income of 6.21 billion yuan, with an overall occupancy rate of 92.1%[34] - The logistics and warehousing business generated an operating income of 3.18 billion yuan, with cold chain revenue increasing by 24.4% to 1.68 billion yuan[35] - The group expanded its rental apartment management to 280,000 units, with an occupancy rate of 94.3%[33] - The group introduced 59 new products related to renovation modules in the third quarter, enhancing product quality and cost-effectiveness[30]

Financial Performance - The company's operating revenue for Q3 2025 was ¥56.07 billion, a decrease of 27.30% compared to the same period last year[6]. - The net profit attributable to shareholders was a loss of ¥16.07 billion, down 98.61% year-on-year[6]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of ¥14.90 billion, a decline of 117.30% compared to the previous year[6]. - The basic and diluted earnings per share were both -¥1.3469, reflecting a decrease of 97.40% year-on-year[6]. - The company reported Q3 revenue of 56.07 billion yuan, with a net loss attributable to shareholders of 16.07 billion yuan, primarily due to a decline in development business settlement scale and low gross margin[25]. - For the first nine months, the cumulative revenue reached 161.39 billion yuan, with a net loss of 28.02 billion yuan, and a pre-tax gross margin of 9.6%[25]. - The company's net profit for the current period is a loss of ¥28,236,658,916.01, compared to a loss of ¥16,398,110,547.69 in the previous period, representing an increase in loss of approximately 72%[44]. - Operating profit for the current period is a loss of ¥24,063,535,110.64, compared to a loss of ¥14,667,239,397.41 in the previous period, indicating a worsening of approximately 64%[44]. - Total comprehensive income for the current period is a loss of ¥29,257,684,150.92, compared to a loss of ¥15,556,236,565.71 in the previous period, reflecting an increase in loss of about 88%[45]. Assets and Liabilities - The total assets at the end of the reporting period were ¥1.14 trillion, down 11.64% from the end of the previous year[6]. - Total assets as of September 30, 2025, amounted to CNY 1,136.59 billion, compared to CNY 1,286.26 billion at the end of 2024[40]. - Total liabilities decreased from CNY 947.41 billion at the end of 2024 to CNY 835.56 billion as of September 30, 2025[41]. - The company reported a substantial asset impairment loss of ¥14,337,782,118.87, compared to ¥2,011,490,431.19 in the previous period, reflecting an increase of approximately 613%[44]. Cash Flow and Financing - The cash flow from operating activities was negative at -¥5.89 billion, a decrease of 21.49% year-to-date[6]. - The company reported a decrease in cash flow from operating activities, with a net cash outflow of ¥5,889,347,829.66 compared to a net outflow of ¥4,847,650,023.78 in the previous period[46]. - Cash and cash equivalents at the end of the period amount to ¥60,387,821,672.89, down from ¥77,327,631,232.56 at the end of the previous period, a decrease of approximately 22%[46]. - The company’s total cash inflow from financing activities is ¥44,910,397,763.75, down from ¥71,542,899,676.76 in the previous period, a decrease of approximately 37%[46]. Operational Highlights - The company delivered 74,000 housing units during the reporting period, achieving a sales amount of CNY 100.46 billion[22]. - The company has secured additional financing and refinancing of CNY 26.5 billion in the first three quarters, with a domestic financing cost of 3.44%, down 6 basis points from the previous year[23]. - The company has completed the repayment of CNY 28.89 billion in public debt as of the report date[23]. - The company launched 11 new projects in the first three quarters, achieving an average sales absorption rate of nearly 70%[28]. - The company optimized and added production capacity of 8.33 billion yuan in Q3, with a total of 17.84 billion yuan for the first nine months[30]. Market Conditions - The real estate market continues to face pressure, with new home sales down 7.9% and real estate development investment down 13.9% year-on-year[21]. - The company has seen a 1.1% year-on-year increase in total revenue from its operational services, amounting to CNY 43.57 billion[22]. - In Q3, the company achieved a contracted sales area of 2.361 million square meters and a sales amount of 31.34 billion yuan, representing year-on-year declines of 39.7% and 41.8% respectively[26]. - As of the end of September, the company had 13.216 million square meters of sold but uncompleted resources, with a total contract amount of approximately 154.81 billion yuan[26]. Business Segments - The rental housing business generated revenue of 2.74 billion yuan in the first nine months, a year-on-year increase of 4.4%[33]. - The commercial development and operation segment achieved revenue of 6.21 billion yuan in the first nine months, with an overall occupancy rate of 92.1%[34]. - The company’s commercial traffic and sales increased, with same-store traffic up 5.0% and sales up 3.8% year-on-year[34]. - The company’s property service segment added annualized revenue of 1.68 billion yuan from new projects in the first three quarters[32]. - The logistics and warehousing business achieved revenue of CNY 3.18 billion from January to September, a year-on-year increase of 7.4%[37]. - Cold chain revenue reached CNY 1.68 billion, growing by 24.4% year-on-year, while high-standard warehouse revenue declined by 6.8% to CNY 1.50 billion[37]. - The total operational area of the company reached 10.46 million square meters, with a stable occupancy rate of 86% for high-standard warehouses and 70% for cold chain facilities[37]. - Service revenue from internal operations and transportation increased by 39% year-on-year, totaling CNY 1.05 billion[37]. - The "Wanjiapei" service saw a significant increase in order volume, with 19.5 million orders shipped in the first three quarters, three times the volume from the same period last year[37]. Organizational Changes - The company is implementing organizational adjustments to streamline management and enhance operational efficiency[24]. - The company focused on expanding its influence in key industries, adding 20 tea and coffee brands and 34 restaurant brands this year[37]. - The company is collaborating with local governments and industry leaders to create a strategic cooperation ecosystem, including a project with Wanwei Logistics for "rail transit + robot delivery"[23].

