Financial Performance - Vanke reported a net loss for the year 2025, leading to no dividend distribution, with unallocated losses affecting future cash dividend capabilities[7]. - The company’s revenue for 2025 was RMB 233.43 billion, a decrease of 31.98% compared to RMB 343.18 billion in 2024[25]. - The gross profit for 2025 was RMB 1.26 million, down 95.48% from RMB 27.84 million in 2024[25]. - The net profit attributable to shareholders for 2025 was a loss of RMB 88.56 million, representing a decline of 78.98% from a loss of RMB 49.48 million in 2024[25]. - The company's cash flow from operating activities for 2025 was a negative RMB 0.99 million, a decrease of 126% compared to RMB 3.80 million in 2024[25]. - The total assets decreased by 23.99% to RMB 697.37 billion at the end of 2025 from RMB 917.51 billion at the end of 2024[27]. - The net assets attributable to shareholders decreased by 42.32% to RMB 116.91 billion at the end of 2025 from RMB 202.67 billion at the end of 2024[27]. - The company achieved a sales revenue of RMB 134.06 billion during the year, with a focus on stabilizing operations and reducing costs[33]. - The company completed public debt repayments totaling RMB 33.21 billion during the reporting period[35]. - The company reported a net loss of RMB 88.56 billion for the reporting period, a decrease of 79.0% year-on-year[99]. Audit and Governance - The company’s financial report for 2025 has been audited by Deloitte, which issued an unqualified opinion with a paragraph on significant uncertainties regarding going concern[7]. - Vanke's board of directors confirmed the accuracy and completeness of the 2025 annual report, ensuring no false statements or significant omissions[7]. - The board of directors confirmed the appropriateness of preparing financial statements on a going concern basis, supported by cash flow forecasts for the next 12 months[198]. Strategic Plans and Market Risks - The company plans to submit its 2025 dividend proposal for shareholder approval, contingent on operational improvements to address unallocated losses[7]. - Vanke's future plans and strategic developments are subject to market risks, and investors are advised to understand the differences between plans, forecasts, and commitments[7]. - The company plans to focus on risk mitigation and development in 2026, exiting underperforming cities and businesses[16]. - The company aims to enhance product and service capabilities, aligning with the "good house" standards[16]. - The company plans to enhance operational improvements through strategic focus and technological empowerment to optimize business layout and structure[35]. - The company is actively exploring new business models to enhance its differentiated market competitiveness, focusing on a full-chain real estate operation model[125]. Operational Highlights - In 2025, the company delivered 117,000 housing units, with 17,000 units delivered 30 days ahead of schedule[12]. - The company achieved a cumulative contract value of 134.06 billion yuan in development business, with an investment realization rate of 84%[15]. - The company activated assets worth 33.85 billion yuan and completed bulk asset transactions totaling 11.3 billion yuan[13]. - The company completed over 300 efficiency improvement projects in property services and expanded into 52 energy management service projects[15]. - The company ranked 319th on the Fortune Global 500 list in 2025, marking its 10th consecutive year on the list[19]. - The company is committed to delivering high-quality housing and improving operational capabilities to restore development resilience[12]. Financial Structure and Debt - As of the end of 2025, the company's net debt ratio was 123.5%, an increase of 42.9 percentage points compared to the end of 2024; the asset-liability ratio was 76.9%, up 3.2 percentage points from the end of 2024[99]. - The total interest-bearing debt amounted to RMB 358.48 billion, accounting for 35.1% of total assets[100]. - Among the interest-bearing debt, RMB 160.56 billion (44.8%) is due within one year, while RMB 197.92 billion (55.2%) is due after one year[100]. - The company has secured new financing and refinancing of RMB 28 billion during the year, with a comprehensive financing cost of 3.02%, down 85 basis points from the previous year[33]. Customer Engagement and Satisfaction - The company maintained a customer satisfaction rate of 96.6%, hosting over 3,800 community events with approximately 60,000 participants[73]. - The company achieved a customer satisfaction rate of 96.6% in its rental business, with over 3,800 community events held nationwide throughout the year[97]. - The digital membership program expanded to cover over 300,000 members, with monthly member activities attracting over 120,000 participants[73]. Project Development and Construction - The company has a significant number of ongoing projects, with various completion and construction plans detailed for 2026, including major projects in Beijing and surrounding areas[127]. - The company has multiple ongoing projects with varying completion percentages, such as Jinan Vanke Mountain View at 42.3% equity and 120,618 square meters of land area[129]. - The company is focusing on market expansion with various projects across different regions, including Tangshan and Jinan, to enhance its portfolio[129]. - The company has several ongoing projects with varying completion percentages, such as the Taiyuan Xiaozhen project at 99.2% and the Tianjin Binhai Metropolitan project at 99.0%[130]. - The company is actively pursuing new strategies for market expansion and project completion, as evidenced by the detailed project reports and completion metrics provided[130]. Sustainability and Innovation - The company has established nearly 50 sustainability goals, focusing on emissions reduction, resource management, and supply chain management, aiming for an AA- rating in the HSSUS ESG index by 2025[92]. - The company is exploring innovative urban logistics models, with 40 autonomous delivery robots expected to be operational by the end of 2025[98]. - The company’s AI platform has been utilized over 2 million times, significantly enhancing service efficiency and standardization in property management[98]. Communication and Investor Relations - The company issued 675 announcements throughout the year to ensure investor rights and information disclosure[187]. - The company held over 100 investor visits and conference calls in 2025, including more than 20 institutional meetings and 2 investor day events[189]. - The company responded to over 320 investor inquiries through the Shenzhen Stock Exchange's interactive platform, ensuring transparency and effective communication[189]. - The company maintained a diverse communication mechanism with stakeholders, including government, shareholders, employees, customers, and partners, to enhance collaboration and sustainable development[197].

