万科企业股份有限公司 2021 年面向专业投资者公开发行 住房租赁专项公司债券（第三期）（品种二） 2025 年付息公告 证券代码： 证券简称： 000002、299903、149568 万科 A、万科 H 代、21 万科 06 公告编号：〈万〉2025-106 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。 重要提示： 债券简称：21 万科 06 付息日：2025 年 7 月 28 日（2025 年 7 月 26 日为休息日，顺延至其后的第 1 个交易日，后同） 计息期间：2024 年 7 月 26 日至 2025 年 7 月 25 日 万科企业股份有限公司 2021 年面向专业投资者公开发行住房租赁专项公司 债券（第三期）（品种二）将于 2025 年 7 月 28 日支付自 2024 年 7 月 26 日至 2025 年 7 月 25 日期间的利息。为保证付息工作的顺利进行，现将有关事项公告 如下： 一、本期债券的基本情况 1．发行人：万科企业股份有限公司（以下简称"发行人"或"本公司"）。 1 2．债券名称：万科企业股份有限公司 2021 年面向专业投资者公 ...

万科企业股份有限公司 2023 年面向专业投资者公开发行 公司债券（第一期）（品种一）2025 年付息公告 证券代码： 证券简称： 000002、299903、148380 万科 A、万科 H 代、23 万科 01 公告编号：〈万〉2025-105 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。 重要提示： 债券简称：23 万科 01 债券代码：148380 债权登记日：2025 年 7 月 23 日 付息日：2025 年 7 月 24 日 计息期间：2024 年 7 月 24 日至 2025 年 7 月 23 日 3．债券简称：23 万科 01。 万科企业股份有限公司 2023 年面向专业投资者公开发行公司债券（第一期） （品种一）将于 2025 年 7 月 24 日支付自 2024 年 7 月 24 日至 2025 年 7 月 23 日期间的利息。为保证付息工作的顺利进行，现将有关事项公告如下： 一、本期债券的基本情况 1．发行人：万科企业股份有限公司（以下简称"发行人"或"本公司"）。 2．债券名称：万科企业股份有限公司 2023 年面向专业投资者公开发行公 ...

Core Insights - The article highlights the performance of real estate companies in Shanghai for the first half of 2025, showcasing significant sales growth compared to the previous year [9][10]. Sales Performance - The total sales amount of the top 20 real estate companies in Shanghai reached 256.06 billion yuan, representing a year-on-year increase of approximately 35% compared to the first half of 2024 [9]. - Twelve companies surpassed 10 billion yuan in sales, with Poly Developments, China Resources Land, and China Merchants Shekou leading the rankings, each exceeding 24 billion yuan [9][10]. - The total sales area for the top 20 companies was 2.996 million square meters, up about 10% year-on-year [9]. Company Highlights - Poly Developments topped the sales rankings due to its strong land reserves and product offerings, successfully launching several high-demand projects in key areas like Yangpu [9][10]. - China Resources Land combined area operation experience with TOD development practices, achieving significant sales in the Baoshan district [10]. - China Jinmao entered the top 15 in sales amount and ranked 8th in sales area, with its "Jin Yu Man Tang" product line gaining traction [10]. - Yuexiu Property's rapid rise is attributed to its focus on high-end improvement demands, successfully launching over 10 premium projects in core urban areas [10]. Market Trends - The Shanghai real estate market in the first half of 2025 exhibited characteristics of "volume decline and price increase" with a notable contraction in both supply and demand [11]. - The supply area of commodity residential properties decreased by 37% year-on-year, while transaction area fell by 8.4%, although the decline was less severe than the national average [11]. - The average transaction price for new homes reached 80,668 yuan per square meter, reflecting a year-on-year increase of 2.35% [11]. Project Performance - In June 2025, 155 openings were recorded across 103 projects, with an average absorption rate of nearly 50% [11]. - Notably, 15 projects had a subscription rate exceeding 100%, with five projects surpassing 200%, indicating strong market recognition for high-quality offerings [14]. - The top-performing project, Fei Huan Yue Fu, achieved a remarkable subscription rate of 288% [14].

基金管理人：鹏华基金管理有限公司 基金托管人：上海浦东发展银行股份有限公司 报告送出日期：2025 年 7 月 18 日 鹏华前海万科 REITs2025 年第 2 季度报告 §1 重要提示 鹏华前海万科 REITs 封闭式混合型发起式 证券投资基金 基金管理人的董事会、董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带的法律责任。 基金托管人上海浦东发展银行股份有限公司根据本基金合同规定，于 2025 年 07 月 17 日复核 了本报告中的财务指标、净值表现和投资组合报告等内容，保证复核内容不存在虚假记载、误导 性陈述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅读本 基金的招募说明书及其更新。 本报告中财务资料未经审计。 本报告期自 2025 年 04 月 01 日起至 2025 年 06 月 30 日止。 | §2 | | 基金产品概况 | | | --- | --- | --- | --- | | 基金简称 鹏华 ...