二、會議審議情況 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） 第二十屆董事會第二十六次會議決議公告 一、會議召開情況 萬科企業股份有限公司（「公司」）第二十屆董事會第二十六次會議的通知於2025年10月15日以電 子郵件的方式送達各位董事。會議於2025年10月30日在深圳以現場和通訊會議相結合方式舉 行，會議應到董事9名，親自出席董事9名，其中獨立非執行董事廖子彬先生及沈向洋先生以通 訊方式出席，獨立非執行董事張懿宸先生因公務原因未能親自出席本次會議，授權另一位獨立 非執行董事沈向洋先生代為出席會議並行使表決權。董事長黃力平先生主持會議，公司高級管 理人員列席了會議。本次會議的召開符合《中華人民共和國公司法》等法律法規和《萬科企業股 份有限公司章程》的規定。 （一）審議通過《2025年第三季度報告及財務報表》 ...

证券代码：000002、299903、148099 证券简称：万科 A、万科 H 代、22 万科 07 公告编号：〈万〉2025-133 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、 误导性陈述或者重大遗漏负连带责任。 重要提示： 1．债券代码：148099。 2．债券简称：22万科07。 3．赎回登记日：2025年10月30日。 4．赎回资金到账日：2025年10月31日。 万科企业股份有限公司 关于"22 万科 07"公司债券付息、赎回结果暨摘牌公告 5．赎回价格：人民币103.45元/张（含当期利息，且当期利息含 税）。 6．债券赎回比例：100%。 7．摘牌日: 2025年10月31日。 一、"22万科07"公司债券的基本情况 1．发行主体：万科企业股份有限公司。 2．债券名称：万科企业股份有限公司 2022 年面向专业投资者公 开发行公司债券（第四期）（品种一）。 3．债券简称：22 万科 07。 4．债券代码：148099。 1 5．债券余额：25 亿元。 部或部分回售给发行人或选择继续持有本期债券。本期债券第 3 个计 息年度付息日即为回售支付日，公司将按照深交所和债 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate sector [4][13]. Core Insights - The "14th Five-Year Plan" has been more explicit in addressing the demand side of real estate, emphasizing the removal of unreasonable restrictive measures and linking high-quality development and risk mitigation in real estate to national security capabilities [2][4]. - The report is optimistic about the industry entering a stable phase, with a continuous optimization of the blue-chip competitive landscape [4]. Summary by Sections Investment Recommendations - The report recommends maintaining an "Overweight" rating, highlighting the clearer expression of demand-side content in the "15th Five-Year Plan" compared to the "14th Five-Year Plan" [4]. - Key recommended stocks include: 1. Development: A-shares - Vanke A, Poly Developments, China Merchants Shekou, JinDi Group; H-shares - China Overseas Development 2. Commercial and Residential: China Resources Land, Longfor Group 3. Property Management: Wanwu Cloud, China Resources Vientiane Life, China Overseas Property, Poly Property, China Merchants Jiyu, New Dazheng 4. Cultural Tourism: Overseas Chinese Town A [4]. Policy Insights - The "15th Five-Year Plan" proposes the removal of unreasonable restrictions on consumption, including housing, and emphasizes the need for efficient land planning [4]. - It aims to enhance the management of land supply throughout the entire cycle and accelerate urban village renovations and urban renewal [4]. High-Quality Development - The report identifies five actionable paths for promoting high-quality development in real estate, including: 1. Strengthening fund supervision and enterprise financing to protect buyers' rights 2. Transitioning from an incremental to a stock model in housing supply 3. Focusing on improving housing supply to meet demand changes in key cities 4. Enhancing the quality of new housing products 5. Emphasizing maintenance of existing housing and advancing a housing pension system [4][6]. Risk Management - The report notes a shift in the central government's stance on real estate, focusing on preventing systemic risks while not reiterating the previous emphasis on housing as a place to live rather than a speculative asset [4][11].