Core Viewpoint - The real estate market in China has shown significant recovery in March 2026, with new home sales and second-hand home sales experiencing substantial month-on-month increases of 89% and 117% respectively, indicating a positive trend in market activity [15][28]. Sales Performance - In March 2026, typical real estate companies achieved a sales revenue of 206.5 billion yuan, representing a month-on-month growth of 127.1% and a cumulative sales revenue of 426.1 billion yuan for the first three months of the year [16][21]. - Seven companies reported year-on-year sales growth exceeding 100%, with notable performances from private firms such as Junyi Holdings and Maoyuan Holdings, which saw increases of 329.4% and 216.2% respectively [20][22]. Market Dynamics - The market is experiencing structural differentiation, with luxury properties in core urban areas and high-value affordable housing in suburban areas performing well. For instance, projects like Shenzhen Bay and Shanghai Bund have achieved remarkable sales figures [23]. - Conversely, properties in the outskirts are facing challenges due to inadequate infrastructure and high commuting costs, leading to slower sales [23]. Policy Environment - The government has prioritized stabilizing the real estate market as part of the "14th Five-Year Plan," which aims to boost consumer confidence and stabilize market expectations [25][26]. - The Ministry of Natural Resources has issued guidelines linking new land supply to the revitalization of existing land, which is expected to influence the supply side of the real estate market [26]. Market Transactions - In March 2026, the transaction area for new residential properties in 50 key cities reached approximately 11.33 million square meters, marking a significant month-on-month increase of 89% [27]. - The second-hand housing market also showed robust activity, with a transaction area of about 17.97 million square meters in March, reflecting a month-on-month increase of 117% and a year-on-year growth of 6% [28]. - The land market has seen a cyclical rebound, with transaction volumes and values increasing significantly in March 2026, indicating a recovery in land sales [29].