Core Viewpoint - The real estate industry is facing significant challenges in the first half of 2025, with a notable performance divergence among listed companies, as many report substantial losses while a few manage to turn profits [1][2]. Group 1: Overall Performance - As of July 17, 2025, 61 listed real estate companies have disclosed their mid-year performance forecasts, with a total expected loss ranging from 342.56 billion to 464.97 billion [1]. - Out of these, 24 companies anticipate profits while 37 expect losses, indicating that 60% of the companies are projected to report losses [1][2]. - The overall trend shows a decline in performance, with companies like China Vanke and Greenland Holdings shifting from profit to loss, while others like Joy City and Urban Construction Development have managed to turn losses into profits [1][2]. Group 2: Companies Turning Profits - In the first half of 2025, 24 companies are expected to achieve profits totaling between 68.68 billion and 80.16 billion, with 12 companies successfully reversing previous losses [2][3]. - Urban Construction Development is projected to report a net profit of 4.4 billion to 6.54 billion, marking a year-on-year increase of up to 575.14% [3][7]. - Other companies that have turned profitable include Zhongzhou Holdings, City Investment Holdings, and Joy City, showcasing resilience in a challenging market [2][3]. Group 3: Companies Reporting Losses - Among the 37 companies forecasting losses, 13 are expected to report their first-ever losses, including Shahe Co., Xiangjiang Holdings, and Greenland Holdings [8][11]. - The total expected loss for these companies ranges from 422.72 billion to 533.64 billion, with Vanke leading with a projected loss of 100 billion to 120 billion [8][11]. - Other notable companies with significant losses include Jindi Group, which anticipates a loss of 34 billion to 42 billion, and Xinda Real Estate, expecting a loss of 35 billion to 39 billion [11][12]. Group 4: Market Outlook - The overall real estate market is still in an adjustment phase, but signs of stabilization are emerging, particularly in first-tier and some strong second-tier cities [14]. - Analysts suggest that the second half of 2025 may present a turning point for the industry, with potential recovery driven by policy adjustments and improved buyer confidence [13][14]. - The top 100 real estate companies reported a total sales amount of 18,364.1 billion, a year-on-year decline of 11.8%, but the rate of decline is narrowing [13].

Core Viewpoint - The overall performance of listed real estate companies in the first half of 2025 is characterized by significant losses, with over 60% of companies reporting losses, indicating a continued downturn in the industry [1][10]. Group 1: Performance Overview - As of July 17, 2025, more than 70 real estate companies in A-shares have released performance forecasts, with only 7 companies expecting profit increases and 14 companies expecting to turn losses into profits [1]. - 28 companies are expected to continue reporting losses, while 16 companies are projected to report losses for the first time in the first half of the year [1]. - The overall trend shows that the majority of companies are facing financial difficulties, with significant impacts on cash flow, credit performance, and balance sheets [1][11]. Group 2: Notable Performers - Poly Developments, a leading company in the industry, expects a net profit of 2.735 billion yuan, but this represents a 63.15% decline compared to the previous year [3]. - In contrast, the private company Binjiang Group anticipates a net profit increase of 40% to 70%, with expected profits between 1.632 billion and 1.982 billion yuan, attributed to increased project deliveries [3][5]. - Other companies like New Huangpu and Tianchen Co. are also reporting profit increases, but their overall profit levels remain low due to their smaller scale [5]. Group 3: Significant Losses - Vanke, a major player in the industry, is expected to report a net loss between 10 billion and 12 billion yuan, primarily due to a significant decrease in project settlement scale and low gross margins [8][9]. - Huaxia Happiness is projected to incur a loss of 7.5 billion to 5.5 billion yuan, with losses attributed to reduced project settlements and high financial costs [9]. - Other companies, including *ST Jinke and Gemdale Group, are also expected to report substantial losses, with figures ranging from 3 billion to 4.2 billion yuan [9]. Group 4: Industry Challenges - The continuous losses in the real estate sector are linked to low-profit project settlements and market adjustments, leading to increased asset impairment provisions [10]. - Analysts suggest that if the current trend of losses persists, it could negatively impact companies' cash flow, credit ratings, and overall financial health, potentially leading to delisting for some firms [11]. - Despite some signs of market recovery, the overall financial pressure on real estate companies remains significant, with ongoing challenges in achieving profitability [12].