Investment Rating - The investment rating for the real estate industry is "Outperform" based on the analysis of major companies [35]. Core Insights - As of Q3 2025, only 19% of the 27 major cities show signs of stabilization in the real estate market, with transaction volumes indicating a split where second-hand homes outperform new homes [38][39]. - New and second-hand home prices continue to decline on a quarter-on-quarter basis, with new home prices seeing expanded declines in Q3 2025 after a period of narrowing declines since October 2024 [39][41]. - Inventory pressure remains significant, with over 80% of cities having new home clearance cycles exceeding 18 months, indicating a persistent supply-demand imbalance [38][41]. Summary by Sections 1. Transaction Decline and Lengthening Clearance - The real estate market is characterized by a decline in transaction volumes and an increase in clearance cycles, reflecting local policy differences and reliance on land finance [5][9]. 2. Price Trends in Q3 - New home prices experienced an expanded decline in Q3 2025, while second-hand home prices followed a similar trend, indicating a lack of sustained recovery [11][16]. - Despite some cities showing signs of price stabilization, the overall trend remains uncertain, with significant variations across different cities [12][20]. 3. Transaction Numbers and Recovery - The overall market shows weak recovery, with first-tier cities slightly outperforming second-tier cities, which continue to face negative growth in new home transactions [40][29]. - First-tier cities saw a 5% year-on-year increase in new home transactions by September, while second-tier cities maintained a -16% year-on-year decline [40][29]. 4. Weakened Demand and Rising Inventory Cycles - Demand has weakened, leading to rising inventory cycles, particularly in first-tier cities where clearance cycles have increased to 19.9-21.1 months [41][31]. - Second-tier cities face even higher inventory pressures, with clearance cycles reaching a three-year high of 24.8 months due to weak new home transactions and structural issues [41][31].

Core Viewpoint - The article discusses the transition from an incremental land use era to a stock era, emphasizing the importance of revitalizing idle land for urban development, highlighted by Vanke's recent regulatory changes regarding a 12-year idle industrial site in Fuzhou High-tech Zone [1][3]. Group 1: Land Use Changes - Vanke's industrial land, previously known as "Fuzhou High-tech Vanke Center," has been officially reclaimed and remains classified as industrial land, with an area of 10.04 hectares and a floor area ratio of 3.0. The building density has been adjusted from ≤30% to 30%-50%, while the green space ratio has been reduced to 0%, and the building height has been lowered from 95 meters to 80 meters [1][2]. Group 2: Project History - The land was acquired by Vanke in January 2013, with plans for a collaborative development model involving government, schools, and enterprises. The project aimed to create a high-tech ecological headquarters but faced delays due to land acquisition issues, only receiving approval in January 2022 [3][4]. - After a brief construction period in 2022, the project was halted, and as of early 2023, the site remained largely undeveloped, with Vanke facing financial difficulties, including a decline in revenue and profit for the first time in 33 years [4][5]. Group 3: Market Context - The trend of land reclamation has become prevalent in the real estate market, with other companies like Yuexiu Property and Poly Developments also experiencing land recoveries by the government due to non-development [7]. - Vanke's strategy includes revitalizing idle land as part of its asset management approach, focusing on land storage, regulatory adjustments, and potential reallocation of resources [8][9].

Core Points - The rental and sales rights concept declined by 1.06%, ranking among the top declines in concept sectors as of October 29 [1] - Major stocks in this sector, such as *ST Nanzhi, Shoukai Co., and Debi Group, experienced significant declines, while a few stocks like Hefei Urban Construction and Binhai Group saw gains [1][2] Market Performance - The rental and sales rights sector saw a net outflow of 539 million yuan, with 21 stocks experiencing net outflows, and 10 stocks seeing outflows exceeding 10 million yuan [1] - Shoukai Co. led the outflow with a net withdrawal of 311 million yuan, followed by Zhangjiang Hi-Tech and *ST Nanzhi [1][2] Stock Movements - The top gainers in the rental and sales rights sector included Hefei Urban Construction (up 2.08%), Binhai Group (up 1.71%), and Tianjian Group (up 0.78%) [1] - Conversely, the largest declines were seen in Shoukai Co. (down 8.58%), Zhangjiang Hi-Tech (down 0.36%), and *ST Nanzhi (down 4.83%) [1][2]