Core Viewpoint - Vanke achieved a revenue of 233.43 billion yuan in 2025, demonstrating resilience in operations despite significant challenges [1] Group 1: Financial Performance - In 2025, Vanke delivered 117,000 housing units and achieved sales of 134.06 billion yuan, with an investment realization rate of 84% for 18 new projects [1] - Vanke's property management segment, Wanwu Cloud, generated revenue of 37.36 billion yuan, with 300 projects undergoing process transformation and 52 new energy management service projects launched [2] - Vanke Logistics reported steady revenue growth, with cold chain income increasing by over 25%, and a total leasable warehouse area exceeding 10 million square meters [2] Group 2: Asset Management and Financial Strategy - Vanke optimized its asset-liability structure by revitalizing existing resources, achieving a value of 33.85 billion yuan through asset revitalization and completing 31 large asset transactions worth 11.3 billion yuan [3] - The company secured 28 billion yuan in new and refinancing funds in 2025, with a reduction in the comprehensive cost of existing financing to 3.02%, down 85 basis points from the end of 2024 [3] - Vanke's major shareholder, Shenzhen Metro Group, provided support through market-oriented and legal means, with total shareholder loans reaching 33.52 billion yuan by the date of the annual report [3] Group 3: Challenges and Future Outlook - Despite strong support, Vanke's operational performance remains under pressure due to historical burdens and the need to address high debt and leverage issues [4] - The company aims to focus on risk management and development in 2026, emphasizing urban and business focus, enhancing product and service capabilities, and exploring innovative business models [4] - Industry experts believe that Vanke's brand and products maintain market competitiveness, and its operational services are well-positioned to meet diverse consumer needs in the evolving real estate landscape [4]

Core Viewpoint - Vanke A reported significant losses in 2025, attributing the decline to high land costs, inventory impairment provisions, and credit losses, leading to a performance far below shareholder expectations [1][2] Financial Performance - In 2025, Vanke achieved revenue of 233.4 billion yuan, a year-on-year decrease of 31.98% - The net profit attributable to shareholders was -88.56 billion yuan, down 78.98% year-on-year - Total assets were approximately 1.02 trillion yuan, with total liabilities around 784.76 billion yuan, resulting in a net debt ratio of 123.48%, an increase of 42.88 percentage points year-on-year [1] Business Segments - Vanke's main business includes real estate development and related asset management, contributing 81.7% of revenue (190.65 billion yuan) and property services accounting for 15.2% (35.52 billion yuan) [1] Operational Challenges - The decline in performance was influenced by a significant drop in the scale of real estate project settlements and low gross margins of approximately 8.1% - The report highlighted that the profits from real estate development were primarily from projects sold in 2023 and 2024, with high land acquisition costs and lower-than-expected sales performance [2] Project and Sales Data - Vanke sold 10.25 million square meters of property, generating sales of 134.06 billion yuan, representing year-on-year declines of 43.4% and 45.5% respectively - The company had 10.97 million square meters of unsold resources, down 31.1% from the previous year, with a total contract value of approximately 113.59 billion yuan, a decrease of 48.6% [3] New Projects and Asset Management - In 2025, Vanke acquired 23 new projects with a total planned construction area of 1.869 million square meters and a total land cost of approximately 6.69 billion yuan - The company completed 31 large asset transactions across various sectors, totaling 11.3 billion yuan [3] Organizational Changes - Vanke restructured its management framework, simplifying it to two levels: Group Headquarters and Regional Companies, reducing the number of regional and business units to enhance management efficiency [4] Debt Management - The company raised 28 billion yuan in new financing and refinancing, with a financing cost of 3.02%, down 85 basis points from the previous year - Vanke's major shareholder, Shenzhen Metro Group, provided support through market-based methods, contributing 33.52 billion yuan in shareholder loans [4] Future Outlook - Vanke aims to focus on risk management and development in 2026, emphasizing the importance of support from stakeholders to stabilize operations and restore market confidence [5]