Core Viewpoint - The real estate industry continues to face significant losses, with over 60% of listed companies reporting losses in the first half of 2025, indicating a persistent trend of declining profitability and financial instability [2][7][9]. Group 1: Industry Performance - As of July 17, more than 70 real estate companies in A-shares released their performance forecasts for the first half of 2025, with only 7 companies expecting profit increases and 14 companies expecting to turn losses into profits [2]. - The majority of companies, 28, are expected to continue reporting losses, while 16 companies are projected to experience losses for the first time in the first half of the year [2]. - The overall performance decline is attributed to low-profit project settlements and impairment provisions during the market adjustment period, which negatively impacts cash flow, credit performance, and balance sheets [2][9]. Group 2: Notable Performers - Poly Developments, a leading company in the industry, expects a net profit of 2.735 billion yuan for the first half of the year, but this represents a 63.15% decline compared to the previous year [3]. - In contrast, private company Binjiang Group anticipates a net profit increase of 40% to 70%, with expected profits between 1.632 billion and 1.982 billion yuan, attributed to increased delivery volumes [3][4]. - Other companies like Chengjian Development and Zhonghua Enterprise have also reported turning losses into profits, with Chengjian Development expecting a net profit of 440 million to 654 million yuan [5]. Group 3: Major Losses - Vanke, a major player in the industry, is projected to incur a net loss of 10 billion to 12 billion yuan due to decreased project settlement scales and increased asset impairment provisions [7][8]. - Huaxia Happiness is expected to report a loss of 5.5 billion to 7.5 billion yuan, while *ST Jinke anticipates a loss of 3 billion to 4.5 billion yuan, both reflecting ongoing challenges in project delivery and high debt levels [7][8]. - Other companies, including Jindi Group and Xinda Real Estate, are also expected to report significant losses, with estimates ranging from 3 billion to 4.2 billion yuan [8]. Group 4: Future Outlook - The continuous losses in the real estate sector have persisted for several years, with analysts indicating that the situation may not improve significantly in the short term [9][10]. - Despite some signs of recovery in the housing market, the overall sales performance remains under pressure, and companies face challenges in achieving profitability due to high costs and declining project sales [9][11]. - Some analysts suggest that while there may be potential for individual companies to reverse their fortunes, the process will be gradual and challenging, requiring a focus on stabilizing cash flow and improving profitability [11].

Core Viewpoint - The performance forecasts of real estate companies indicate a mixed recovery, with some companies turning losses into profits while others continue to face significant losses [1][3]. Group 1: Company Performance - As of July 17, 2025, 25 real estate companies listed on A-shares have disclosed their half-year performance forecasts, with 10 companies, including Poly Developments and Binjiang Group, reporting profits [1][3]. - Poly Developments leads with a forecasted net profit of 27.35 billion yuan, although this represents a decline compared to previous years [3]. - Binjiang Group is noted for its impressive profit growth, with an expected net profit increase of 40.01% to 69.98%, attributed to a higher volume of property deliveries [5][6]. Group 2: Profitability Trends - Among the 25 companies, 15 are expected to report losses, with notable companies like Kinka Real Estate and Financial Street showing potential for reduced losses in the upcoming period [3][4]. - Companies such as China Communications Real Estate and Greenland Holdings have seen their losses increase, while others like Jin Di Group have reported significant losses due to reduced sales and asset impairment provisions [4][5]. Group 3: Market Dynamics - The real estate market is experiencing a recovery driven by policy support, with significant increases in land sales and new housing transactions in cities like Beijing [7][8]. - The focus on high-quality product offerings and understanding consumer needs is emphasized as critical for companies to enhance their market competitiveness [8].

State-backed developer China Vanke is seeking to extend some of its domestic bank loans by as long as 10 years https://t.co/UtOh9SAbvU ...

Core Insights - The collaboration between Shenzhen Metro Group and Vanke aims to enhance last-mile delivery through the use of robots in subway stations, specifically targeting the 7-Eleven convenience stores [1][3] - The project is currently in the testing phase, focusing on optimizing delivery routes during off-peak hours to improve efficiency and reduce costs [1][6] Group 1: Project Overview - The "Metro + Robot Delivery" project utilizes robots to autonomously plan optimal routes for delivering goods from 7-Eleven stores within the subway system [1] - The initiative addresses challenges faced by traditional delivery methods, such as high labor costs and inefficiencies during peak hours [3][6] Group 2: Technological Implementation - Vanke's logistics robots incorporate advanced technologies, including AI scheduling algorithms and panoramic laser radar, to enhance delivery efficiency [6] - The robots are designed to autonomously navigate subway environments, including using elevators and recognizing train arrivals, which streamlines the delivery process [6] Group 3: Market Context - The demand for local life services, such as "Metro + Retail," has been increasing alongside the expansion of the Shenzhen subway network [3] - 7-Eleven operates over 100 stores within the Shenzhen subway, catering to approximately 9 million passengers daily, highlighting the potential for enhanced service integration [3]