Group 1 - The core point of the article is that Vanke A has announced the approval of several key documents during its 31st meeting of the 20th Board of Directors, including the 2025 annual report and the audited financial report for 2025 [1] - The approved documents also include the key work priorities for the company in 2026, indicating a forward-looking approach to its strategic planning [1]

Core Viewpoint - The company emphasizes timely delivery as its primary task, aiming to complete the delivery of 117,000 housing units by 2025 while upgrading delivery standards from "on-time delivery" to "high-quality delivery" [1] Group 1: Delivery Commitment - The company is committed to on-time delivery and has implemented a "City Prosperity Delivery" initiative focusing on enhancing scenarios, services, experiences, and quality [1] - A total of 21 projects, including Hefei Langshisenyu, Hangzhou Jianglan Yingshangfu, and Yantai Tianqinwan, have been successfully implemented under this initiative, receiving high recognition from the market and homeowners [1] Group 2: Future Plans - For the 2026 housing delivery targets, the company plans to enhance delivery quality through comprehensive progress control, supply chain and financial support, risk management, and quality assurance across all processes [1] - The company aims to continuously improve delivery quality and advance towards high-quality development in its delivery operations [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31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 证券代码：000002 证券简称：万科 A 万科企业股份有限公司投资者关系活动记录表 | | | | 投关编号：2026-001 | | | --- | --- | --- | --- | --- | | 投 资 | 者 关 | 系 | □特定对象调研 | √分析师会议 | | 活动类别 | | | □媒体采访 | ...

Core Viewpoint - Vanke A (000002.SZ) reported a significant net loss of 88.56 billion yuan for the year 2025, despite achieving a revenue of 233.43 billion yuan. The company aims to focus on three key areas: ensuring timely delivery of homes, optimizing its asset-liability structure to mitigate risks, and enhancing operational capabilities to restore development resilience [1][2]. Group 1: Home Delivery - The company prioritized home delivery as a fundamental task, successfully delivering 117,000 homes in 2025, with 17,000 units delivered 30 days ahead of schedule [1]. - A total of 73 batches achieved "zero waiting" for delivery and immediate certification, with 37 projects recognized as benchmarks for high-quality delivery [1]. - The implementation of the "Xing Delivery" model in 21 projects created a positive reputation effect, leading to a virtuous cycle of sales acceleration [1]. Group 2: Asset-Liability Structure and Risk Mitigation - Vanke A focused on revitalizing existing resources and conducting bulk asset transactions, successfully activating a total of 33.85 billion yuan in asset value [1]. - The company completed 31 bulk asset transactions with a total transaction value of 11.3 billion yuan, while also progressing in the exit and delivery of its ice and snow business [1]. - Efforts to secure support from financial institutions included refinancing and extension measures to optimize financing and implement risk mitigation strategies [1]. Group 3: Operational Capability Enhancement - The company achieved a cumulative contract value of 134.06 billion yuan in its development business, with 18 new projects launched and an investment realization rate of 84% [2]. - Over 300 butterfly city efficiency improvement projects were completed in property services, alongside the expansion of 52 energy management service projects [2]. - Commercial projects such as Shanghai Qianwan Impression City MEGA opened successfully, establishing urban-level benchmarks, while long-term rental apartments, high-standard warehouses, and cold chain storage maintained industry leadership [2].

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。 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 CHINA VANKE CO., LTD.* 中國，深圳，2026年3月31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 关于累计诉讼、仲裁情况的公告 证券代码：000002、299903 证券简称：万科A、万科H代 公告编号：2026-036 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。 首次公告披露后，自2025年8月1日至2026年2月28日，公司及控股子公司 ...

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31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 根据中国证券监督管理委员会《公开发行证券的公司信息披露编报规则第 14 号——非标 准审计意见及其涉及事项的处理》、《监管规则适用指引——审计类第 1 号》、《深圳证券交 易所股票上市规则》等相关要求，我们就万科上述财务报表发表带有持续经营重大不确定性段 落的无保留意见专项说明如下： 一、合并 ...